Court : Kerala
Reported in : [1990]182ITR67(Ker)
..... up for consideration before the supreme court in the decision in cambay electric supply industrial co.'s case : [1978]113itr84(sc) , is whether in computing the total income of the assessee carrying on the business of an industry specified under section 80e of the act for the purpose of the special deduction permissible thereunder, the balancing charge arising as a result of the ..... also have to be taken into account. but, one such deduction is mentioned in section 36(1)(viii). that sub-section says that 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, anamount not exceeding 10 per cent. of the total income, before making any deduction .....
Tag this Judgment!Court : Kerala
Reported in : 1993(44)ECC145
..... . v. n.t. co. of india ltd. : 1978(2)elt416(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 to ..... which the rate for the assessment under section 17 has to be made. duty had .....
Tag this Judgment!Court : Kerala
Reported in : [1986]158ITR211(Ker)
..... in respect of the period till it was occupied by the assessee for his own residence or it was let out. the explanation to clause (ix) to section 24(1) introduced by the finance (no. 2) act, 1977, with effect from april i, 1977, makes this position clear. it could possibly be said that the explanation had not been on the statute book ..... could be granted. according to his reasoning, it was where the property was first let out and then remained vacant that such allowance was permissible under the provisions of section 24 of the act. in the present case, (part of) the property was vacant for 11 months in the previous year and was then let out for one month and, therefore, ..... (1)(ix) of the act would go to show that it is only where the property was let out for part of the year at least, vacancy allowance could be claimed. this view we express finds support in the full bench decision of this court in cit v. pradeepkumar m. shah 0065/1978 : [1981]130itr118(ker) . now turning to the next question .....
Tag this Judgment!Court : Kerala
Reported in : (2006)203CTR(Ker)343; [2007]288ITR134(Ker)
..... income from other sources ('b' interest on securities was omitted by finance act, 1988). section 56 deals with income from other sources. under sub-section (1) of section 56, income of every kind which is not to be excluded from the total income under the act shall be chargeable to income-tax under the head 'income from ..... counsel also argued that the burden to be discharged by petitioners under section 278e is beyond reasonable doubt and not preponderance of probabilities relying on the decisions in cit v. united commercial & industrial co. (p) ltd. : [1991]187itr596(cal) , shankar industries v. cit : [1978]114itr689(cal) and cit v. drilcos (india) (p) ltd. ..... : [2004]266itr12(mad) .7. chapter iv of the it act deals with computation of total income. section 14 provides the heads of income. under the said section, all income for the purposes of charge of income-tax and computation .....
Tag this Judgment!Court : Kerala
Reported in : [2006]153TAXMAN65(Ker)
..... income from other sources ('b' interest of security was omitted by finance act, 1988). section 56 deals with income from other sources. under sub-section (1) of section 56, income of every kind which is not to be excluded from the total income under the act shall be chargeable to income-tax under the head 'income from other ..... counsel also argued that the burden to be discharged by petitioners under section 278e is beyond reasonable doubt and not preponderance of probabilities relying on the decisions in cit v. united commercial & industrial co. (p.) ltd. : [1991]187itr596(cal) , in shankar industries v. cit : [1978]114itr689(cal) and in cit v. drilcos (india) (p.) ..... ltd. : [2004]266itr12(mad) .8. chapter iv of the income tax act deals with computation of total income. section 14 provides the heads of income. under the said section, all income for the purposes of charge of income-tax and .....
Tag this Judgment!Court : Kerala
Reported in : [1989]179ITR508(Ker)
..... to the statute.36. the assessing exercise could only be by looking at the extent as on the 1st of april and applying the rate as available by the finance act. there is little justification for hazarding a conclusion that the budget proposals made by the government in the month of march and the pronounced intention contained in the preamble ..... background of events, sub-section (3) of section 1 gave full efficacy to the taxing proposals, effective from 1-4-1960, by a simple sentence reading :'it shall be deemed to have come into force on the first day of april, 1960.' (emphasis* supplied)43. how come that a similar message was missed when the finance act of 1987 was published due ..... was made effective to section 10(2)(vii) of the indian income-tax act, 1922, as from may 5, 1946, the bombay high court held that that the amendment was not to be reckoned for the computation of the total income of the assessee for the assessment year 1946-47. the court held that it was the finance act of 1946 that .....
Tag this Judgment!Court : Kerala
Reported in : [1973]91ITR289(Ker)
..... agree with the view taken by the appellate tribunal that the assessee is an ' industrial company ' within the meaning of the definition contained in section 2(6)(d) of the finance act, 1968. we do not think that the activity carried on by the assessee in preparing articles of food from raw materials constitutes manufactureor processing of ..... at 65 per cent.6. an industrial company, as the definition points out, must belong to one or other of the categories mentioned in section 2(6)(d) of the finance act. that definition refers to four categories, namely :(1) a company mainly engaged in the business of generation or distribution of electricity or any other ..... activity of manufacturing. a company engaged in the process of manufacturing being included in the definition of an industrial company by the definition in section 2(6)(d) of the finance act, 1968, the assessee claimed that it should be taxed at the rate applicable to an industrial company. the appellate assistant commissioner found that .....
Tag this Judgment!Court : Kerala
Reported in : 1986(10)ECC178; 1986LC218(Kerala); 1987(32)ELT565(Ker)
..... of goods and the rate of duty are set forth in the first schedule of the act. the schedule was amended from time to time by the various finance acts.13. section 13 of the finance act 14 of 1961 inserted item 26a with effect from 1-4-1961 reading thus :-'26a. ..... sheets, circles, strips rs. 4,500/- perand foils in any form or size metric tonne.(3) pipes and tubes 20 per cent ad valorem---------------------------------------------------------------------------16. finance act 16 of 1981 inserted 1(b) to item 26a with effect from1-4-1981 reading thus :---------------------------------------------------------------------------- tariff description of goods rate of duty basicitem no. basic ..... was debated in depth. having regard to the opinion expressed by the law ministry, the legislature itself has, by amending item 26a by the finance act, 1981, specifically included copper scrap within the entry.' under the circumstances, it is difficult to accept the contention that the amendment was clarificatory .....
Tag this Judgment!Court : Kerala
Reported in : [1991]187ITR417(Ker)
..... , unhampered by the amendments effected in the statute by the direct tax laws (amendment) act, 1987, the finance act, 1988, and the finance act, 1989. the amendments so introduced later in section 43b of the act have made great inroads. in particular, the finance act, 1989, has inserted explanation 2 with effect from april 1, 1984, and the said ..... 6. in all the circumstances of the case, we are of the view that section 43b of the act, after the amendment by the direct tax laws (amendment) act, 1987, the finance act, 1988, and the finance act, 1989, and explanation 2 to the section which took effect from april 1, 1984, should be considered to give effect ..... originally inserted and also the amendments made thereto by the direct tax laws (amendment) act, 1987, the finance act, 1988, and the finance act, 1989. it was submitted that the amendment made in 1989 by the finance act, 1989, whereby the second proviso to section 43b was substituted as it exists today, took effect from april 1, 1989. it .....
Tag this Judgment!Court : Kerala
Reported in : AIR1964Ker18
..... of the provisions of the provisional collection of taxes act 1931.6. the bill became an act with certain modifications and amendments, as the finance act, 1961 act no. 14 of 1961. the act received the assent of the president on 29th april 1961, sub-section (2) of section 1 was to the effect.'save as otherwise provided in this act, sections 3 - 10 inclusive shall be deemed to have ..... of excise on all excisable goods in accordance with the sub-section. having regard to the provisions of the finance bill, 10 of 1961, read with the provisions of the provisional collection of taxes act, 1931, the provisions of the finance act, 14 of 1961, and the relevant provisions of the central excises and salt act, 1944, if under the relevant items the articles of the .....
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