Court : Kerala
Reported in : [1994]207ITR691(Ker)
..... thing of which a person has not only ownership but also actual physical possession. a chose-in-action is assignable and is treated as property under chapter 8 of the transfer of property act which calls it 'an actionable claim'. 'actionable claim' means a claim to any debt other than a secured debt or a beneficial interest in movable ..... of construction, the supreme court followed the decision in jagabhai lallubhai v. rustamji nasarwanji [1885] ilr 9 bom 311, where it was held that an agreement to finance the borrower and the power of attorney of even date to receive the monies due to the borrower under certain contracts had the effect of an equitable assignment of ..... two parties, malhotra and the bank, was that of a borrower and lender and that the document was brought into existence in connection with a proposed transaction of financing of malhotra's contracts. the loans were to be advanced by the bank against malhotra's bills for supplies under the contract. the intention of the parties was .....
Tag this Judgment!Court : Kerala
Reported in : (2000)158CTR(Ker)104; [2000]243ITR818(Ker)
..... of his income or has furnished inaccurate particulars of such income. the word 'deliberately' appearing before the expression 'furnished inaccurate particulars of income' was deleted by the finance act, 1964 (act no. 5 of 1964), with effect from april l, 1964. the expressions 'has concealed the particulars of income' and 'has furnished inaccurate particulars of income' have ..... the assessment year 1974-75. in appeal, the first appellate authority reduced the addition to rs. 40,000 holding that the balance related to the assessment years 1970-71 to 1973-74. in further appeal by the revenue, the tribunal increased the addition to rs. 60,000. but it took note of the fact that ..... set out in the statement of the case, is as follows : the assessee is a partnership firm carrying on business in foodgrains, provisions, etc. for the assessment years 1970-71 to 1973-74, original assessment was completed on february 16, 1971, september 14, 1972, february 28, 1973 and march 22, 1976. on august 14, 1975, .....
Tag this Judgment!Court : Kerala
Reported in : [1991]188ITR612(Ker)
..... court was concerned with the assessment year 1970-71. we are now concerned with the assessment year 1977-78 for which the accounting period is april 1, 1976, to march 31, 1977. in view of the later statutory provision made in section 40a(7) of the income-tax act with retrospective effect by the finance act of 1975, the decision in high ..... the income-tax appellate tribunal held that the reopening of the assessment was not valid. since the sole ground on which the notice under section 147(b) of the act was issued did not survive due to the direction of the inspecting assistant commissioner not to add back the purchase tax liability, the appellate tribunal further held that, in ..... land produce co. ltd.'s case : [1976]102itr803(ker) may not be applicable to the case on hand. the question whether the payment to the group gratuity scheme is allowable should be decided in the light of section 40a(7)(b)(i) of the income-tax act. the appellate .....
Tag this Judgment!Court : Kerala
Reported in : [1978]113ITR729(Ker)
..... section (la) or clause (ii) of sub-section (2) of section 33, but without making any deduction under sub-section (1) of this section or any deduction under chapter via or section 280-o] is less than the amount of the development allowance due to be made in respect of that assessment year, the following procedure shall be followed ..... deduction shall be allowed under clause (ii) unless the planting has commenced after the 31st day of march, 1965, and been completed before the 1st day of april, 1970. (2) where the total income of the assessee assessable for the assessment year relevant to the previous year in respect of which the deduction is required to be allowed ..... previous year in which the deduction under sub-section (1) was allowed, any allowance under this section shall be deemed to have been wrongly made for the purposes of this act, and the provisions of sub-section (5a) of section 155 shall apply accordingly : provided that this sub-section shall not apply- (i) where the land is sold .....
Tag this Judgment!Court : Kerala
Reported in : (1981)20CTR(Ker)26; [1981]127ITR227(Ker)
..... references have thereafter been made to this court by the tribunal at the instance of the department.5. section 12 of the act as it stood at the relevant time (prior to the amendment introduced by the finance act, 1972) was in the following terms :' 12(1) any income of a trust for charitable or religious purposes or of a ..... as corpus and only the income therefrom should be expended on charitable purposes of the assessee-trust. the said stipulation is contained in two identically worded letters dated july 5, 1970, passed to the assessee-trust by the donor-trust. annexare ' a ' is a copy of one of those letters.3. the ito finalised the assessment in each ..... purpose of section 11 as income of the assessee-trust '2. the assessees (respondents) are two public charitable trusts to which the provisions of section 11 of the act are admittedly applicable. the relevant assessment year is 1971-72 for which the accounting period is the financial year ending march 31, 1971. during the course of the .....
Tag this Judgment!Court : Kerala
Reported in : [2007]8STT33; (2007)7VST323(Ker)
..... is unconstitutional. the taxable event is the sale and collection of tax before the sale takes place is, therefore, unconstitutional. the provisions contained in chapter v of the kvat act concerning assessment, collection or payment of tax do not authorise collection of tax in advance, by issuing a circular by the first respondent. section 3( ..... 19. in nand lal raj kishan v. commissioner of sales tax, delhi : [1962]1scr283 , the validity of section 8-a of the bengal finance (sales tax) (delhi amendment) act, 1956 was assailed in a writ petition filed under article 32 of the constitution. that provision enables the commissioner of sales tax to demand security from ..... , 1431, 1442, 1449, 1454, 1456, 1464, 1465, 1478, 1482, 1492, 1493, 1494, 1503, 1529, 1532, 1539, 1609, 1639, 1685, 1692, 1698, 1715, 1716, 1717, 1718, 1945, 1949, 1970, 1976, 2095, 2146, 2148, 2194, 2278, 2281, 2288, 2292, 2318, 2336, 2377, 2381, 2382, 2396, 2512, 2531, 2536, 2537, 2538, 2539, 2606, 2667, 2689, 2768, 2772, 2773, .....
Tag this Judgment!Court : Kerala
Reported in : [1973]91ITR588(Ker)
..... e-tax officer, the firm was entitled to a further deduction of rs. 25,000 from the capital gains as the basic exemption granted to registered firms under the finance act of 1967. as far as the 'capital gains' was concerned, the appellate assistant commissioner confirmed the order of the income-tax officer though he granted a marginal ..... apply only if no special rate is specified in any of the provisions included in chapter xii of the act. section 114 of the income-tax act was included in chapter xii.. section 114 was omitted and its place section 80t was inserted by the finance (no. 2) act of 1967. but, since the omission was to take effect only with effect from ..... the assessing authorities were right in rejecting the assessees claim for deduction of rs. 25,000 on the basis of paragraph c of the first schedule to the finance (no. 2) act of 1967.in the result, all the three questions are answered in the affirmative and against the assessee in both the referencs. in the circumstances of these .....
Tag this Judgment!Court : Kerala
Reported in : (2005)199CTR(Ker)279; 2006(3)KLT251
..... block period mentioned in section 158b(a) of the it act. writ petitioners had filed returns under section 158bc on 13th june, 1996. chapter xiv-b consisting of sections 158b to 158bh was inserted by the finance act, 1995, w.e.f. 1st july, 1995. first setting in motion of chapter xiv-b is to issue notice calling for return setting ..... forth total income including undisclosed income for the block period. chapter xiv-b came into effect before the search took place. petitioners' case ..... not to allow the second respondent to deal with the assessees and for a direction to the it department not to invoke the provisions of the act under chapter xiv-b of the act and also for other consequential reliefs. personal allegations were raised against the second respondent in the writ petition. so also the manner in which .....
Tag this Judgment!Court : Kerala
Reported in : (2005)199CTR(Ker)1
..... other hand, contended that there is no basis in the abovementioned contention. counsel submitted sub-section (2) of section 158bfa falls under chapter xiv-b which was inserted by finance act, 1995. chapter xiv-b deals with special procedure for assessment of search cases. counsel submitted there is no illegality in levying interest and penalty in those ..... apex court in cto and ors. v. swastik roadways and anr. : (2004)3scc640 to bring home this point.7. chapter xiv-b consists of sections 158b to 158bh which was inserted by finance act, 1995 so as to provide for an assessment of the undisclosed income detected as a result of the search, and is ..... cases which fall under chapter xiv-b. counsel also made reference to the decision of the gujarat high court in rahimbhai karimbhai nagriwala v. b. .....
Tag this Judgment!Court : Kerala
Reported in : [1999]240ITR668(Ker)
..... chapter and the settlement commission is not in any way bound by the other provisions of the act, in particular section 186 of the act. it is further submitted that the amendment by way of the finance act, 1987, was introduced with effect from june 1, 1987, only ..... to indicate that the amendment was introduced only for the purpose of removal of doubts. it has to be pointed out, the deliberations before parliament while passing the finance bill has not been placed before this court for consideration, for the same might throw some light in this situation, this court has to proceed only on the ..... last date, viz., march 31, 1987, cancelling the registration is one without any authority, power or jurisdiction.3. the contention of the department is that chapter xix-a of the income-tax act is in the nature of a self-contained chapter and the applications filed under section 245c will be disposed of as per the provisions of that .....
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