Court : Kerala
Decided on : Mar-01-1974
Reported in : [1975]35STC52(Ker)
..... the passing of the indian finance act of 1939, which imposed the tax for 1939-40 on the 1938-39 income and authorised the present assessment. by sub-section (1) of section 6 of the indian finance act, 1939, income-tax for the year beginning on the 1st april, 1939, is directed to be ..... time, forms a code, which has no operative effect except so far as it is rendered applicable for the recovery of tax imposed for a particular fiscal year by a finance act. this may be illustrated by pointing out that there was no charge on the 1938-39 income either of the appellant or his daughters, nor assessment of such income, until ..... . isaac, j., followed the decision in mathra parshad and sons v. state of punjab and ors. [1962] 13 s.t.c. 180 (s.c.) in o. p. no. 1692 of 1968 and if we may say so with respect, rightly, in view of the nature of the notification that was considered by the learned judge in the case.5. counsel then .....
Tag this Judgment!Court : Kerala
Decided on : Mar-21-1974
Reported in : (1975)ILLJ64Ker
..... of payment of bonus. it was noticed that in deciding the question, several factors are relevant such as, unity of ownership and management and control, unity of finance and geographical location and functional integrality. the court observed:mr. sastri, however, contends that functional integrality is a very important test and he went so far as ..... s case (supra). it was then observed that of all these tests, the most important one was that of functional integrality and the question of unity, of finance and employment of labour. on the facts it was held that the finding of the tribunal that the press and the publication 'veer arjun', were two independent units ..... are the annual reports and accounts for the year 1967 and 1968 which show that separate accounts had been kept for the plantation division, and, therefore, it had to be treated as a separate establishment for computation of bonus, under the proviso to section 3 of the act. but it will be noticed that the proviso itself is qualified .....
Tag this Judgment!Court : Kerala
Decided on : Apr-09-1974
Reported in : [1974]96ITR181(Ker)
..... assessee could not be said to be engaged in providing credit facilities to its members. in the opinion of the appellate assistant commissioner the exemption under section 80p(2) of the act would be available only in respect of income derived from the activity of advancing loans to needy persons just as in the case of ordinary banking business ..... light of the said finding. on the application of the commissioner of income-tax, kerala, the tribunal has referred to this court the following question under section 256(1) of the act: ' whether, on the facts and in the circumstances of the case, the tribunal was justified in holding that the income derived by the assessee from ..... dominant motive which prompts most people to join chit fund schemes is to avail themselves of the facility of bidding the kuris when they are in urgent need of finance so that they may receive the chit amount in lumpas a loan with the facility of repaying it in monthly instalments. a chit fund does, no doubt, incidentally .....
Tag this Judgment!Court : Kerala
Decided on : Jun-05-1974
Reported in : AIR1975Ker44
..... 110 at pp. 113, 114) and midland counties motor finance co. ltd. v. slade (1951-1 kb 346 at p. 352).6. this rule has been given statutory recognition in section 135 of the indian contract act. though having regard to the definition in section 126 of the indian contract act, section 135 cannot in terms apply to a transaction where the surety ..... fixation of time in the original contract itself. in this connection, he invited our attention to the following passage in amrit lal v. state bank of travancore (air 1968 sc 1432 at p. 1436):'what really constitutes giving of time is the extension of the period at which, by the contract between them, the principal debtor was originally ..... time to the principal debtor considered in the light of the above terms in the agreement were not tantamount to giving of time within the meaning of section 135 of the contract act so as could exonerate the surety, in this case, the respondent had filed the suit on the basis that money was duo from the defendants. .....
Tag this Judgment!Court : Kerala
Decided on : Jun-12-1974
Reported in : [1975]100ITR351(Ker)
..... first four years in the negative, that is, in favour of the department and against the assessee and the question referred to us for the subsequent years 1966-67 to 1968-69 also in the negative, that is, in favour of the department and against the assessee. we do so. we direct the parties to bear their respective costs.17. ..... in drawing any distinction between the years before 1966-67 and those from 1966-67. the position is the same in regard to all the years 1962-63 to 1968-69.14. we have been referred to a number of decisions on various aspects to which we have not adverted because we do not think that those decisions are ..... or banking institution referred to in section 51 of that act) or a co-operative society engaged in carrying on the business of banking (including a co-operative land mortgage bank or a co-operative land development bank), or (iii) deposited in an account with a financial corporation which is engaged in providing long-term finance for industrial development in india and .....
Tag this Judgment!Court : Kerala
Decided on : Jul-04-1974
Reported in : (1976)ILLJ238Ker
..... , the legal representative of a deceased owner or occupier and, where a person has been named as a manager of the factory under clause (f) of sub-section (1) of section 7 of the factories act, 1948, the person so named; and(ii) in relation to any other establishment, the person who, or the authority which, has the ultimate control over the ..... contractor that, if and when one appropriate occasion arises, it will be incumbent on this house to reconsider and restate these indicia.(underling is mine)17. roskill, j. in [1968] 1 w.l.r. 1749, cited supra, says at page 1760 :finally it has been more recently suggested that the matter can be determined by reference to what in modern ..... it is wrong to say that in every case it is decisive. it is now no more than a factor, although an important one (argent v. minister of social security [1968] 1 w.l.r. 1749 at p. 1759. '13. finally mathew, j., gives emphasis to the following observations of dixon, j., in humberstone v. northern timber mills [1949] 79 .....
Tag this Judgment!Court : Kerala
Decided on : Jul-25-1974
Reported in : AIR1975Ker123
..... fee cannot be imposed on the gross income of a person or any other taxable entity, the enactments; the madras hindu religious and charitable endowments act, 1959 by section 92 and the orissa hindu religious endowments act, 1951 by section 63 (4) have imposed the fee on the basis of the gross income of the religious and charitable trusts. on principle there can be ..... thus in paragraph 44 of the judgment.'ordinarily, the fees are uniform and no account is taken of the varying abilities of different recipient to pay, vide lutz on 'public finance' p. 215.' in the matter of imposing tax a very wide latitude is permitted to the legislature and a flexibility in the mutter of classification for the purpose of the ..... the gross income of the wakf have all to be viewed not on the basis of the principles laid down by the supreme court in air 1961 sc 552. air 1968 sc 1458; air 1967 sc 1801 and air 1969 sc 378 relied on by the learned judge in dealing with the original petitions, but in the light of the .....
Tag this Judgment!Court : Kerala
Decided on : Aug-20-1974
Reported in : AIR1976Ker37
..... is recoverable as arrears of land revenue; and that is possible only by adhering to the procedure prescribed in the act.7. counsel for the petitioner sub-mits that under section 71 of the kerala revenue recovery act, 1968, the government has power by notification in the gazette to declare if they are satisfied that it is necessary to ..... do so in public interest, that the provisions of the said act shall be applicableto the recovery of amounts due from any ..... respondents (k. n. gupta v. collector of dehradun 1959 all lj 789) we are at a loss to know as to what the constitution of the rehabilitation finance administration was; and we find that the question whether the amounts due to the administration was or was not, amounts due to the government did not come for consideration .....
Tag this Judgment!Court : Kerala
Decided on : Sep-12-1974
Reported in : [1975]99ITR24(Ker)
..... the legislature.'9. it was pointed out that wherever the legislature wanted interest accrued to be reckoned it had expressly provided as such in the 1961 act, as in section 24. earlier, the division bench had expressed thus :'we do not find any valid and compelling reason to hold that where a plant is ..... to prepare suitable plans for the cinema theatre and other buildings, obtained permission from the municipality for constructing an additional sixth floor, and procure the necessary finance to enable the assessee to complete the construction of a modern theatre and other buildings and process the matters at every stage. in consideration of the ..... tonne caustic soda plant was acquired and installed by the company and commenced production from november 15, 1967. for the accounting year ending march 31, 1968 (assessment year 1968-69), the income-tax officer allowed depreciation on the full cost of the new machinery and plant as claimed by the assessee. but regarding development rebate .....
Tag this Judgment!Court : Kerala
Decided on : Oct-11-1974
Reported in : AIR1975Ker47
..... not a penalty, and on default in nespect of any instalment the entire sum may be claimed.'the same principle has been embodied in illustration (f) to section 74 of the flndian contract act. 1872 which reads :--'a undertakes to repay b a loan of rs. 1,000 by five equal monthly instalments, with a stipulation that in default of payment ..... :--'the dominant motive which prompts most people to join chit fund schemes is to avail themselves of the facility of bidding the kuris when they are in urgent need of finance so that they may receive the chit amount in lump as a loan with tihe facility of repaying it in monthly instalments. a chit fund does, no doubt, incidentally ..... balakrishna eradi, j.1. from very early times chit fund transactions have been highly popular in all parts of kerala as an indigenous system providing financing facilities in the shape of advances from the common fund repayable in easy instalments and serving also as a scheme for investment and savings. the question that we are .....
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