Kerala Court October 2002 Judgments
Capricon Shopping Complex Vs. Cit
Court: Kerala
Decided on: Oct-18-2002
Reported in: [2003]127TAXMAN230(Ker)
G. Sivarajan, J.These three appeals are filed by the assessee against the common order of the Income Tax Appellate Tribunal, Cochin Bench in I.T. Appeal Nos. 537,538 and 539 (Coch) of 1995 in respect of the assessment years 1987-88, 1988-89 and 1989-90. The assessee is the same in all these appeals. The assessee had constructed a commercial building and the construction was completed during the accounting year relevant to the assessment year 1989-90. In the assessment, the assessee had shown the cost of construction at Rs. 19,29,051. The assessing authority was not prepared to accept the accounts maintained by the assessee in respect of the cost of construction of the building and, therefore, he had referred the matter for valuation by the Departmental Valuer. As per the report of the Departmental Valuer, the cost of construction of the building came to Rs. 29,03,400. This was adopted by the assessing authority and accordingly took the view that the difference between the cost of const...
Tag this Judgment!Commissioner of Income Tax Vs. Victory Acqa Farm Ltd.
Court: Kerala
Decided on: Oct-17-2002
Reported in: (2003)182CTR(Ker)193; [2004]271ITR528(Ker)
Sivarajan, J. 1. These two appeals are filed by the CIT, Thiruvananthapuram, against a common order of the Tribunal, Cochin. Bench, in ITA No. 756/Coch/1995, ITA Nos. 446/Coch/l998 and 447/Coch/1998. ITA No. 756/1995 before the Tribunal was filed by the respondent-assessee in respect of the asst. yr. 1992-93 and ITA Nos. 446 & 447 of 1998 were filed by the Department in respect of the asst. yrs. 1994-95 and 1995-96. These two appeals are filed against the order of the Tribunal in ITA Nos. 756/1995 and 447/1998. 2. Sri. P.K.R. Menon, learned senior Central Government standing counsel for the Revenue, submits that one more appeal, ITA No. 82 of 2000 against the order in ITA No. 446/Coch/1998 was also filed which is pending. The senior counsel submits that the Tribunal has decided the appeals in favour of the assessee relying on a decision of the Full Bench in CIT v. Hotel Luciya : [1998]231ITR492(Ker) but the Supreme Court has reversed the said judgment in a batch of appeals in CIT v. An...
Tag this Judgment!C.K. Gopinathan Vs. Commissioner of Income-tax
Court: Kerala
Decided on: Oct-17-2002
Reported in: (2003)179CTR(Ker)415; [2003]260ITR213(Ker)
G. Sivarajan, J.1. The appellant is an assessee to income-tax on the files of the Assistant Commissioner of Income-tax, Circle I, Palakkad. The assessment year concerned is 1989-90, the previous year ended on March 31, 1989. The issue relates to the addition of a sum of Rs. 2,13,982 which was introduced in the accounts of the appellant. The explanation of the appellant was that the said amount came from the partnership firm, C. K. G. Agencies, of which the appellant is the managing partner. The Assessing Officer wanted the appellant to establish the same by producing the accounts of the firm. On verification of the accounts of the said firm, no corresponding debit entry was seen in the accounts. On that basis, the Assessing Officer proposed to make the addition of Rs. 2,13,982 as unaccounted income of the year and later completed the assessment by order dated March 27, 1991. The assessee took up the matter in appeal before the Commissioner of Income-tax (Appeals), Calicut, who by his o...
Tag this Judgment!Commissioner of Income-tax Vs. Eastern Condiments Pvt. Ltd.
Court: Kerala
Decided on: Oct-17-2002
Reported in: (2003)181CTR(Ker)483; [2003]261ITR76(Ker)
G. Sivarajan, J.1. This appeal is filed by the Commissioner of Income-tax, Central-I, Chennai, challenging the order of the Income-tax Appellate Tribunal, Cochin Bench, in I. T. A. No. 83 (Cochin) of 1996. The matter arises under the Income-tax Act, 1961 (for short 'the Act'). The assessment year concerned is 1992-93. The respondent-assesses is engaged in the manufacture and sale of various spices. The raw materials for the manufacture of the said products are mainly chilly, corriander, turmeric, etc. The appellant purchased those raw materials from various markets in the State of Tamil Nadu by paying the price in cash.2. The respondent-assessee started this business during the financial year 1990-91. For the assessment year 1992-93, the relevant accounting period ended on March 31, 1992, the assessee filed a return on December 30, 1992, disclosing a net income of Rs. 1,54,668. In the audit report accompanying the return it was recorded that certain items were listed as cash purchases ...
Tag this Judgment!P. Vijayakumar Vs. Intelligence Officer, Investigation Branch, Commerc ...
Court: Kerala
Decided on: Oct-17-2002
Reported in: [2006]143STC145(Ker)
C.N. Ramachandran Nair, J.1. The petitioner is challenging exhibit P10 order of the Commissioner of Commercial Taxes confirming penalty of Rs. 75,800 levied under Section 45-A of the Kerala General Sales Tax Act, 1963 for unaccounted sale of goods effected by the petitioner which led to evasion of tax. The petitioner is a dealer in electrical goods and also plastic furniture. The case of the department is that the petitioner purchased plastic chairs from Nilkamal Plastics Ltd., Mumbai, and sold the same to Holy Trinity School, Kanjikode in Kerala which was not accounted as local sales nor tax paid by the petitioner. Therefore a penalty of Rs. 75,800 was imposed on the petitioner treating the entire transaction as unaccounted sales. The petitioner's contention is that the petitioner acted as an agent of the manufacturer and there was no purchase and resale of the articles by the petitioner. On the other hand, the department proceeded on the presumption that the petitioner purchased the ...
Tag this Judgment!Cit Vs. Victory Acqa Farm Ltd.
Court: Kerala
Decided on: Oct-17-2002
Reported in: [2003]129TAXMAN23(Ker)
G. Sivarajan, J.These two appeals are filed by the Commissioner, Thiruvananthapuram against a common order of the Income Tax Appellate Tribunal, Cochin Bench in ITA No. 756 (Coch)/1995 & ITA Nos. 446 (Coch)/98 and 447 (Coch)/1998. ITA No. 756/1995 before the Tribunal was filed by the respondent-assessee in respect of the assessment year 1992-93 and ITA Nos. 446 and 447 of 1998 were filed by the department in respect of the assessment years 1994-95 and 1995-96, These two appeals are filed against the order of the Tribunal in ITA Nos. 756/95 and 447/1998.2. Sri P.K.R. Menon, learned senior Central Government standing counsel for the revenue submits that one more appeal, ITA No. 82 of 2000 against the order in ITA No. 446 (Coch)/I 998 was also filed which is pending. The senior counsel submits that the Tribunal has decided the appeals in favour of the assessee relying on a decision of the Full Bench in CIT v. Hotel Luciya : [1998]231ITR492(Ker) but the Supreme Court has reversed the said ...
Tag this Judgment!S.V. Vijayalakshmi Vs. Income-tax Officer
Court: Kerala
Decided on: Oct-16-2002
Reported in: (2003)180CTR(Ker)52; [2003]260ITR138(Ker)
G. Sivarajan, J.1. The appellant is a dealer in rice and is an assessee on the files of the Income-tax Officer, Ward I, Thiruvananthapuram, the respondent herein. The assessment year concerned is 1990-91. The appellant returned an income of Rs. 69,370. During the accounting period relevant to the said assessment year, the appellant has completed the construction of a commercial building named as 'S. K. Towers'. As per the books of account maintained by the assessee, the total cost of construction came to Rs. 18,49,189. The assessing authority referred the matter to the Departmental Valuer and obtained a valuation report. As per the said valuation, the cost of construction came to Rs. 26,18,700. The assessing authority deducted Rs. 1,12,838 added by the Departmental Valuer as expenses on account of stronger foundation and Rs. 49,050 towards architect's fee and determined the cost of construction of the building at Rs. 24,56,812 and treated the difference of Rs. 6,07,623 as the income fr...
Tag this Judgment!P.S. Rajan Vs. Assistant Commissioner of Income Tax
Court: Kerala
Decided on: Oct-16-2002
Reported in: (2003)181CTR(Ker)487; [2003]263ITR279(Ker)
G. Swarajan, J.1. The matter arises under the IT Act, 1961 (for short, the Act). The appellant is an assessee to income-tax on the files of the respondent. The appellant was holding 255 equity shares of face value of Rs. 100 in a company by name SISCO Ltd. Another company M/s Essar Shipping Ltd. (Essar) of Essar Group made an open offer vide its letter dt. 24th June, 1991, for acquisition of the shares of M/s SISCO Ltd. As per the offer for the transfer of each share, the Essar Shipping Ltd. would give a consideration in cash Rs. 65 and 50 equity shares of Essar Shipping Ltd, of the face value of Rs. 10 each as fully paid. Pursuant to the said offer, the appellant sold his 255 shares to Essar. The assessee got 12,750 shares of Essar and Rs. 16,575 as consideration for the transfer of 255 shares of SISCO.2. The appellant filed his return of income under the Act for the asst. yr. 1992-93, wherein he had returned capital gains on account of the sale of 255 equity shares of SISCO Ltd. at R...
Tag this Judgment!In Re: K.T.C. Tyres (India) Ltd. (In Liquidation)
Court: Kerala
Decided on: Oct-11-2002
Reported in: (2003)180CTR(Ker)57
K.S. Radhakrishnan, J.1. These reports have been placed before us on a reference made by the learned Single Judge in view of the importance of the questions raised. The matter arises in connection with the liquidation proceedings of M/s. K.T.C. Tyres (India) Ltd., M/s. Hendez Electronics Ltd. and M/s. Venad Pharmaceuticals and Chemicals Ltd. For the convenient sake we may refer to Report No. 58 in connection with M/s. K.T.C. Tyres (India) Ltd. Statement and reply statement has been filed by the contesting parties in that case. In the report Official Liquidator prayed for the following reliefs.i) take this report on record,ii) direct that no income tax is payable from the sale proceeds as capital gain tax, advance tax instalments and additional tax, if any, on the sale of the charged assets of the company in liquidation until the dues of the secured creditors and workmen creditors are paid in full;iii) declare that no advance tax is payable in respect of this company in liquidation for ...
Tag this Judgment!Kiran Roller Flour Mills Vs. Assistant Commissioner (Asst.), Sales Tax ...
Court: Kerala
Decided on: Oct-11-2002
Reported in: [2003]131STC16(Ker)
S. Sankarasubban, J.1. This writ appeal is filed by the petitioner in O.P. No. 15002 of 1999. The original petition was filed by the petitioner against the proceedings under Section 45A of the Kerala General Sales Tax Act (for short, 'the KGST Act') against the petitioner-assessee.2. The assessee is a firm doing business in wheat and wheat products, viz., maida and suji. For the assessment year 1991-92, the assessee filed returns declaring a total taxable turnover of Rs. 5,05,85,244.40 and Rs. 1,28,86,740.08 claiming exemption on the sales turnover of wheat products amounting to Rs. 3,43,92,149.82. Similarly, for the assessment year 1992-93, the assessee filed return declaring Rs. 5,89,89,500.51 and Rs. 6,92,247.48 as the gross and total turnover claiming exemption on the sales tax turnover of wheat products amounting to Rs. 5,75,28,426.48. The assessing authority initiated penalty proceedings and issued notice for the assessment year 1991-92 stating that the return for the assessment ...
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