Court : Kerala
Reported in : 1983LC1462D(Kerala); 1983(14)ELT1751(Ker)
..... also the special duty (additional duty/auxiliary duty) of excise which has been levied in respect of the said goods under the finance act, 1978. it is contended therein that the relief in excise duty under the notifications is intended to recover in its scope both the basic duty of ..... second category of the exemption notifications grant exemption from so much of the special/additional/auxiliary duty leviable thereon under stated sub-section of stated section of the finance act or special act as is in excess of the specified percentage of the duty of excise chargeable under that statutory provisions read with any notification. here again the ..... etc. and, perhaps most important of all, the act also lays down or declares the charge of customs duty. section 12 of act is the charging section. somewhat in the manner of the income-tax act, which relegates the actual rates of income tax to the annual finance acts, section 12 of the customs act too relegates the enumeration of dutiable goods and the .....
Tag this Judgment!Court : Kerala
Reported in : (2000)159CTR(Ker)325; [2000]243ITR336(Ker)
..... one type with another and selling the tea so blended in packets can be brought under the definition of an industrial company, in terms of section 2(7)(c) of the finance act, 1978. the court took the view that the blending operation done by the assessee would come within the term 'process' in the definition of industrial ..... the claim of the assessee for weighted deduction in respect of the expenditure incurred in connection with the exports in view of the provisions of section 35b(1a) introduced by the finance act, 1978. the commissioner of income-tax (appeals) upheld the claim of the assessee for weighted deduction on the ground that the assessee was a ..... weighted deduction in respect of the expenditure incurred in connection with the exports in view of the provisions of section 35b(1a) introduced by the finance act, 1978. the above provision which came into effect from april 1, 1978, was omitted by act 21 of 1979 with effect from april 1, 1980. therefore, as far as the assessment year 1979 .....
Tag this Judgment!Court : Kerala
Reported in : [1987]163ITR51(Ker)
..... case is that the sale price of the entitlement was derived or arose from business. whether or not the word 'arising' under section 28(iv) is synonymous with the word 'derived' as under section 2(5)(a)(i) of the finance act, 1966 [see commissioners of taxation v. kirk [1900] ac 588 (pc)], the right obtained under the entitlement is not a ..... cochin company v. cit : [1978]114itr822(ker) . the 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 benefits of rebate of tax under section 2(5)(a)(i) of the finance act, 1966, which provided (p. ..... that a sum of rs. 2,37,283 received by the petitioner during the period relevant to the assessment year 1973-74 was income chargeable to tax under section 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 granted by the government the .....
Tag this Judgment!Court : Kerala
Reported in : [1991]192ITR585(Ker)
..... years 1976-77, 1977-78, 1978-79, 1979-80 and 1980-81. section 35b(1)(a) and section 35b(1)(b) of the act were inserted by the finance act, 1968, with effect from april 1, 1968. the proviso to sub-section (1)(a) was inserted by the direct taxes (amendment) act,' 1974. section 35b(1)(b)(iii) was amended by the finance act, 1970. the finance act, 1978, made certain amendments with effect ..... from april 1, 1978, and it was later .....
Tag this Judgment!Court : Kerala
Reported in : [1993]202ITR186(Ker)
..... the light of cambay electric supply industrial co.'s case : [1978]113itr84(sc) .4. counsel for the revenue very staunchly pressed for our acceptance the contentions based on the objects and reasons to the finance act, 1985, by which section 36(1)(viii) of the act was amended by providing specifically that the deduction is to be ..... of the point, the bench refused to accept the karnataka decision as correct besides holding that the finance act, 1985, was clarificatory and not amendatory. the bench observed as follows (at page 828) :'the opening part of section 2 which contains various definitions clearly provides that, unless the context otherwise requires, different words and ..... 40% of the total income before making any deduction under section 36(1)(viii) and chapter vi-a. the inference attempted .....
Tag this Judgment!Court : Kerala
Reported in : [1996]219ITR696(Ker)
..... above provisions. as already stated above whichever is the statutory position to be taken into consideration, whether the provisions of section 54 as amended by the finance act, 1978, as stated above or the provision of section 54 as is stood really at the time of the concerned assessment year, there would be no difference whatsoever. 6 ..... that the reference framing the question as reproduced above makes no reference to section 54(1) of the act. in fact, the statutoryprovision whether it is section 54 as it originally stood or whether section 54(1) and section 54(2) as amended by the finance act, 1978, with retrospective effect from april 1, 1974, as far as the ..... the question is whether the income could be classified as 'income from house property'. learned senior counsel for the department strenuously urged that while reading section 54 of the act in the matter of a claim for exemption relating to the income chargeable under the head 'income from house property' one really has to understand .....
Tag this Judgment!Court : Kerala
Reported in : [1998]233ITR700(Ker)
..... -company did not satisfy the requirement of sub-section (1a) of section 35b introduced by the finance act, 1978. hence, the assessee-company was not entitled to the deduction provided under section 35b of the act. it is clear from the above that, if the assessing authority had in mind the provisions of sub-section (1a) of section 35b introduced by the finance act, 1978, at the time of completing the original ..... that while passing the assessment order datedfebruary 26, 1980, granting deduction under section 35b of the act, the assessing authority omitted to consider the provisions of section 35b(l)(b) of the act. learned senior standing counsel submitted that this sub-section (1a) was inserted by the finance act, 1978, with effect from april 1, 1978, but the same was not noticed by the assessing authority while making the .....
Tag this Judgment!Court : Kerala
Reported in : (2008)218CTR(Ker)685
..... them in general administration, marketing, etc. it was also found that the assessee had made payments to other legal experts without involving the consultants. as regards the finance and management information control system, the ao held that the assessee had paid legal and professional charges independently to the concerned experts and these payments were not made ..... charges to the consultant firm m/s team paarel. it is on the ground that the firm offered consultancy in the areas of general administration, marketing, production, finance and management system. the ao, on a perusal of the agreement dt. 10th march, 1991 executed by the assessee with m/s team paarel, found that the ..... . cit : [1972]86itr439(sc) and j.k. steel & industries ltd. v. cit : [1978]112itr285(cal) the ao held that the service charges claimed to have been paid by the assessee is hit by section 40a(2)(b) of the it act, and the entire amount claimed towards service charges was disallowed.3. the cit(a) allowed the appeal .....
Tag this Judgment!Court : Kerala
Reported in : [1982]138ITR1(Ker)
..... word 'salary ' shall have the meaning assigned to it in clause (h) of rule 2 of part a of the fourth schedule. ' 10. after the finance act of 1971 brought about the change, the new provision in section 40a(5) reads thus :' 40a(5). (a) where the assessee- (i) incurs any expenditure which results directly or indirectly in the payment of any salary ..... , and rs. 15,597 in the case of the car used by another director, mr. patridge. we are stating the facts with reference to i.t.r. no. 76 of 1978, for the year 1971-72. it may not be necessary to state the facts in the other cases, for, this is illustrative of the other cases.7. while completing the ..... poti, actg. c.j.1. excepting in the last of the cases, the assessee in all the cases is the same. the reference in i.t.r. no. 76 of 1978 concerns the year 1971-72 and that in i.t.r. no. 103 of 1980 also concerns the same year and the same assessee. two different questions have been referred .....
Tag this Judgment!Court : Kerala
Reported in : (1984)42CTR(Ker)82
..... represents the profits and was intended to take the place of them and is therefore, just as much income as profits or gains received in the ordinary way. section 4 is so widely worded that everything which is received by a man and goes to swell the credit side of his total account is either an income or ..... bonds, 1991,...................'9. the petitioners counsel contends that the import entitlement is not a stock-in-trade or any one of the other items specifically excluded by the section from the definition of capital asset. accordingly, he submits that the proceeds of sale of an import entitlement represented capital asset or constituted capital receipt which cannot be taxed ..... company v. cit : [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. 1966 which provided :'(i .....
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