Court : Kerala
Reported in : (1984)42CTR(Ker)82
..... or not the word 'arising' u/s. 28(iv) is synonymous with 'derived' as u/s. 2(5)(a)(i) of the finance act [see commissioner of taxation v. kirk (1900) a.c. 588 (pc)], the right obtained under the entitlement is not a right which has ..... 1978]114itr822(ker) . this court in that case rejected the claim of the assessee that the sale proceeds of the import entitlement were profits and gains derived from the export of goods so as to entitle it to the benefit of rebate of tax u/s. 2(5)(a)(i) of the finance act ..... nature of a capital receipt or represented capital assets, and is, therefore, not liable to be taxed u/s. 28 of the act. nor is liable to be taxed under the head 'capital gains' as the cost of the import entitledment is not capable of determination ..... the petitioner during the period relevant to the asst. yr. 1973-74 was income chargeable to tax u/s. 28 of the act.2. the petitioner is an exporter of sea foods. on the basis of the foreign exchange earned through export, the petitioner was .....
Tag this Judgment!Court : Kerala
Reported in : (1987)65CTR(Ker)282; [1987]167ITR289(Ker)
..... . the nature and content of the said power and the manner of its exercise have been elaborately discussed in saurashtra cement and chemical industries ltd. v. cit : [1978]115itr27(guj) . in the light of the above principles of law and after bestowing anxious consideration to the facts of this case. i am not satisfied that the ..... , admit the application made after expiry of that period. the commissioner did exercise the jurisdiction vested in him under the proviso to section 264(3) of the act. he adverted to the applications filed by the petitioner to condone the delay and has in an elaborate order reached the conclusion that there is no justifiable ground ..... , mr. p. k. ravindranatha menon. it is common ground that the revisions were filed after inordinate delay. under section 264(3), proviso, of the income-tax act, 1961, the commissioner may, if he is satisfied that the assessee was prevented by sufficient cause from making the application within the period of one year from the date .....
Tag this Judgment!Court : Kerala
Reported in : (1985)44CTR(Ker)60
..... 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 this chapter or in any record of an assessment proceeding or any proceeings relating to the recovery of a ..... has been tendered, document produced or record prepared. the matter came before this court in an agrl. it matter in the decision reported in sankaranarayana bhatta v. ganapathi bhatta 1978 ctr (ker) 9, my brother g. balagangadharan nair j., held that :'as to the effect of the sub-section, it is in two parts -the first part ..... enacts that the records and particulars specified in them shall be treated as confidential and the second part, save as provided in the act. debars the court from requiring any public servant to produce the records or any part of them in court. therefore, besides directing the records to be treated as .....
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, ..... been let out during the year previous to the relevant assessment year. to this, effect, a full bench of this court stated in cit v. pradeep kumar m. shah 0065/1978 : [1981]130itr118(ker) . (see also mangaldas h. verma v. cit : [1980]124itr185(bom) ). but, in none of these cases, the question now directly posed before us was ..... . the assessee had to prove that vacancy arose subsequent to the letting out of those parts. this argument was rejected by the tribunal by its order dated february 24, 1978. hence, the present question, at the instance of the revenue.4. before we read the relevant clause, it must be stated that there is no direct authority on .....
Tag this Judgment!Court : Kerala
Reported in : [1987]163ITR341(Ker)
..... and jammu and kashmir high courts considered the provisions of section 140a of the act as it stood after the taxation laws (amendment) act, 1970, whereas the madras & calcutta high court considered the provisions in the act as inserted by finance act, 1964). counsel for the revenue forcibly submitted that the reasoning and conclusion in ..... ito : [1973]90itr116(mad) (the court considered section 140a of the income-tax act, 1961, as the section stood originally as inserted by finance act, 1964). for the reasons stated therein, section 17a(3) of the agricultural income-tax act is violative of article 300a of the constitution and so infirm. government pleader, mr. divakaran ..... to the assessment year 1980-81. according to the petitioners, the relevant accounting period regarding agricultural income from m/s. pambra coffee plantations is july 1, 1978, to june 30, 1979, and regarding income from other properties (rubber plantations), it is from april 1, 1979, to march 31, 1980. the petitioners .....
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) ..... income' and 'priority industry' was in substance identical to section 80e which was considered by the supreme court in cambay electric supply industrial co.'s case : [1978]113itr84(sc) .18. section 80i is applicable only in respect of companies which carry on business as a priority industry. the gross total income refers to the ..... ltd. : [1979]118itr523(all) , with which we are in respectful agreement. the decision of the supreme court in cambay electric supply industrial co. v. cit : [1978]113itr84(sc) , does not, in our view, support the contention of the assessee to the contrary. the amounts received as interest, as we see them, are only receipts .....
Tag this Judgment!Court : Kerala
Reported in : (1984)42CTR(Ker)86; [1985]151ITR34(Ker)
..... did not approach the question in a correct perspective. he submitted that the tribunal failed to take note of the explanation added to section 271(1)(c) by the finance act, 1964. the said explanation reads:' explanation.--where the total income returned by any person is less than eighty per cent of the total income (hereinafter in this ..... the reassessment order dated march 19, 1973.3. in the course of the reassessment proceedings, the assessing authority initiated proceedings under section 271(1)(c) of the act as he was of the opinion that the assessee had concealed the particulars of his income or furnished inaccurate particulars of such income liable to be assessed. inasmuch as ..... of law, the appellate tribunal dismissed the petition filed by the revenue under section 256(1) of the act. the revenue thereupon moved this court under section 256(2) and this court by the judgment dated december 22, 1978 in o.p. no. 4 of 1977-a directed the income-tax appellate tribunal to refer the questions .....
Tag this Judgment!Court : Kerala
Reported in : [1984]150ITR333(Ker)
..... source derived must be chargeable to tax unless expressly exempted.12. what type of income can then escape tax liability. income falling within any of the sections included in chapter iii of the act is not tax-able. the section relevant here is section 10(3). it reads :'10. in computing the total income of a previous year of any person, any ..... not income in its hands liable to be taxed, we will briefly state the law that is applicable to the case.9. the complexity involved in modern trade, commerce and finance has made it next to impossibility to define the word 'income' precisely. even the legislature has not defined 'income' with precision. instead, it has used the word 'includes' in the ..... as casual even if it is not likely to recur again.'16. this court while considering the scope of section 10(3) of the i.t. act, 1961, has held in k. sankaran v. cit : [1978]115itr561(ker) :'from the section it will be seen that unless the receipt satisfies the dual test of being of a casual and of a non .....
Tag this Judgment!Court : Kerala
Reported in : 1985(4)ECC1; 1985LC554(Kerala); 1999(110)ELT474(Ker)
..... for a direction to refund a sum of rs. 1,62,517.11 alleged to have been excess paid by the petitioner as auxiliary duty under section 47 of the finance act, 1981. dismissing the original petition, the learned judge held that the petitioner was liable to pay duties of customs as per the rates in force on 28-3-1981 which ..... the rules and regulations made thereunder are, so far as may be, applicable to the levy and collection of auxiliary duties of customs under the finance act.4. by notification no. 186/f. no. 355/160/79-cus. i (g.s.r. no. 531-e), published in the gazette of india. extraordinary, part ii, section 3(1), ..... dated 9-9-1980, the government of india, in exercise of its power under section 25(1) of the act, exempted aluminium ingots falling within chapter 76 of the 1st schedule to the tariff act from the whole of the duty of customs leviable thereon as fromi the date of the publication of the notification. this notification was to .....
Tag this Judgment!Court : Kerala
Reported in : [1985]155ITR228(Ker)
..... 16, 1973 (annexure-b), which was addressed by the under secretary, central board of direct taxes (the 'board') to the income-tax adviser and ex-officio, deputy secretary, finance department, haryana civil secretariat, chandigarh. that letter reads :'sub : levy of income-tax on the amount placed in the suspenseaccount. sir, i am directed to refer to your ..... 41(v) 6d of 1952 no. 27(44)-ii/52 dated october 6, 1962; and circular no. p. no. 201/7/78-ita. ii dated june 20, 1978. the last of the circulars withdraws the circular dated october 6, 1952, and the clarifications issued in the cases of financial institutions. it is true that if a right ..... years 1974-75 and 1975-76, respectively ?'2. the assessee is the kerala financial corporation constituted by the state government under section 3 of the state financial corporations act (central act no. 63) of 1951. the assessee has been from its inception keepingits accounts according to the mercantile system. in the course of its business, the assessee .....
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