Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1984)8ITD57(Mum.)
1. These two appeals, one each by the assessee and the ITO, relate to the assessee's assessment for the assessment year 1967-68. The assessee is a non-resident company. It filed its returns of income for the first time for the assessment year 1971-72, inter alia, disclosing a loss of Rs. 7,272. The assessment was completed on 1-7-1975 determining the total income at Rs. 33,120. Return for the assessment year 1972-73 was filed on 10-2-1976 disclosing dividend income on 21,000 equity shares held by it in an Indian company by the name Albright Morarji & Pandit Ltd. During the course of proceedings for the assessment year 1972-73, the ITO came to learn that the assessee-company has sold its technical know-how relating to its designs, drawings, specifications, etc., and also certain patents to the Indian company under an agreement dated 10-2-1966 and that in consideration thereof the Indian company had allotted 21,000 equity shares of Rs. 50 each out of its initial issue of shares to t...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1983)3ITD677(Mum.)
1. These are two cross appeals from the findings of the Commissioner (Appeals) that the assessee, a registered firm, engaged in construction of buildings is eligible for deduction under Section 80J of the Income-tax Act, 1961 ('the Act').2. The assessee is a firm constituted under a deed of partnership dated 24-4-1974. The partnership business is constructing buildings on a plot of land allotted to them by the Government of Maharashtra at Nariman Point. The building would consist of several shops, offices, basements and garages, which were sold to various persons on ownership basis.3. In the assessment proceedings for the assessment year 1979-80, for which the accounting year was the year ended 30-6-1978, the assessee claimed that they were entitled to deduction under Section 80J. The ITO held that the assessee was not eligible for the deduction, while, on appeal the Commissioner (Appeals), following the decisions of the Bombay Tribunal Benches in some other cases held that the assess...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1987)22ITD87(Mum.)
1. This is an appeal relating to the assessment year 1980-81 preferred by M/s Siemens Aktiengesellschaft, West Germany, hereinafter referred to as "the assessee".2. We will set out in broad terms the background in which the appeal has come to be heard by this Special Bench.3. The assessment made is in the status of a non-resident. The accounting period is from 1-10-1978 to 30-9-1979. The assessee had entered into various agreements with parties in India and in the present appeal the terms of 11 such agreements came up for consideration involving payments which could be grouped together under 14 items. Different nomenclature has been assigned to different items of payments. The descriptive break-up is as under :-- The details of the 14 different items giving reference to the grounds of appeal before the Tribunal, as also to the articles/clauses in the relevant agreements, and indicating wherever such agreements had been the subject of consideration in the assessment order for the year ...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1988)25ITD479(Mum.)
1. This appeal by the assessee has raised several issues which are considered seriatim below. (i) Swastik Household & Industrial Products, (ii) Sarabhai Research Centre and (iii) Operation Research Group. A company, M/s. Karamchand Premchand Pvt. Ltd., transferred and assigned as a going concern on 30-6-1973 its various industrial undertakings and businesses to its wholly-owned subsidiary. While doing so, with effect from 30-6-1973, that company had transferred and assigned its industrial undertaking of Swastik Oil Mill division as a going concern to the assessee-company. With effect from the close of business of the assessee as on 28-2-1977, the assessee-company which had in the meanwhile set up two divisions, Swastik Research Centre and Operation Research Group, in 1974, transferred the industrial undertakings and businesses of Swastik Household & Industrial Products Division, business of Operation Research Group and the Sarabhai Research Centre to its subsidiary company, M/...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1991)37ITD276(Mum.)
1. The appeal is directed against the order of the CIT under the provisions of Section 263 of the Act.2. Assessee is a non-resident Swedish company and had entered into an agreement with M/s. Atlas Copco (India) Ltd., for the supply of know-how for the manufacture of Screw type compressors and also to render technical assistance that might be required in the said manufacture. For this, assessee was to receive a lump sum consideration of US $75,000 in three equal instalments of US $25,000 each. Out of the said amount of US $ 75,000, two instalments of US$ 25,000 were received by the assessee during the previous year relevant to the assessment year 1983-84. The assessment for this year 1982-83 was completed on a total income of Rs. 11,56,800 being dividend income received by the assessee from the Indian company, viz., Atlas Copco (India) Ltd. The Assessing Officer accepted the contention of the assessee that the first two instalments as per the agreement dated 4-2-1981, due during the p...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1995)52ITD640(Mum.)
1. This appeal by the assessee is directed against the order of the Commissioner of Income-tax (Appeals)-XIII, Bombay (Sri P.S. Kalsian) and pertains to the assessment year 1990-91. The assessee is a partnership firm comprising of five partners. This firm was constituted by an Indenture of Partnership dated the 10th day of January, 1985. The business was said to have commenced from 28th January, 1984.3. For the relevant assessment year, the assessee has down a loss computed under the head "business income" amounting to Rs. 91,12,980 and a profit under the head "capital gains" on the sale of land to Mahanagar Telephone Nigam Ltd. (hereinafter called "MTNL") amounting to Rs. 1,18,66,907. This amount was arrived at after claiming deduction under Section 48(2) of the Income-tax Act, 1961 (hereinafter called the "Act"). Thus the income disclosed for the year was under two heads, viz. business loss and the profit under the head capital gains. The net taxable income worked out by the assesse...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1998)65ITD380(Mum.)
1. This appeal by the assessee is directed against the order of the Commissioner of Income-tax (Appeals), Central-IV, Bombay and pertains to the assessment year 1985-86.2. The assessment was completed under Section 143(3), read with Section 145(2) of the Income-tax Act, 1961. The accounting year of the assessee ended on 30-6-1984. The assessee is a company in which public are substantially interested. The assessee-company is following the mercantile system of accounting. It filed its return of income for the relevant year of assessment on 28-6-1985, reflecting therein income of Rs. 3,84,14,220. The Assessing Officer made an addition of Rs. 26,20,51,000 in the total income of the assessee under the head "Premium on sale of cigarettes". The Assessing Officer deducted the amount of commission and trading income alleged to be reintroduced by means of hawala entries and advertisement expenses alleged to be used out of secret bank accounts. The assessee being aggrieved of the assessment ord...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1996)56ITD26(Mum.)
1. These two appeals by the assessee are directed against the order of the Commissioner of Income-tax (Appeals)-XIII, Bombay, and pertain to the assessment years 1984-85 and 1985-86. Since the issue involved is identical, for the sake of convenience these appeals are consolidated and disposed of by a common order.2. Briefly the facts : The assessee is a charitable trust. Originally, it was registered with the Registrar of Companies, Bombay, on 20th July, 1934. Thereafter in 1953 and 1957, there were amendments in the objects of the Trust. It is registered under the Bombay Public Trust Act, 1980, vide registration No. F. 4491 (Bombay). It is also registered under Section 12A of the Income-tax Act, 1961 (hereinafter referred to as "the Act"). The objects of the trust as described in the Rules and Regulations as amended up to 23rd July, 1967 are as under : To start and maintain for institutions and charitable purposes, viz., relief of the poor, education, medical relief, cultural activit...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
1. This appeal by the assessee for the asst. yr. 1993-94 is directed against the order of the CIT(A) upholding certain additions and disallowances.2. The assessee is one of the biggest Indian companies in which public is interested. It is highly diversified and largest "core industries" in India. It produces viscose, staple fibre, rayon, pulp, caustic soda, cement, software, sponge iron, textiles, heavy engineering machinery and chemicals. It employs over 25,000 persons and its plants are located at about 10 places in India.3. In the memo of appeal, several grounds are raised, but during the course of hearing, the first objection taken by the learned counsel for the assessee related to disallowance of part of deduction claimed under s. 80M of the IT Act, 1961 out of dividend income. The assessee during the relevant period received dividends from Indian companies and returns from UTI amounting to Rs. 28.64 crores and distributed dividend approximately Rs. 25.11 crores. In its return of...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1999)69ITD336(Mum.)
1. Appellant is an individual. Search operations under s. 132(1) of the IT Act were commenced in his case at various places on 30th October, 1995, and continued upto 20th December, 1995. The assessee filed a return of "undisclosed income" under s. 158BC at Rs. 31,96,963 on 23rd September, 1996. The AO completed the assessment on 31st December, 1996 on a total "undisclosed income" at Rs. 4,52,27,690 and determined the tax payable at Rs. 2,71,36,614. Aggrieved by this order of the AO, the assessee has come in appeal to the Tribunal. The assessee has taken three additional grounds before us. Of these additional grounds, the first one is challenging the legality of the assessment, claiming the order to the time-barred and invalid. Ground Nos. 2 and 3 are stated to be clarificatory in respect of original ground Nos. 16 and 31. Being legally permissible, the learned Departmental Representative had no objection to the admission of the additional grounds of appeal and hence, we proceed to dec...
Tag this Judgment!