Court : Kerala
Reported in : [1993]201ITR494(Ker)
..... notice under section 269d, the proceedings will be dropped if the apparent consideration of the immovable property is below rs. 5 lakhs.' 4. the provisions of chapter xx-c of the income-tax act introduced by the finance act of 1986, with effect from october 1, 1986, has been explained in another circular dated july 9, 1986. the explanatory note is seen reported in ..... tax due. under section 269d(1), a preliminary notice was served on the assessees on june 26, 1978. the valuation report was submitted by the officer on february 14, 1979. the competent authority passed an order after hearing objections under section 269f of the act on march 31, 1981. aggrieved by the same, the respondents-assessees filed an appeal before the appellate .....
Tag this Judgment!Court : Kerala
Reported in : AIR1963Ker31
..... , as they stood originally as also the amendments that have been made to the said act, by virtue of kerala act 4 of 1958. original section 74-b and certain other sections occur in part iii, dealing with finances, and in particular in chapter vi, dealing with taxation. section 74-8 provided that in every district a land cess being a ..... pay that tax from his income from his forests, in view of the various restrictions imposed upon owners of private forests by the madras preservation of private forests act, madras act xxvii of 1949. the levy of land cess at a flat rate on all lands, irrespective of whether the land is productive or not and whether it is ..... tax on the annual rent value of lands shall be levied in accordance with the provisions contained in the said act. the other group of sections beginning from section .....
Tag this Judgment!Court : Kerala
Reported in : (1976)5CTR(Ker)214
..... 8 t.c. 663 at 669) where the facts are as follows : the assessee-company'persisted in seeking for business - business which, if they got, they would have had to finance some how and to carry out which they would have had to acquire plant and workmen whether the business was in this country or elsewhere. but they did not get ..... the option under sub-section (2) of that section or where he has no income under any other head, the whole loss shall, subject to the other provisions of this chapter, be carried forward to the following assessment year, and -(i) it shall be set off against the profits and gains, if any business profession carried on by him and ..... . on appeal by the assessee, the tribunal confirmed the above direction of the additional commissioner.4. we shall now read the relevant portion of section 72 of the income-tax act.'72. (1) where for any assessment year, the net result of the computation under the head 'profits and gains of the business or profession' is a loss to the .....
Tag this Judgment!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 ..... hereby declared that any arrear of annuity deposit and any penalty imposed under this chapter shall be recoverable in the manner provided in chapter xvii-d for the recovery of arrears of tax.' 6. the provisions relating to annuity 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 .....
Tag this Judgment!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 ..... assessee any income on which no income tax is payable under the provisions of the act, the assessee shall be entitled .....
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 : [1989]180ITR323(Ker)
..... same also. this was so said on the basis that the only specification made was that the deduction should be computed before making any deduction under chapter vi-a of the act. on appeal by the assessee, the income-tax appellate tribunal upheld the said order passed by the commissioner of income-tax in revision. thereafter, ..... the income referred to in section 28 ... (viii) in respect of any special reserve created by a financial corporation which is engaged in providing long-term finance for industrial or agricultural development in india, an amount not exceeding-(a) in the case of a financial corporation or a joint financial corporation established under the ..... . the patna and madhya pradesh high courts have held that the statutory deduction under section 36(1)(viii) of the income-tax act, 1961, available to certain financial corporations providing long-term finance is to be calculated on the total income before deduction of the amount allowable under section 36(1)(viii). it has been held .....
Tag this Judgment!Court : Kerala
Reported in : 1993(44)ECC145
..... (sc) and asstt. collector, calcutta v. national tobacco co. of india ltd. 1978 elt 416 at 424. in the customs act the charging section is section 12 and instead of annual finance act, the rate is mentioned in the schedules of the customs tariff act. section 15 is complementary to the charging section, providing the definite date with respect ..... romer in the judgment of the privy council reported in commissioner of income-tax, bombay & aden v. khemchand ramdas [1938] 6 itr 414. chapter iii of the income-tax act headed 'taxable income' contains the various provisions with reference to which taxable income is determined. the tax is leviable under section 3 and is in ..... person as approved by the collector of customs until they are cleared for home consumption or are warehoused or are transhipped in accordance with the provisions of chapter viii. the importer of the goods other than goods intended for transit or transhipment will have to make entry thereof by presenting to the proper officer a .....
Tag this Judgment!Court : Kerala
Reported in : [1994]207ITR319(Ker)
..... : -- (a) in the case of a co-operative 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 to the effect that section 81 ..... supplies made by primary societies or service societies which were not members of the assessee-society. in further appeal, the appellate tribunal, following its earlier order for the assessment year 1978-79 in i. t. a. no. 668/(coch.) of 1983 dated november 28, 1986, held that the assessee will be entitled to exemption under section 80p(2)(a)( ..... 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 deduction, in the computation of their total .....
Tag this Judgment!Court : Kerala
Reported in : (1997)137CTR(Ker)656
..... under s. 132a in the case of any person, then, the ao shall proceed to assess the undisclosed income in accordance with the provisions of this chapter.'chapter xiv-b was inserted in the it act, 1961 by the finance act, 1995 w.e.f. 1st july, 1995. it is an admitted case that the search was conducted in this case under s. 132 of the ..... not apply in a case where a search is initiated under s. 132 before 30th day of june, 1995, the date on which the finance act, 1995 came into force. in that view, it cannot be said that chapter xiv-b has retrospective operation. at the same time, the definition of block period contained in s. 158b indicates that it operates for a ..... act and that it was on 23rd feb., 1996. that means chapter xiv-b as it stood now would apply in the present case. earlier chapter xiv-b was inserted .....
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