Court : Kerala
Reported in : [1975]98ITR130(Ker)
..... 176' there are few things more difficult than to determine when an executor ceases to have duties qua executor or virtute officii, or, as it is phrased in the finance act, 'as such'. there are few wills which come before the court which do not contain directions to persons as executors and as trustees, and it is a common ..... , two very able and learned judges of the madras high court, after an exhaustive review of the case law held that the principles enunciated in the indian succession act in this regard are the same as those established by the decisions of the english courts. the case itself is an authority for the proposition, the well-known proposition ..... thereafter the position of the executor, mundan, was that of a trustee and hence it was urged that the legatees were to be assessed under section 41 of the act. the other points raised in the appeals are not relevant for this reference. the appeals were rejected by the appellate assistant commissioner by order, annexure 'd'. there were .....
Tag this Judgment!Court : Kerala
Reported in : [1972]83ITR362(Ker)
..... 44/71 have been preferred.4. criminal appeals nos. 210 and 211 of 1970 are appeals preferred by the same income-tax officer against the finding of the lower court that since section 276b was introduced in the act only from april 1, 1969, by amendment of the indian finance act, 1969, since the failure to deduct the tax from the dividend took ..... section. section 276(d) is to the effect that 'if a person fails without reasonable cause or excuse .... (d) to deduct and pay tax as required by the provisions of chapter xvii-b or under sub-section (2) of section 226 .. .. '13. so, to fasten guilt upon the accused the complainant must show that they failed to deduct and pay ..... the tax as required by the provisions of chapter xvii-b and we have already seen from section 194 which falls under chapter xvii-b that the principal officer when he declares and pays dividends under sub-clause (a), (b), (c), (d) or (e) .....
Tag this Judgment!Court : Kerala
Reported in : [1977]108ITR689(Ker)
..... , the law that obtained at the time the return was filed which in this case was on march 30, 1970, after the date of the amendment introduced by the finance act of 1969. it was, therefore, contended that section 18(1)(i) as it was amended by the finance act, 1969, must be applied for the entire periods from july 1, 1964, to march 30 ..... , 1970, for the year 1964-65 and from july 1, 1965, to march 30, 1970, for the year 1965-66 and the penalties imposed on that basis. another view was also ..... put forward and that was that in any case for continued defaults from april 1, 1969, onwards the date on which the finance act, 1969, came into force, the penalty should be on the basis .....
Tag this Judgment!Court : Kerala
Reported in : [1973]91ITR313(Ker)
..... widely held companies are excluded from such liability. for closely held companies rates higher than those for widely held companies for assessment of tax have been fixed by the finance acts. in the finance act of 1964, for all companies other than the life insurance corporation of india, the rate of super-tax on the total income was fifty-five per cent. a ..... quoted above from venugopala ravi varma rajah v. union of india was followed by the same court in t. g. venkataraman v. state of madras, [1970] 25 s.t.c. 196; a.i.r. 1970 s.c. 508. in the latter case, as a result of certain legislative and executive measures, sales of cane jaggery were made liable to tax under ..... the madras general sales tax act and sales in palm jaggery remained exempt from sales tax and the question was whether such classification and exemption were valid .....
Tag this Judgment!Court : Kerala
Reported in : 2003(3)KLT177
..... average advances made by such branches, computed in the prescribed manner'. 3. section 36(1) (vii) and (viia) as it stood after the amendment made by the finance act, 1985 read as follows: '36(1): the deductions provided for in the following clauses shall be allowed in respect of the matters dealt with therein, in computing the income ..... of the banks. now, after 1985 amendment, the deduction was geared to a percentage of the total income computed before making any deduction under this clause or chapter via or an amount not exceeding two per cent of the aggregate average advance made by the rural branches of such banks computed in the prescribed manner whichever is ..... country outside india or a non-scheduled bank, an amount not exceeding ten per cent of the total income computed before making any deduction under this clause and chapter via or an amount not exceeding two per cent of the aggregate average advances made by the rural branches of such bank, computed in the prescribed manner, .....
Tag this Judgment!Court : Kerala
Reported in : [2001]252ITR513(Ker)
..... . the scheme makes an offer by the government for settling tax arrears, locked in litigation, by giving substantial discount. s. 95 of the finance act, 1998 contemplates ceratin categories which are not entitled for the benefits under the scheme. to the extent is relevant for the purpose of resolution of the issue ..... of the declarations under the kar vivad samadhan scheme what is necessary is to find out whether there is a revision or appeal pending. s. 95(c) of chapter iv of the kar vivad samadhan scheme stats that the provisions of this scheme shall not apply to a case where no appeal or reference or writ petition is ..... petition. those crucial aspects having not been considered by the revisional authority, petitioner contended that he was entitled for an amendment of the order under s. 154 of the act. 3. while the said petition for rectification of the order was pending, government introduced the kar vivad samadhan scheme. petitioner contending that he was an eligible declarant filed ext .....
Tag this Judgment!Court : Kerala
Reported in : (2004)187CTR(Ker)602; [2004]266ITR708(Ker); 2004(1)KLT389
..... interest as leviable under section 234a, 234b and 234c was waived. the interest was levied only upto the date of the assessment order passed under section 143(3) of the act. the total taxable income was fixed at rs. 66,33,910/-.3. on february 5, 2003 the commission served a notice under section 154 on the appellant. in this ..... . it had also started the work of construction of buildings. on june 16, 1993 the appellant's residential and business premises were searched under section 132 of the income tax act. cash amount of rs. 5,90,000/- and jewellery weighing 3839.100 gms., which was valued at rs. 16,12,422/- were seized. from the business premises a cash ..... available.......'. thus, we find no infirmity in the view taken by the learned single judge.8. mr. kurian contends that the settlement commission is not an authority as contemplated in chapter xiii of the income tax act. in particular the counsel has made reference to section 116.9. it is undoubtedly correct that section 116 of the .....
Tag this Judgment!Court : Kerala
Reported in : (2005)198CTR(Ker)551; [2006]280ITR44(Ker); 2005(4)KLT22
..... in the case of non resident indian who becomes resident in india in a subsequent year, the provisions of the new chapter xii-a will continue to apply in relation to the investment income derived from debentures of and deposits with an indian ..... derived by such persons from their specified investments in india made through foreign exchange remittances.'the object as stated in the finance bill is as follows:'new section 115e seeks to provide that income-tax on any investment income or income by way ..... be accepted as held by the apex court in commissioner of income tax, punjab v. kulu valley transport co. p. ltd. : [1970]77itr518(sc) . a taxing statute has to be interpreted strictly. the supreme court in a.v. fernandez v. state of kerala : ..... indian bank etc. when he came back to india, he claimed concessional rate of tax under section 115h of the income-tax act and filed necessary declaration for being taxed only at the rate of 20% interest. that was disallowed by the assessing officer. the .....
Tag this Judgment!Court : Kerala
Reported in : [1993]200ITR161(Ker)
..... endeavour to overtake and circumvent the taxpayers' attempt to reduce tax liability. normally, the total income of an individual alone is taxable under the act. but, in chapter v of the act, income of other persons is also included in the assessee's total income. one such income of other persons includible in the individual's total ..... any limitation which the context may require, it signifies every possible interest which a person can clearly hold and enjoy : see ahmed g.h. ariff v. cwt : [1970]76itr471(sc) . in the present case, the two partners constituting the firm together transferred certain assets of the firm to their respective spouses for an inadequate consideration, thereby ..... august 18, 1969 (see paragraph 4 of the statement of the case and paragraph 34 of the tribunal's order).3. in respect of the assessment years 1970-71 and 1971-72, the income-tax officer found that the consideration for which part of the business of the assessees' firm was transferred to the respective .....
Tag this Judgment!Court : Kerala
Reported in : (2003)185CTR(Ker)352
..... term capital gains, the deduction provided under section 80t was not available. however, it must be noted that section 80t had been omitted from chapter vi-a w.e.f. 1st april, 1988, by the finance act, 1987 and the relief provided therein was introduced in sub-section (2) of section 48 providing for computation of capital gains simultaneously. even ..... legislature has made a special provision in regard to the assessment of the said income of a non-resident indian in a new chapter xii-a introduced w.e.f. 1st june, 1983, by the finance act, 1983 for the benefits of non-resident indians. the object of introducing the said section as could be seen from the note ..... has not claimed any deduction from the investment income.12. the provisions of chapter xii-a of the act making special provisions relating to certain income of non-residents including sections 115c to 115-i has been inserted w.e.f. 1st june, 1983, by the finance act, 1983. sub-section (1) of section 115d was the same as contained .....
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