Court : Kerala
Reported in : 2003(3)KLT177
..... is established to have become a bad debt in the previous year. this is subject to the fulfilment of the conditions specified in sub-section (2) of section 36. however, as per the amendment made by the finance act, 1985, a proviso was added to clause (vii) as per which, in the case of a bank to which clause (viia) applies ..... thereof which is written off as irrecoverable in the accounts of the assessee for the previous year'.4. section 36(2) specifies certain conditions to be fulfilled for eligibility to the claims under section 36(1). section 36(2)(v) introduced by the finance act, 1985 which is relevant for the purpose of this case, reads as follows: '36(2): in ..... one and a half per cent of the aggregate average advances made by such branches, computed in the prescribed manner'. 3. section 36(1) (vii) and (viia) as it stood after the amendment made by the finance act, 1985 read as follows: '36(1): the deductions provided for in the following clauses shall be allowed in respect of the .....
Tag this Judgment!Court : Kerala
Reported in : (2006)205CTR(Ker)600; 2006(4)KLT149
..... from the valuation clause, clause (7), introduced in rule (3) of the income tax rules, 1963 prescribed under new clause (vi) of section 17(2), introduced by finance act 2001 with effect from 1.4.2002, that government proposes to introduce tax on interest incentive only from assessment year 2002-03 onwards. it appears the ..... . in both the cases, the courts have referred to section 17(2)(vi) introduced by finance act, 1984 with effect from 1.4.1985 and it's later deletion by finance act, 1985 retrospectively to neutralize the provision as originally introduced. by introducing clause (vi) to section 17(2) parliament made it clear that interest concession given ..... company directly to the financial institution from which petitioners and other employees availed house building loan is a perquisite falling under clause (iv) of section 17(2) of the act, because under the terms of the loan, as admitted in this case, the financial institution can directly claim the interest subsidy from the third .....
Tag this Judgment!Court : Kerala
Reported in : AIR1959Ker279; [1959]36ITR544(Ker)
..... year and not as it was at the time the losses occurred.12. the indian income-tax act was extended to travancore-cochin and the travancore income-tax act was repealed by sections 3 and 13 of the indian finance act of 1950. section 13 (1) of the finance act of 1950 provides :'13, (1) if immediately before the 1st day of april, 1950, ..... the taxation laws (part b states) (removal of difficulties) order, 1950, was expressly passed in exercise of the powers conferred on the central government by section 12 of the finance act, 1950, which itself was enacted for the purpose of providing a machinery for removing difficulty in giving effect to the provisions of the extended ..... or his daughters, nor assessment of such income, until the passing of the indian finance act of 1939, which imposed the tax for 1939-40 on the 1938-39 income and authorised the present assessment.by sub-section (1) of section 6 of the indian finance act, 1939, income-tax for the year beginning on the 1st april, 1939 is directed .....
Tag this Judgment!Court : Kerala
Reported in : (2010)229CTR(Ker)52
..... providing for wealth-tax only on such of the assets enumerated in the sub-clauses provided under the said section w.e.f. 1st april, 1992. in other words, while the provisions of the wt act, prior to the amendment by finance act, 1992, described and named items of assets excluded from tax, after the amendment, the assets which are subject to wealth-tax ..... are specifically identified and earmarked by parliament in the sub-clauses contained in section 2(ea) of the act. keeping this in mind, we have to identity .....
Tag this Judgment!Court : Kerala
Reported in : (1989)78CTR(Ker)34; [1989]177ITR1(Ker)
..... (ker) , accepted the assessee's contention and allowed the appeal. the above bench decision dealt with the liability of an assessee on a declaration made under section 68 of the finance act, 1965, in second appeal, the income-tax appellate tribunal concurred with the decision of the commissioner of income-tax (appeals), by order dated may 4, ..... respondent-assessee made a voluntary disclosure under section 3(1) of the voluntary disclosure of income and wealth act, 1976. by such declaration, he became liable to pay income-tax ..... to claim deduction of the tax liability in respect of the disclosure made under section 3(1) of the voluntary disclosure of income and wealth act, 1976?' 2. the respondent is an assessee to wealth-tax. we are concerned with the assessment year 1970-77. the valuation date for this assessment yearis september 30, 1975. the .....
Tag this Judgment!Court : Kerala
Reported in : [2000]241ITR444(Ker)
..... submitted that the provisions were specific and, therefore, the question of adding anything into the provisions of section 10(30) is impermissible.5. section 10(30) at the relevant point of time before the amendment by the finance act, 1984, reads as follows :'10. (30) in the case of an assessee who carries ..... tribunal were unsuccessful. on consideration of the application under section 256(1) of the act, as indicated above, the question has been referred.4. learned counsel for the assessee submitted that under section 10(30) of the act, which was inserted by the taxation laws (amendment) act, 1970, with retrospective effect from april 1, 1969, subsidy ..... 'or for rejuvenation or consolidation of areas used for cultivation of tea' was inserted by the finance act, 1984, with effect from april 1, 1985. so far as the other subsidies are concerned, the taxation laws (amendment) act, 1970, which became operative with retrospective effect from april 1, 1969, specified the scheme for replantation .....
Tag this Judgment!Court : Kerala
Reported in : (2006)204CTR(Ker)90; [2006]284ITR298(Ker)
..... declarant is the son and the assessee who challenged the assessments is his mother. even though there is no bar against reopening of assessment under section 69 of the finance act, 1997, i do not think the petitioners are entitled to relief for the reason that the assessments challenged in the revision petitions are based ..... annamma ouseph was declared by her son under the voluntary disclosure of income scheme. on the other hand, standing counsel for the respondents referred to section 69 of the finance act, 1997, which prohibits reopening of any completed assessment based on voluntary disclosure of income scheme declaration. against this contention counsel for the petitioner pointed out ..... gains which were accepted by the department by completing the assessment under section 143(1)(a) of the income-tax act for the assessment years 1994-95 and 1995-96. however, later when the voluntary disclosure of income scheme was introduced by the finance act, 1997, the son of mr. p.o. kuriakose filed a .....
Tag this Judgment!Court : Kerala
Reported in : [1995]214ITR195(Ker)
..... 440. we do not find our way to accept the contention of the assessee. the assessee becomes entitled to the development rebate under the extension granted by section 16 of the finance act, 1974, in a case where the machinery had been manufactured in undertakings owned by it and steps in that direction had been taken before december 1, ..... tribunal on the basis that the assessee must be taken to have manufactured this plant within the meaning of the term 'manufacture' appearing in clause (c) of section 16 of the finance act, 1975?' 2. the first question admittedly stands concluded against the assessee by the decision of the supreme court in lohia machines ltd. v. union of india ..... rebate of rs. 11,91,875 as against rs. 13,26,440 claimed. the disallowance was based on the provisions of section 16(c) of the finance act, 1974. the provisions of section 33 of the income-tax act allowing development rebate were operative only up to may 31, 1974, by virtue of notification no. 2167 issued by the .....
Tag this Judgment!Court : Kerala
Reported in : [2005]142STC266(Ker)
..... bihar : air1971sc1210 . senior counsel also submits that the amendment of the kerala general sales tax act by which section 26b is incorporated by the finance act, 1999 with effect from april 1, 1999 has no retrospective operation. senior counsel also pointed out that section 26b inserted by finance act, 1999 with effect from april 1, 1999 does not have the effect of getting over the ..... ultimately there was a compromise between them and the court made the award a rule of the court in terms of the compromise by its order dated november 24, 1970. meanwhile the borrower had failed to pay the sales tax arrears due to the state of kerala; on january 12, 1971, a demand notice was served upon the ..... when the award is made a rule of the court which was done on november 24, 1970, whereas the attachment by the tax recovery officer under the provisions of schedule ii to the income-tax act was earlier, i.e., on november 4, 1970 and in that view, the high court was right in taking the view that the crown .....
Tag this Judgment!Court : Kerala
Reported in : [1995]211ITR659(Ker)
..... main issue involved in these three cases is whether the assessee is entitled to the benefit as an industrial company as defined under section 2(7)(c) of the finance act, 1979, which corresponds to section 2(6)(c) of the earlier finance act. the contention of sri p.k. ravindranatha menon, senior standing counsel for the revenue, is that for the assessment year 1978-79 ..... was done in outside factories with the processing charges being paid by the assessee will not take the assessee outside the ambit of the definition of industrial company in the finance act.4. we must also mention here that the matter, in the way in which it was put before us, does not appear to have been pressed either before the commissioner .....
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