Court : Kerala
Reported in : AIR2000Ker215
..... she loses by inflation will thus be roughly equivalent to what she gains by the high rate of interest, provided she is not liable for a higher rate of income tax. in that sense, it is possible to obtain a large measure of protection against inflation by prudent investment, although the theory that protection was to be had by ..... return on the amount at 5% p.a. while adopting 5% return, the court made reference to the rate of interest sanctioned by the provisions of kerala agricultural debt relief act, 1958, ( act 31 of 1958) as 5%. it was then noted that this idea had been recognised in a very early enactment, malabar compensation for tenants' improvements ..... 8966.76285159.606.67 amount in- sufficient capital exhaustedcoconut prices as given in pages 266 and 267 in the 'coconut statistics' published by the coconut development board (ministry of agriculture, govt. of india, 'kerala bhavan', cochin-11.4. the above would show that if 20 years purchase price is taken at 5% return per annum and by .....
Tag this Judgment!Court : Kerala
Reported in : AIR1966Ker46
..... : [1963]50itr171(sc) and in subramanyan chettiar v. muttuswami goudan, . 16. reliance was placed on a full bench decision of this court in ananthanarayana iyer v. agricultural income tax & sales tax officer, : air1959ker182 . there are no doubt certain passages in that judgment which may indicatethat there is no power in the state legislature to enact a law for a ..... limits in enacting the law in question. this would depend, so far as this case is concerned, on the further question as to whether the tax imposed by act 9 of 1964 will fall within item 62 in list ii of the seventh schedule to the constitution. i have already held that the lax imposed ..... may be made to the decision reported in : [1963]2scr747 . the facts of the case are briefly these. the legislature of the state of madras promulgated an act, act xliii of 1949 for the acquisition of madras electricity supply undertakings. it was held by the supreme court in rajahmundry electric supply corporation ltd. v. state of andhra, .....
Tag this Judgment!Court : Kerala
Reported in : (1989)76CTR(Ker)139; [1989]176ITR481(Ker)
..... one thing in common : they have been the victims of an amendment to the income-tax act, 1961, brought about by the finance act, 1988, which has introduced sections 44ac and 206c to the income-tax act, 1961. their contentions are substantially common : the impost of the tax is inflexibly fixed under this provision. the income assessed depends not on the actuality of the situation ; it is fixed at ..... assisted the court with valuable information on these aspects. (see the economic times dated april 27, 1988). his appraisal on the agricultural holdings tax also furnishes useful hints and thought processes on the theoretical--including legal and constitutional--aspects. (see agricultural holdings tax: a modified scheme by amaresh bagchi--economic and political weekly dated september 23, 1978). (usefulness of his comments and views can .....
Tag this Judgment!Court : Kerala
Reported in : [2001]121STC563(Ker)
..... court referred to its earlier decision in commissioner of income-tax, west bengal, calcutta v. raja benoy kumar sahas roy : [1957]32itr466(sc) , where it was held as follows :'agriculture is the basic idea underlying the expressions 'agricultural purposes' and 'agricultural operations' and it is pertinent therefore to enquire what is the connotation of the term 'agriculture'. as we have noted above, the primary sense in ..... has to be considered independent of the subsequent notifications.3. the question whether a belt pulley attachment was an agricultural implement within the meaning of entry 34 of schedule b to the punjab general sales tax act, 1948 prior to its amendment made on april 15, 1971 came up for consideration before the supreme court in state of punjab v. hindsons (p.) ltd .....
Tag this Judgment!Court : Kerala
Reported in : AIR1966Ker77; [1966]60ITR737(Ker)
..... comprise groups of individuals and joint families other than 'hindu undivided family'. in : [1957]32itr615(sc) , while construing section 10(3) of the indian income-tax act, 1022, the supreme court observed:'whereas the word 'individual' is narrower in its connotation being one of the units for the purposes of taxation than the word ..... to the constitution which fell to be construed in banarsi dass's case, : [1965]56itr224(sc) read:'taxes on the capital value of the assets, exclusive of agricultural land of individuals and companies; taxes on the capital of companies.' in holding that the term 'individuals' comprised groups of individuals, the supreme court ..... interpretation, are visualised as groups of individuals. it is useful to recall entry 86, which reads thus:'taxes on the capital value of the assets, exclusive of agricultural land, of individuals and companies; taxes on the capital of companies.'the above interpretation was reached by applying the well-known canon of interpretation of .....
Tag this Judgment!Court : Kerala
Reported in : [1990]181ITR324(Ker)
..... . a rich agriculturist of palghat district made a fight, supported by the madras decision (sankaranarayana pillai v. executive officer [1966] air 1966 262 to contend that agriculture is not a calling. this court struck a different note in chengarath velu v. execu. tive officer [1967] klt 350. a senior lawyer was also in the ..... different form of tax on income. tax on income is a legislative prerogative of the centre. express constitutional provision had, therefore, to be found for this exceptional patronage to the local authority with a source of revenue.39. section 142a of the government of india act, 1935, had fixed the maximum limit of profession tax at rs. ..... erudition and intimate personal experience. ananthasayanam ayyangar from madras pointed put how the profession tax is an invasion into a source of revenue for the centre. according to him :'in the villages, there is no profession tax. agriculture is the only profession there.'43. there were others like babu ramnarayan singh from bihar .....
Tag this Judgment!Court : Kerala
Reported in : [2000]107TAXMAN591(Ker)
..... 93.33 cents of land along with building. the claim put forward by the assessee that it was an agricultural land and, therefore, no income-tax under the head of 'capital gains' is liable to be paid, was not accepted by the income tax officer. there was a further claim under section 54 in respect of the 'capital gains' on the ground ..... question to be considered in this case is whether the tribunal was correct in holding that the assessee is entitled to deduction under section 54 of the income tax act, 1961 (hereinafter referred to as 'the act') even though for the acquisition of the asset, that is, construction of a house, the amount that was received by way of sale of ..... his property as such was not utilised.2. section 45 of the act, provides that 'any profits or gains arising from the transfer of a capital asset effected in the previous year shall, save as otherwise provided in sections 53, 54, 54b and 54d, be chargeable to income-tax under the head' capital gains', and shall be deemed to be .....
Tag this Judgment!Court : Kerala
Reported in : [1978]115ITR160(Ker)
..... to the net wealth returned by the assessee a sum of rs. 1,21,610 being the value of agricultural land gifted by the assessee to his wife and children prior to april 1, 1963, but after the commencement of the gift-tax act, 1958. the assessee complained against the said addition by filing and appeal before the appellate assistant commissioner. that appeal ..... is the view that has been taken by a division bench of the madras high court in t. saraswathi achi v. commissioner of income-tax : [1976]104itr185(mad) and by the high court of punjab in commissioner of wealth-tax v. seth nand lal ganeriwala , with which rulings we are in respectful agreement.our attention was invited by the counsel for the assessee .....
Tag this Judgment!Court : Kerala
Reported in : (2003)182CTR(Ker)277
..... ,015 as compensation on acquisition of the land by the state government. before the ao, the assessee had claimed that it was agricultural land and so the capital gains arising on the transfer was not liable to tax under the it act. the ao did not accept that claim and he prepared to make the assessment of the capital gains at rs. 13,33 ..... ) of the act and so it was rightly brought to tax. another contention that the assessee had raised before the cit(a) was that the capital gains, if at all taxable, was to be assessed for the asst. yr. 1987-88 and not ..... ,987.3. in the assessee's appeal, the cit(a) held that the capital gains arising on the transfer of the land constituted income within the meaning of section 2(14 .....
Tag this Judgment!Court : Kerala
Reported in : AIR1971Ker65
..... sc 552 itself affords sufficient indication as to the reasons for describing the 1955 act as confiscatory. in balaji v. the income-tax officer, air 1962 sc 123. thathunni moopil nair's case, air 1961 sc 552 was referred to as having struck down the 1955 act as violative only of articles 14 and 19 of the constitution.11. we ..... and so too, were the provisions of several acts passed within the past two decades and more prohibiting realisation of arrears of rent through courts and also granting relief to the tenants by providing for discharge of the arrears in whole or in part, and by relieving their agricultural indebtedness.the legislative reform has now turned full circle ..... other entry therefore which gives competency to a state legislature to pass a law for confiscation of one's property. if the real object of the kerala land tax act. 1961 is therefore confiscatory in character it is a colourable legislation and is therefore invalid.43. there is another way of looking at the matter. what is .....
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