Court : Mumbai
Reported in : (1986)52CTR(Bom)82; [1986]159ITR775(Bom); [1986]24TAXMAN474(Bom)
..... wife prabhavati, petitioner no. 3, were members of the keshavlal ratanji hindu undivided family (hereinafter 'the k. r. huf') which owned agricultural land bearing town planning survey no. 353 at ghatkopar within the municipal limits of greater bombay. this land was sub-divided into six plots bearing nos. 353/1 to 353/6 ..... in samvat year 2026, the agricultural land of dhanvantrai was, therefore, prima facie liable to be treated as agricultural land not excluded from the definition of capital assets.5. in his return for the assessment year 1971-72, dhanvantrai claimed that the gains from the sale of his agricultural land constituted agricultural income and ..... , therefore, not chargeable to income-tax. by order dated march 22, 1974, the 1st respondent rejected this contention and assessed capital gains of rs. 52,078 to income-tax in the hands of dhanvantrai. in appeal therefrom, the appellate assistant commissioner by his order dated december 21, .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1985)13ITD830(Mum.)
..... done by the revenue. secondly, bonus shares are issued against accumulated but undistributed profits.inevitably, therefore, these shares issued are backed up by sufficient fresh capital and assets in the company. though each shareholder who receives a bonus share has now two shares instead of the one he originally held, both the ..... not possible to determine the date on which the goodwill generated in a business comes into existence. bonus shares really represent available accumulated profits converted into capital of the company are thus self-generated like goodwill. though the shares are actually declared and made available to the existing shareholders on a particular day ..... came to the conclusion that goodwill generated in a newly commenced business cannot be described as an 'asset' within the meaning of section 45 leading to capital gains on its transfer. their lordships relied on the twin facts : impossibility of determing the cost of acquisition and the date of acquisition either by the .....
Tag this Judgment!Court : Mumbai
Reported in : AIR1986Bom147; 1985(2)BomCR724; (1995)87BOMLR492; 1985MhLJ887
..... are part of the directive principles of state policy (art. 40 of the constitution) and, in a sense, a homage to the father of the nation, standing as he did for participate democracy through decentralisation of power. unfortunately, after holding elections to the bidar board and making people believe that they have ..... is ignored by executive inaction even after holding election to the floor level administrative bodies. the evolutionary distance to ideological rajghat from power-jealous state capitals is un-willingly long indeed, especially in view of the familiar spectacle of long years of failure to hold elections to local self-government units and ..... to continue. there is also not even the slightest indication therein as to what the changed circumstances which justified superseding 24 municipal councils existing in different regions of the maharashtra state. on course s. 48a does not require reasons to be recorded. but, inasmuch as this notification has civil consequences and affects .....
Tag this Judgment!Court : Mumbai
Reported in : (1986)52CTR(Bom)313; [1986]162ITR23(Bom)
..... the assessment year 1970-71, the relevant previous year having ended on march 31, 1970.3. the assessee is an advocate. he entered into an agreement with the indian national press (bombay) pvt. ltd. for obtaining on monthly tenancy ground floor premises in a building on dalal street, fort, bombay. the assessee filed a suit in the city ..... connection was revenue receipt. the said agreement having been entered into in the ordinary course of business, it could not be regarded as a capital asset. the compensation received was income liable to tax in the year in which it was received.5. the appellate assistant commissioner, on appeal by the assessee, ..... said agreement.4. for the assessment year in question, the assessee claimed that the said amount of rs. 37,500 was exempt from income-tax, being a capital receipt. the income-tax officer came to the conclusion that the assessee had wanted the said premises for business and that the compensation received for the breach in this .....
Tag this Judgment!Court : Mumbai
Reported in : (1986)52CTR(Bom)254; [1986]160ITR723(Bom)
..... as far as question no.(1) is concerned, it is agreed between the counsel that in view of our decision in income-tax reference no. 139 of 1975 - cit v. national rayon corporation ltd. : [1986]160itr716(bom) - dated september 17, 1985 (the judgment having been delivered by kania j.) this question must be answered as follows (p. 722) ..... jetly, the learned counsel for the revenue, that the aforesaid increase in the liability on account of devaluation was not liable to be included in computing the capital of the assessee for the purposes of determining the statutory deduction as aforesaid as the enhanced liability was only notional because the amount of loan in terms of ..... company and, hence, the conditions contained in the proviso set out earlier were not satisfied and the amount of increased liability cannot be included in the computation of capital of the assessee. in our view, it is not possible to accept either of these submissions. in the first place, it is the accepted position that the .....
Tag this Judgment!Court : Mumbai
Reported in : [1987]61CompCas548(Bom)
..... invoice is petty or large. the three invoices with the endorsement 'pre-paid' are invoice no. 954/73 of national organic chemical industries ltd., invoice no. 944/73 of rallis india limited, and invoice no. 961/73 of hindustan petroleum ..... a system should recognise, calculate, classify, post, summarise and report transactions. the system of internal control is the plan of organisation and all the methods and procedures adopted by the management to assist in achieving the management's objective of ..... an auditor presented a confidential report to the directors calling their attention to the insufficiency of the securities on which the capital of the company was invested, and the difficulty of realizing them, but in his report to the shareholders merely stated ..... evidence that on calculation, the quantity increase in sales during the relevant year compared to the previous year was in the region of 2.5% to 10%. mr. setalvad, learned counsel appearing on behalf of the defendants, did not dispute that .....
Tag this Judgment!Court : Mumbai
Reported in : (1986)50CTR(Bom)140; [1986]162ITR827(Bom); [1986]24TAXMAN155(Bom)
..... counsel for the assessee, however, was that the expenditure in question did not relate to the framework of the business of the assessee and, therefore, it was not a capital expenditure but a revenue expenditure. in support of this submission, mr. mehta placed reliance on the decision of the supreme court in empire jute co. ltd. v. cit ..... the supreme court in the aforesaid case, the expenditure incurred in attempting to bore the well must be regarded as capital expenditure.7. mr. mehta next relied on the decision of a division bench of this court in cit v. national rayon corporation : [1985]155itr413(bom) , where it has been held that unless an expenditure is directly related ..... to a capital asset, acquired or to be acquired in the near future, it cannot be said to have brought about an .....
Tag this Judgment!Court : Mumbai
Reported in : 1987(2)BomCR10
..... satisfied, the perpetrator, whosoever may be, indulged in further brutality of smashing her nose and face and along with it mutilated all human values. infliction of the capital sentence therefore, would have been fully justified on the basis of well recognised principles and guide-lines. this as stated, is only incidental and becomes more academic ..... at all. according to dr. khanolkar, there were eight external injuries all of which were ante-mortem and those were on the face, head and the face region was completely smashed and nostrils were in bad shape. on internal examination he noticed depressed fracture on the skull. he also noticed severe damages to the private ..... , which describes various external injuries which were about seven in number some of which were incised wounds while others were lacerated one and those were practically on the region of the face. after the girl succumbed to the injuries, an inquest was drawn. the same is at exhibit 16, which also describes all the injuries. .....
Tag this Judgment!Court : Mumbai
Reported in : 1986(3)BomCR540
..... , the learned trial judge understood the earlier admission to mean that the centre were found missing in the chance finger prints as well as in the specimen finger prints. some capital was sought to be made by mrs. bhonsale of the so called admission given by shri jadhav. shri jadhav admitted that the centres were missing. the only thing he admitted .....
Tag this Judgment!Court : Mumbai
Reported in : 1986(2)BomCR721; 1986(24)ELT449(Bom)
..... allowed to invoke the writ jurisdiction in such a case, will not another competitor seek a writ of mandamus against the revenue - as was done in inland revenue commissioners v. national federation of self-employed and small business ltd. (1982) a.c. 617 alleging that revenue is granting a sort of concession to garwares by allowing them to choose between a ..... in a particular way. this insinuation has been stoutly denied by the revenue. it is true that the nucleus of an administrative structure like the central excise will be a planning and controlling body like the central board of direct taxes for the income-tax department and central board of excise and customs for the indirect taxes, who, on a periodical .....
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