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 the indian income-tax act was extended to travancore-cochin and the travancore income-tax act was repealed by sections 3 and 13 of the indian finance act of 1950.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)
..... deduction in the computation of the net wealth of the assessee. relying on similar provisions occurring in section 68 of the finance act, 1965, as also the bench decision of this court in c.k. babu naidu and sundararaj v. wto : [1978]112itr341(ker) , the tribunal negatived the plea of the revenue. according to the tribunal, the ..... of cases in which the declarations may be made under section 3(1) of the voluntary disclosure of income and wealth act, 1976, are similar to the provisions contained in section 68 of the finance act, 1965, and so the bench decision of this court in babu naidu's case : [1978]112itr341(ker) will govern the issue, thereafter, at ..... this court in c.k. babu naidu and sundararaj v. wto : [1978]112itr341(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 .....
Tag this Judgment!Court : Kerala
Reported in : [2000]241ITR444(Ker)
..... 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 on the ..... statute subsequently. this cannot be said to be a clarificatory inclusion. therefore, with effect from april 1, 1985, the benefit is available, in terms of the finance act, 1984. that being the position, for the assessment year 1984-85, the benefit is not available. but it shall be available for the assessment year 1985- ..... a matter of clarification, subsidy relating to rejuvenation was also included for the purpose of deduction. the provision for grant of deduction existed and the insertion by the finance act, 1984, with effect from april 1, 1985, was clarificatory in nature. learned counsel for the revenue submitted that the provisions were specific and, therefore, the .....
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)
..... 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 ..... borrower did not pay the tax. the supreme court with reference to the provisions of section 23(1) of the act held that the state's debt has priority over the debts of the appellant.15. section 26b was subsequently inserted in the act by the finance act, 1999 with effect from april 1, 1999 which reads as follows :'26-b. ..... [2001]247itr165(sc) .23. here, it must be noted that the supreme court in delhi auto and general finance pvt. ltd.'s case [1999] 114 stc 273 had with reference to the provisions of section 23 of the act held that the appellant therein did not have a priority for payment of the amount due to it over the .....
Tag this Judgment!Court : Kerala
Reported in : [1999]237ITR706(Ker)
..... the unit trust of india cannot be segregated and must be treated as part of the same business.48. we have considered the matter. section 32ab inserted by the finance act, 1986, with effect from april 1, 1987, sub-sections (1), (2) and (3) thereof, relevant for the purpose of this case, read as follows :'32ab'. investment deposit account.--(1 ..... before considering the said question, it is necessary to have a little more background of the introduction of the provisions of section 115j. we have already pointed out earlier that prior to the introduction of section 115j by the finance act, 1987, with effect from april 1, 1988, there was a provision applicable to all companies regarding the quantum of ..... (2) as that section stood before it was amended in 1955. the dicta laid down by the supreme court in the above two cases were followed by the supreme court again in standard refinery and distillery ltd. v. cit : [1971]79itr589(sc) and also in b.r. ltd. v. v.p. gupta, cit : [1978]113itr647(sc) . the .....
Tag this Judgment!Court : Kerala
Reported in : 2006(1)KLT72; [2006]144STC553(Ker)
..... was held that initiation of assessment proceedings and conclusion of the same should be within a reasonable time. it was in that background, the finance act, 1993 introduced amendments to section 17 providing that the assessments should be completed within a period of 4 years and as far as the assessments pending as on 1.4.1993 ..... filing necessary affidavits. the order reads as follows:leave granted.heard learned counsel for the parties. considering the addition of section 17a in the kerala general sales tax act, 1963 by the kerala finance act, 2000 and the facts stated in the rejoinder affidavit the impugned orders passed by the high court are required to be ..... shall be completed within a period of four years from the date of publication of the kerala finance act, 1993'. now section 17(6) read with section 17a leaves no room to interpret the provision contained in the second proviso to section 17(6) and the expression 'assessment pending' as limiting its application only to cases which were .....
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