Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1985)14ITD35(Mum.)
..... learned counsel has referred to several authorities. the indian edition 1976 of managerial economics by joel dean of graduate school of business, columbia university, gives the following : last in first out (lifo) inventory accounting can, in periods of inflation, help approximate contemporary dollar earnings. ..... and legality of the assessment. 3. disallowance of surtax liability and the expenses disallowed under section 40a(5) of the income-tax act, 1961 ('the act').2. the assessee-company manufactures various tungsten carbide products such as tips, dyes, nibs, drill steels, cutters, etc. the ..... lifo method is not acceptable. however, this can be said to be an author's view but there is nothing in the act that lifo method is totally banned. j.batty has observed as under :--------------------------------------------------------------------------------method of pricing brief definition base of likely--------------------------------------------------------------------------------last in .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1983)3ITD774(Mum.)
..... appeal. the assessee before us is one dr. j.m. mokashi, who was in government service from 1955 to 1968. he is a md of bombay university and a consulting cardiologist. he started independent practice as a physician and consultant in 1965. in 1967, his wife was employed by him as a receptionist-cum- ..... or participating for gain or livelihood in an activity or field of endeavour often engaged in by an amateur. the shorter oxford english dictionary (second edition, p.1993) defines 'profession' to mean 'someone engaged in one of the learned or skilled profession or someone who follows an occupation as his (or her) profession ; ..... that though the word 'business', as generally understood, would include a 'profession', a definite distinction between business as contradistinguished from profession has been maintained throughout the act. alighting upon the maxim that all businesses are not professions though all professions are businesses. shri patil went on to submit that section 64(1)(ii) should .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (2000)72ITD1(Mum.)
..... page 405). hon'ble justice s.t. desai, who delivered a separate concurring judgment, held: "no specific criterion, no infallible rule, inclusive or exclusive, no test of universal application is to be expected in respect of a question which is largely one or fact.... but, as i have already stated, it is impossible to expect any general test ..... these findings the business must be treated as a single business.34. the judgment of the delhi high court in cit v. modi industries (no.3) ltd. [1993] 200 itr 341 was cited and considerable reliance was placed on this decision for contending that in this case "manufacture" itself has been held to be a business activity ..... in cloth and also speculation business. the question was whether both the businesses constituted a single business for the purpose of section 24(2) of the income-tax act, 1922. a number of circumstances were relied upon by the tribunal in support of the finding that both the businesses were distinct and separate. the high court .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1998)65ITD380(Mum.)
..... witness mentioned in the statement filed before the tribunal in the letter dated 3-8-1992 (pp.74 to 87-a-4) and 14-12-1993, 23-12-1993 and 5-1-1994 addressed to the cit(appeals) pp. 126 to 158, 159 to 161 and pp. 162 to 207 of a-12, ..... the letter to the cit(appeals) dated 3-8-1992 (a-4, pp. 84-87) and the letters of the cit(appeals) dated 14-12-1993, 5-1-1994 (at pp. 126 to 158 and pages 162 to 207 of a-12).in para-61 of the tribunal order (a-1 p ..... 145 per m and a printed price of rs. 1.65 (later revised to rs. 90 and rs. 1.05 w.e.f. 7-8-1993. both brands were sold to the trade as one brand and one price, the lower priced brand entailing premium on it.13. whenever on a ..... dr.bentley was served with an originating process from the university of cambridge. he not only ignored the process but went even to the extent of suggesting that the vice-chancellor acted like a fool. without hearing mr. bentley in his defence the university straightaway deprived him of his degrees. thereupon, dr. bentley .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (2006)103ITD73(Mum.)
..... be examined, is rejected.9.5 with regard to the aspect of commercial expediency, it is worthwhile to mention that the term commercial expediency cannot be defined for universal application and it will have to be examined on the facts and circumstances of each case. admittedly, the assessee is engaged in the business of mass entertainment. ..... meanings given to the word "earn", which is closer to the purpose in hand, at p. 775 of the first volume of "the new shorter oxford english dictionary" (1993 edn.) is as follows ; "1.receive or be entitled to (money, wages, etc.) in return for work done or services rendered; bring in as income; obtain or ..... the 'appellant') respectfully submits that the learned commissioner of income-tax (appeals) [cit(a)] has erred in upholding the assessment under section 143(3) of the it act, 1961 ('act'), on the following ground: 1. by not accepting the change in the accounting policy made by the appellant during the financial year ended 31st march, 1997 with respect .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (2003)87ITD537(Mum.)
..... absolutely necessary to do so. in fact, there can be no common rules for finding out the genuineness of a particular slb transaction, which can be of universal application, nor can any such norms be exhaustive. however, very broadly and without limiting ourselves to what has been stated in our order, the following may ..... for which it had the necessary authority in the memorandum of association. a special resolution was also passed at the extraordinary general meeting held on 22nd june, 1993. pursuant to this object, the assessee-company responded to the advertisement issued by rseb. the assessee was part of a syndicate formed to finance rseb. the ..... 100 per cent depreciation at a monthly lease rental..........". (underlining, italicised in print, ours) the repeated references to assets attracting 100 per cent depreciation under the it act, shows the anxiety of the parties, especially of the assessee which was in a position to influence and control the documentation prepared by rseb, to make .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (2003)86ITD714(Mum.)
..... of audit report being filed along with the return of income was mandatory. patna & calcutta high courts in the cases of sitaram bhagwandas (supra) and cit v. universal trading co.[1978] 114 itr 412 (cal. ) held that report can be filed with revised return. madras high court in the case of a.n. arunachalam ( ..... has been treated as sufficient compliance by the courts in various decisions. in this connection, the assessee referred to the following decisions:cit v. gujarat oil & allied industries [1993] 201 itr 325 (guj.) (vi) associated stone industries (kotah) ltd. v. dy. cit [1999] 68 itd 312(jp.).the assessing officer has further stated that ..... director of a film has no basis whatsoever. regarding the contention of the learned counsel that the activities of shri bhogle are coming within the scope of acting in dramatic performances, cinematography films and tv programmes, we would like to mention that shri bhogle is neither indulging himself in any dramatic performance nor cinematography .....
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