Court : Kerala
Reported in : (2003)182CTR(Ker)502; [2003]261ITR708(Ker)
..... indicating of such a requirement by the assessee and in view of the fact that such a requirement was made expressly clear by an amendment brought about by the finance act, 1997, we have no hesitation to hold that such a requirement made explicitly clear both by amendment to section 36(1)(viii) as well as by insertion ..... or purchase of houses in india for residential purposes, an amount not exceeding forty per cent of the total income computed before making any deduction under this clause and chapter vi-a carried to such reserve account : provided that the corporation or, as the case may be, the company is for the time being approved by the ..... claimed under section 36(1)(viii) is supported by law, justified and allowable. 5. the tribunal, however, relying on the decision in indian overseas bank v. cit : [1970]77itr512(sc) rejected the contention of the appellant. reliance placed by the tribunal on the decisions in cit v. standard motor products of india ltd. : [1962]46itr814(mad) and .....
Tag this Judgment!Court : Kerala
Reported in : [1981]129ITR156(Ker)
..... comes into operation at a stage subsequent to the computation of the total income arising from business done in accordance with sections 30 to 43a occurring in chapter iv of the act and, therefore, the unabsorbed losses cannot be set off before calculating the deduction under section 80e. it is not possible to accept the view that section ..... of business or profession '. we consider that the set-off permitted under section 72 is from an amount arrived at after applying the provisions of chapter iv along with other sections of the act such as sections 66 and 67, etc., dealing with computation of income and after permitting the deductions under section 80e. 'the court has further ..... :' whether section 80t relief is to be given only for the amount of capital gains after the capital loss is set off '2. the assessment year concerned is 1970-71. the assessee is h. h. sir rama varma of trivandrum. in the assessment year in question the assessee had long-term capital gains. the assessee had also .....
Tag this Judgment!Court : Kerala
Reported in : (2006)204CTR(Ker)81
..... the supreme court in the abovereferred decisions, the demand of interest based on assessed, income is perfectly in order by virtue of the amendment to the act by finance act, 2001 whereunder expln. 4 was omitted from section 234a and expln. 1 was substituted by the new explanation specifically providing for levy of interest with ..... the assessment so made shall be regarded as a regular assessment for the purposes of this section.explanation 4 omitted with retrospective effect from 1st april, 1989 by finance act, 2001 was as follows:explanation 4 : in this sub-section, 'tax on the total income as determined under sub-section (1) of section 143 or ..... accordance with the provisions of chapter xvif on any income which is subject to such deduction or collection and which is taken into account in computing such total income.'from 1st. april, 1989 : the explanation as printed above was substituted with retrospective effect from 1st april, 1989 by the finance act, 2001. the explanation prior .....
Tag this Judgment!Court : Kerala
Reported in : (1983)36CTR(Ker)372; [1984]150ITR105(Ker)
..... : [1978]111itr1(sc) . we shall briefly state our reasons therefor.9. it is true that the supreme court in shankar ramchandra abhyankar v. krishnaji dattatraya bapat, : [1970]1scr322 , held, in construing section 115 of the c.p.c., ' that the jurisdiction which is being exercised is a part of the general 'appellate jurisdiction' of the ..... the appellate assistant commissioner cannot travel beyond the subject-matter of the assessment. in other words, the power of enhancement under section 31(3) of the act is restricted to the subject-matter of assessment or the source of income which have been considered expressly or by clear implication by the income-tax officer from ..... assessmentorder by the officer, cannot be said to (make the order) erroneous. counsel stressed that the power vested in the commissioner under section 264 of the act is only a different form of ' appellate power ' and on that premise, the jurisdiction so vested in the commissioner is analogous to the appellate power provided .....
Tag this Judgment!Court : Kerala
Reported in : 2004(2)KLT585
..... loss as has not been so set off or, where he has no income under any other head, the whole loss shall, subject to the other provisions of this chapter, be carried forward to the following assessment year and the same shall be set off against the profits and gains, if any, of any business or profession carried on ..... of manufacture and sale of cloth. the assessee claimed set off of unabsorbed depreciation carried forward from the earlier assessment years against the income computed for the assessment year 1970-71. this was disallowed on the ground that the assessee had sold the business of textile mills and had ceased to carry on the said business in the ..... can be no depreciation allowance.'11. the bombay high court in c.i.t. v. estate and finance ltd. : [1978]111itr119(bom) considered the question whether on a proper interpretation of sections 56, 57(ii) and 32(2) of the act, the unabsorbed depreciation brought forward since 1952-53 could be set off against the business income assessed in .....
Tag this Judgment!Court : Kerala
Reported in : [2000]244ITR598(Ker)
..... be borne in mind that the change in language of section 271(1)(c) brought in by amendment by the finance act, 1964, makes a lot of difference. the explanation to section 271(1)(c) of the act introduced by the finance act as indicated above creates a presumption of law, which is, no doubt, rebuttable, to the effect that where the ..... deposit or any other concealment, the standard is the same. the principle enunciated in anwar ali's case : [1970]76itr696(sc) , that mere rejection of the explanation of the assessee is not sufficient for levying penalty no longer holds good and it is no longer necessary that the department ..... presumption created by it has to be applied, which has the effect of shifting the burden or proof. the rule regarding burden of proof enunciated in cit v. anwar ali : [1970]76itr696(sc) , is no longer valid (see cit (addl) v. jeevan lal sah : [1994]205itr244(sc) ). whether it is a case of undisclosed or unexplained cash .....
Tag this Judgment!Court : Kerala
Reported in : (2006)203CTR(Ker)343; [2007]288ITR134(Ker)
..... salaries, 'c income from house property, 'd' profits and gains of business or profession, 'e' capital gains, and 'f' income from other sources ('b' interest on securities was omitted by finance act, 1988). section 56 deals with income from other sources. under sub-section (1) of section 56, income of every kind which is not to be excluded from the total income ..... him is not, in the opinion of the ao, satisfactory, the sum so credited may be charged to income-tax as the income of the assessee of that previous year. chapter xiv deals with procedure for assessment. under section 139, every person being a company shall furnish a return of his income or the income of such other person during the ..... conviction is to be set aside. finally, it was argued relying on the decision in cit v. anwar ali : [1970]76itr696(sc) that in any event there is no culpable mens rea and the amended section 278e of the it act which came into force only w.e.f. 10th sept., 1986 will not apply to the case of an it return .....
Tag this Judgment!Court : Kerala
Reported in : (2003)183CTR(Ker)21; [2003]262ITR579(Ker)
..... 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, reads 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 ..... the banks. now, after the 1985 amendment, the deduction was geared to a percentage of the total income computed before making any deduction under this clause or chapter vi-a or an amount not exceeding two per cent, of the aggregate average advances made by the rural branches of such banks computed in the prescribed manner ..... 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 vi-a) 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 : (1984)42CTR(Ker)89; [1984]149ITR233(Ker)
..... , it is neither fully compensatory nor is it totally without an element of deterrence or sanction.21. the effect of registration under the provisions of chapter xvi of the act is to confer a substantial benefit upon a class of assessees, namely, the registered firms. they are singled out for conferment of a special benefit ..... different rates of taxation are prescribed for different categories of persons, transactions, occupations or objects. '[see also twyford tea co. ltd. v. state of kerala : [1970]3scr383 ].23. the legislature had an object in classifying the registered firms as a group apart and separate from unregistered firms and other assessees, and conferring a special ..... on that firm if that firm were an unregistered firm. '7. referring to section 271(2), the supreme court in jain brothers v. union of india : [1970]77itr107(sc) , rejected the contention that that provision contravened article 14 of the constitution. the court stated (p. 118):'it was, however, open to the legislature .....
Tag this Judgment!Court : Kerala
Reported in : [1998]233ITR178(Ker)
..... section 80t, reasonably understood, is not capable of and does not admit of any other construction. in the context reference is also made to the reasoning that by the finance act, 1987, with effect from april 1, 1988, section 80t has been omitted and its provisions with certain changes have been placed in section 48 emphasising further that this ..... carried forward to the following assessment year, and so on for a maximum of eight assessment years immediately succeeding the assessment year for which the loss was first computed. chapter vi-a is titled 'deductions to be made in computing total income'. sub-section (1) of section 80a therein states that in computing the total income of an ..... assessee, there shall be allowed from his gross total income, in accordance with arid subject to the provisions of chapter vi-a, the deductions specified in sections 80c to 80u. sub-section (2) of section 80a makes it clear that the aggregate amount of the deductions under .....
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