Judgment Search Results Home > Cases Phrase: finance act 1970 chapter iii income tax Court: kerala Page 2 of about 374 results (0.058 seconds)

Kerala State Industrial Development Corporation Ltd. Vs. Commissioner ...

Court : Kerala

Reported in : [1989]180ITR323(Ker)

..... same also. this was so said on the basis that the only specification made was that the deduction should be computed before making any deduction under chapter vi-a of the act. on appeal by the assessee, the income-tax appellate tribunal upheld the said order passed by the commissioner of income-tax in revision. thereafter, ..... the income referred to in section 28 ... (viii) in respect of any special reserve created by a financial corporation which is engaged in providing long-term finance for industrial or agricultural development in india, an amount not exceeding-(a) in the case of a financial corporation or a joint financial corporation established under the ..... . the patna and madhya pradesh high courts have held that the statutory deduction under section 36(1)(viii) of the income-tax act, 1961, available to certain financial corporations providing long-term finance is to be calculated on the total income before deduction of the amount allowable under section 36(1)(viii). it has been held .....

Commissioner of Income-tax Vs. Mathew M. Thomas and ors.

Court : Kerala

Reported in : [1993]201ITR494(Ker)

..... the proceedings will be dropped if the apparent consideration of the immovable property is below rs. 5 lakhs.' 4. the provisions of chapter xx-c of the income-tax act introduced by the finance act of 1986, with effect from october 1, 1986, has been explained in another circular dated july 9, 1986. the explanatory note ..... on january 21, 1982, in this court. the said appeal is still pending. pending the appeal, chapter xx-c was introduced in the income-tax act by finance act of 1986 with effect fromoctober 1,1986. under section 269rr, chapter xx-a will not apply in relation to transfer of any immovable property after september 30, 1986.2. ..... :'circular no. 455, dated may 16, 1986. subject : acquisition of immovable properties under chapter xx-a of income-tax act, 1961--guidelines--regarding. the finance bill, 1986, has proposed that no proceedings shall be initiated under section 269c of the income-tax act, 1961, in respect of a property transferred after the 30th day of september, 1986. the .....

P.P. Ummerkutty Vs. Assistant Commissioner of Income Tax

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. .....

Seapearl Enterprises Vs. Dy. Cit, Cirecle-i, Alleppey

Court : Kerala

Reported in : [2006]155TAXMAN483(Ker)

..... supreme court in the above referred 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 explanation 4 was omitted from section 234a and explanation i was substituted by the new explanation specifically providing for levy of interest with reference ..... the assessment so made shall be regarded as a regular assessment for the purposes of this section.explanation 4 : omitted with retrospective effect from 1-4-1989 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 on regular ..... in accordance with the provisions of chapter xvii on any income which is subject to such deduction or collection and which is taken into account in computing such total income.from 1-4-1989: the explanation as printed above was substituted with retrospective effect from 1-4-1989 by the finance act, 2001. the explanation prior to .....

M/S.Medical Land, Trichur Vs. Commissioner of Income Tax,kochi

Court : Kerala

..... to be false" added to the definition of the undisclosed income vide section 158b(b) of the act by the finance act, 2002 with effect from 01/7/1995 which clinched the issue against the assessee. the tribunal found that chapter 14b provides separate procedure for assessment of any income revealed by search or requisition. it is against the ..... cases cannot be treated at par." i.t.a.no.221 of201212 however, we notice that the court pronounced the judgment on 19.02.2001. it is by finance act 2002, no doubt with retrospective effect from 01.7.1995 that the definition of "undisclosed income" was added to include any exception, deduction or allowance claimed which ..... the court did consider the effect of the words "undisclosed income" as amended by the finance act, 2002. the court made the following observation: "6. the finance act of 2002 has inserted the words "or any expense, deduction or allowance claimed under this act which is found to be false" at the end of the cl.(b), with retrospective .....

M.S. Hameed and ors. Vs. Director of State Lotteries and ors.

Court : Kerala

Reported in : [2001]249ITR186(Ker)

..... regarded as giving rise to income, though a salutary principle, can have no application to the facts of the present case. 26. reference had been made to the finance act, 1992, as seen published in [1992] 195 itr 214. sub-sections (2) and (3) were added to section 194g but in view of my finding that ..... r. prasad, senior counsel, appearing on instructions, for the petitioners, could be summarised as following : the provisions for collection and recovery of income-tax appearing in chapter xvii of the act refers to various methods, viz., deduction at source, collection at source, advance payment of tax, collection by recovery and levy of interests, etc. since section ..... contemplation of section 194g. the sub-headings of the section is commission, etc., on sale of lottery tickets. the liability is for deduction at source, under chapter xvii. the general provision by section 190 prescribes for deduction, collection at source or advance payment. it is not disputed that if at all the first alone .....

Ouseph Mathew and Company Vs. Income-tax Officer and ors.

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 .....

Sea Pearl Enterprises Vs. Deputy Commissioner of Income Tax

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 .....

N.T. John Vs. Commissioner of Income-tax and anr.

Court : Kerala

Reported in : [1997]228ITR314(Ker)

..... the case of any person, then, the assessing officer shall proceed to assess the undisclosed income in accordance with the provisions of this chapter.'4. chapter xiv-b was inserted in the income-tax act, 1961, by the finance act, 1995, with effect from july 1, 1995. it is an admitted case that the search was conducted in this case under section ..... will not apply in a case where a search is initiated under section 132 before june 30, 1995, the date on which the finance act, 1995, came into force. in that view, it cannot be said that chapter xiv-b has retrospective operation. at the same time, the definition of 'block period' contained in section 158b indicates that it operates ..... 132 of the act and that it was on february 23, 1996. that means chapter xiv-b as it stands now would apply in the present case. earlier chapter xiv-b was .....

Commissioner of Income Tax Vs. Appollo Tyres Ltd.

Court : Kerala

Reported in : (1998)149CTR(Ker)538

..... 30 - 43. this was the position with respect to every person who is subjected to be charged under section 4 of the act. the legislature, by the finance act, 1983, introduced a new chapter-chapter vi-b containing only one provision s. 80wa-imposing restriction on certain deductions in the case of companies, with effect from 1st april ..... common administration, common fund and a common place of business'.the supreme court again considered the same issue in produce exchange corpn. ltd. vs . c1t : [1970]77itr739(sc) . there, the question was as to whether the share business and other business carried on by the appellant- company constituted the same business. applying ..... ltd. vs . cit : [1961]41itr272(sc) , cit vs . prithvi insurance co. ltd. : [1967]63itr632(sc) , produce exchange corpn. ltd. vs . cit : [1970]77itr739(sc) . we hold accordingly. the authorities erred in holding otherwise. as both the activities constituted same business, which is an eligible business, provisions of s. 32a13(3)(b) .....