Judgment Search Results Home > Cases Phrase: finance act 1970 chapter iii income tax Court: kerala Page 3 of about 374 results (0.058 seconds)

Trans Asian Shipping Services Pvt.Ltd. Vs. Commissioner of Income Tax.

Court : Kerala

..... owned by the assessee. specific reference was made to sections 115va, 115vb and 115vg(4) of the act and rule 11q ita128 & 129/12 -:5. :- of the rules and form no.66 under the rules. explanatory notes to the finance act, 2004 were also referred to. the statutory form of audit report which should be in form 66 specifically ..... such non-qualifying ship shall be computed in accordance with the other provisions of the act. the decision of the tribunal does not warrant interference, it is argued. 7.chapter xii g of the act, consisting of sections 115v to 115vzc, was inserted by finance (no.2) act, 2004 with effect from 1.4.2005. 'tonnage tax scheme' is defined in ..... clause (m) of section 115v to mean a scheme for computation of profits and gains of business of operating qualifying ships under the provisions of chapter xii g. section 115v(j) defines 'tonnage income .....

South India Corpn. Ltd. Vs. the Addl. Commnr. of Income Tax and ors.

Court : Kerala

Reported in : [2009]312ITR31(Ker); 2008(2)KLJ652; [2009]180TAXMAN319(Ker)

..... in this case are certain questions relating to the interpretation of some of the provisions in chapter xii-g of the income tax act, 1961, the 'act', for short, providing special provisions relating to income of shipping companies, as per the finance act, 2004, hereinafter referred to as the 'finance act'.chapter xii-g of the act provides, among other things, a tonnage tax scheme, which is optional. that ..... chapter, comprising of sections 115v to 115vzc, was inserted in the act, with effect from 1-4-2005.2. the petitioner opted for the tonnage tax scheme .....

K. I. Viswambharan and Brothers and Other Vs. Commissioner of Income-t ...

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 .....

Commissioner of Income-tax Vs. Appollo Tyres Ltd.

Court : Kerala

Reported in : [1999]237ITR706(Ker)

..... 43c. 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--section 80wa--imposing restriction on certain deductions in the case of companies, with effect from april ..... administration, common fund and a common place of business.'58. the supreme court again considered the same issue in produce exchange corporation ltd. v. cit : [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 ..... . v. cit : [1961]41itr272(sc) ; cit v. prithvi insurance co. ltd. : [1967]63itr632(sc) and produce exchange corporation ltd. v. 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, the provisions of section 32ab .....

Commissioner of Income Tax Vs. A.M. Habeeb

Court : Kerala

Reported in : (2004)188CTR(Ker)100; [2004]268ITR344(Ker); 2004(2)KLT202

..... no fee was payable on appeals filed before the tribunal either by the assessee or by the revenue. provision for payment of fee on appeals was provided only by the finance act, 1998 from 1st oct., 1998. in order to take away the vested right inhered in a party, the device employed by the legislature was to use the expressions 'appeal ..... of the tribunal was provided from 1st oct., 1998, under section 260a(2)(b) in the case of appeals filed by the assessees the said provision, since omitted by the finance act, 1999 w.e.f. 1st june, 1999, no court fee was payable on appeals filed by the assessee from 1st june, 1999. so far as revenue's appeal ..... retrospective operation to the provisions of section 52a provisions similar to sections 249(1) and 253(6) of the it act should have been enacted. section 249(1) which prescribes the form of appeal and limitation states (every appeal under this chapter shall be in the prescribed form and shall be verified in the prescribed manner and shall in the case of .....

K.J. Joseph and ors. Vs. Income-tax Officer, a Ward

Court : Kerala

Reported in : [1980]121ITR178(Ker)

..... shall be included all income on which no income-tax is payable, under chapter vii. chapter vii provides for incomes forming part of total income on which no tax is payable. this chapter originally contained sections 81 to 85(c). sections 81 to 85 were deleted by the finance act no. 2 of 1967. sections 86 and 86a are the sections now retained ..... in this chapter. section 110 of the act provides that where there is included in the total income of the ..... cess is in truth a 'tax on lands' within entry 49 of the state list.' 19. in second gto v. d.h. nazareth : [1970]76itr713(sc) , while considering the validity of the g.t. act, it was pointed out that the legislative entries are likely to overlap occasionally, and it is useful to examine the 'pith and substance' of the .....

Commissioner of Income-tax Vs. Kerala Financial Corporation

Court : Kerala

Reported in : [1972]84ITR30(Ker)

..... to suffer reduction in the rebate in the rate of super-tax should therefore depend on an interpretation of the provisions in part ii of the first schedule to the finance act, 1964. counsel for the revenue contended, whether or not a portion of the dividend came out of the total income of the previous year, the quantum of dividends regulates only ..... % ' the question for decision is whether 'the whole amount of the dividends' in clause (i)(c)(b) of the second proviso to paragraph d of the first schedule of the finance act, 1964, will include the sum of rs. 1,40,923.54 loaned by the state government to the assessee to make up the deficit for payment of annual dividend at ..... does not form part of the total income of the assessee within the meaning of section 4 of the income-tax act for levy of income-tax. section 96 of the income-tax act reads : 'subject to the provisions of this chapter, the total income of any person shall, for the purposes of super-tax, be the total income as assessed for the .....

Commissioner of Income-tax Vs. T.A.V. Trust

Court : Kerala

Reported in : (2003)185CTR(Ker)466; [2003]264ITR52(Ker)

..... the tax shall, subject to the other provisions contained in this chapter, be levied upon and recovered from him in like manner and to the same extent as it would be leviable upon and recoverable from the person represented by him.8. section 161(1a) inserted by the finance act, 1984 (21 of 1984), with effect from april 1, 1985 ..... intention of the legislature is evident from the statement of objects and reasons for the insertion of section 161(1a) of the act vide the memorandum explaining the provisions of the finance bill (see : [1984]146itr166(mp) ), as also from the circular issued by the central board of direct taxes mentioned above.16. the stand of the department ..... is that by virtue of the provisions contained in section 161(1a) of the act, in a case where a trust is having income .....

Ouseph Mathew and Co. Vs. Income Tax Officer and ors.

Court : Kerala

Reported in : (1999)153CTR(Ker)79

..... filed under s. 245c will be disposed of as per the provisions of that chapter and the settlement commissioner is not in anyway bound by the other provisions of the act, in particular s. 186 of the act. it is further submitted that the amendment by way of finance act, 1987, was introduced w.e.f. 1st june, 1987 only for the ..... to indicate that the amendment was introduced only for the purpose of removal of doubts. it has to be pointed out, the deliberations before the parliament while passing the finance bill has not placed before this court for consideration, for the same might throw some light. in this situation, this court has to proceed only on the basis ..... said year was pending. at that stage, the petitioner filed a petition before the settlement commissioner to have the case settled in terms of s. 245c of the indian it act. the settlement commissioner by order dt. 25th jan., 1991 cancelled the registration given to the petitioner for the asst. yrs. 1975-76 and 1976-77 under the provisions .....

K. Sankaran Vs. Commissioner of Income-tax

Court : Kerala

Reported in : [1980]122ITR754(Ker)

..... annuity deposit required to be made by the assessee '3. chapter xxii-a dealing with annuity deposits was introduced in the i.t. act, by the provisions of the finance act, 1964, with effect from april 1, 1964. we may briefly notice the provisions of this chapter. section 280a provides that the provisions of the chapter shall apply to every person, whether an individual, a huf ..... deposits go up to section 280x.7. by the finance act, 1966, the provisions of sections 280k, 280r and 280t omitted with effect from april 1, 1967. the determination of the annuity deposit payable by the assessee was made only by the assessment orders dated march 28, 1969, january 9, 1970, and november 7, 1970.8. the contention on behalf of the assessee was .....