Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1983)3ITD739(Mum.)
..... in the indian legislature while moving the indian income-tax (amendment) act, 1946 : the proposals follow generally (emphasis supplied by us) the provisions in the united kingdom finance act, 1944 ; it has been described by the chancellor of exchequer as a comprehensive attempt to relief from taxation altogether funds devoted by the industries to the support of fundamental ..... usefully refer to the comments of the learned commentators kanga and palkhivala (which are based on decided cases) as found on page 2 of their treatise on law and practice of income-tax, seventh edition, as under : our duty...is to find out what the legislature must be taken to have really meant by the ..... particular provision ought not to be construed, as it would be if considered alone and apart from the rest of the act. but the court must disregard any assumption of the legislature as to prevailing law, if it is mistaken, though the result...the effect intended by parliament : 'the beliefs or assumptions of those who .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1984)7ITD666(Mum.)
..... under any of those exceptions. hence, respectfully following the decision in the case of andhra prabha (p.) ltd. (supra), which is quite in accordance with the law laid down by the special bench of the tribunal referred to above, we hold that the claim of the assessee has been rightly rejected.14. we have considered ..... to pay gratuity in an year to which section 40a(7) applies, cannot be allowed under the residuary clause of section 37 or on general principle of law even in a case where no entries have been made for the said liabilities in the books of account maintained by the assessee. the deduction can be ..... amended the income-tax act retrospectively and under this amendment, deduction in respect of provision for gratuity payable to employees on retirement or termination of their employment is conditional upon the company creating an approved gratuity fund before 1st january, 1976. the company has decided not to create such a fund. accordingly, there is an additional liability for taxation .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1983)3ITD774(Mum.)
..... cut much ice. 'mischief rule' enjoins upon us to so interpret the section as to suppress the mischief and advance the remedy after studying the reasons for the amendment as reflected in the wanchoo committee findings. the 'mischief rule 'which we have, therefore employed to interpret section 64(1)(ii) would impart a meaning to ' ..... addition under section 64(1)(ii) notwithstanding the disallowance made of an identical sum under other relevant provisions of the act like section 37 or section 40a. he added that there was no warrant for double taxation or double addition in the absence of a specific provision to that effect and that, in the present case, ..... major emphasis upon the theories, understanding and principles of a wide body of subject-matter designed to equip the graduate to practise in such fields as medicine, law and engineering (21 encyclopaedia britannica 746). it would appear that managerial service may be professional service, like legal or medical service, but they would not be .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1982)1ITD244(Mum.)
..... godavari devi [1978] 113 itr 617, the karnataka high court decision being the only direct decision with reference to the amended provisions of the act and there being no other contrary decision, we must follow and apply the law laid down in the karnataka high court decision.38. the principles stated above apply for determining the net wealth of the ..... or was required to be disclosed according to the system of accounts followed by the assessee. he further reiterated his contention that the principles of integrated system of taxation had no application as wealth-tax is a self-contained code by itself and the ratio of the decisions based on the provisions of section 145 of the income ..... 77 itr 719 where it is observed that the income-tax, the wealth-tax, the gift-tax and the expenditure tax form different heads of an integrated system of taxation ; and imposition of tax under one head must have a relevance to the liability under the other heads of tax. it is pointed out that this decision has .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1983)3ITD244(Mum.)
..... the funds, a further exception is carved out ; the contribution made by the employer to a superannuation fund is taken out of the ambit of taxation.17. thus, it would appear that either in general law or in the extended definition of 'income' under section 2(24) receipts from the superannuation fund would not be taxable.18. we must see ..... on privy council's decision in cit v. b.j.fletcher [1937] 5 itr 428 is no longer applicable precisely because of section 17(5) and the consequent amendment of section 2(24).14. it would appear that payments from gratuity fund or superannuation fund or a compensation paid on an agreement, whatever may be the source of ..... he, however, held that the amount received should be taxed under the fourth schedule, part b, at the rates specified in rule 6 therein, of the income-tax act, 1961 ('the act').2. against this finding, both the assessee and the department are on appeal before us. in order to understand the issues involved in this appeal, we would give .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1984)8ITD632(Mum.)
..... to "the converted property or any part thereof insofar as it is attributable to the interest of the individual in the property of the family". after the amendment by the taxation laws (amendment) act, 1975, with effect from 1-4-1976, the expression 'insofar as it is attributable to the interest of the individual in the property of the family ..... would be a question whether the extent of property if at all includible in the assessee's net wealth is capable of computation. the amendment brought in by the taxation laws (amendment) act, 1975, cannot be relevant for the assessment years under appeal. we have only to lean on the position as it obtained prior to the ..... in the hands of the huf subsists.the inclusion was, it was claimed, not warranted in law especially in the light of a proviso to section 4(1a)(c) as it stood before the amendment of the same by the taxation laws (amendment) act, 1975. the commissioner rejected the arguments of the assessee. in fact, the individual's assessment was .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1983)4ITD462(Mum.)
..... contained in sub-section (3) of section 119.these two sections, it may be stated, were, inter alia, introduced through the taxation laws (amendment) act, 1975. the relevant bill being the taxation laws (amendment) bill, 1973, was prepared after a detailed examination of the recommendations of the direct tax enquiry committee (wanchoo committee) and the 47th ..... report of the law commission insofar as it related to direct tax laws. the bill was referred to the select committee whose report ..... is understood in a wide sense. some examples of these cases are: (a) when the tribunal has wrongly determined a jurisdictional question of fact or law, (b) when it has failed to follow the fundamental principles of judicial procedure, e.g., has passed the order without giving an opportunity of hearing .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1983)5ITD661(Mum.)
..... to hold that, following the calcutta high court decision in the case of bombay photo stores (p.) ltd. (supra), the provisions of section 104 as amended by the taxation laws (amendment) act, 1975, which took effect from 1-4-1976, did not apply to the facts of the case. the question whether the provisions of section 104 applied ..... notification so 475(e), dated 5-9-1975, issued by the central government in exercise of the powers conferred under section 1(2) of the taxation laws (amendment) act, 1975, this amendment came into effect with effect from 1-4-1976. it was the plea of the learned counsel for the assessee that as explained by the learned ..... on the plea that the liability did not exist as on the date of amalgamation. a further argument was made before the commissioner (appeals) that the taxation laws (amendment) act, 1975 amending the relevant provisions with effect from 1-4-1976 had no application to the facts of the present case. the commissioner (appeals) overruled this objection on .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1983)4ITD706(Mum.)
..... balance sheet.16. the learned counsel for the revenue had also referred to the proposed amendment to the rules which according to him brought out the intention, as it always existed. the proposed amendment provides that amounts representing the provision for taxation, to the extent it exceeds the amount representing the difference between the tax payable with ..... learned counsel, the requirement in explanation ii(ii)(e) that the tax payable was to be computed with reference to the book profits in accordance with the law applicable thereto only implied that classification of income had to be made under the different heads, and statutory adjustments made and deductions allowed in arriving at the ..... in accordance with the law applicable thereto within the meaning of clause (ii)(e) of explanation ii to rule 1d of the wealth-tax rules, 1957 he stated that the express issue for which the question required an answer was whether the advance tax paid under section 210 of the income-tax act, 1961, and .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1984)8ITD645(Mum.)
..... dates for considering the exigibility of the assessee to penalties. he pointed out that the relevant provision of section 18, as it stood prior to its amendment by the taxation laws (amendment) act, 1970, with effect from 1-4-1971, was to the effect that where the value of any asset returned by any person was less than ..... purposes of section 18(1)(c). even after the amendment of the relevant provisions with effect from 1-4-1971, the law on the subject was unaffected.section 18, after its amendment by the taxation laws (amendment) act, 1975, with effect from 1-4-1976, had undergone substantial change. this amendment placed on the statute book the explanation 4 which was ..... for attending to the wealth-tax affairs of the assessee the assessee had appointed shri b.g. gandhi, a senior chartered accoutant, to look after the taxation matters. the returns were being filed by shn ishwardas valiram mahbubani, another co-partner in the firm of hariela.the assessment proceedings were being attended to by .....
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