Court : Kerala
Decided on : Apr-02-1991
Reported in : [1991]192ITR585(Ker)
..... -79, 1979-80 and 1980-81. section 35b(1)(a) and section 35b(1)(b) of the act were inserted by the finance act, 1968, with effect from april 1, 1968. the proviso to sub-section (1)(a) was inserted by the direct taxes (amendment) act,' 1974. section 35b(1)(b)(iii) was amended by the finance act, 1970. the finance act, 1978, made certain amendments with effect ..... there were certain additional conditions that had to be complied with by the assessees. for the assessment years 1978-79 and 1979-80, the provisions introduced by the finance act of 1978 and deleted with effect from april 1, 1980, will have their impact and a different look with regard to the provisions may be possible. but, ..... . the appellate tribunal was not invited to make a different approach for the two years (1978-79 and 1979-80), the difference brought about by the finance act is not seen mentioned at all and the appellate tribunal had no occasion to consider the same in its appellate order ; nor was any such distinction for .....
Tag this Judgment!Court : Kerala
Decided on : Jan-01-1991
Reported in : [1991]189ITR165(Ker)
..... an identical point by a common judgment dated september 17, 1990, this court held that section 43b of the income-tax act, after amendment by the direct tax laws (amendment) act, 1987, the finance act, 1988, and the finance act of 1989 and explanation 2 to the section which took effect from april 1, 1984, should be considered in order to give effect ..... the sales tax collection in the last month of the year payable to the government before the 20th of the next month, is a permissible addition under section 43b of the act. the tribunal answered the question in favour of the assessee and allowed the appeal filed by the assessee, following its earlier decision rendered in i. ..... the last month of the previous year under consideration which was not claimed as a deduction while computing the income under the income-tax act by invoking the provisions of section 43b of the act could not be brought to tax in the assessment years under consideration ?'2. the respondent is an assessee to income-tax. we .....
Tag this Judgment!Court : Kerala
Decided on : Mar-13-1991
Reported in : (1991)99CTR(Ker)124; [1991]191ITR370(Ker)
..... are not ascertainable at the time of the formation of the association or at any time thereafter.'20. section 21aa was thus introduced by the finance act, 1981. sub-section (1) of that section reads :'where assets chargeable to tax under this act are held by an association of persons, other than a company or co-operative society, and the ..... through the medium of associations of persons wherein shares of the members are indeterminate or unknown. the section was amended by the direct tax laws (amendment) act, 1987, with effect from april 1, 1989, and by the finance act of 1989. section 21aa is thus in operation from the assessment year 1981-82, but it is, not applicable up ..... . in the decision in cwt v. george club : [1991]191itr368(ap) the andhra pradesh high court was considering the scope of section 21aa. that section was introduced by the finance act of 1981 and is applicable for the assessment year 1981-82. in these references, we are concerned only with the assessment up to the assessment .....
Tag this Judgment!Court : Kerala
Decided on : Jun-04-1991
Reported in : [1992]194ITR23(Ker)
..... not approached the case in a right perspective. before this court, it was contended that the tribunal failed to take note of the explanation added to section 271(1)(c) by the finance act, 1964, this court held that the tribunal is bound to consider the applicability of the explanation to the case. the non-consideration of the explanation ..... 12, 1975. in order to appreciate the contentions raised on both sides, it is advantageous to refer to section 271(1)(c) of the act as it stood before the taxation laws (amendment) act of 1975 and the explanation inserted by the finance act of 1964, with effect from april 1, 1964.'271. (1) if the income-tax officer or the ..... (1)(c) read with the explanation to that, section ?'2. the respondent assessee is a registered firm having business in jewellery. originally, it was carried on by one p. t. antony. from april 1, 1968, his major sons were taken as partners and the business was converted into a partnership. the then managing partner, p. t. antony, died .....
Tag this Judgment!Court : Kerala
Decided on : Mar-27-1991
Reported in : AIR1992Ker168
..... zamindary co. (private) ltd.v. state of bihar), the supreme court hadoccasion to consider whether sugar-cane isgreen vegetable or not. interpreting the provisions of bihar annual finance act, 1950read with bihar sales tax act (xix of 1947),the supreme court held that sugar-cane doesnot fall within the term 'green vegetables'. inholding so, justice kapur referred to thebombay high court decision reported ..... mandate is given to levy cess on every person carrying on any specified industry. specified industry is defined in section 2(c) of the act, to mean any industry specified in schedule i. schedule i of the act gives 15 specified industries; they are (1) ferrous metallurgical industry (2) non-ferrous metallurgical industry (3) mining industry (4) ore processing industry (5) petroleum industry .....
Tag this Judgment!Court : Kerala
Decided on : Apr-02-1991
Reported in : [1995]211ITR448(Ker)
..... 191 itr 370). in that decision, we held that the assets of an association of persons are not chargeable under section 3 of the wealth-tax act, 1957, before the insertion of section 21aa. that section was introduced by the finance act of 1981 and is not applicable up to and inclusive of the assessment year 1980-81. in these references we are ..... concerned with the assessment years up to 1979-80. section 21aa cannot therefore be resorted to by the revenue for ..... govindram family charity trust v. cit : [1973]88itr47(sc) , it was contended that a club is an individual and as such liable to be taxed under section 3 of the wealth-tax act. as observed by the bombay high court in orient club v. cwt : [1982]136itr697(bom) , merely because co-trustees have been treated as a single .....
Tag this Judgment!Court : Kerala
Decided on : Jan-02-1991
Reported in : [1991]188ITR612(Ker)
..... 1977-78 for which the accounting period is april 1, 1976, to march 31, 1977. in view of the later statutory provision made in section 40a(7) of the income-tax act with retrospective effect by the finance act of 1975, the decision in high land produce co. ltd.'s case : [1976]102itr803(ker) may not be applicable to the case on ..... hand. the question whether the payment to the group gratuity scheme is allowable should be decided in the light of section 40a(7)(b)(i) of ..... the income-tax act. the appellate tribunal .....
Tag this Judgment!Court : Kerala
Decided on : Feb-05-1991
Reported in : (1991)97CTR(Ker)289; [1991]190ITR564(Ker)
..... , secondly, a provision for carrying forward has been made in sub-section (3) of section 80j. it would thus appear that the legislature has been progressively relaxing the provisions relating to ..... initial enactment : first, from clause (ii) of sub-section (4) of section 80j, which as initially enacted was in pari materia with clause (ii) of sub-section (2) of section 84, the words 'a building (not being a building taken on rent or lease)', have been omitted by the finance act, 1975, with effect from april 1, 1976, and ..... was available even under the indian income-tax act of 1922 as per section 15c of the act of 1922. section 84 of the income-tax act, 1961, replaced section 15c of the earlier act. still later, sections 80hh and 80j replaced section 84 of the act. section 15c(2) of the indian income-tax act, 1922, came for interpretation before the supreme .....
Tag this Judgment!Court : Kerala
Decided on : Dec-20-1991
Reported in : [1994]81CompCas490(Ker)
..... betterment. it follows that commercial enterprises engaged in non-co-operative commercial or banking activity are clearly excluded from the exemption created by clause (c) of section 3 of the act.50. vi. not being a private agency.--the words 'public' and 'private' differ in their connotation according to the context. in its ordinary meaning ..... corporation' like the 'nationalised bank' has to be a financial agency. it is a company which deals in finance like any bank. on a proper understanding, therefore, the word 'a corporation' occurring in clause (c) of section 3 means a corporation engaged in activities similar to those of a bank.38. the words 'a corporation', ..... called the fifth rule.26. the word 'a corporation' taken literally, includes every company even if it were engaged in the business of private commercial financing. the co-operative societies too are corporations. there may be corporations which acquire property of tribals. if 'a corporation' meaning every company--were exempt from .....
Tag this Judgment!Court : Kerala
Decided on : May-03-1991
Reported in : (1992)99CTR(Ker)204; [1992]193ITR674(Ker)
..... g. sarangan and mr. pathrose mathai. counsel for the revenue referred us to the history of the legislation which led to the enactment of section 32a in the income-tax act. reliance was placed on the finance ministers budget speech for 1976-77, printed at [1976] 102 itr 95. the portion of the speech relied on is as follows :'the ..... it should take within its fold any project or business a person may undertake. placing reliance on the notes on clauses of the finance (no. 2) bill, 1977 relating to section 32a of the income-tax act, printed at [1977] 107 itr 53, counsel contended that the object was to enlarge the scope of the existing provision and ..... has not been expressly challenged by an appropriate question raised in the reference. - see india cements ltd. v. cit : [1966]60itr52(sc) , cit v. greaves cotton and co. ltd. : [1968]68itr200(sc) , cit v. imperial chemical industries (india) (p.) ltd. : [1969]74itr17(sc) and aluminium corporation of india ltd. v. cit : [1972]86itr11(sc) . in the .....
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