Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : 195425ITR120(Coch.)
..... in force until altered or repealed or amended by a competent legislature or other competent authority.(3) march 31, 1950. the finance act, 1950 (central act xxv of 1950) came into force and the indian income-tax act, 1922 (central act xi of 1922) was extended to travancore-cochin.(4) april 18, 1950. the opium and revenue laws (extension of application ..... as far as the ambit of the present enquiry is concerned, as it has done, he would like to investigate whether action is possible under sub-section (4) of section 5 of act xiv of 1124 untrammlled by any observation of ours and as it is unnecessary for us to decide that point for dealing with this petition, we ..... in force in the state shall be deemed to be a decision given by the income-tax authority for the purposes of sub-section (2) of section 8 pf the travancore taxation on income (investigation commission) act, 1124 (travancore act xiv of 1124); (c) any reference in the state law, by whatever form of words, to the state government, or .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : 195527ITR503(Coch.)
..... have effect. when the legislature intends to repeal a statute it is so expressly mentioned as is clear from the language of the second sub-clause of section 13 of the finance act which reads : "if immediately before the 1st day of april, 1950, there is in force in any state other than jammu and kashmir a law ..... act xxiii of 1121, has been repealed by that section.section 13 (1) of the finance act is as follows :- "13 (1). if immediately before the 1st day of april, 1950, there is in force in any ..... 1125 and 1126, the account years being 1124 and 1125.2. on the first question the contention of learned counsel for the assessee is that section 13 (1) of the indian finance act, xxv of 1950, has rendered assessment to agricultural income-tax for the years in question impossible because the law which authorised it, namely, travancore .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : 195528ITR885(Coch.)
..... tax for the year.4. two rectification proceedings were, one after the order, taken by the respondent with reference to ex. a order under section 48 of the travancore income-tax act corresponding to section 35 of the indian act. by the first order filed in the case as ex. b he cancelled the adjustment and set-off as regards two of the heads ..... of business belong to the same person and are connected with the same trade, the one being ancillary or subsidiary to the other, if they are owned, controlled and financed in common, if the staff employed and the place of business are the same and if common accounts are kept, it may readily be inferred that the two lines of ..... fatal to the claim that the different line of business are really parts of the same business." 11 again, the jurisdiction to correct by way of rectification under section 35 of the indian act is limited. it deals only with errors apparent on the face of the record which can be corrected at any stage.as observed by gentle, c.j., .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : 195629ITR672(Coch.)
..... respondent income tax authority, in the circumstance at that stage.9. we will now proceed to examine the provision of the finance act relied on by the department for the exercise of their jurisdiction under section 35 of the income-tax act. the finance act (xxxix of the 1952) which governed the instant assessment did no bring about any change in the financial structure that ..... existed in the previous year. we have therefore the to refer to the provision of the finance act (xxiii as 1951) as suitably modified with the reference to section 2 of the finance act (xxix of 1952). part 1 of the first schedule to the finance act (xxiii of 1951) may be taken therefore to have provided for the rate of income-tax which ..... was to be charged as per section 2 of the finance act (xxix of 1952). item b of the part dealt with the case of companies. the normal rate of income-tax was fixed as 4 anna in the rupee on .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : 195630ITR73(Coch.)
..... for consideration.10. as far as question (iii) is concerned it is conceded by the learned counsel for the department that by virtue of section 13 of the finance act of 1950, the travancore income-tax act, 1121 should apply for all assessments in respect of accounting years ending on or before 31st march, 1949. in this view the tribunals ..... of entry 82 of the union list cannot be deemed to be income and taxed upon that footing." 15. section 23a of the indian income-tax act, 1922, has been completely recast by the finance act of 1955. it is with the section as it stood before the amendment that we are concerned in this case. subsection (1) as it stood then ..... direction to the income-tax officer to proceed under section 23a of the indian income-tax act, 1922, in respect of the accounting year 1123 which .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : 195630ITR356(Coch.)
..... that date in part a states under a notification of 1925, issued under section 60 of the indian income-tax act, 1922.4. the history of the exemptions in favour of co-operative societies till the amendment effected by the finance act of 1955, in pursuance of the recommendations of the taxation enquiry commission is ..... briefly summarised in a. n. aiyars indian income-tax act, 1922, (1955 edition, page 12) as follows : "government had granted some exemptions to ..... from the exemption (i) interest on securities, (ii) income from property, (iii) dividends, and (iv) income-from other sources chargeable under section 12 of the act.the taxation enquiry commission laid great emphasis on the extreme importance of planned co-operative development for the future welfare of the country and expressed the view .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : 195630ITR451(Coch.)
..... the provision relating to reference to the high court applies only to orders of the appellate tribunal. under the taxation laws (extension to merged states and amendment) act, 1949, (section 7) any reference in the law of any merged state to an officer, authority, tribunal or court shall be construed as a reference to the corresponding officer ..... to be taxed. in fact, this position is the natural corollary of deletion of the exemption provided by sub-clause (iii) of sub-section (3) of sub-section 5 of the act as it stood before the amendment." it was next stated in the order that the first contention of the monastery was that the donations ..... petitions from the orders of the appellate assistant commissioner before the commissioner of income-tax, mysore, travancore-cochin and coorg (third respondent) under section 43 of the cochin income-tax act. in the meanwhile, the income-tax officer made fresh assessment as per the directions of the appellate assistant commissioner. for the year 1123 the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (1983)3ITD348(Coch.)
..... nagar cold storage (p.) ltd. [1980] 126 itr 66 where the cold storage plant was used for preserving potatoes. the claim in that case was under section 2(6)(c) of the finance act, 1969, namely, whether the assessee there was an industrial company. reliance is also placed on the decision of the allahabad high court in addl. cit v. ..... of any one or more of the articles or things specified in the ninth schedule to the act. in so disallowing he has reproduced the words contained in section 32a(2)(6) as it stood before its amendment by the finance (no.2) act, 1977 with effect from 1-4-1978. by this amendment the reference to manufacture or production ..... is by the revenue. the only point urged in this appeal is that the aac, calicut, has erred in holding that investment allowance is admissible under section 32a of the income-tax act, 1961 ('the act'), on the 'plate freezer'.2. the assessee purchases sea food, mainly shrimps and exports them after subjecting them to processes of de-heading, peeling, .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (1983)6ITD788(Coch.)
..... , but as meaning 'instead of or 'in place of. deposit when to be made.--(1) a deposit in lieu of payment of surcharge on income-tax under sub-section (6) of section 2 of the finance act, 1976 (66 of 1976), may be made by a company at any time before the last instalment of advance tax is due in its case. (2) a ..... deposit is lieu of payment of surcharge on income-tax under subsection (8) of section 2 of the finance act, 1976 (66 of 1976), may be made by a company at any time during the financial year commencing on the 1st day of april, 1976. (3) a deposit ..... has introduced a scheme by which certain relief was sought to be given in respect of companies which are required to pay surcharge. by clause (8) of section 2 the finance act, 1976 provided that where an assessee, being a company, makes, during the financial year commencing on 1-4-1976, any deposit with the industrial development bank of india under any .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (1983)3ITD759(Coch.)
..... and, therefore, there is no restriction as to the assessment year to which this provision would apply. a comparison is made with the provisions of section 80cc introduced in the same finance act. it is also submitted that the clear language of a provision in a taxation statute should be given its meaning without any other restrictions and if ..... the assessment year 1977-78 is to be made in accordance with the provisions of section 55(2)0') as amended by the finance act, 1977 and section 54e, read with section 155(10a).these changes on which the assessee relies have been introduced by the finance act, 1977. if these provisions were intended to be effective even for the assessment year ..... 1977-78, there would have been no need for the legislature to provide in the finance act itself that these changes, viz., the amended section 55(2)(i) and the newly introduced section 54e, would come into effect from 1-4-1978. it has been held in a number of cases that it .....
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