Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1982)1ITD303(Mum.)
..... of total income and not necessarily enhancement of income under a particular item-gown tile works v. cit [1957] 31 itr 250. the whole scheme under the act envisages one order, that is, the order of assessment under section 143(3).23. moreover, as regards the first question whether the assessee was or was not an ..... result of subsequent orders in appeal or revision, it may be stated, has been superseded with retrospective effect by the taxation laws (continuation and validity of recovery proceedings) act, 1964. this, however, does not in any way change the legal position regarding orders by the ito as laid down herein-above.12. again, the bombay high ..... contains two clauses, the one permitting exercise of power suo motu and the other enabling the exercise of power on application by the assessee... the provisions of the act, therefore, make a clear demarcation regarding the scope and ambit of the revisional powers exercisable suo motu by the authority and on application by the assessee. the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1985)13ITD219(Mum.)
..... .) where the tribunal held that the conversion of flat yarn into twisted yarn would amount to manufacture of a new article within the meaning of section 32 a of the act, in support of the contention that the assessee's business activity of converting the milk purchased from various sources into the brand product 'doodh amrut' amounted to manufacture or production ..... 1. this is an appeal filed by the assessee against the order of the commissioner, bombay, under section 263 of the income-tax act, 1961 ('the act').2. the assessee is a registered firm and the appeal relates to the assessment year 1978-79. we were given to understand at the time of hearing of the appeal .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1986)19ITD219(Mum.)
..... is a private limited company and the appeal relates to the assessment year 1978-79. the ito applied the provisions of section 40a(8) of the income-tax act, 1961 ('the act') and out of the claim of deduction of interest to various persons (other than banks) disallowed 15 per cent. before the commissioner (appeals) the assessee-company ..... supreme court in a number of judicial pronouncements has laid down that even though the words used in the definition of 'business' under section 2(73) of the act are wide, underlying each of them is the fundamental idea of continuous exercise of an activity, i.e., some real, substantive and systematic or organised course of activity ..... it incurred a loss in the business of exports, the net result being a very small income, which was offset by the deduction under section 80m of the act.proceeding further he submitted that the total investments of the assessee-company, according to the audited balance sheet of the company, at the end of the previous year .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1986)19ITD45(Mum.)
..... industries, except those which are engaged in the manufacture of low priority items specified in the new eleventh schedule proposed to be inserted in the income-tax act. the bill does not make any distinction in this regard between small-scale industrial undertakings and other undertakings. hence, like any other industrial undertaking, a small ..... and not to restrict the concession to such undertakings. this contention of the learned counsel appears to be well founded. section 32a was inserted by the finance act, 1976, with effect from 1-4-1976 and has partially replaced development rebate in respect of ships, aircrafts or machinery and plants installed after 31-3 ..... shri s.p. menta reiterated the same submissions as made before the commissioner. according to him, section 32a(2)(b)(ii) as inserted by the finance act, 1977 is an enabling provision to extend the scope of investment allowance so as to entitle small-scale industrial undertakings to wider concessions and without restrictions. small .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1989)31ITD515(Mum.)
..... is also not of any assistance. in those decisions the tribunal was concerned with the merits of the addition in a regular assessment made under section 143(3) of the act. the gifts in these decisions were held to be genuine and accepted by the tribunal on the facts and circumstances prevailing in those cases. proper enquiries had been conducted by ..... he finalised the assessment.the cit has merely directed him to make fresh enquiries and complete the assessment according to law. this direction, the cit is entitled to give by acting under section 263 when he finds that the order has been passed by the ito without making proper enquiries.the power of the cit under section 263 is very wide ..... the bank account is obtained and kept on the record. copy of the account of central bank of india is obtained and kept on the record.2. the cit acting under section 263 was of the view that proper and full enquiries had not been made by the ito while accepting this gift and therefore, the order passed by him .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1991)38ITD370(Mum.)
..... that the moneys were lent to the two debtor companies purely as a business proposition and that the same had become totally irrecoverable consequent upon the passing of the nationalisation act in the year 1974. he drew our specific attention to the position of law, as explained through cited decisions on pages 454 and 455 of the kanga & ..... the assessee, as per the assessee's books of accounts at the end of the relevant previous year. those two mills were nationalised by the sick textile undertakings (nationalisation) act, 1974. during the previous year relevant to this appeal. assessee, therefore, claimed that the said sum of rs. 37,11,433 due from these two mills was deductible ..... terms- ... the...it can afford no assistance to us in determining whether an amount which an assessee had to pay by virtue of the provisions of the act could be regarded as an expense incurred wholly and exclusively for the purpose of the business. the assessee was presumed to know the relevant provisions of the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1991)39ITD362(Mum.)
..... he has not received any perquisite from his employer in india, such as free boarding, lodging, conveyance etc. secondly, the explanation to section 10(74) of the act would disentitle the assessee to claim exemption as the hotel expenses incurred were at the place where the duties of his office ordinarily performed by him. again, such expenses ..... letter.4. thereafter on 19-7-1982, the indian company made an application to the reserve bank of india for permission under section 30 of the foreign exchange regulation act, 1973 (fera), for taking up employment in india by the assessee as under: we have appointed mr. daniele bevilacqua, an italian national, as our home office ..... by his employers, during his temporary stay in india, is exigible to tax. the other issue involved is regarding charging of interest under section 217 of the act.2, the assessee is an individual, as italian national and is assessed as "not ordinarily resident". the assessment year is 1983-84 and the relevant previous year .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1997)61ITD33(Mum.)
..... parasram brokerage and int. & co., madras.34. computation of income. income, profit & p & l a/c and balance 273-275 loss a/c. and sheet for a.y. 1992-93 bal. sheet for a.y. 1992-93.dated : 24th july, 1993. (vira construction co.) appellants." the assessee has also filed an affidavit dated 19th september, 1994 sworn by shri h.l ..... vasu and m/s. vira properties pvt.ltd. (for short company), sharing 10%, 10% and 80% respectively. the business is claimed to be agency in real estate, more particularly to act as one of the selling agents of the construction business carries on by the company, which is holding 80% interest in the partnership firm. in january 1984, the company appointed ..... -272 details of and interest for loans brokerage and int. through m/s. parasram34 computation of income. 273-275 income, profit & p & l a/c and balance a/c. and bal. sheet for a.y. 1992-93 sheet for a.y. 1992-93.place : bombay (vira construction co.)dated : 24th july, 1993. appellants." 7. the ld. d.r. very strongly .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1997)63ITD20(Mum.)
..... by the assessee.the very definition of the word 'trust' would negate the plea of the departmental representative because "trust" is defined in section 3 of the indian trusts act, as an obligation annexed to the ownership of property and arising out of a confidence reposed in, and accepted by, the owner or declared and accepted by him for ..... , render it a speculative business for which there should be more than one speculative transaction carried on by the assessee, as per explanation 2 to section 28 of the act. in the instant case, as there was only one isolated transaction, the finding of the tribunal that it is loss in business and not in speculative business, is correct ..... and hence not taxing the income of the trust does not arise. under the circumstances, the assessing officer applied the provisions of section 161(1a) of the income-tax act and he charged the maximum marginal rate also.therefore, he included a sum of rs. 74,213 which represents 1096 of the interest on the deposit of rs. 7 .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1998)67ITD56(Mum.)
..... - vii s. p. pandey - promoted14. g. c. negi app. authority audit - iii kamlesh argal - promoted16. prakash chandra dc(osd) sett. comm. h. c. sakharwal - promoted17. mrs. seema dc(osd) sett. comm.v. k. bakshi k. patra18. l. r. singh dc(hq) admn.ddi, unit - ii karn singh - promoted19. sudhir chandra sr. a. r. cent. rg. ..... would be that mr. tralshawala's appointment as "authorised representative' is invalid, and the further consequence would be that he cannot validly appoint mr. modi "to act" for him.28. arguments were advanced by both sides on the question whether the requirement that the notification should be gazetted is a mandatory requirement or is ..... , 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 .....
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