Court : Mumbai
Reported in : 2002(6)BomCR196; (2002)4BOMLR556; (2003)180CTR(Bom)70; [2002]258ITR380(Bom); 2002(4)MhLj260
..... response to the notice under sections 142(1) and 143(2) of the income-tax act, 1961 (hereinafter referred to as the 'it act'), the assessee furnished various details. ..... all these cases have looked upon expenditure which did bring about some kind of an enduring benefit to the company as a revenue expenditure when the expenditure did not bring into existence any capital asset for the ..... in computing the income chargeable under the head 'profits and gains of business or profession', section 37 of the income-tax act, enables the deduction of any expenditure laid out or expended wholly and exclusively for the purpose of the business or profession, as the case ..... : [1955]27itr34(sc) , the apex court observed (at page 45) :'if the expenditure is made for acquiring or bringing into existence an asset or advantage for the enduring benefit of the business it is properly attributable to capital and is of the nature of capital expenditure. ..... by the aforesaid order of the income-tax appellate tribunal, the revenue is in appeal before us under section 260a of the income-tax act and has raised the question of law set out hereinabove.submissions :7. ..... the business point of view, therefore, the assessee got the benefit of reduced rent. ..... a business, or for a substantial replacement of equipment; (2) expenditure may be treated as properly attributable to capital when it is made not only once and for all, but with a view to bringing into existence an asset or an advantage for the enduring benefit of a trade. .....
Tag this Judgment!Court : Mumbai
Reported in : 2004CriLJ1576
..... to deliver any property to any person, or to consent that any person shall retain any property, or intentionally induces the person so deceived to do or omit to do anything which he would not do or omit if he were not so deceived, and which act or omission causes or is likely to cause damage or harm to that person in body, mind, reputation or property, is said to 'cheat'.explanation - a dishonest concealment of facts is a deception within the meaning of this section.section 11 of the i.p.code ..... whether to invest in shares, prospective investors must evaluate among other things, the potential feasibility and future performance of the company based on its business plan without the benefit of any operating history, and prior to application for an receipt of such licensing and authorizations. ..... fax reception; that the system would afford the investors to participate in allied ancillary business including a preferential right to engage in both the gateway and service provider businesses; (a gateway is a ground station which acts as an inter-connection point linking satellites to terrestrial communications) and that the system would be extremely financially rewarding, etc; etc..4. ..... tax act, 1961. ..... question which, therefore, arises whether the other accused can get benefit of this order or it is to be restricted to the ..... existing system has all of the features and functions of the iridium system, investors must evaluate these assumptions without the benefit of directly comparable systems. .....
Tag this Judgment!Court : Mumbai
Reported in : AIR2001Bom9; 2000(4)ALLMR200; 2000(4)BomCR757; 2000(4)MhLj532
..... the preliminary objection had been raised to the grant of specific performance as an alterative relief, the court looked into the provision of section 37 of the specific relief act, 1877 and then noted that the section provides that the plaintiff suing for specific performance of the contract can sue for recession of the contract but the converse was not ..... 5 and 6 in respect of the said retained land in accordance with the terms and conditions of the said documents and not doing any act, matter or putting up any construction contrary to or inconsistent with the provisions of the said mou and the said deed of partnership upon the said ..... dwarkadas, therefore, submitted that in view of these assertions of the defendants, the provision of section 16(c) of the specific relief act, 1963 would get attracted and when the defendants themselves are saying that they are ready and willing to perform and complete the transaction, there is no need for the plaintiffs to aver ..... was a case of unconscionable bargaining, that a fraud had been played on the deceased and that the entire arrangement was effected with a view to avoid and defeat the provisions of chapter xx-c of the income tax act, 1961. ..... late shri kadam had been deceived to enter into an agreement at a far lesser consideration and which agreement was nothing but a device to defeat the provisions of chapter xx-c of the income tax act, 1961. mr. ..... 4 on 5th january 1993, whereby some further benefits were obtained by defendant nos. 1 to 4. mr .....
Tag this Judgment!Court : Mumbai
Reported in : (1991)92CTR(Bom)79
..... -company would be entitled to the benefit of section 80-i of the income-tax act, 1961.14. ..... it claimed relief under section 80-i of the income-tax act, 1961, in respect of profits arising, inter alia, from its manufacturing activity of making ..... the sixth schedule to the income-tax act, 1961, as then in force had the following entry :'the sixth schedule : (4) industrial machinery specified under ..... under section 80-i of the income-tax act, 1961, as then in force, certain deductions in respect of profits and gains from a priority industry, in the case of certain companies ..... 587 of 1976, which pertains to the assessment year 1971-72, the claim of the assessee for the benefit under section 80-i in relation to the profits earned by it from manufacture and sale of heavy duty cranes has been disallowed by the income-tax officer, theappellate assistant commissioner ..... both these references is :'whether, on the facts and in the circumstances of the case, the assessee-company's activity of manufacture of heavy duty cranes is a priority industry within the sixth schedule to the income-tax act, 1961, entitling it to deduction under section 80-i of the' income-tax act, 1961 ?'4. ..... , therefore, come by way of a reference before us under section 256(1) of the income-tax act, 1961, in income-tax reference no. ..... that the assessee-company was entitled to relief under section 80-i of the income-tax act, 1961.19. ..... -company has come before us by way of reference under section 256(1) of the income-tax act, 1961.3. .....
Tag this Judgment!Court : Mumbai
Reported in : [1999]238ITR785(Bom)
..... this reference, at the instance of the revenue, the following question of law has been referred by the income-tax appellate tribunal, mumbai, to this court for opinion under section 256(1) of the income-tax act, 1961 :'whether, on the facts and in the circumstances of the case and in law, the tribunal was right in holding that the amount of house rent allowance received by the assessee from his employer to each ..... relevant to the assessment years 1980-81 and 1981-82 was not liable to be included in the total income of the assessee for those two assessment years under section 10(13a) of the income-tax act, 1961, even though the assessee resided in his own house in those two years ?'2. ..... in that view of the matter, the assessee was not entitled to the benefit of clause (13a) of section 10 of the act and the amount received by him from his employer as house rent allowance was liable to be ..... the revenue, who submits that the controversy now stands resolved by insertion of the explanation to clause (13a) of section 10 of the income-tax act, 1961, with retrospective effect from april 1, 1976, by the taxation laws (amendment) act, 1984. ..... above amount was not liable to be included in the computation of his income from salary in view of the provisions of section 10(13a) of the income-tax act, 1961 ('the act'). ..... now been set at rest by insertion of the following explanation to clause (13a) by the taxation laws (amendment) act, 1984, with retrospective effect from april 1, 1976 :'explanation. .....
Tag this Judgment!Court : Mumbai
Reported in : [2000]245ITR122(Bom)
..... however, as lohade hospital had not been 'approved' for the purpose of section 17(2)(ii)(b) of the income-tax act, 1961, read with rule 3a of the income-tax rules, 1962, even though its application for this purpose was pending with the chief commissioner of income-tax, pune, for a long time, shri more ..... the petitioners, who are employees of the reserve bank of india as well as the state bank of india, have filed these petitionschallenging' the constitutional validity of proviso (v) to clause (2) of section 17 of the act, which reads as under :'any sum paid by the employer in respect of any expenditure actually incurred by the employee on his medical treatment or treatment of any member of his family other than the treatment referred to in clauses (i) and (ii); ..... the aforesaid submissions and the sufferings of the employees, the central board of direct taxes (the cbdt) is directed to issue appropriate directions or clarifications under section 119 of the income-tax act, 1961, for removing the hardship caused to the employees who are suffering genuinely.10. ..... involved in these petitions is whether the amount of reimbursement of medical expenses is taxable under the income-tax act, 1961 ('the act', for short). ..... petitioners' main contentions, as set out in detail in the above writ petitions, are as under :'(a) medical expenditure cannot be treated as a 'perquisite' as it is not something in the nature of fixed benefit or amenity periodically accruing from the employer to the employee. .....
Tag this Judgment!Court : Mumbai
Reported in : [1999]237ITR82(Bom)
..... by this reference under section 256(1) of the income-tax act, 1961 (the 'act' for short), the income-tax appellate tribunal, bombay, has referred the following question of law to this court for opinion at the instance of the assessee :'whether, on the facts and in the circumstances of the case, the deduction under section 54 of the income-tax act, 1961, was available in, computing the capital gain arising from the sale of the property known ..... cases covered by section 161(1) an option could be exercised on the strength of the trust deed itself since the income in such cases is receivable by the trustee on behalf of or for the benefit of a single beneficiary or where there are more beneficiaries than one, the individual shares of the beneficiaries are determinate and known ..... by the income-tax tribunal in holding that the provisions of section 161 of the act are not applicable and the assessee is not entitled for benefit of section 54 of the act for exemption in the capital gains cannot be upheld ..... trustee is liable as a representative assessee is not specifically receivable on behalf of or for the benefit of any one person, or where the individual shares of the persons on whose behalf or for whose benefit such income or such part thereof is receivable are indeterminate or unknown, tax has to be charged as if that income was the total income of an association of persons- section 164 is an enabling section similar to section 161(1) of the act and nothing more or less could be read therein .....
Tag this Judgment!Court : Mumbai
Reported in : [1974]94ITR616(Bom)
..... notice issued by the income-tax officer, b-ward, kolhapur, who had the jurisdiction the assess the petitioner-assessee under the provisions of the income-tax act, 1922, and the income-tax act, 1961, the petitioner-assessee appeared before the said officer along with his advocate and produced before him the case books and the ledger book and other documents ..... on account of confiscation should have been treated as a trading loss and allowed to have been deducted while computing his net income from the business of dealing in gold under section 28 of the act of 1961 (equivalent to section 10(1) of the act of 1922) or such loss should have been allowed to be set off against the estimated and assessed income from undisclosed source under sections 70 and 71 of ..... it was fourthly contended that the income-tax authorities themselves were not clear whether the facts of the present case attracted the provisions of section 69 or 69a of the income-tax act, 1961, and that section 69a in any event could have no application to the assessment year 1962-63, when the section itself was inserted in the statute by the ..... held that in an appropriate case it would be the duty of the tribunal in order to do complete justice to the assessee to remand the matter back to the income-tax officer to gather necessary material so that the benefit of any provision may be given to the assessee ..... whether the plea is to the benefit of the assessee or against his ..... be called in aid for the benefit of the petitioner .....
Tag this Judgment!Court : Mumbai
Reported in : [1976]104ITR39(Bom)
..... at the instance of the assessee by this reference under section 256(1) of the income-tax act, 1961, the following question has been referred to us for our determination : 'whether, on the facts and in the circumstances of the case, was the assessee-firm entitled to the grant of registration under section 185 of the income-tax act, 1961, on the basis of the instrument of partnership dated february 17, 1960 ?' 2. ..... when the intention of the executants of the documents is clear from the dominant clause therein which state that the minor is admitted only to the benefits of the partnership, the other clause of the document should be so read as to reconcile with that manifestly brought out intention of the parties to the document. 14. mr. ..... in our opinion, such a provision in the entry will not be helpful to the assessee, because the question whether rajendrakumar was admitted to the benefits of partnership or was made a fullfledged partner under the initial indenture of partnership has to be decided having regard to the terms of the original indenture. ..... after referring to the definition of the word 'partner' in section 2(6b) of the income-tax act to the effect that 'partner' includes any person who being a minor has been admitted to the benefits of a partnership, the supreme court points out that this definition cannot be read to mean that in every case where a minor has, contrary to law, been admitted as a full partner, the deed is to be regarded as valid, because, under .....
Tag this Judgment!Court : Mumbai
Reported in : [1973]92ITR430(Bom); 1972MhLJ826
..... been contended however that in law all that was required to be done was that before issuing the notice under section 148 read with section 147 of the income-tax act, 1961, the income-tax officer was obliged to record reasons and there was no obligation to furnish the said reasons to the petitioner-board. ..... . now, before the question could be answered in favour of the petitioner-board that the board could claim exemption under section 4(3)(i) of the 1922 act, it is absolutely essential to find out upon an investigation of facts as to whether the section of the community sought to be benefited by the various housing schemes that were undertaken by the board was sufficiently defined and identifiable by some common quality of the public or impersonal nature and ..... . thakar, this was case where a cross-section of community which was the sought to be benefited by the housing schemes which were undertaken by the board was definite cross-section of the public for whom the benefits have been intended to be given; however, by merely asserting this position it would not be possible to come ..... charitable purpose, it was not necessary that the object should be to benefit the whole of mankind or even all persons living in a particular ..... . the section the community sought to be benefit must undoubtedly be sufficiently defined and identifiable by some common quality of a public or impersonal nature : where there was no common quality uniting the potential beneficiaries into a class, it .....
Tag this Judgment!