Court : Kerala
Reported in : (1999)153CTR(Ker)79
..... it is further submitted that the amendment by way of finance act, 1987, was introduced w.e.f. ..... in this situation, this court has to proceed only on the basis that the words 'for removal of doubts' would apply to both parts/clauses in the said sub-section.in this view of the matter, there are no mertis in the original petition and the same is hereby dismissed. ..... 245d(8) 'for removal of doubts' would refer to and qualify both first part of the said section as well as the second part of whether it will apply only to the first part. ..... it has to be pointed out, the deliberations before the parliament while passing the finance bill has not placed before this court for consideration, for the same might throw some light ..... of course, the learned counsel for the petitioner places before this court the notes and clauses and submitted that there is nothing to indicate that the amendment was introduced only for the purpose of removal of doubts. ..... the contention of the department is that chapter xix-a of the it act is in the nature of self-contained chapter and the applications filed under s ..... by a reading of this section, viz., s. ..... 1st june, 1987 only for the purpose of removing a doubt in this regard.4 ..... , 31st march, 1987, cancelling the registration in one without any authority, power or jurisdiction.3 ..... thirdly, while construing the provisions of the act, if the words are plain and there is no unambiguity (sic-ambiguity), then, the courts have to go by the meaning conveyed under the provisions of the act. .....
Tag this Judgment!Court : Kerala
Reported in : [1990]186ITR736(Ker)
..... it will be useful to remember the amendment made in the act by section 3 of the finance act, 1989. ..... the amendment in the statute has been made with retrospective effect which makes it clear that capital gains tax is exigible on the sale of agricultural lands situate within the notified areas.4. ..... sarala devi's case [1987] 167 itr 136 was followed in subsequent decisions, i. t. r. no. ..... sarala devi [1987] 167 itr 136 dissented from the decision of the bombay high court in manubhai a. ..... 61 of 1987 : whether, on the facts and in the circumstances of the case, the tribunal is right in law and has jurisdiction to hold that the land in question is not a capital asset within the meaning of the definition and hence ..... sheth's case : [1981]128itr87(bom) and held that capital gains arising from the sale of agricultural lands can be brought to tax under the income-tax act. .....
Tag this Judgment!Court : Kerala
Reported in : [1991]189ITR414(Ker)
..... in the last decision, the amendment made by section 3 of the finance act, 1989, to section 2(14) of the income-tax act, 1961, was noticed, by which retrospective effect was given to the amendment. ..... in the light of the above bench decisions of this court, as also the amendment referred to above, we are of the view that the tribunal was in error in holding that the consideration received on the sale of urban agricultural lands is not exigible to capital gains tax under the income-tax act.5. ..... the amendment made it clear that capital gains on the sale of agricultural lands is exigible to tax.4. ..... sarala devi [1987] 167 itr 136 dissented from the decision of the bombay high court and held that capital gains tax is exigible on the sale of agricultural lands. .....
Tag this Judgment!Court : Kerala
Reported in : [2000]246ITR677(Ker)
..... the supreme court held as follows (page 248) : 'evidently, with a view to making the task of the revenue in such matters less difficult, parliament effected the said amendments by the finance act, 1964. ..... of the total income (hereafter in this explanation referred to as the correct income) as assessed under section 143 or section 144 or section 147 (reduced by the expenditure incurred bona fide by him for the purpose of making or earning any income included in the total income but which has been disallowed as a deduction), such person shall, unless he proves ..... the next relevant provision is explanation 1, which is as follows :'where in respect of any facts material to the computation of the total income of any person under this act,--(a) such person fails to offer an explanation or offers an explanation which is found by the assessing officer or the deputy commissioner (appeals), or the commissioner (appeals) to be false, or(b) such person offers an explanation which he is not able to substantiate and fails to ..... mussadilal ram bharose : [1987]165itr14(sc) , came up for consideration. ..... mussadilal ram bharose : [1987]165itr14(sc) was dealing with the explanation at that relevant time. ..... shri pawan kumar dalmia : [1987]168itr1(ker) . ..... shri pawan kumar dalmia : [1987]168itr1(ker) .7. ..... shri pawan kumar dalmia : [1987]168itr1(ker) . ..... shri pawan kumar dalmia : [1987]168itr1(ker) . ..... in reply to the penalty notice, the assessee filed replies on december 17, 1981, and on november 14, 1987. .....
Tag this Judgment!Court : Kerala
Reported in : (1999)153CTR(Ker)81
..... it is further submitted that the amendment by way of finance act, 1987, was introduced w.e.f. ..... in this situation, this court has to proceed only on the basis that the words 'for removal of doubts' would apply to both parts/clauses in the said sub-section.in this view of the matter, there are no merits in the original petition and the same is hereby dismissed. ..... 245d(8) 'for removal of doubts' would refer to and qualify both first part of the said section as well as the second part or whether it will apply only to the first part. ..... it has to be pointed out, the deliberations before the parliament while passing the finance bill has not placed before this court for consideration, for the same might throw some light ..... of course, the learned counsel for the petitioner places before this court the notes and clauses and submitted that there is nothing to indicate that the amendment was introduced only for the purpose of removal of doubts. ..... the contention of the department is that chapter xix-a of the it act is in the nature of self-contained chapter and the applications filed under s ..... by a reading of this section, viz., s. ..... 1st june, 1987 only for the purpose of removing a doubt in this regard.4 ..... , 31st march, 1987, cancelling the registration is one without any authority, power or jurisdiction.3 ..... thirdly, while construing the provisions of the act, if the words are plain and there is no unambiguity (sic-ambiguity), then, the courts have to go by the meaning conveyed under the provisions of the act. .....
Tag this Judgment!Court : Kerala
Reported in : (2003)185CTR(Ker)352
..... 1st april, 1988, by the finance act, 1987 and the relief provided therein was introduced in sub-section (2) of section 48 providing for computation of capital gains ..... we have referred to these circumstances only to show that but for the amendment made in clause (a) of sub-section (2) of section 115d of the act excluding the benefit of the provisions of section 48(2) of the act, in ascertaining the total income in respect of capital gains it was possible for a non-resident indian who ..... counsel submitted that the legislature has noted that in view of the omission of section 80t from chapter vi-a obtaining the same relief provided in section 48 is an unintended benefit, and therefore the legislature has amended the provisions of clause (a) of sub-section (2) of section 115d making a specific provision for denying the deduction provided under section 48 in the computation of total income under the head 'capital gains'. ..... it is only after the amendment of clause (a) of sub-section (2) of section 115d of the act the intention of the legislature could be ..... found that in view of the omission of s, 80t from chapter vi-a the assessees are getting an unintended benefit and the same has to be plugged by making an amendment to clause (a) of sub-section (2) of section 115d of the act. ..... when the amendment was made to clause (a) of section 115d(2) ..... accordingly the legislature amended the said provision by direct taxes laws (second amendment) act, 1989 with retrospective effect from 1st april, 1988 .....
Tag this Judgment!Court : Kerala
Reported in : [2003]132TAXMAN793(Ker)
..... however, it must be noted that section 80t had been omitted from chapter vi-a with effect from 1-4-1988 by the finance act, 1987 and the relief provided therein was introduced in sub-section (2) of section 48 providing for of capital gains simultaneously. ..... we have referred to these circumstances only to show that but for the amendment made in clause (a) of sub-section (2) of section 115d of the act excluding the benefit of the provisions of section 48(2) of the act, in ascertaining the total income in respect of capital gains it was possible for a non-resident indian who is having income by way of capital gains to claim the benefit of deduction provided under section 48(2). ..... the counsel submitted that the legislature has noted that in view of the omission of section 80t from chapter vi-a obtaining the same relief provided in section 48 is an unintended benefit and therefore the legislature has amended the provisions of clause (a) of sub-section (2) of section 115d making a specific provision for denying the deduction provided under section 48 in the computation of total income under the head 'capital gains'. ..... it is only after the amendment of clause (a) of sub-section (2) of section 115d of the act the intention of the legislature could be carried out. .....
Tag this Judgment!Court : Kerala
Reported in : [1990]186ITR498(Ker)
..... counsel for the revenue also brought to our notice the amendment made by section 3 of the finance act, 1989, to section 2(14) of the income-tax act, 1961. ..... in the light of the above decisions and the statutory amendment effected with retrospective effect, we are satisfied that the decision of the appellate tribunal is erroneous in law in holding that no tax on capital gains was leviable on the sale of the land in question. ..... sarala devi [1987] 167 itr 136, followed in income-tax reference no. ..... nirgudkar, second ito : [1981]128itr87(bom) , held that the capital gains arising out of the sale of agricultural land is not liable to levy of capital gains tax under the income-tax act. ..... in appeal, the appellate assistant commissioner held that the property was situate in the cochin corporation area and its sale will attract capital gains under the income-tax act. .....
Tag this Judgment!Court : Kerala
Reported in : [1991]191ITR63(Ker)
..... glory paul : [1990]186itr496(ker) , wherein, besides the above decision in sarala devi's case [1987] 167 itr 136, the amendment made by section 3 of the finance act, 1989, to section 2(14) of the income-tax act, 1961, was also referred to, to show that the plea that no capital gains tax is leviable on the acquisition of agricultural lands is without substance.3. ..... the decision in sarala devi's case [1987] 167 itr 136 was followed subsequently in more decisions than one ; the latest decision is reported in cit v. ..... during the previous year, about 2 acres and 3 1/5 cents of land belonging to the hindu undivided family was acquired by the government under the land acquisition act for the purpose of the cochin shipyard. ..... sarala devi [1987] 167 itr 136 dissented from the decision of the bombay high court and has held that capital gains tax is exigible even in the case of agricultural lands. .....
Tag this Judgment!Court : Kerala
Reported in : [1997]228ITR314(Ker)
..... -b was inserted by the direct tax laws (amendment) act, 1987, with effect from april 1, 1989. ..... section 158ba will not apply in a case where a search is initiated under section 132 before june 30, 1995, the date on which the finance act, 1995, ..... -b was inserted in the income-tax act, 1961, by the finance act, 1995, with effect from july 1, ..... prayer has become infructuous since the department has already issued notice under section 158bc for the assessment block period including the year 1993-94 as stated ..... sub-section (1) of the said section is as follows :'notwithstanding anything contained in any other provisions of this act, where after the 30th day of june, 1995, a search is initiated under section 132 or books of account, other documents or any assets are requisitioned under section 132a in the case of any person, then, the assessing officer shall proceed to assess the undisclosed income in accordance with the provisions ..... filed praying for a direction to quash exhibit p-4 notice and all proceedings to complete the petitioner's assessment for the year 1993-94 and for a direction to the second respondent to issue notice under section 158bc for the block period involved in the search and seizure.2. ..... admitted case that the search was conducted in this case under section 132 of the act and that it was on february 23, 1996. ..... at the same time, the definition of 'block period' contained in section 158b indicates that it operates for a preceding period of ten years from the year in which the .....
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