Judgment Search Results Home > Cases Phrase: remittances of foreign exchange and investment in foreign exchange bonds immunities and exemptions act 1991 Court: mumbai Page 1 of about 5 results (0.162 seconds)

Arvind Motasha Vs. Asstt. Cit, Range 9(3)

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... the stand of the authorities below is clearly contrary to the provisions of the remittances in foreign exchange and investments in foreign exchange bonds (immunities and exemptions) act, 1991. ..... 611, "the relevant provisions of the act, as explained above (in the circular), make it very clear that the assessing officers, in any proceedings under the direct tax laws, will not make any enquiry with regard to remittances received in foreign exchange under the remittances in foreign exchange (immunities) scheme, 1991". ..... 20,00,000 received under the remittance of foreign exchange (immunities) scheme, 1991 by one m/s vishwamurti trading consultancy services pvt. ..... 611, dated 30-9-1991 (191 itr (statute) 319), "section 4 of the act further provides that any remittance of the nature referred to above will not be taken into account for the purposes of any proceedings under the income tax act, 1961 and yet the foreign exchange gift of rs. ..... the other important aspect of the matter is that the gift in question were received by the company in which the assessee is a director shareholder, under the foreign exchange (immunities) scheme, 1991. ..... in the light of the specific provisions of the act and the circular, the immunity is not only available to the recipient of the remittance under the said scheme, the immunity is also available to "any" proceedings under the income tax act, 1961, in respect of the said transaction. .....

Prabodh G. Mehta and Others Vs. Union of India Through Ministry of Law ...

Court : Mumbai

..... this scheme was framed in accordance with the provisions of remittances of foreign exchange and investment in foreign exchange bonds (immunities and exemptions) act, 1999 (for short the said act). ..... according to the appellants the said remittances were received by them in accordance with the scheme namely remittances in foreign (immunities) scheme, 1991 ( for short said scheme ). ..... so far as the present appellants are concerned, it is common ground that the foreign exchange was received by each of the appellant namely us$ 25000/- in october 1991 i.e. ..... it was pointed out to us that the appellants received foreign remittance of us$ 25000/- on or about 12.10.1991 and each of the appellant had filed a declaration as required under the said scheme. ..... in india had made a payment of rs.6,40,000/- and odd in india during september 1991 to may 1992 to shri niranjan shah without any general or special exemption granted by the reserve bank of india as consideration for the acquisition/receipt of us $ 25,000/- outside india by said shri niranjan shah and had thereby contravened the provisions of section 9(1)(f)(i) of the foreign exchange regulation act, 1973 (for short fera act) and why adjudication proceedings as per section 51 of the fera act, should not be held against each of them. ..... few facts necessary for the disposal of this appeal are as under: each of the appellant received us$ 25000/- in their respective saving bank account on or about 12.10.1991 as and by way of remittance. .....

Anil Tibrewala Vs. Ito

Court : Mumbai

Reported in : (2004)89TTJ(Mumbai)24

..... 3 of the remittance of foreign exchange and investment in foreign exchange bonds (immunities and exemptions) act, 1991 originates with a nonobstante clause, which has an overriding and overwhelming effect over all laws for the time being in force. ..... 5,14,000 in foreign exchange from shri vinod goyal, under the foreign exchange and investment in foreign exchange bonds (immunities and exemptions) act, 1991 (hereinafter called 'immunity act'). ..... the relevant provisions of the act, as briefly explained above, make it very clear that the assessing officer, in any proceedings under the direct tax laws, win not make any enquiry with regard to remittances in foreign exchange received under the remittances in foreign exchange (immunities)- scheme, 1991, or gift of any india development bond from a non-resident indian/overseas corporate body. ..... apprehension has been expressed in some quarters that the it department would prejudicially view the remittances received under the remittances in foreign exchange (immunities) scheme, 1991, and the gift of india development bonds from an overseas subscribers/holder. ..... similar immunities and exemptions are provided under section 6 and 7 of the act in relation to non-resident indians or overseas corporate bodies owning the foreign exchange bonds and persons resident in india to whom the said bonds have been gifted by non resident indians or overseas corporate bodies.7. .....

Prabodh G. Mehta and Others Vs. Union of India Through Ministry of Law ...

Court : Mumbai

..... this scheme was framed in accordance with the provisions of remittances of foreign exchange and investment in foreign exchange bonds (immunities and exemptions) act, 1999 (for short the said act). ..... according to the appellants the said remittances were received by them in accordance with the scheme namely remittances in foreign (immunities) scheme, 1991 (for short said scheme). ..... so far as the present appellants are concerned, it is common ground that the foreign exchange was received by each of the appellant namely us$ 25000/- in october 1991 i.e. ..... it was pointed out to us that the appellants received foreign remittance of us$ 25000/- on or about 12.10.1991 and each of the appellant had filed a declaration as required under the said scheme. ..... in india had made a payment of rs.6,40,000/- and odd in india during september 1991 to may 1992 to shri niranjan shah without any general or special exemption granted by the reserve bank of india as consideration for the acquisition/receipt of us $ 25,000/- outside india by said shri niranjan shah and had thereby contravened the provisions of section 9(1)(f)(i) of the foreign exchange regulation act, 1973 (for short fera act) and why adjudication proceedings as per section 51 of the fera act, should not be held against each of them. ..... few facts necessary for the disposal of this appeal are as under: each of the appellant received us$ 25000/- in their respective saving bank account on or about 12.10.1991 as and by way of remittance. .....

Asstt. Cit Vs. Narendra I. Bhuva

Court : Mumbai

Reported in : [2004]90ITD174(Mum)

..... statement of income attached to the return of income, assessee has claimed following receipts as not taxable:-'(a) remittances in foreign exchange (immunities) scheme, 1991 rs. ..... it was replied that assessee had not availed of any foreign exchange for import of car parts during the period the car was ..... of assessment proceeding, the assessing officer has raised another query before the assessee as to whether assessee had availed of any foreign exchange for import of spare parts. ..... time of his appointment in the year 1945 as a justice of the peace was presented with two gold caskets, a gold tray, two gold glasses, a gold cup, saucer and spoons, and photo frames as souvenirs by the dealers and brokers in cloth with whose business he was connected and he kept these articles in a glass show case for display in his drawing room and in assessment year 1959-60, claimed exemption in respect of these articles under the above-quoted provision i.e. ..... was claimed by the assessee that it constituted personal effect of the assessee within the meaning of section 2(14) of the income tax act, 1961 and therefore the sale of these jewellery did not give rise to any taxable capital gains, the same was not accepted by the ..... must look at the cumulative effect of all the factors and arrive at a conclusion as to whether the transaction was an instance of investment or an adventure in the nature of trade. ..... 10,08,843;(b) receipts and special bearer bonds, 1991 rs.1,20,000;(c) receipt of 1/4th share from estate of .....