Court : Kerala
Reported in : [1973]90ITR503(Ker)
..... bonusshares were issued not out of premiums received in cash and the consequent result in the light of the finance act, 1957, was informationwithin the meaning that expression is used, in section 34(1) of the indianincome-tax act of 1922, and, consequently, the reopening of the assessmentunder that provision was not illegal. these two decisions, ..... under section 147(b) of the act. thereupon, the income-tax officer issued notices under the section and made reassessments. the court held :(1) the scrutiny note of the revenue audit and the ..... treated the interest income as business income, and had wrongly allowed the assessee's claim with regard to the salary paid to her daughter-in-law. acting upon the scrutiny note of the revenue audit, the inspecting assistant commissioner wrote to the income-tax officer to rectify the defects by reopening the assessment .....
Tag this Judgment!Court : Kerala
Reported in : [1992]194ITR125(Ker)
..... law dictionary). the above definition more or less is reflected in the provisions contained in chapter iii of the kerala municipalities act, 1960, the council constituted under section 7 with the assistance of the standing committee of the council, chairman, commissioner, etc., will administer the ..... the section. therefore, to find a solution to the problematic dispute, we have to give a meaning to the word 'municipality' which stands undefined in the act. generally understood, 'municipality' means a legally incorporated or duly authorised association of inhabitants of a limited area for local governmental or other public purposes. (black's ..... and item (b) of sub-clause (iii) of clause (14) of section 2 of the income-tax act, 1961 (43 of 1961) and in supersession of the notification of the government of india in the erstwhile ministry of finance (department of revenue and insurance) no. s. 0. 77(e), dated the 6th february, 1973, the .....
Tag this Judgment!Court : Kerala
Reported in : (1987)59CTR(Ker)143; [1986]160ITR588(Ker)
..... and the law as declared by a competent court is binding on the tribunal.4. section 140a was introduced by the finance act, 1964, with effect from april 1, 1964. the section was amended by the taxation laws (amendment) act, 1970, with effect from april 1, 1971. sub-section (1) of section 140a as amended requires the tax on self- ..... the limits prescribed thereunder. the tribunal has, however, cancelled that part of the penalty also on the ground that section 140a(3) as amended by the taxation laws (amendment) act, 1970, was held ultra vires and void by a division bench of the madras high court in the decision in a. m. sail maricar's case : [1973]90itr116(mad) ..... maricar's case : [1973]90itr116(mad) , regarding the validity of section 140a(3) of the income-tax. act as amended by the taxation laws (amendment) act, 1970, has not been accepted and sub-section (3) of section 140a of the act had been held to be perfectly valid and not violative of article 19(1)(f) of the constitution. counsel .....
Tag this Judgment!Court : Kerala
Reported in : (1991)91CTR(Ker)117; [1991]190ITR508(Ker)
..... in kanga and palkhivala's 'the law and practice of income tax', 8th edition, volume 1, pages 123 and 197, as also the decisions in cit v. motor and general finance ltd. : [1974]94itr582(delhi) ; cit v. surendra overseas ltd. : [1982]136itr553(cal) ; cit v. a.v.m. ltd. : [1984]146itr355(mad) and cit v. balaji chitra ..... of the contract, the legal consequences flowing therefrom regarding the earnest deposit and advances are distinct and different. in shree hanuman cotton mills v. tata air craft ltd., air 1970 sc 1986, 1994, para 24, the supreme court stated the law regarding 'earnest' money, thus :'24. from a review of the decisions cited above, the following principles ..... the parties. where money is deposited during the negotiations for a contract not in fact concluded, prima facie the amount is recoverable by the depositor, unless he acted in such a way as to show his acceptance of the document as a binding contract, where money is deposited with the other contracting party on the formation .....
Tag this Judgment!Court : Kerala
Reported in : (1997)137CTR(Ker)1; [1997]227ITR893(Ker)
..... the situations of exemptions with reference to the determination of capital gains. it is in the statutory provision of section 53 of the act, the explanation under consideration comes on the statute as a result of the finance act, 1987, with effect from april 1, 1987. the said explanation is reproduced hereinbelow :'in this section and in sections 54, ..... in regard thereto.9. the subject of capital gains gets codified as a separate situation--e. capital gains--from section 45 of the act onwards. a perusal of the initial sections of this chapter would serve as a guide to know the scheme of the subject statutorily dealt with. 'capital gains' basically relate to a situation of ..... transfer of a capital asset, resulting into either profits or gains as a result thereof. section 45 of the act itself makes it clear that even though .....
Tag this Judgment!Court : Kerala
Reported in : (2002)172CTR(Ker)600; [2002]253ITR378(Ker)
..... depreciation allowable has to be computed in terms of schedule xiv to the companies act or in terms of the income-tax rules.12. chapter xii-b containing special provisions relating to certain companies was inserted in the income-tax act by the finance act, 1987, with effect from april 1, 1988. from the assessment year 1988-89, section ..... 115j as introduced, replaced section 80vva of the income-tax act. section 115j provided that where the ..... prepared under sub-section (1a) as increased by the amounts referred to in clauses (a) to (ha) of the act. it may be noted that the words 'prepared under sub-section (1a)' were introduced by the finance act, 1989, with effect from april 1, 1989. certain deductions were also provided by the explanation. sub-section (1a) .....
Tag this Judgment!Court : Kerala
Reported in : [1975]99ITR24(Ker)
..... 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 ..... the assessee, for the purpose of reckoning the development rebate.8. the andhra pradesh high court in commissioner of income-tax v. challappalli sugars ltd., : [1970]77itr392(ap) .had to consider the identical question whetherinterest paid on borrowed capital which is used for the acquisition of the machinery can be included in 'actual ..... should be included in the actual cost of all depreciable assets for the purpose of determining the depreciation allowance under section 10(2)(v) of the act. it was held by the bombay high court that the expenditure incurred in getting prepared suitable plans and designs for the construction oi the cinema theatre .....
Tag this Judgment!Court : Kerala
Reported in : [1982]135ITR19(Ker)
..... 72. with effect from april 1, 1972, clause (a)(v) stood omitted and the provision is now re-enacted with modifications in section 40a(5) inserted by the finance (no. 2) act of 1971. asit stood at the relevant time, section 40(a)(v) read :'40. notwithstanding anything to the contrary in sections 30 - 39, the following amounts ..... of the assessee from 1920 onwards. the assessee had claimed depreciation for the factory buildings and this had been allowed in the previous years. during the accounting year 1970-71, some properties were sold. the assessee showed capital gains, computing the capital gains on the land and the capital gains on the factory buildings separately. the ..... the buildings at calicut and those of mangalore took place during the relevant accounting year. the provision concerning the mode of computation is in section 48 of the act. it is to be computed by deducting from the full value of the consideration received or accruing as a result of the transfer of the capital asset, the .....
Tag this Judgment!Court : Kerala
Reported in : [1986]159ITR431(Ker)
..... 270 and 271 and entry 82 of list i of the seventh schedule to the constitution, held that the word ' income-tax ' as used in section 2 of the finance act, 1964, included both surcharge and additional surcharge. in molins of india ltd. v. cit : [1983]144itr317(cal) , the calcutta high court held that surtax was not ..... the third schedule.' ' chargeable profits ' are defined under section 2(5) as follows ; ' 'chargeable profits' means the total income of an assessee computed under the income-tax act, 1961 (xliii of 1961), for any previous year or years, as the case may be, and adjusted in accordance with the provisions of the first schedule.' ' statutory deduction ..... connection, reference may be made to section 15 of the surtax act. it reads :' 15. notwithstanding anything contained in clause (i) of section 109 of the income-tax act, in computing the distributable income of a company for the purposes of chapter xi-d of that act, the surtax payable by the company for any assessment year shall be .....
Tag this Judgment!Court : Kerala
Reported in : [1974]93ITR414(Ker)
..... the primary duty of the japanese skipper to train the other indian crew in the latest techniques of fishing. he also referred to a circular issued by the ministry of finance as no. 33(lxxvi-5) of 1935, where it is stated as follows : 'exemption of foreign techicians.--the word 'technician' must be understood in its ordinary ..... 'industrial' as well as 'business'. to give it any other meaning would unnecessarily widen the definition which from the nature of the things and the scheme of the act, we find it difficult to give to the expression. for instance, the first limb itself does not take in all technicians who may be helpful to the industry ..... us. the question, however, arises whether the said nakai is a technician falling within the definition of that term in the explanation to section 10(6)(vii) of the act. that definition is in these terms:'explanation.--for the purposes of this sub-clause 'technician' means a person having specialised knowledge and experience in- (i) constructional or .....
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