Judgment Search Results Home > Cases Phrase: actuaries act 2006 section 6 entry of names in register Court: kerala Page 1 of about 1 results (0.051 seconds)

Commissioner of Income-tax Vs. Travancore Cements Ltd.

Court : Kerala

Reported in : [1990]184ITR319(Ker); (1991)ILLJ255Ker

..... if section 40a(7)(b)(i) of the act applies, we see no reason why there should be any actuarial valuation regarding the ..... that is postulated only in cases coming under section 40a(7)(b)(ii) of the act, which deals with three prior years, the three prior years previous to that ..... entitlement will be worked out by reference to the terms of section 40a(7)(b)(i) of the act, which, of course, will entail deletion of the deduction allowed under section 36(1)(v) of the act, in a sum of rs. ..... that whatever deduction the assessee is entitled to under section 40a(7)(b)(i) of the act alone is permissible and the deduction of rs. ..... is the liability of the previous year as1 contemplated by section 40a(7)(b)(i) of the act, and (2) whether the actual payment of rs. ..... to the said question is that the assessee is entitled to the deduction of that amount for which provision is made or payment is made in terms of section 40a(7)(b)(i) of the act and nothing more. ..... as it may, it cannot be that the assessee is entitled to any deduction in addition to the entitlement available to him under section 40a(7)(b)(i) of the act. ..... now agreed that the assessee is entitled to the deduction for payment of gratuity to its employees that has become due in the previous year in terms of section 40a(7)(b)(i) of the income-tax act. ..... to the rival contentions of the parties, the appellate tribunal held that the assessee would be entitled to the deduction relating to gratuity in terms of section 40a(7)(b)(i) of the income-tax act. .....

Abdul Sathar Haji Moosa Sait Dharmastapanam Vs. Commissioner of Income ...

Court : Kerala

Reported in : [1988]169ITR84(Ker)

..... he then was) had occasion to consider in the above cases the distinction between the value of the corpus and the actuarial valuation of the beneficial interests, for those cases arose under the income-tax act where the charge was upon the income derived from the assets, and the value of the assets was, therefore, irrelevant. ..... whether it is the market value of the assets that is assessed in the hands of the trustee after the amendment of 1980 or only the actuarial value of the beneficial interests as was the position prior to 1980, the levy in either case is always upon the net wealth, the value of which is computed in accordance with the relevant provisions in ..... reads :'(1) subject to the provisions of sub-section (1a) in the case of assets chargeable to tax under this act, which are held by a court of wards or an administrator-general or an official trustee or any receiver or manager or any other person, by whatever name called, appointed under any order of a court to manage property on behalf of another, or any trustee appointed under a trust declared by a duly executed instrument in writing, whether testamentary or otherwise (including a trustee under a valid deed of wakf), ..... pointed out that since the trustee could be assessed only in accordance with section 21, it should necessarily follow that no part of the value of the corpus in excess of the aggregate value of the beneficial interests, determined on an actuarial basis, could be brought to tax in the hands of a trustee. .....

Abdul Sathar Haji Moosa Sait Dharmasthapanam Vs. Commissioner of Incom ...

Court : Kerala

Reported in : (1987)62CTR(Ker)38

..... was) had occasion to consider in the above cases the distinction between the value of the corpus and the actuarial valuation of the beneficial interests, for those cases arose under the it act where the charge was upon the income derived from the assets, and the value of the assets was therefore ..... whether it is the market value of the assets that is assessed in the hands of the trustee after the amendment of 1980 or only the actuarial value of the beneficial interests, as was the position prior to 1980, the levy in either case is always upon the net wealth, the value of which is computed in accordance with ..... 21, as amended reads :'(1) subject to the provisions of sub-section (1a) - in the case of assets chargeable to tax under this act which are held by a court of wards or an administrator-general or an official trustees or any receiver or manager or any other person by whatever name called, appointed under any order of a court to manage property on behalf of another, or any trustee appointed under a trust declaring by a duly executed instrument in writing, whether testamentary or otherwise (including a trustee under a valid deed ..... words, the difference between the market value of the corpus and the actuarial valuation of the beneficial interest, which was considered by the supreme court ..... significant that the liability of the trustee is no longer limited to the aggregate of the actuarial value of the beneficial interests, but it is determined with reference to the market value .....

Commissioner of Income-tax Vs. Travancore Titanium Products Ltd. (No. ...

Court : Kerala

Reported in : [1993]203ITR714(Ker); (1994)ILLJ305Ker

..... the deduction could not be allowed on general principles under any other section of the act because sub-section (1) of section 40a makes it clear that the provisions of the section shall have effect notwithstanding anything to the contrary contained in any other provision of the act relating to the computation of income under the head 'profits and gains of business or profession'. ..... if it had not been paid as bonus or commission : provided that the deduction in respect of bonus paid to an employee employed in a factory or other establishment to which the provisions of the payment of bonus act, 1965 (21 of 1965), apply shall not exceed the amount of bonus payable under that act ; provided further that the amount of the bonus (not being bonus referred to in the first proviso) or commission is reasonable with reference to- (a) the pay of the employee and the ..... : (1991)illj255ker , where this court held thus (at page 322) :'if section 40a(7)(b)(i) of the act applies, we see no reason why there should be any actuarial valuation regarding the liability. ..... it is stated that the expression 'provision' has not been used in any artificial sense but in its ordinary meaning and that is clear from the words 'whether called as such or by any other name' occurring in the sub-section. ..... 1 and 2 : a gratuity fund was constituted by the assessee in the name of 'travancore titanium products gratuity fund' under an irrevocable trust for the benefit of its employees. .....

K.R.Venugopalan Nair Vs. State of Kerala

Court : Kerala

..... issue no.viii49 learned counsel for the respondents has submitted that against the tariff order petitioners have a statutory remedy under section 111 of the act which provided that any person aggrieved by the order made by the commission, can prefer an appeal to the appellate ..... court after considering the rival contentions came to the conclusion that the selection committee had failed to follow the provisions of sub-section (5) of s.85 of the act, hence the appointment was vitiated and the appellant had no authority to hold the post of chairperson. ..... crystal clear, unambiguous and when read literally, we have no doubt that the powers conferred under sub-section (5) of s.85 of the act has to be exercised by the selection committee and the committee alone and not by the government. ..... recommending the name of appellant an asterisk was put against his name, that if he was to be appointed, the government would ensure that the provisions of section 85(5) of the 2003 act is complied with ..... counter affidavit it has been pleaded that the tariff petition filed by the kseb was considered as per provisions of the 2003 act and the kerala state electricity regulatory commission (tariff) regulations 2003 (for short, "the 2003 regulations") after conducting public hearing. ..... union of india and others [(2006) 6 scc25 had an occasion to consider the concept of personal bias of an officer in a statutory ..... in the said case claims to have retired as a senior manager of a public sector bank in the year 2006. .....

John J. Chackola Vs. Controller of Estate Duty

Court : Kerala

Reported in : (1996)134CTR(Ker)452; [1997]224ITR34(Ker)

..... not be given for purposes of income-tax assessment and super profits tax assessment, the assessee-company did not clarify by placing material on record as to whether the appropriation of the amount was based on any actuarial valuation or whether it was an appropriation of an ad hoc amount--an aspect which has a vital bearing on the question whether the appropriationcould be treated as a provision or a reserve. ..... contention taken by the senior counsel appearing for the department is that, at any rate, in view of the provisions of section 40a(7) of the income-tax act, which is applicable for the period from april 1, 1973, provision for gratuity liability even if it is an accrued liability still it is not an allowable deduction under the income-tax act since the company did not satisfy the three conditions specified in sub-clause (b) thereof.15. ..... have already stated at the outset, for the consideration of the question involved in this case, namely, whether the provision for payment of gratuity is a contingent liability, it is no matter whether the question has arisen under the income-tax act, wealth-tax act or any other allied enactments.13. ..... it is clear from the above observations of the supreme court that if the company, namely, chackolas spinning and weaving mills ltd. ..... facts necessary for adjudication of the questions referred are as follows : the properties which devolved on the accountable person included certain shares in a company, namely, chackolas spinning and weaving mills. .....

Commissioner of Income-tax Vs. Chackola Spinning Mills Ltd.

Court : Kerala

Reported in : [1988]170ITR440(Ker)

..... appeal by the assessee, the income-tax appellate tribunal came to the following conclusion :' it is, therefore, necessary that the assessee should be directed to produce before the income-tax officer an actuarial valuation of its liability for payment of gratuity to all its employees as at the end of the two relevant accounting years without taking into consideration the increase in salary that might be earned ..... by the department, the income-tax appellate tribunal observed that the liability in question was governed by section 40a(7) of the income-tax act, 1961, and so directed the authorities to consider the effect of the retrospective amendment by its order ..... tax appellate tribunal nor the commissioner entered a finding as to whether the assessee is entitled to deduction for the purpose of gratuity under section 40a(7) of the income-tax act, in the light of the principles stated by their lordships of the supreme court in shree sajjan mills ltd. v. ..... for the assessee if he so chooses to provide in his profit and loss account for the estimated liability under a gratuity scheme by ascertaining its present value on actuarial basis and claim it as an ascertained liability to be deducted in the computation of profits and gains of the previous year. ..... clause (a) of the said sub-section provides that no deduction will be allowed in respect of any provision (whether called as such or by any other name) made by the assesseee for the payment of gratuity to his employees on their retirement or .....

Jacob Cherian Vs. Controller of Estate Duty

Court : Kerala

Reported in : [1997]224ITR158(Ker)

..... to adopt the following direction in valuing the coffee pool points :' that in evaluating the interest of a partner in a firm, first the net wealth of the firm has to be determined and in that process effect to the prescribed rules, namely, rules 2a to 2g has got to be given, that in determining the net wealth of the firm rule 2g provides that the market value of the asset not disclosed in the balance-sheet shall be taken into consideration, that the ..... could not be given for purposes of income-tax assessment and super profits tax assessment, the assessee-company did not clarify by placing material on record as to whether the appropriation of the amount was based on any actuarial valuation or whether it was an appropriation of an ad hoc amount, an aspect which has a vital bearing on the question whether the appropriation could be treated as a provision or a reserve. ..... that is why the first appellate authority has observed the legal principles applicable thereto and directed the assessing authority to verify whether this amount represents gratuity liability ascertained on actuarial valuation and if so, to deduct the said amount in the determination of the market value of the shares in accordance with rule 1d of the wealth-tax rules ..... the appellate controller, considering the provisions of the estate duty act, 1953, held that rule 1d of the wealth-tax rules will provide a safe guide for valuation of the shares and as per the said rule, the value as shown in the balance-sheet will form .....

Dhanalakshmi Bank Vs. Commissioner of Income Tax

Court : Kerala

Reported in : 2003(3)KLT177

..... now that we have explained the scope of provisions of the proviso to clause (vii) of section 36(1) of the act, we are of the view that the matter requires fresh consideration in the light of the said ..... (viia) as it stood after the amendment made by the finance act, 1985 read as follows: '36(1): the deductions provided for in the following clauses shall be allowed in respect of the matters dealt with therein, in computing the income referred to in section 28- (vii) subject to the provisions of sub-section (2), the amount of any debt or part thereof which is established to have become a bad debt in the previous year: provided that in the case of a bank to which clause (viia) ..... (viia) as it stood prior to the amendment made by the finance act, 1985 reads as follows:'36(1): the deductions provided for in the following clauses shall be allowed in respect of the matters dealt with therein, in computing the income referred to in section 28- (vii) subject to the provisions of sub-section (2), the amount of any debt, or part thereof, which is established to have become a bad debt in the previous year; (viia) in respect of any provision for bad and ..... clause (viia) of section 36(1) of the act, it must be noted, was inserted by act 21/1979 with effect from 1.4.1988 and first substituted by act 32/1985 with effect from 1.4.1985 and later by act 26/1986 with effect from ..... have already referred to the relevant provisions of section 36 (1) and (2) of the act so far as the deduction of bad debt is .....

Kalpetta Estates Ltd. Vs. State of Kerala

Court : Kerala

Reported in : [1998]234ITR203(Ker)

..... be apparent from the following observations therefrom :'the contentions raised by the petitioner have been examined with reference to the records and it is revealed that the claim for provision of gratuity was not supported by actuarial valuation of the liability for each year and in the absence of actuarial valuation the allowances on this account given in the assessments were irregular.'10. ..... consideration is concerned the notice concentrated on the following defects :'while completing both the original and revised assessment orders for the above years the claim for provision of gratuity was not supported by actuarial valuation of the liability for each year and in the absence of actuarial valuation of the liability the allowance given was not admissible.'5. ..... assessee also relied on rule 8-1 of the agricultural income-lax rules, 1951, made in accordance with the statutory provisions of section 5(k) of the said act permitting deductions as may be prescribed generally or in particular cases. ..... have seen the entire order and it is seen that the authorities concentrated only with reference to the actuarial valuation of the liability for the assessment years in question.9. ..... contention is not acceptable since it is necessary that the provision of gratuity should be supported by actuarial valuation of the liability for each year.'8. ..... is that when there is no statutory provision regulating and controlling the payment of gratuity, then and then alone resort to actuarial basis can be perceived. .....