Judgment Search Results Home > Cases Phrase: indian coinage act 1906 section 13 coin when a legal tender Court: income tax appellate tribunal itat mumbai

Nusli N. Wadia Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1993)46ITD31(Mum.)

..... is an investment company, since, at the relevant time, the assessee was a non-citizen and wanted to have the benefit of section 6 of the wealth-tax act; that there is no harm in tax planning, if it is legal, and the facts prove that it is not illegal that a non-indian non-citizen having the right to a flow of free remittance between india and nepal thought it fit, and, as per the permission ..... two distinct and different entities and that the assets belonging to the nepalese company which were exempt from tax by reason of the exclusion provided by section 6 of the wealth-tax act could not be brought to tax, whereas the learned accountant member felt that to arrive at the conclusion that the learned judicial member had arrived at, ..... credit balances were certainly assets held outside india and those assets could not be said to be assets of the assessee in india and that the protection provided by section 6 of the wealth-tax act, 1957, was available to the assessee and his shareholding in the nepal company and also the credit balances were not includible in the hands of the assessee in ..... to have a company in nepal, which he concedes to be his investment company, the ratio of mcdowell's case [1985] 154 itr 148 (sc) will not apply, particularly when those transactions have been approved by the income-tax department itself by assessing the income of the nepal company as also the income/wealth of the assessee under the provisions of the income-tax ..... the revenue have tendered before us some .....

itd Cementation India Ltd Vs. Assessee

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... relevant assessment year, unless any income chargeable to tax has escaped assessment for such assessment year by reason of the failure on the part of the assessee to make a return under section 139 or in response to a notice issued under seb-section (1) of section 142 or section 148 or to disclose fully and truly all material facts necessary for his assessment for that assessment year:" ------------ ------------ ------------ 148(1) before making the assessment, reassessment or recomputation under ..... icici securities primary dealership ltd (supra) that when no new fact has come to the notice of the department, the accounts had been furnished by the assessee when original assessment was completed u/s.143(3) of the act, , on a mere re-look, the officer has come to the conclusion that the income has escaped assessment, is not permissible under the proviso to section 147 of the income tax act, which speaks about a failure on the part ..... that a presumption can also be raised to the effect that in terms of clause (e) of section 114 of the indian evidence act judicial and official acts have been regularly performed. ..... of the case and in law, ld cit(a) has erred in upholding the legality of reassessment under section 147 of income tax act, 1961 although the ao has not disposed off the assessee's objections to the reopening under section 147 by a speaking order." 5. ..... and the facts of the case before us, we hold that the initiation of reassessment proceedings by the ao is not legal. .....

Essar Oil Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2006)102TTJ(Mum.)614

..... principal officer does not deduct (the whole or any part of the tax) or after deducting fails to pay the tax as required by or under this act, he or it shall, without prejudice to any other consequences which he or it may incur, be deemed to be an assessee in default in respect of the tax: provided that no penalty shall be charged under section 221 from such person, principal officer or company unless the ao is satisfied that such person or principal officer or company, as the case may be, ..... authorities. therefore, the amount of usd 280,000 paid by the assessee-company to m/s hmpl was not in the nature of a sum chargeable under the provisions of indian it act and, therefore, the assessee-company was not liable to deduct tax as provided under section ..... territory of india and includes the territorial sea and airspace above it, as well as any other maritime zone in which india has sovereign rights, other rights and jurisdictions, according to the indian law and in accordance with international law ; (h) the term 'international traffic' means any transport by a ship or aircraft operated by an enterprise of a contracting state, except when the ship or aircraft is operated solely between places in the other contracting state; article 5 : permanent establishment--1. ..... applied. the provisions of any dtaa will have precedence over the provisions of law contained in the it act, 1961.there is no dispute on this legal position also .....

Central Cloth Co. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1991)37ITD1(Mum.)

..... of their respective shares in the income, or as an association of persons in respect of the entire income, depends on whether these persons have earned the income by reason of their association or have done any joint act in respect of the property which has resulted in, or helped to produce the income.the mere fact that they have received the income jointly is not sufficient to make them liable to be assessed as an association of persons". ..... determining the relationship could be due to lack of precision in the language to express and in that case it will be subject to the provisions of the indian partnership act, 1932 but when the uncertainty is in terms of clear expression, then the replationship cannot be termed as partnership. ..... the hon'ble mysore high court held that the relationship amounted to a partnership/firm and it was registrable under section 26a of the act with the reasoning that the fact that no partner could, as of right, draw the profits during the first ten years did not mean that there was ..... or for whatever cause, their activity in the pursuit of profit may still assume albeit not in the strict legal sense some of the attributes of a firm or partnership and they will be treated as an association of persons for the purposes of assessment".yet further, their lordships observed that, "wherever individuals employ their assets ..... repugnant to the context or meaning thereof shall include their respective legal heirs, executors, administrators, liquidators and assigns). .....

Shri Dilip S. Dahanukar Vs. Asst. Com. of Income-tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2004)90ITD525(Mum.)

..... ratio of the judgment from the head note is reproduced below : - "that section 37(4) of the indian income tax act, 1922 made the proceedings before an income-tax officer judicial proceedings under section 193 of the indian penal code and these judicial proceedings must be treated as "proceedings in any court" for the purpose of section 195(i)(b) of the code of criminal procedure. ..... 'finding' did not include any state of fact contained in a decision irrespective of whether that fact was or was not material to the decision and whether the court or the tribunal, when recording the decision, had any occasion to hear the parties on that question of fact and to record a decision on it instead of merely reciting it as a statement of fat. ..... the word "suit" as contemplated in the provisions of the limitation act has a wider meaning and includes any legal proceedings commenced by one person against another in order to enforce a ..... the legal position with regard to applicability of section 29 of the limitation act.25. ..... matter of fact, even after dismissal of the writ petition, the assessing officer cannot be said to be legally bound to frame the re-assessment and he was also free to drop the proceedings. ..... be pleased to issue under article 226 of the constitution of india an appropriate direction, order or wit including a writ in the nature of certiorary calling for the records of the case and after satisfying itself as to the legality thereof, quash and set aside the notice dated 18.3.1998 (ex. .....

Tata Chemicals Limited Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1998)67ITD56(Mum.)

..... calcutta and bombay high courts alone, where the cleavage between the original and appellate jurisdictions continued to be marked due, as we have seen, to historical reasons, the functions of pleading and acting, which a legal practitioner normally combines in his own person were bifurcated and assigned, following 'the usage and the peculiar constitution of the english bar' (per lord watson in the case cited below), to ..... of supreme court rules, etc.he pointed out that whereas in the first part of the definition in r.2(ii)(b) of itat rules the words "appear, plead and act" are mentioned, in the later part only the word "acting" appears, which is a grammatical variation of the word "act" which should be construed to have been used in the same technical sense in which it was used in conjunction with the words "appear" and "plead" ..... chief justice patanjali sastri, speaking for the court, traced the history of the legal profession in india and the functions, rights and duties of legal practitioners from the period prior to 1861, in which year the indian high courts act, was enacted. ..... which suggested amendments to the cpc in 1926, wherein the committee made the following remarks : "we, therefore, propose that all practitioners shall be required to file vakalatnama, when they act, but that when they merely appear and plead they shall be allowed the option of filing memorandum of appearance .... ..... acts of the central government are to be in the name of the president of india and when ..... when .....

Asstt. Cit, Rg. 4(1) Vs. Claridges Investments and

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... the hon'ble supreme court has laid down the legal proposition in the following words: ...when a claim is made for a deduction for which there is no specific provision in section 10(2) (of the old act), whether it is admissible or not will depend on whether, having regard to accepted commercial practice and trading principles, it can be said to arise out of the carrying on of the business and to be incidental ..... in this report the special auditor makes only the observations (1) in the absence of bills or contract notes it cannot be commented whether the transactions are in compliance of the provisions of the securities contract (regulation) act, 1956 and (2).in the absence of the supporting proof in the form of contract notes, proof of prevailing market price on the date of transactions, time of execution of the transactions, proof of having executed the transactions ..... instant case neither the assessing officer nor the commissioner (appeals) had established the direct nexus between the borrowed funds and the acquisition of mutual fund units or shares of indian companies on which income/dividend was received by the assessee. ..... the assessee purchased shares of indian companies or units of mutual funds for trading or on behalf ..... earned dividend income on shares of indian companies amounting to rs. ..... assessee earned dividend income on shares of indian companies amounting to rs. ..... demat charges and administrative expenses attributable to dividend income from shares of indian companies.15. ..... indian .....

Star India (P) Ltd. Vs. Additional Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2006)103ITD73(Mum.)

..... the specific settings of that case although applied subsequently in general is applicable only where earning of income itself cannot be said to have occurred and not otherwise and more so particularly in view of statutory change brought in section 145 of the act and notification of accounting standards thereunder which have resulted in the convergence of accounting thought on accrual, taxman's thought on 'accrual' and judicial thought on accrual.accordingly, assessee's contention that no accrual of income took place ..... of accrual is of paramount importance because it is the general perception that there is a difference between an accounting thought on accrual and judicial thought on accrual.generally, as per judicial decisions income for the purposes of the it act, accrues only when the legally enforceable right to receive is vested in the recipient and once such right to receive is vested, accrual of income under the it act is not postponed merely because' its quantification depends upon subsequent events such as making of accounts, etc. ..... to receive the commission even though the assessee rendered services of soliciting such advertisements.6.4 further, in the aforesaid judgment of hon'ble supreme court, their lordships observed that the word "earned" was not used in section 4 of the indian it act, 1922. ..... thereafter, the assessee tendered the bills to the local branch of the bank of rajasthan and received the payment at bhilwara. ..... both the aspects are like two sides of same coin. .....

First Global Stockbroking (P) Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2008)115TTJ(Mum.)173

..... of the assessee before the high court was that valid service of legal and valid notice under section 158bc is a condition precedent for assumption of jurisdiction to assess the ..... sections read as under: 132(4) the authorised officer may, during the course of the search or seizure, examine on oath any person who is found to be in possession or control of any books of account, documents, money, bullion, jewellery or other valuable article or thing and any statement made by such person during such examination may thereafter be used in evidence in any proceeding under the indian it act, 1922 (11 of 1922), or under this act ..... the expression "has been" is explained in the dictionary the law lexicon by shri ramanatha aiyer, which reads as under: 'has been', 'when not followed by a participle is the present perfect tense of to be' and accordingly indicate that the state of thing has existed and may be (but not necessarily is) continuing and therefore ..... other grounds of appeal raised by the assessee.in the memorandum of appeal the assessee has taken certain legal grounds which are preliminary grounds of appeal as well as the grounds challenging the additions on merit ..... of this decision he submitted that an assessee can take a legal ground for the first time before the tribunal even if the same was not agitated during the course of proceedings before the authorities below, provided that all facts necessary for disposal of the legal claim are already on record and no fresh investigation of fact .....

Plastiblends India Ltd. Vs. the I.T.O.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2005)94ITD295(Mum.)

..... the ao asked the assessee company to explain as to why the depreciation should not be deducted from the income of the industrial undertakings before allowing deduction under section 80 ia.the assessee company relied on a number of supreme court and high court decisions in support of the contention that there is no compulsion on the assessee company to claim depreciation and that if the assessee does not claim the ..... court to the effect that chapter vi-a is a separate code in itself and therefore before allowing any deduction under chapter vi-a, the profits and gains of the industrial undertaking have to be computed in accordance with the provisions of the it act which would mean that depreciation allowable under section 32 has to be mandatorily allowed irrespective of the fact whether the assessee has put up a claim or not for deduction of depreciation allowance. ..... there is nothing in the provisions of section 32(1) read with section 29 of the act to indicate that even when no claim is made for allowing deduction in respect of the depreciation under section 32(1), the ito is bound to allow a deduction. ..... the first ground of appeal is as under: "in the facts and circumstances of the case, the cit(a) erred legally and factually in upholding the decision of the ao and in upholding the conclusion drawn by the ao in the assessment order and finally in thrusting depreciation of rs. ..... cit dr heavily relied on the bombay high court decision in the case of indian rayon corporation ltd. .....