Court : Kerala
Reported in : [2010]189TAXMAN303(Ker)
..... for exemption. the question, therefore, to be considered is whether the removal of definition clause on manufacture by the legislature through the amendment introduced by the finance act, 2000 with effect from the assessment year 2001-02 onwards is with the object of restricting the benefit of exemption to 100 per cent export oriented units, ..... year 2000-01. however, for the assessment years 2001-02 and 2002-03 to which these appeals relate, exemption was declined for the reason that by the finance act, 2000 the definition of 'manufacture' which included 'processing' contained in section 10b was deleted with effect from 1-4-2001. the department's stand is that ..... the case of the industry located in the special economic zone in the case above referred, this court has taken into account the definition of 'manufacture' contained in chapter ix of the export import policy, 2002-2007, which is as follows:'manufacture' means to make, produce, fabricate, assemble, process or bring into existence, by .....
Tag this Judgment!Court : Kerala
Reported in : AIR1995Ker94
..... may be an agency or instrumentality thereof. it was accordingly held that the corporation was a 'company', and therefore compliance with the provisions of chapter vi of the land acquisition act was necessary in order to lawfully acquire any land for its purposes.11. the supreme court had occasion to deal with government companies incorporated under ..... to these provisions, that the food corporation is the central government itself in one of its many manifestations. particular reference is made to the fact that even its finances are provided and controlled by the central government, as also the further provision to make over the surplus profits to the central government. on the other hand, ..... lands and buildings were vested in and owned by, the companies. reliance was placed on the observations in rustom cavasjee cooper v. union of india, air 1970 sc 564 that property of the company was not the property of the shareholders to hold that the contribution of the share capital in is entirely by the .....
Tag this Judgment!Court : Kerala
Reported in : [1988]170ITR210(Ker)
..... being in force authorising any income-tax authority to exercise any powers thereunder ; or...' 6. section 137 was, however, deleted by the finance act, 1964 (5 of 1964). section 138 was substituted and it underwent a further amendment by the finance act of 1967. from then on, section 138 reads thus :'138. disclosure of information respecting assessees.--(1) (a) the board or any other ..... ) all particulars contained in any statement made, return furnished or accounts or documents produced under the provisions of this act, or in any evidence given, or affidavit or deposition made in the course of any proceedings under this act, other than proceedings under chapter xx11, or in any record of any assessment proceeding, or any proceeding relating to recovery of a demand, prepared .....
Tag this Judgment!Court : Kerala
Reported in : (2006)201CTR(Ker)492; [2006]282ITR587(Ker); 2006(1)KLT258
..... his joining any employment with that person; or(b) after cessation of his employment with that person.sub-clause (iii) of section 17(3)(i) was inserted by the finance act, 2001 with effect from 1.4.2002.9. the revenue has already raised a contention that since the term 'voluntary retirement' has not been used by the legislature in section ..... is the view taken in c.i.t. v. g. venugopal (2005) 273 itr 397.12. section 89(1) is a beneficial provision which has been placed under chapter viii dealing with rebates and reliefs and therefore has to be interpreted in tune with the object and purpose for which those provisions have been incorporated. if section 89(1 ..... termination of employment whether due to disciplinary proceedings or otherwise, would alone be entitled to get relief under section 89(1) of the act.10. section 89 finds a place in chapter viii of the income tax act which deals with rebates and reliefs. part a relates to rebate of income tax and part b deals with relief for income tax. .....
Tag this Judgment!Court : Kerala
Reported in : (1978)6CTR(Ker)0037B
..... placed the relevant authorities before us. we may also point out that counsel for the revenue invited out attention to the relevant amendments effected by the finance act, 1965 which introduced chapter vi-a in the income-tax act 1965, for the purpose of showing that the object of the amendment was to provide an integrated scheme for determining the total income. as stated ..... not the gross dividend of rs. 1,71,204/- while computing the chargeable profits under the companies (profits) surtax act, 1964, for the assessment year 1971-72 ?'2. the accounting year with which we are concerned is the year ending 31-12-1970. the assessee is a limited company. apart from income from business it had also income from dividend. the amount .....
Tag this Judgment!Court : Kerala
Reported in : (1999)157CTR(Ker)375; [2000]242ITR1(Ker)
..... for a mandamus directing to dispose of exhibit p-3 declarations on the merits and in accordance with the provisions of the kar vivad samadhan scheme in chapter iv of the finance (no. 2) act of 1998.3. shri p. g. k. wariyar contended that the entire procedure adopted by the respondent was irregular and against the provisions of the ..... scheme the assessee deposits the same within the time prescribed. because 90(in such event the revision is deemed to be withdrawn under section 4) of the finance (no. 2) act of 1998.'9. in the above view of the matter, i quash exhibits p-5, p-6 and p-7 and direct the respondent to consider and ..... cases is similar and they are disposed of by a common judgment. the petitioners in both these original petitions were partners of a firm called thoppil finance, which was an assessee under the income-tax act, 1961. by order dated september 25, 1997, of the settlement commission, the assessing authority, viz., the assistant commissioner of income-tax, investigation circle .....
Tag this Judgment!Court : Kerala
Reported in : [2006]153TAXMAN65(Ker)
..... from house property, ' d' profits and gains of business or profession, 'e' capital gains, and 'f' income from other sources ('b' interest of security 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 ..... ltd. : [1991]187itr596(cal) , in shankar industries v. cit : [1978]114itr689(cal) and in cit v. drilcos (india) (p.) ltd. : [2004]266itr12(mad) .8. chapter iv of the income tax act deals with computation of total income. section 14 provides the heads of income. under the said section, all income for the purposes of charge of income-tax and ..... the opinion of the assessing officer, 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 .....
Tag this Judgment!Court : Kerala
Reported in : (1999)153CTR(Ker)81
..... 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 .....
Tag this Judgment!Court : Kerala
Reported in : [1992]194ITR125(Ker)
..... law dictionary). the above definition more or less is reflected in the provisions contained in chapter iii of the kerala municipalities act, 1960, the council constituted under section 7 with the assistance of the standing committee of the council, chairman, commissioner, etc., will administer the ..... the section. therefore, to find a solution to the problematic dispute, we have to give a meaning to the word 'municipality' which stands undefined in the act. generally understood, 'municipality' means a legally incorporated or duly authorised association of inhabitants of a limited area for local governmental or other public purposes. (black's ..... and item (b) of sub-clause (iii) of clause (14) of section 2 of the income-tax act, 1961 (43 of 1961) and in supersession of the notification of the government of india in the erstwhile ministry of finance (department of revenue and insurance) no. s. 0. 77(e), dated the 6th february, 1973, the .....
Tag this Judgment!Court : Kerala
Reported in : (1997)137CTR(Ker)1; [1997]227ITR893(Ker)
..... the situations of exemptions with reference to the determination of capital gains. it is in the statutory provision of section 53 of the act, the explanation under consideration comes on the statute as a result of the finance act, 1987, with effect from april 1, 1987. the said explanation is reproduced hereinbelow :'in this section and in sections 54, ..... in regard thereto.9. the subject of capital gains gets codified as a separate situation--e. capital gains--from section 45 of the act onwards. a perusal of the initial sections of this chapter would serve as a guide to know the scheme of the subject statutorily dealt with. 'capital gains' basically relate to a situation of ..... transfer of a capital asset, resulting into either profits or gains as a result thereof. section 45 of the act itself makes it clear that even though .....
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