Judgment Search Results Home > Cases Phrase: the madras marumakkattayam act 1932 Court: income tax appellate tribunal itat mumbai Page 2 of about 14 results (0.090 seconds)

Reliance Industrial Vs. Joint Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... this decision, therefore, was rendered on these peculiar facts and must be limited thereto.however, assuming for the sake of argument, without admitting, if the proposition is that the decision in madras industrial (supra) lays down that an accounting principle overrides income-tax law, then it is submitted that the proposition canvassed by learned departmental representative is contrary to the later decision of supreme court in tuticorin alkali chemicals v. ..... cit (supra), was a decision rendered later than the decision cited by the learned departmental representative and was also rendered by a full bench of the supreme court, whereas the decision in madras industrial was rendered by two judges. ..... " thus, the hon'ble judicial committee decided way back in 1932 that an assessee cannot ask for two different methods, one for writing books of accounts for the purposes of his business and another for having his tax liability determined under the it act. ..... in reply, the learned counsel for the assessee submitted that the decision in the case of madras industrial investment corporation ltd. ..... smt.singanbai (1945) 13 itr 224 (all) and madras high court in the case of bangalore woollen and silk mills co. ..... (supra) and decisions of the supreme court in the cases of madras industrial investment corporation ltd. ..... here the learned departmental representative invited our attention to the facts and ratio laid down in the case of madras industrial investment corporation ltd. v. .....

income Tax Officer Vs. Shreyas Shipping Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2003)86ITD556(Mum.)

..... having regard to this, hon'ble supreme court have held in the case of madras industrial investment corporation ltd: (supra) that the general rule that revenue expenditure must be allowed in its entirety in the year in which it is incurred admits of exceptions and on the contrary there may be cases where rigid observations of the general rule may result into a very distorted picture of the profits of a particular year.18. ..... thus, the extreme view canvassed before us that there has to be either revenue expenditure allowable in a single year or capital expenditure not allowable at all has not found favour with the apex court and for this reason the judgment of hon'ble madras high court in the case of cit v.madras industrial investment corporation ltd. ..... " thus, the hon'ble judicial committee decided way back in 1932 that an assessee cannot ask for two different methods, one for writing books of accounts for the purposes of his business and another for having his tax liability determined under the it act. ..... smt.singaribai (supra) and madras high court in the case of bangalore woollen & silk mills co. ..... at the same time, we find that in the case of madras industrial investment corporation ltd. v. .....

Alpha Associates Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1995)52ITD640(Mum.)

..... partnership is defined in the partnership act, 1932, as relationship between persons who have agreed to share the profits of a business carried on by all or any one of them acting for all. ..... by agreeing to purchase land, a person cannot be said in law to hold that land....coming to the facts of the present case, it was stated that there is nothing in the agreement nor can it be implied from the circumstances that it was the object of the parties that the provisions of the act relating to the ceiling should be transgressed. ..... in clause 6, it is laid down that the business of the partnership shall continue to be carried on the business of quarrying, contractors, constructions, dealing in all types of materials, traders, stockists, import, export of all the commodities and /or to act as agents, to act as representatives of manufacturers and to do such other business which the partners may mutually agree upon from time to time. ..... it was submitted by shri harish that the assessee had acquired certain rights including the right to obtain conveyance, subject to the proceedings under various laws and these rights were confirmed and acted upon by the bmrda and other authorities. ..... adverting to the provisions of section 19 of the bombay rent (control) act, it was stated that if a person surrenders his tenancy rights for a consideration - both the giver and the taker are liable to be prosecuted and the term of imprisonment could be as much as two years. .....

Hatkesh Co-operative Housing Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1997)60ITD662(Mum.)

..... hills [1932] 16 tax case 430, 447, it was held : "the cardinal requirement is that all the contributors to the common funds must be entitled to participate in the surplus and that all the participators in the surplus must be contributors to the common fund, in other words, there must be complete identity between the contributors and the participators." 6. ..... [1993] 202 itr 198/71 taxman 351 has held : "the cardinal principle to apply the test of mutuality is that all the contributors to the common fund must be entitled to participate in the surplus and that all the participators in the surplus must be contributors to the common fund. ..... moreover, the receipt of this amount by the society, could never be considered as akin to a windfall because the receipt of the amount by the society was in the terms of the contract which had been entered into by the society with its members. ..... briefly the facts : the assessee is a co-operative housing society.it is registered under section 10 of the bombay co-operative societies act, 1925. ..... aiyer's judicial dictionary at page 651, 'mutuality' is defined as reciprocity of obligations, the state of things in which one person, being bound to perform some act, for the benefit of another, that other on his side is bound to do something for the benefit of the former.8. .....