Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1983)3ITD625(Mum.)
..... categories of income are never closed. it would be impossible to define income precisely without excluding some species of it. the effect ..... 178 (pc), followed in maharj kumar gopal saran narain singh v. cit [1953] 3 itr 237 (pc), added by lord russell of killowen "that anything which can properly be described as income, is taxable under the act unless expressly exempted", the learned authors kanga and palkhivala on page 90 of their commentary on income-tax, 7th edn., vol.1, sum up the position thus : the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1983)3ITD566(Mum.)
..... cross appeals preferred by the assessee and the revenue.the assessment year involved is 1973-74. the controversy centres round the claim of the assessee under section 35b of the income-tax act, 1961 for weighted allowance of its expenditure under various heads.2. the assessee is solely engaged in the export of textile goods procured by it from mills and manufacturers in india .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1984)8ITD427(Mum.)
..... company. its assessment for the year was originally made under section 143(3) of the income-tax act, 1961 ('the act') on 29-3-1975 computing total income at rs. 1,19,82,982. since, according to the ito, the income of the assessee chargeable to tax had been underassessed on account of allowance of initial contribution to superannuation fund in full, ..... assessee to superannuation fund is not the initial contribution contemplated in section 36(1)(iv) of the act, rules 87 and 88 of the income-tax rules, 1962 ('the rules'), and notification no. so 3433, dated 21-10-1965, see taxmann's direct taxes circulars, vol. 1, 1980 edn., p. 206 issued by the cbdt. alternatively, he contended ..... he recorded a finding to that effect and issued notice under section 148 read with section 147(b) of the act on 22-9-1975, in response to .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1982)1ITD303(Mum.)
..... will be ousted.21. even if we approach the question without reference to any authorities on the point, it appears to us that under the provisions of the income-tax act an order of assessment is one, single and indivisible composite order of the ito which involves determination of the various issues or points that arise in the course ..... important to notice another aspect of provisions relating to rectification of mistakes. the provisions of section 35 of the indian i.t. act, 1922, and the corresponding provisions of section 154 of the i.t. act, 1961, give a power of rectification to the commissioner, the aac and the ito only in respect of the orders passed by them. ..... and when such a case came up for consideration before the madras high court, the argument was not accepted in the case of c. gnanasundara nayagar v. cit [1961] 41 itr 375.20. our attention was also invited by the departmental representative to the gross injustice which he thought will cause to the revenue if the proposition .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1983)3ITD739(Mum.)
..... is made for allowance of certain expenditure in section 35, it cannot be an expenditure for the purposes of business within the meaning of section 37 of the income-tax act.11. having regard to the above discussion, we are, with respect to the special bench of the itat, madras, of the view that for the purpose ..... the object of bringing in the provisions of section 35 initially in 1946 by inserting clauses (xii), (xiii) and (xiv) in section 10(2) of the indian income-tax act, 1922, was to encourage expenditure on scientific research and not to merely provide accelerated depreciation on depreciable capital assets. it has to be borne in mind that these ..... spite of so many amendments of the provisions since 1946, in 1961, 1967, 1974, etc.9.3 the only argument in favour of the revenue's stand appears to be based on the following part of the statement of objects and reasons given while piloting the indian income-tax (amendment) act, 1946, for inserting these provisions [section 10(2)(xiv)] .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1984)7ITD666(Mum.)
..... co. ltd. [it appeal no. 1875 (bom.) of 1975]. the case of the assessee was that the conditions laid down in section 40a(7) of the income-tax act, 1961 ('the act') for getting the deduction for the provision for liability applied only to a case where provision for such liability was made in the books of account and so, those conditions ..... made on the basis that the provision for gratuity would be allowed as a deduction in the computation of income and the assessment for that year has been completed on that basis. the finance act, 1975, has amended the income-tax act retrospectively and under this amendment, deduction in respect of provision for gratuity payable to employees on retirement or termination ..... and proprivato commodo and to add force and life to the cure and remedy, according to the true intent of the makers of the act, pro bono publico. (pp. 621-22) in the case of cit v. g.r. karthikeyan [1980] 124 itr 85, the madras high court has observed as follows : ...the meaning of the word .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1982)1ITD539(Mum.)
..... 10 per cent on an ad hoc basis against the income earned by it. the claim of the assessee was that the income for the purpose of considering the question of deduction as required under section 11(2) of the income-tax act, 1961 ("the act") should be determined on commercial principles which would take ..... into consideration the depreciation admissible to it on the value of the assets owned by it. the ito negatived the claim of the asssessee on two grounds. he firstly held that the assessee was not carrying on any business and as the depreciation allowance was confined to only computation of income ..... dwarkadheesh charitable trust v. ito [1975] 98 itr 557 and cit v. bal utkarsh society [1979] 119 itr 137 (guj.) it was further submitted that section 12 of the act which fictionally treats voluntary contribution or donation as income would cover payments received by the trust voluntarily and the grant-in .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1982)1ITD780(Mum.)
..... the tro attached the property at bombay by an order dated 23-10-1974 issued under rule 4(b) of the second schedule to the income-tax act, 1961 ("the act"), for recovery of arrears of income-tax as certified by the ito and interest payable thereon for the period commencing after the date of the certificate.the case of the assessee before the ..... .p. mehta had referred to us to the commentary of the learned authors, kanga and palkhivala's law and practice of income-tax, 7th edition, page 334. we find therefrom that "annual charge" has been defined in the act itself under section 27(iv) as "a charge to secure an annual charge ...". the attachment order obviously took away the ..... the interest payable by the assessee referred to above and so the said interest should be allowed as a deduction under section 24(1)(iv) of the act while computing the income of the said property. the ito rejected the contention as not acceptable but did not specify any reasons therefor.2. the assessee appealed to the aac .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1982)2ITD44(Mum.)
..... v. ito [1960] 40 itr 298 did not apply to the facts of the instant case because in that case the notice under section 28(1)(a) of the indian income-tax act, 1922, had been validly served and the question was only regarding the hearing after the valid service of the aforesaid notice.8. we have considered the contentions of both the ..... that case, the ito made an assessment which he was not authorised to make without the prior approval of the iac under section 144b of the act. as the difference between the returned income and the income proposed to be assessed exceeded rs. 1 lakh, the ito should have referred the assessment to the iac who was authorised to hear the objections ..... could not again be revived by the aac. he relied on the decisions in the cases of hardeo das jagannath v. ito [1961] 43 itr 562 (ass.), cit v. ramendra nath ghosh [1971] 82 itr 888 (sc), jai prakash singh v. cit [1978] 111 itr 507 (gau.), the unreported decision dated 23-8-1976 of the bombay high court in misc. petition .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1982)1ITD718(Mum.)
..... that the aforesaid private limited company ultimately gave a loan to the assessee indirectly through sameer finance corporation. he invoked the provisions of section 2(22)(e) of the income-tax act, 1961, and held the sum of rs. 70,000 as deemed dividend in the hands of the assessee and assessed the same as such.4. the assessee appealed to ..... has to be strictly construed and its scope could not be widened. in this view of the matter, he deleted the sum of rs. 70,000 from the total income of the assessee holding that the same cannot be treated as deemed dividend under section 2(22)(e).5. shri t.s. srinivasan, the learned representative for the department ..... had enough development rebate brought forward from the earlier partnership concern and they constituted the accumulated profits of the company itself. he relied on the decision in the case of cit v. p.k. badiani [1970] 76 itr 369 (bom.) in support of the proposition that such development rebate forms part of the accumulated profits. then, he .....
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