Court : Kerala
Reported in : (1998)149CTR(Ker)220; [1999]238ITR224(Ker)
..... hotel, would constitute 'manufacture or processing of goods' within the meaning of section 2(6)(d) of the finance act, 1968. an industrial company engaged in the manufacture or production, was liable to tax at a lesser rate under section 2(6)(d) of the finance act, 1968. this court, reviewing the entire case law germane on the point held in casino (pvt.) ltd. : ..... conversion of raw materials into food in a hotel does not amount to manufacture or processing of goods within the meaning of section 2(7)(c) of the finance act, 1979, and, therefore, a hotel is not entitled to concessional rate of tax as specified under clause 2(i)(a) of paragraph e of schedule i to the ..... finance act, 1979.4. from these authorities, it is amply clear that this court has discussed the question threadbare whether a hotel is an industrial undertaking, engaged in the manufacture .....
Tag this Judgment!Court : Kerala
Reported in : [1986]158ITR608(Ker)
..... in its relevant aspects, we are led to the conclusion that the view taken by the appellate tribunal is correct. section 35b was introduced by the finance act, 1968, with effect from april 1, 1968. clause(a) of sub-section (1) of section 35b provides that where an assessee, being a domestic company or a person (other than a ..... outside india of such goods, services or facilities which the assessee deals in or provides in the course of his business. this was amended by section 8 of the finance act, 1970, with retrospective effect. the sub-clause, after the amendment, would read :' distribution, supply or provision outside india of such goods, services or facilities, not ..... company) who is resident in india, has incurred after the 29th day of february, 1968, any expenditure (not being in the nature of capital expenditure or personal expenses of the assessee) referred to in clause (b), he shall be allowed deduction of .....
Tag this Judgment!Court : Kerala
Reported in : [2000]244ITR44(Ker)
..... . an explanation was inserted at the end of sub-section (1) of section 271 by the said finance act (section 40 of the finance act, 1964). in between, by the finance act, 1968, the base for levy of penalty became the amount of concealment as against the quantum of tax sought ..... to be avoided under the then existing provisions. subsequently, further amendments were brought by the taxation laws (amendment) act, 1975 (section 61 of the said amending act). four explanations were substituted for the explanation introduced by the finance act ..... tribunal suffer from infirmity on account of relevant materials and evidence being ignored.12. a conspectus of the explanation added by the finance act, 1964, and the subsequent substituted explanations, makes it clear that the statute visualised the assessment proceeding's and penalty proceedings to .....
Tag this Judgment!Court : Kerala
Reported in : (2000)161CTR(Ker)225; [2000]244ITR702(Ker)
..... 1964. an explanation was inserted at the end of sub-section (1) of section 271 by the said finance act (section 40 of the finance act, 1964). in between, by the finance act, 1968, the base for levy of penalty became the amount of concealment as against the quantum of tax sought ..... to be avoided under the then existing provisions. subsequently, further amendments were brought by the taxation laws (amendment) act, 1975 (section 61 of the said amending act). four explanations were substituted for the explanation introduced by the finance act ..... suffer from any infirmity on account of relevant materials and evidence being ignored.12. a conspectus of the explanation added by the finance act, 1964, and the subsequent substituted explanations makes it clear that the statute visualised the assessment proceedings and penalty proceedings to be .....
Tag this Judgment!Court : Kerala
Reported in : (2000)160CTR(Ker)216; [2000]242ITR29(Ker)
..... . an explanation was inserted at the end of sub-section (1) of section 271 by the said finance act (section 40 of the finance act, 1964). in between, by the finance act, 1968, the base for levy of penalty became the amount of concealment as against the quantum of tax sought ..... to be avoided under the then existing provisions. subsequently, further amendments were brought by the taxation laws (amendment) act, 1975, (section 61 of the said amending act). four explanations were substituted for the explanation introduced by the finance act ..... tribunal suffer from infirmity on account of relevant materials and evidence being ignored.9. a conspectus of the explanation added by the finance act, 1964, and the subsequent substituted explanations makes it clear that the statute visualised assessment proceedings and penalty proceedings to be wholly .....
Tag this Judgment!Court : Kerala
Reported in : [1977]110ITR515(Ker)
..... said rebate is available also on the gross dividend. this was rested on the words ' received by it 'having been deleted by section 31(3) of the finance act, 1968, with effectfrom the 1st april, 1962. the question was further considered whether theassessee was not liable for surtax under rule 1(viii) of the first schedulein the ..... income.....(iv) if the assessee is a company, any dividend received by it from an indian company subject to the provisions contained in the fifth schedule.' the finance act of 1964 amended this provision by substituting the following clause (iv): ' if the assessee is a company, any dividend received by it from an indian company ..... authorities before us. we may also point out that counsel for the revenue invited our attention to the relevant amendments effected by the finance act, 1965, which introduced chapter via in the income-tax act, 1961, for the purpose of showing that the object of the amendment was to provide an integrated scheme for determining the total .....
Tag this Judgment!Court : Kerala
Reported in : (1978)6CTR(Ker)0037B
..... that said rebate is available also on the gross dividend. this was rested on the words 'received by it' having been deleted by s. 31(3) of the finance act, 1968 with effect from the 1st april, 1962. the question was further considered whether the assessee was not liable for surtax under rule (1) (viii) of the first ..... income ............... (iv) if the assessee is a company, any dividend received by it from an indian company subject to the provisions contained in the fifth schedule.'the finance act of 1964 amended this provisions by substituting the following clause (iv) :'if the assessee is a company, any dividend received by it from an indian company or a ..... before us. we may also point out that counsel for the revenue invited out attention to the relevant amendments effected by the finance act, 1965 which introduced chapter vi-a in the income-tax act 1965, for the purpose of showing that the object of the amendment was to provide an integrated scheme for determining the total income .....
Tag this Judgment!Court : Kerala
Reported in : [1990]183ITR22(Ker)
..... is an 'industrial company' entitled to concessional rate of tax as enjoined in section 2(6)(d) of the finance act, 1968. the court was concerned with regard to the meaning to be given to the words contained in the finance act. after referring to the dictionary meaning and certain decisions, the court held that the appellate tribunal had pointed out ..... can be said to be an undertaking engaged in the business of processing of goods within the meaning of the explanation to section 5(1)(xxxii) of the act, as held by the tribunal the appellate tribunal held that messrs. popular garage is doing the work of reboring automobiles and marine engines and the work of reboring ..... , therefore, the assessee is entitled to exemption under section 5(1)(xxxii) of her interest in messrs. popular garage ?'2. the matter arises under the wealth-tax act. the respondent is an assessee to wealth-tax. in the return of net wealth for the assessment year 1976-77, the assessee claimed deduction under section 5(1)(xxxii .....
Tag this Judgment!Court : Kerala
Reported in : AIR1972Ker47
..... and for a closely held industrial company, 55 per cent, where the total income did not exceed rs. 10 lakhs and 60 per cent, on the rest. in the finance acts of 1968 and 1969, while the rate of income-tax fixed for a widely held company was 45 per cent, where the total income did not exceed rs. 50,000 and 33 ..... rebate was given to closely held companies. even among closely held companies, as regards the rates of tax, a distinction was made in the finance acts of 1966, 1968 and 1969 between industrial companies and other companies. in the finance act of 1966, while the rate of income-tax on total income fixed for a widely held company was 45 per cent, where the total ..... of 1964), authorising levy of super-tax at a rate higher than 25 per cent, of the total income, the finance act, 1966 (13 of 1966), authorising levy of income-tax at a rate higher than 55 per cent., the finance acts, 19 of 1968 and 14 of 1969, authorising levy of income-tax at the rate of 65 per cent, of the total income .....
Tag this Judgment!Court : Kerala
Reported in : (2004)186CTR(Ker)296; [2004]267ITR561(Ker)
..... such payments. in order to remedy such situation, section 40a was added by the finance act of 1968 and it came into force w.e.f. 1st april, 1968. while introducing the bill in the lok sabha for its consideration, the finance minister made a speech on 29th april, 1968, in which he pointed out that the provision in question was intended to serve ..... words 'such expenditure shall not be allowed as a deduction' were substituted by the words 'twenty per cent of such expenditure shall not be allowed as a deduction' by the finance act, 1995 w.e.f., 1st april, 1996. however, the second proviso to sub-section (3) states that no disallowance under this sub-section shall be made where any ..... crossed cheque drawn on a bank or by a crossed bank draft, such expenditure shall not be allowed as a deduction. here, it must be noted that as per finance (no. 2) act, 1996 the words 'ten thousand rupees' were substituted by 'twenty-five thousand rupees' w.e.f. 1st april, 1997. thus, at the relevant time (asst. yr. .....
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