Court : Kerala
Reported in : [1977]109ITR596(Ker)
..... concealment and he had to impose penalty for these two years. section 271(1)(c)(iii) of the income-taxact, 1961, before it was substituted by the finance act, 1968, with effect from april 1, 1968, provided that the penalty imposable shall be a sum which shall not be less than 20% but which shall not exceed 1 1/2 times the amount of ..... the law at the time of the commission of the offence is the law as it stood after the amendment by the finance act, 1968, and, therefore, the minimum penalty had to be computed according to that law. reliance was placed on behalf of the department on the decision in commissioner of income-tax v. ..... tax which would have been avoided if the income as returned by the assessee had been accepted as the correct income. but with effect from april 1, 1968, the finance act of 1968 enacted that the penalty shall be a sum less than, but not exceeding twice the amount of, income in respect of which the particulars had been furnished. the inspecting .....
Tag this Judgment!Court : Kerala
Reported in : [1973]91ITR289(Ker)
..... the appellate tribunal that the assessee is an ' industrial company ' within the meaning of the definition contained in section 2(6)(d) of the finance act, 1968. we do not think that the activity carried on by the assessee in preparing articles of food from raw materials constitutes manufactureor processing of goods'. therefore ..... company engaged in the process of manufacturing being included in the definition of an industrial company by the definition in section 2(6)(d) of the finance act, 1968, the assessee claimed that it should be taxed at the rate applicable to an industrial company. the appellate assistant commissioner found that though manufacturing operations ..... the assessee in preparing articles of food from raw materials, constitutes ' manufacture or processing of goods ' within the meaning of section2(6)(d) of the finance act, 1968, and that the assessee is an ' industrial company ' within the meaning of the definition contained in that section '2. the assessee is a private limited .....
Tag this Judgment!Court : Kerala
Reported in : [2002]253ITR53(Ker)
..... in that case the question that came up for consideration was whether the assessee was entitled to a concessional rate of tax provided to an industrial company by the finance act, 1968. 'industrial company' means a company which is mainly engaged in the business of generation or distribution of electricity or any other form of power or in the ..... sc) , where the supreme court held that the appellant-company running a cold storage was not an industrial company for the purpose of section 2(7)(c) of the finance act, 1973. it was held that in a cold storage there was no processing of goods. in a bench decision of this court in cwt v. mrs. daisy paul ..... in the production of commercially a new commodity different from the old and worn out castings. therefore, the assessee is entitled to deduction under section 80-i of the act.3. we heard learned counsel for the revenue, sri p. k. ravindranatha menon. learned counsel for the revenue contended that retreading is only replacing the tread. it .....
Tag this Judgment!Court : Kerala
Reported in : [1971]79ITR72(Ker)
..... with rule 30 of the rules was no longer an offence under section 276(d), after april 1, 1968. but, on the same day, section 276b came to be incorporated in the act under the finance act, 1968. therefore, it is clear that the non-compliance of sections 194 and 200 occurring in chapter xviib is an offence only under section 276b ..... after april 1, 1968, and that section 276(d) is defunct thereafter.12. the petitioner's case is that by ..... day during which the default continues. ' 11. out of the above section the words 'by the provisions of chapter xviib or' had been omitted by the finance act of 1968 with effect from april 1, 1968. thus the word ' chapter xviib or ' having been deleted out of section 276(d) it reads as if the non-compliance of the provisions of .....
Tag this Judgment!Court : Kerala
Reported in : [1991]192ITR585(Ker)
..... 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 from april 1, 1978 ..... 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, ..... consideration. 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
Reported in : (1993)115CTR(Ker)85
..... p. ltd. : [1987]168itr744(sc) . in that case, the question was whether the assessee was an industrial company as defined in s. 2(6)(d) of the finance act, 1968 and s. 2(6)(c) of the finance acts of 1969 and 1970. the tribunal, in that case, held that the assessee was an industrial company as defined in the ..... in an oversimplification of both and tends to blur their interdependence in cases such as the present one.'the decision of this court construing the word manufacture arising under the finance act (it act) is the one reported in cit vs . casino (p.) ltd. : [1973]91itr289(ker) . we do not think that we should deal with all the decided ..... finance act as meaning a company which, among other things, is mainly engaged in the manufacture or processing of goods. the tribunal rejected the application filed by the assessee for reference under s. 256(1) of the it act wherein the question was, 'whether the assessee-company was industrial .....
Tag this Judgment!Court : Kerala
Reported in : [1982]138ITR1(Ker)
..... provision. the provision in section 40(a)(v) as it stood immediately prior to the omission of the provision by finance (no. 2) act of 1971 had been re-enacted with modification in that form by the finance act, 1968, with effect from april 1, 1969. prior to that, the provision, as it stood, took in only cases ..... (a)(v) in the form in which it appeared in the act by reason of the finance act, 1968, is explained thus :' expenditure on providing perquisites, benefits or amenities to higher paid employees in ..... contemplated in the first limb of the provision in section 40(a)(v). in the memorandum explaining the provisions of the finance bill, 1968, the object ofthe incorporation of section 40 .....
Tag this Judgment!Court : Kerala
Reported in : (1993)111CTR(Ker)138; [1994]207ITR353(Ker)
..... tiecicon p. ltd. : [1987]168itr744(sc) . in that case, the question was whether the assessee was an 'industrial company' as defined in section 2(6)(d) of the finance act, 1968, and section 2(6)(c) of the finance acts of 1969 and 1970. the appellate tribunal, in that case, held that the assessee was an 'industrial company' as defined in the ..... oversimplification of both and tends to blur their interdependence in cases such as the present one.'12. the decision of this court construing the word 'manufacture' arising under the finance act (income-tax act) is the one reported in cit v. casino (pvt.) ltd. : [1973]91itr289(ker) . we do not think that we should deal with all the decided cases ..... finance act as meaning a company which, among other things, is mainly engaged in the manufacture or processing of goods. the income-tax appellate tribunal rejected the application filed .....
Tag this Judgment!Court : Kerala
Reported in : AIR1966Ker5; [1967]64ITR117(Ker)
..... reason for the new definition in substitution of the old being given a retroactive operation to the commencement of the act. in any case it is not possible to infer from the legal fiction embodied in section 4 of the finance act, 1968, 'shall be and shall be deemed always to have been substituted', any conferment of a power for a ..... government who may he authorised by the central government, by notification in the official gazette, to exercise the powers of a tax recovery officer'. 3. section 4 of the finance act, 1963, substituted a new definition for the definition extracted above and directed that the new definition 'shall be and shall be deemed always to have been substituted' under ..... or implication.8. it is true that the new definition has to be deemed, in view of section 4 of the finance act, 1963, to have been in existence from the very inception of the income-tax act, 1961. the collector is a tax recovery officer under both the old and the new definitions and that may be the .....
Tag this Judgment!Court : Kerala
Reported in : [1977]106ITR610(Ker)
..... the case of companies this sub-section has specified the maximum allowable entertainment expenditure in the case of other assessees also on a slab basis. by the finance act, 1968, an explanation was added to sub-section (2a) of section 37, the effect of which was to extend the scope of the restrictions imposed by those ..... this provision by assessees and by gradual stages restrictions were imposed on the allowability of such entertainment expenditure. the first of such restrictions was introduced by the finance act, 1961, and it took the form of the imposition of ceiling limits on the expenditure that could be allowed to companies under this head. the maximum ..... entertainment allowance paid to him by the assessee. two years thereafter came the final step in the matter when by the finance act, 1970, parliament introduced sub-section (2b) in section 37 of the act laying down that no allowance shall be made in respect of expenditure in the nature of entertainment expenditure incurred within india .....
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