Court : Kerala
Reported in : [2000]243ITR326(Ker)
..... but shall not exceed one and a half times the amount by which the tax actually paid during the financial year immediately preceding the assessment year under the provisions of chapter xviic falls short of- (1) 75 per cent. of the assessed tax as defined in sub-section (5) of section 215, or (2) the amount which ..... if its language is clear and unambiguous (see nalinakhya bysack v. shyam sunder haldar : [1953]4scr533 and chandroji rao v. cit : [1970]77itr743(sc) ). but they may throw light on the intention of the legislature in case of ambiguity (see r.s. joshi, sto v. ajit mills ltd. : [1978]1scr338 ..... held that marginal notes cannot be referred to for the purpose of construing the statute. as was explained by lord macnaghten, the marginal note is not part of an act of parliament. the position was reiterated in board of muslim wakfs v. radha kishan : [1979]2scr148 . marginal notes to the sections cannot control construction of the statute .....
Tag this Judgment!Court : Kerala
Reported in : (1993)111CTR(Ker)138; [1994]207ITR353(Ker)
..... 'industrial company' as defined in section 2(6)(d) of the finance act, 1968, and section 2(6)(c) of the finance acts of 1969 and 1970. the appellate tribunal, in that case, held that the assessee was an 'industrial company' as defined in the finance act as meaning a company which, among other things, is mainly engaged in ..... both and tends to blur their interdependence in cases such as the present one.'12. the decision of this court construing the word 'manufacture' arising under the finance act (income-tax act) is the one reported in cit v. casino (pvt.) ltd. : [1973]91itr289(ker) . we do not think that we should deal with all ..... the manufacture or processing of goods. the income-tax appellate tribunal rejected the application filed by the revenue for reference under section 256(1) of the income-tax act .....
Tag this Judgment!Court : Kerala
Reported in : [1985]154ITR598(Ker)
..... every person whose total income of the previous year or years is liable to income-tax under the act. the expression 'person' as defined in section 2, clause (31), of the act includes also a firm. chapter xvi of the act relates to the assessment of firms and section 185 prescribes the procedure for registration of firms by the ..... co.'s case : [1946]14itr272(bom) was accepted as laying down the correct law on the point.11. the madras high court in iyanar coffee & tea company's case : [1970]78itr775(mad) , distinguished the decision in jesingbhai ujamshi's case : [1950]18itr23(bom) , as, in its view, 'the learned judges took a different view probably because there ..... -operative bank ltd. v. cit .10. counsel for the revenue placed considerable reliance on the decision of the madras high court in iyanar coffee & tea company v. cit : [1970]78itr775(mad) and of the andhra pradesh high court in addl. cit v. venkata narasimha rao & co. : [1976]104itr28(ap) , where the view expressed by beaumont c. .....
Tag this Judgment!Court : Kerala
Reported in : (1984)43CTR(Ker)110; [1985]151ITR19(Ker)
..... the case may be, part of the property was vacant precedes or follows the period during which it is let.`` 6. the explanation was added to this clause by the finance act, 1977, with effect from april 1, 1977. counsel for the revenue contends that the explanation is not intended to be retrospective. sri narayanan poti, appearing for the assessee, submits that ..... arid the first floor were let out to the state bank of travancore and they were occupied as from october 12, 1969, within the period relevant to the assessment year 1970-71. the other two floors were let out on april 1,1971, and april 22, 1972, within the previous years relevant to the assessment years 1972-73 and 1973-74 ..... , respectively. with these two years we are not concerned in this case. for the assessment years 1970-71 and 1971-72, the assessee claimed vacancy remission, in terms of section 24(1)(ix) of the i.t. act, in respect of the two floors let out on october 12, 1969, for the period from april 1, 1969, to .....
Tag this Judgment!Court : Kerala
Reported in : (1994)118CTR(Ker)372; [1994]208ITR161(Ker)
..... the same decision, lord president (clyde) further observed (at page 48) : 'the benefit was essentially of a revenue character because the company became able more easily to finance its day-to-day transactions, and more efficiently to carry on its day-today manufacture'.42. we may now refer to what dixon j. said in hallstorm's property ..... transactions liable to tax. the fact that steps were not taken for recovery of the tax and that a notification exempting certain transactions which took place between september 1, 1970, to september 30, 1973, was passed on october 12, 1973, and cancelled on november 9, 1973, by the government, i.e., the exemption was in effect ..... claimed in the alternative that the amount laid out was in any event expenditure for current repairs allowable under section 10(2)(v) of the indian income-tax act, 1922. the court observed that the tribunal had evidence before it from which it could be concluded that by introducing the casablanca conversion system, the assessee made .....
Tag this Judgment!Court : Kerala
Reported in : [1994]207ITR288(Ker)
..... 3. on the merits, the appellate tribunal held that, before the introduction of section 40a(7) of the act by finance act, 1975 (act 25 of 1975), with retrospective effect from april 1, 1973, section 36(1)(v) of the income-tax act along with rule 103 of the income-tax rules, applied and after the introduction of section 40a, the ..... was also filed before the income-tax officer and that the contribution to the approved gratuity fund was being considered by the income-tax officer year after year from 1970-71. these facts are not disputed by the department.'7. in the light of the above facts, it is clear that the entire materials were before the income ..... the above facts, the appellate tribunal found that the matter regarding the contribution to the approved gratuity fund was being considered by the income-tax officer every year since 1970-71, that the income-tax officer had all the relevant materials (including the trust deed) before him when he made the original assessment for this year (1975-76 .....
Tag this Judgment!Court : Kerala
Reported in : (2003)179CTR(Ker)473; [2003]259ITR224(Ker)
..... ext. p4. the learned single judge took the view that since the proceedings have been taken under section 132, the assessment should be only had under chapter xivb of the act. it was in the above view that the original petition was allowed and ext. p4 was quashed. it is against that the present writ appeal is ..... assess undisclosed income in contradistinction with a regular assessment. the explanation inserted by the finance (no. 2) act 1998, with effect from july 1, 1995, clears all the doubts, if any, on the issue. explanation (a) states that the assessment made under this chapter shall be in addition to the regular assessment. explanation (b) states that the ..... can be taken.9. after hearing both sides, we are of the view that the appeal has to be allowed. chapter xivb of the act deals with the procedure for assessment. section 158ba of the act deals with assessment of undisclosed income as a result of search, which states as follows:'(1) notwithstanding anything contained in any .....
Tag this Judgment!Court : Kerala
Reported in : [1983]140ITR847(Ker)
..... section 271(1)(c) of the 1961 act, as that provision stood on june 24, 1970, when the ito was satisfied that the assessee has concealed the particulars of his income or furnished inaccurate particulars of such income. as earlier indicated, section 271(1)(c) of the 1961 act, was amended by the finance act, 1964, with effect from april 1 ..... mutatis mutandis, i.e., with the necessary changes being made or subject to suitable modifications : (see jain brothers v. union of india : [1970]77itr107(sc) ). the question whether the act charged is an offence will depend upon as to whether the assessee has violated any law in force at the time it was done and the quantum ..... 7,200 representing interest which the assessee would have earned in respect of certain idle funds but this addition has been subsequently deleted. 4. thereafter, on june 24, 1970, the ito initiated penalty proceedings for concealment of income and referred the matter to the iac. he passed an order on march 6, 1973, imposing a penalty .....
Tag this Judgment!Court : Kerala
Reported in : (1984)43CTR(Ker)103; [1985]154ITR345(Ker)
..... ' is defined under section 80b(5) as :'80b. (5) 'gross total income' means the total income computed in accordance with the provisions of this act, before making any deduction under this chapter or under section 280 and without applying the provisions of section 64.'16. 'priority industry' is defined under section 80b(7) as :'80b. (7) 'priority ..... that the interest income, income from machine shops and mobile equipments, miscellaneous receipts, etc., qualify for exemption under section 80-i of the income-tax act ? 2. a. y. 1970-71 : whether the tribunal is justified, in the facts and in the circumstances of the case, in holding that the miscellaneous receipts are eligible for ..... in the affirmative, that is, in favour of the assessee and against the revenue.3. the first two questions concern the assessment years 1969-70 and 1970-71 relating to the interest received from bank deposits and investments as well as the income derived by the hire of machines and cars and certain other miscellaneous .....
Tag this Judgment!Court : Kerala
Reported in : [1994]207ITR319(Ker)
..... society engaged in-- .... (iii) the marketing of the agricultural produce of its members; or . ...' 10. the explanatory note on the finance (no. 2) act of 1967, as could be gleaned from circular no. 5(p) of the central board of direct taxes dated october 9, 1967, is ..... 2. the respondent is the kerala state co-operative marketing federation limited, a co-operative society registered under the co-operative societies act. it is an assessee to income-tax. in this reference, we are concerned with the assessment year 1980-81. during the ..... in section 81 of the income-tax act for grant of rebate of tax on the abovementioned incomes of co-operative societies are to be replaced by the provisions in section 80p in the new chapter vi-a of the act with effect from april 1, 1968, ..... i.e., for and from the assessment year 1968-69. under the new section 80p of the act, co-operative societies will be entitled to a .....
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