Court : Karnataka
Reported in : (2010)228CTR(Kar)526
..... under section 143(1)(a) of the act on 9th sept., 1992 accepting the return, statement of income, audit report under section 44ab of the act, printed trading p&l; a/c and balance sheet were filed along with the return of income. the business carried on by the assessee was marketing of agricultural produce of the members of the society. ..... , it is clear 'that the interest received on security and deposits in bank is attributable to profits and gains of business and therefore, the cit(a) has rightly held that the said income qualifies for exemption under section 80p(2) and the tribunal was not justified in reversing the said finding and in restoring the order passed by ..... 1332 of 2006 and it is observed in the said judgment,, the hon'ble supreme court while setting aside the order passed in the judgment of this court reported in cit v. producin (p) ltd. (supra) has observed while remanding that, according to the department it was the case of surplus being invested in fdr whereas, according to .....
Tag this Judgment!Court : Kerala
Reported in : (2009)24VST513(Ker)
..... petition is filed by an assessee registered both under the provisions of the kerala general sales tax act, 1963 and the central sales tax act, 1956 ('the kgst act and the cst act', for short), being aggrieved by the orders passed by the kerala agricultural income-tax and sales tax appellate tribunal, additional bench, palakkad in t.a. no. 388/2003 dated june 30, ..... has registered himself as a dealer both under the provisions of the kgst act and the cst act. the assessment year in question is 1998-99 (cst). in the returns filed, the assessee had claimed exemption from payment of tax under the central sales tax act, in view of entry 7k of the third schedule to the notification s ..... sale of the commodity within the state is fully exempt from tax under the kgst act and in the light of the relevant provision under the cst act giving exemption to such sales. is not the decision contrary to the statutory provisions under the cst act as well as the decisions of the honourable supreme court of .....
Tag this Judgment!Court : Kerala
Reported in : (2009)26VST519(Ker)
..... is proposed to cancel the assessment orders dated march 3, 1994 for 1991-92 under gst (sic) and cst completed by the inspecting assistant commissioner, agricultural income-tax and sales tax, kumily, under section 35(1) of the kgst act 1963.your, objection, if any, against the proposal should be filed within seven days of receipt of this notice, failing which the case will be ..... no. a4-5125/97 dated february 26, 1998.in exercise of the powers conferred upon me under section 35 of the kgst act, 1963, the cst assessment order dated march 3, 1994 passed by the inspecting assistant commissioner, agricultural income-tax and sales tax, kumily in respect of m/s. cardamom marketing corporation, vandenmedu for the year 1991-92 is hereby cancelled.10. aggrieved by .....
Tag this Judgment!Court : Chennai
Reported in : (2008)220CTR(Mad)156; [2009]177TAXMAN192(Mad)
..... gazette for the purposes of this section.from this amendment it is clear that the tax benefit under section 54ec of the act is not available on long-term capital gains which are invested on or after 1st april, 2006, in the bonds of national bank for agriculture and rural development, national housing bank and small industries development bank of india. because of ..... specified asset, then the petitioner company need not pay capital gains tax. explanation (b) defines 'long-term specified asset', which reads as follows:(i) on or after the 1st april, 2000, by the national bank for agriculture and rural development established under section 3 of the national bank for agriculture and rural development act, 1981 (61 of 1981) or by the national highways authority .....
Tag this Judgment!Court : Rajasthan
Reported in : [2009]176TAXMAN404(Raj)
..... or providing credit facilities to its members, or(ii) a cottage industry, or(iii) the marketing of the agricultural produce grown by its members, or(iv) the purchase of agricultural implements, seeds, livestock or other articles intended for agriculture for the purpose of supplying them to its members, or(v) the processing, without the aid of power, ..... our attention to a judgment of the tribunal, being that of a jaipur bench, in the case of rajasthan rajya sahakari bhoomi vikas bank v. dy. cit 29 world tax 286, of course in this judgment, it has been held, that advancement being essential part of the activity of banking business, the interest earned by the ..... being imperative, for the purpose of carrying on banking business, the income derived therefrom, would be income, from the assessee's business. thus, we find that it could be one category of income, capable of being claimed exemption, if the income was to arise from an act, which was imperative for assessee, to be done for the purpose of .....
Tag this Judgment!Court : Kerala
Reported in : (2009)19VST332(Ker)
..... decisions reported in : [1972]83itr26(sc) (hindustan steel ltd. v. state of orissa) reported in [1992] 85 stc 337 (p.d. sudhi v. intelligence officer, agricultural income-tax and sales tax, mattancherry) [2003] 3 klt 56, etc.?3. the revision petitioner is common in all these six revision petitions. the facts and legal issues are identical and therefore, these ..... [2002] 127 stc 1. in the said decision, the court has observed that the power of the check-post officer under section 29a of the kerala general sales tax act, 1963, is not merely limited to verifying the documents required by sub-section (2) of section 29 to be in the possession of the person transporting the goods ..... deposit that was demanded was rs. 2,17,973 and the same was paid by the assessee.8. as required under section 29a(4) of the act, the sales tax officer (enquiry) issued notice giving an opportunity to both the consignee and the consignor to produce relevant documents to establish that the goods transported is in accordance .....
Tag this Judgment!Court : Andhra Pradesh
Reported in : 2009(3)ALT372
..... attested the memorandum. unless he peruses the memorandum, he cannot give out the details. he cannot say whether the plaintiff is willing to produce her income tax accounts in this regard to show about the suit transaction. several of the suggestions put to this witness had been denied.18. as against this evidence ..... case is purely for the purpose of business carrying on by the defendants. the rule of dandupat is primarily applicable to agricultural debts and agricultural borrowings. rule of dandupat originally amended after act iv of 1938 for giving relief to indebted agriculturists. therefore the plaintiff respectfully submits that trying to apply the rule of ..... the security, is also necessary and operates to create the charge in conjunction with the deposit, it requires registration under section 17 of the indian registration act, 1908, as a non-testamentary instrument, creating an interest in immovable property, where the value of such property is one hundred rupees and upwards. ' .....
Tag this Judgment!Court : Allahabad
Reported in : 2008(4)AWC3718
..... put in use. the court held that a buyer may intend to establish an industrial undertaking thereon and that another buyer may intend to use it for agricultural purposes and a third person may intend to dedicate it for charitable purposes and that these different intentions of individual buyers may affect the price of each ..... for being used for residential purposes in the future and accordingly, held that the rates applicable for residential purposes would be payable and that the rates applicable for agricultural purposes would not be payable.4. in my opinion, the approach adopted by the authorities was patently erroneous and without jurisdiction. in maya food and vanaspati ltd. ..... , the rates prescribed for agricultural land would be applicable and the authorities cannot presume that the land would be put to a different use in future. the potential value of the land in future is clearly outside the scope and ambit of the proceedings under the stamp act for judging the market value of the land .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : [2009]177TAXMAN309(Punj& Har)
..... not disputed that for the assessment year in question agricultural land was not exigible to wealth tax. it is to be noticed that the expression 'agricultural land' has not been defined either in the wealth-tax act, 1957 or in the income-tax act, 1961 but it is settled law that mere potential for agricultural use is not enough to decide the character of ..... land.4. in cwt v. officer-in-charge (court of wards) : [1976]10itr133(sc) , a constitution bench of the hon'ble supreme court held as follows:it is thus clear that 'agricultural ..... may be the reason for the exemption, we think that the exemption is connected with the user of land for a purpose which must be agricultural. it is an enactment to tax 'wealth' which includes all that is ordinarily understood as 'assets'. the person claiming an exemption of any property of his from the scope of .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : (2009)222CTR(P& H)427; [2009]308ITR397(P& H)
..... in allowing the investment allowance of rs. 4,06,822 and interest of rs. 18,575.2. the assessee claimed investment allowance under section 32a(2) of the income-tax act, 1961 (for short 'the act') for the year 1977-78. the assessing officer came to the conclusion that the assessee was entitled to the said investment allowance. on march 12, 1979, the inspecting ..... schedule for investment allowance for the assessment year 1977-78, there is no reference to the industries (development and regulation) act, 1951. thus, we are to consider whether the manufacture of needles can be considered as manufacture of industrial and agricultural machinery as referred to in the ninth schedule.3. in second appeal, the tribunal reversed the finding of the commissioner as .....
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