Judgment Search Results Home > Cases Phrase: finance act 1987 section 91 amendment of section 42 Court: kerala Page 5 of about 277 results (0.085 seconds)

Commissioner of Income-tax Vs. Mrs. Teresa Joseph

Court : Kerala

Reported in : [1991]189ITR627(Ker)

..... moreover, the amendment made by section 3 ofthe finance act, 1989, to section 2(14) of the income-tax act with retrospective effect, will show that tax on capital gains is exigible on the sale of agricultural lands. 3. ..... sarala devi [1987] 167 itr 136, a bench of this court dissented from the decision of the bombay high court in manubhai a. ..... light of the above bench decisions of this court, it is too late in the day to contend that capital gains arising out of the sale of agricultural lands is not liable for levy of tax under the income-tax act. .....

Dr. R.P. Patel Vs. Asstt. Dit (investigation) and ors.

Court : Kerala

Reported in : [2005]144TAXMAN79(Ker)

..... on going through section 132b before its amendment by finance act, 2002, with effect from 1-6-2002, i find there is some substance in the contention raised by the petitioner in so far as adjustment of cash recovered on encashment of ivps for the year 1994-95 is concerned where ..... this purpose such assets shall be deemed to be under distraint as if such distraint was effected by the assessing officer or, as the case may be, tro under authorisation from the chief cit or cit under sub-section (5) of section 226 and the assessing officer or, as the case may be, tro may recover the amount of such liabilities by the sale of such assets and such sale shall be effected in the manner laid down in ..... view of the request by the petitioner and the statutory requirement for payment of advance tax be ore t e end of the financial year and admitted tax along with return under section 140a of the act, the second respondent rightly adjusted advance tax and the tax due under the return and revised return filed by the petitioner for the assessment year 1995-96 from out of encashed value ..... the assessment orders for the years 1994-95 and 1995-96 showing credit of tax before assessment and refund of excess tax for those years while huge interest under sections 234b and 234c of the act is demanded for the assessment years 1990-91 to 1993-94 on account of non-adjustment of any amount after encashment of ivps towards tax liability for those years. ..... ito : [1987]168itr616(sc) , ..... : [1987]166itr244(mad) , cit & .....

Jayachandran and Another Vs. Valsala and Others

Court : Kerala

..... parties to the marriage if it had been dissolved instead of having been declared null and void or annulled by a decree of nullity shall be deemed to be their legitimate child notwithstanding the decree of nullity: provided that nothing contained in this section shall be construed as conferring upon any child of a marriage which is declared null and void or annulled by a decree of nullity any rights in or to the property of any person other than the parents in any case where, but for ..... the law commission of india, in its 59th report on hindu marriage act, 1955 and special marriage act, 1954 had revisited various provisions interalia section 16 of the act and observed that it should not be a condition precedent to the applicability of the beneficial provision in section 16 of the act that there must have been actual legal proceedings resulting in a decree. ..... - (1) notwithstanding that the marriage is null and void under section 11, any child of such marriage who would have been legitimate if the marriage had been valid, shall be legitimate, whether such child is born before or after the commencement of the marriage laws (amendment) act, 1976, and whether or not a decree of nullity is granted in respect of that marriage under this act and whether or not the marriage is held to be void otherwise than on a petition under this act. ..... peerless general finance and investment co. ..... (air 1987 sc 1023) held: interpretation must depend on the text and context. .....

Shri.Thomas George Muthoot Vs. The Commissioner of Income Tax

Court : Kerala

..... court was considering the scope and applicability of the first proviso to section 43b inserted by the finance act 1987, with effect from 01.04.1988. ..... , by virtue of the proviso which was inserted by the finance act 2002, the benefit of exclusion is restricted only to those individuals and hindu undivided families, whose total sales, gross receipts or turnover from business or profession do not exceed the monetary limit specified under section 44ab(a) or (b) of the act during the financial year immediately preceding the financial year in which ..... proviso to section 40(a)(ia) of the act, introduced by the finance act 2012, being retrospective in operation, disallowance could not have been ordered ita.278/14 & con cases 9 invoking section 40 (a)(ia) of the act. ..... finance act 2012 shows that the second proviso to section 40 (a)(ia) ..... that an individual or a hindu undivided family, whose total sales, gross receipts or turnover from the business or profession carried on by him exceed the monetary limits specified under clause (a) or clause 9b) of section 44ab during the financial year immediately preceding the financial year in which such interest is credited or paid, shall be liable to deduct income- tax under this ..... also following the judgment in allied motors (supra), the apex court held that provisions of the finance ita.278/14 & con cases 11 act 2003 by which the second proviso to section 43b was deleted and the first proviso was amended, were curative in nature and therefore retrospective. .....

Commissioner of Income-tax Vs. Malayala Manorama Co. Ltd.

Court : Kerala

Reported in : (2002)172CTR(Ker)600; [2002]253ITR378(Ker)

..... chapter xii-b containing special provisions relating to certain companies was inserted in the income-tax act by the finance act, 1987, with effect from april 1, 1988. ..... it may be noted that the words 'prepared under sub-section (1a)' were introduced by the finance act, 1989, with effect from april 1, 1989. ..... we may also notice here that when he completed the original assessment, going by the order of assessment made by the assessing officer, section 115j of the act had no application and section 115j of the act became relevant and applicable only on the assessing officer giving effect to the decision of the commissioner of income-tax (appeals). ..... other hand, submitted that though with effect from april 1, 1989, sub-section (1a) had been inserted and clause (iv) of the explanation was also inserted, it was open to the assessee to claim depreciation in terms of the income-tax act and the rules and since there was no reference to section 350 of the companies act in section 115j of the income-tax act, the requirements of section 350 of the companies act should not be roped in to make applicable schedule xiv to the companies ..... under section 154 of the income-tax act, the assessing authority has the power to rectify any mistake apparent from the record and amend any order passed by it under the provisions of the act. ..... thus going by the amendments introduced with effect from april 1, 1989, section 115j(1a) had application as indicated by that provision and the explanation thereto. .....

Commissioner of Income-tax Vs. S. Veeriah Reddiar

Court : Kerala

Reported in : (1997)140CTR(Ker)20; [1998]229ITR186(Ker)

..... ) particularly according to law, from the taxation laws (amendment) act, 1984, with effect from april 1, 1985, adding an explanation to section 40(b) supporting the situation in the context by reason thereof.8. ..... in regard to this situation, in the case of any firm in accordance with the provisions of section 40(b) of the act, any payment of interest, salary, bonus, commission or remuneration made by the firm to any partner of the firm cannot be claimed to be deducted in computing the income chargeable under the aforesaid head. ..... it is observed that a partner is bound to find the necessary finance for the partnership and, hence, any interest on the capital supplied by the partner is not deductible. ..... section 40(b) of the income-tax act, 1961, is analogous in content to the provisions of section 10(4)(b) of the indian income-tax act, 1922. ..... that if a partner is also in a representative capacity and as such lends to the partnership firm monies belonging to him individually, then the interest paid to such partner on the monies lent by him is not liable to be added back under section 40(b) of the act. ..... to them :'whether, on the facts and in the circumstances of the case, 'the interest paid to the partner who represented the hindu undivided family in the capacity of a karta' on the amount advanced by him to the firm is hit by section 40(b) of the income-tax act ?'2. ..... narbharam popatbhai and sons : [1987]166itr534(mp) , as well as from the allahabad high court in cit v. .....

Commissioner of Income-tax Vs. Pulikkal Medical Foundation Pvt. Ltd.

Court : Kerala

Reported in : [1994]210ITR299(Ker)

..... before the amendment by the finance act, 1983, with effect from april 1, 1984, the definition of the words 'charitable purpose' occurring in section 2(15) of the act contained the words 'not involving the carrying on of any activity for ..... in spite of the provisions relating to exemption from tax of the income of charitable and religious institutions, the finance act, 1970, inserted a new clause (22a) in section 10 of the income-tax act under which the income of hospitals and other institutions of like nature which exist solely for philanthropic purposes and not for purposes of profit were totally exempted from tax, as in the case of universities ..... section 10(22a) was inserted by the finance act, 1970, with effect from april 1, ..... from the language and the context in which the expression has been used in sub-section (22) of section 10, it is clear that the income may be the income of any person but the source of this particular income which is not liable to be includible under sub-section (22) of section 10 must be the income of a university or other educational institutions which fulfils the other requirements of that sub-section, that is to say, the educational institution through which the income, is generated must ..... of 1987) considered whether the petitioner who was running a hospital was entitled to exemption from payment of tax under the kerala building tax act, 1975 ..... ramanatha aiyar's law lexicon, 1987 edition, explains the meaning of the word 'philanthropic' as follows :'. .....

The Commissioner and Secretary to Govt. Higher Education Dept. Vs. Jay ...

Court : Kerala

Reported in : AIR1998Ker167

..... possibility of employment opportunity to the extent possible; that there are four government engineering colleges, three private aided engineering colleges, two unaided engineering colleges and one self-financing engineering college, established by the kerala university; that in all, there are 14 engineering colleges in the district; that there were widespread complaints from students and ..... the public against starting private (unaided) and self-financing engineering colleges; and that in order to limit the commercialisation of education to the possible extent and with a view to give more chances to meritorious students, government took a ..... education act, 1987, in so far as the institution imparting technical education is concerned, it is neither the university nor the government that have jurisdiction, but it is the council created under the central act that ..... continuance of affiliation will have to be in conformity with the norms and guidelines prescribed by the council in respect of matters entrusted to it under section 10 of the central act'. ..... section 10 of chapter iii of the act states that in order to perform its duties and to take all such steps as it may think necessary to ensure the object of and perform the functions under the act, the council may, among others, grant approval for starting new technical institutions, provide guidelines .....

K.V. Produce and ors. Vs. Commissioner of Income-tax and anr.

Court : Kerala

Reported in : [2001]252ITR17(Ker)

..... 451, dated february 17, 1986 (see [1986] 158 itr 135), issued by way of clarification regarding the press note and circulars issued by the ministry of finance regarding declaration of higher income or wealth clearly provided for filing of revised return even in cases where assessments are made and appeals pending and that the appellants honestly ..... the fact that the benefit of the amnesty circulars declared by the central government was due to expire on march 31, 1987, the firm would have chosen to settle the matter with the department itself by availing of the benefit of the scheme ..... counsel also submitted that the penalty proceedings under section 271(1)(c) of the act initiated by the department for concealment of income were droppedafter ..... have filed a petition before the central board of direct taxes, new delhi, on october 8, 1987, and that they have approached this court without waiting for the result of the same. 7. ..... a petition before the central board of direct taxes, new delhi, on october 8, 1987 (exhibit r-2(d)), for obtaining the very same relief now claimed by the petitioner in the ..... was filed along with a covering letter dated march 21, 1987 (exhibit p-2), addressed to the income-tax officer, a-ward ..... the commissioner of income-tax issued a communication dated may 20, 1987 (exhibit p-4), to the firm stating that this is a case in which the income-tax officer has established concealment of income and completed the assessment accordingly, that the commissioner of income-tax .....

Geo Seafoods Vs. Additional Sales Tax Officer Iv and anr.

Court : Kerala

Reported in : [2000]119STC236(Ker)

..... : [1964]53itr231(sc) , it was observed as follows :'as we have already pointed out, the right to commence a proceeding for assessment against the assessee as an agent of a non-resident party under the income-tax act before it was amended, ended on march 31, 1956, it is true that under the amending act by section 18 of the finance act, 1956, authority was conferred upon the income-tax officer to assess a person as an agent of a foreign party under section 43 within two years from the end of the year of assessment. ..... by the finance act, 1993, the legislature amended section 17 of the act and included section 17(6). ..... but authority of the income-tax officer under the act before it was amended by the finance act of 1956 having already come to an end, the amending provision will not assist him to commence a proceeding even though at the date when he issued the notice it is within the period provided by that amending act. ..... as we have already stated, if the amendment act had not been enacted, the proceedings in the present case would have been held to be unreasonable and void on the day on which the finance act, 1993 came into force. ..... as already stated, before it was amended by the finance act, no time-limit was prescribed. ..... the counter-affidavit further states that again form 50 notices were issued on february 11, 1987, january 10, 1992 and june 17, 1992, but without response. ..... it was only on february 11, 1987 that another notice in form 50 was issued. .....