Court : Kerala
Reported in : 2003(3)KLT177
..... (viia) as it stood prior to the amendment made by the finance act, 1985 reads as follows:'36(1): the deductions provided for in the following clauses shall be allowed in respect of the matters dealt with therein, in computing the income referred to in section 28- (vii) subject to the provisions of sub-section (2), the amount of any debt, or part thereof, which is established to have become a bad debt in the previous year; (viia) in respect of any provision for bad and doubtful debts made by a scheduled bank ..... clause (viia) had again undergone a change, by the income tax (amendment) act, 1986 from 1.4.1987, the relevant portion of which reads as follows:'(viia). ..... thus, it is evident from clause (viia) both before and after the amendment made in 1985 and 1987 provision for bad and doubtful debts in relation to rural advances made by the bank was given a special benefit. ..... clause (viia) of section 36(1) of the act, it must be noted, was inserted by act 21/1979 with effect from 1.4.1988 and first substituted by act 32/1985 with effect from 1.4.1985 and later by act 26/1986 with effect from 1.4.1987. ..... similarly, all assessees who are engagedin money lending business, who are not covered by clause (viia) are entitled to deductionof the entire bad debt established as such upto 1.4.1987 and thereafter the entire baddebt written off in the books of accounts under clause (vii). .....
Tag this Judgment!Court : Kerala
Reported in : (2006)205CTR(Ker)600; 2006(4)KLT149
..... is also evident 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. ..... 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 ..... that in this particular case payment of interest subsidy by the third respondent 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 respondent, if default is committed by the petitioners and similar borrowers ..... even though i have upheld the proposal of the company to deduct tax on interest subsidy as perquisite under section 17(2)(iv) of the act, i feel in order to avoid discrimination, interest subsidy of this nature has to be treated outside of the scope of section 17(2)(iv) of the act until 2002-03 and petitioners should be held to be eligible for exemption from tax on interest subsidy paid by the company for the period in question.in the circumstances, .....
Tag this Judgment!Court : Kerala
Reported in : AIR1959Ker279; [1959]36ITR544(Ker)
..... that (here was no charge on the 1938-39 income either of the appellant 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 to be charged a6 the rates specified in part i of schedule ii, and rates of ..... this can only refer to the indian income-tax act, 1922, as it stood amended at the date of the indian finance act. ..... 'in the second place, it should be remembered that the indian income-tax act, 1922, as amended from time to time, forms a code, which has no operative effect except so far as it is rendered applicable for the recovery of tax imposed for a particular fiscal year by a finance act. ..... the assessee contended that, as the tax was being levied on the income of 1938-39 the provision in the amendment act of 1939, which came into force only on the 1st april, 1939, would not apply to the assessment.his contention was not accepted by the income-tax authorities, and on reference being made to the ..... the contention holding that the law in force at the time of the assessment must govern the assessment and not the law in the previous year in which the income was earned and that as the amendment act had come into force on the 1st april, 1939 the assessment of 1939-40 had to be made according to the provisions of the .....
Tag this Judgment!Court : Kerala
Reported in : (2010)229CTR(Ker)52
..... 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. ..... the wt act was amended by finance act, 1992 to implement the recommendations of the ..... with a view to stimulating investment in productive assets, the finance act has abolished wealth-tax on all assets except certain specified ..... , it would be useful to refer to the scheme of the act, prior to and after the amendment before proceeding to consider the meaning of the section. ..... not think this argument is tenable because there is no provision in the definition clause or in any other section of the act authorising the wto to exclude cash in hand if it is found to be a productive asset. ..... after the amendment, parliament based on the recommendations of the chelliah committee, identified non-productive assets and classified the same under the new definition clause (ea) introduced to section 2 providing for wealth-tax only on such of the assets enumerated in the sub-clauses provided under the said section w.e.f. ..... since the sole question pertains to scope of meaning of section 2(ea)(vi) of the act, we extract hereunder the said provision for easy reference:(ea) assets, in relation to the assessment year commencing on the 1st day of april, 1993, or any subsequent assessment year, .....
Tag this Judgment!Court : Kerala
Reported in : (1989)78CTR(Ker)34; [1989]177ITR1(Ker)
..... it was further held that the different kinds 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 the instance of the revenue, the above ..... 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 decision of the commissioner of income-tax (appeals ..... . the supreme court held that the declaration contemplated under section 68 of the finance act, 1965, is a declaration in respect of income of earlier years which has been concealed and on which tax was payable during the ..... . the court held that theamount declared under section 68 of the finance act, 1965, has the liability to pay income-tax imbedded in it on the valuation date but only the ascertainment of that ..... on similar provisions occurring in section 68 of the finance act, 1965, as also the bench ..... according to the tribunal, the words 'any income chargeable to tax' occurring in section 3(1) of the voluntary disclosure of income and wealth act, 1976, indicated that the declaration is only of income that has escaped assessment, that is, income which otherwise should have been part of the assessed income, but which for certain .....
Tag this Judgment!Court : Kerala
Reported in : [2000]241ITR444(Ker)
..... section 10(30) at the relevant point of time before the amendment by the finance act, 1984, reads as follows ..... learned counsel for the assessee submitted that under section 10(30) of the act, which was inserted by the taxation laws (amendment) act, 1970, with retrospective effect from april 1, 1969, subsidy received from the tea board under any scheme was allowed as a ..... the provision for grant of deduction existed and the insertion by the finance act, 1984, with effect from april 1, 1985, was clarificatory in ..... expression 'or for rejuvenation or consolidation of areas used for cultivation of tea' was inserted by the finance act, 1984, with effect from april 1, 1985. ..... with effect from april 1, 1985, the benefit is available, in terms of the finance act, 1984. ..... so far as the other subsidies are concerned, the taxation laws (amendment) act, 1970, which became operative with retrospective effect from april 1, 1969, specified the scheme for replantation or replacement of tea bushes in relation to subsidy received from the tea ..... the two assessment years, the assessments were completed by the assessing officer, wherein he disallowed the claims of deduction in terms of section 10(30) of the act relating to 'rejuvenation subsidy granted by the tea board'. ..... on applications by the assessee under section 256(1) of the income-tax act, 1961 (in short 'the act'), the following question has been referred for opinion of this court, by the income-tax appellate tribunal, cochin bench (in short 'the .....
Tag this Judgment!Court : Kerala
Reported in : (2006)204CTR(Ker)90; [2006]284ITR298(Ker)
..... 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. ..... 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 on the returns filed and completed under section 143(1)(a) of the income-tax act. ..... however, later when the voluntary disclosure of income scheme was introduced by the finance act, 1997, the son of mr. p.o. ..... the widow of the assessee filed returns disclosing capital 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. ..... since the assessments challenged in revision before the commissioner were based on returns filed and completed under section 143(1)(a), there is no mistake in the same and so much so, there is no scope for interference. ..... against this contention counsel for the petitioner pointed out that reopening of completed assessment prohibited under section 69 is that of the declarant's and not of any other assessee's. ..... however, in the course of assessment the assessing officer noticed receipt of capital gains by the land owner and therefore he issued notice under section 148 of the income-tax act. .....
Tag this Judgment!Court : Kerala
Reported in : [1995]214ITR195(Ker)
..... 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 ..... of the revenue: whether, on the facts and in the circumstances of the case, and also on an interpretation of section 16(c) of the finance act, 1974, is the assessee entitled to development rebate on the eight items listed in paragraph 2 of the order of the 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. ..... but section 16 of the finance act, 1974, extended the benefit to a limited extent and ..... based on the provisions of section 16(c) of the finance act, 1974. ..... must also note here that any variation in the quantum of tax payable by the assessee will have an impact on the amount of interest payable under section 214 and as such, it is also advisable that the matter is settled once for all by the appellate authority while dealing with the quantum of ..... raveendranatha menon, however, attempted to draw a distinction between cases of levy of interest under sections 139(8) and 215, where the assessee is liable for interest and a case under section 214 where the department becomes liable to pay interest to the assessee for the excess amount of advance tax paid ..... service : [1987]163itr843(kar) .....
Tag this Judgment!Court : Kerala
Reported in : [2005]142STC266(Ker)
..... 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 ..... 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 the decree of a civil ..... section 26b was subsequently inserted in the act by the finance act, 1999 with effect from april 1, 1999 which reads ..... 'then the supreme court noted that the high court proceeded to rely on certain provisions contained in chapter xvi of the karnataka land revenue act, 1964 as also the provisions contained in sections 13 and 15 of the karnataka sales tax act, 1957 for holding that the arrears of sales tax would be entitled to a preference even over the debt secured by mortgage in favour ..... the supreme court thereafter considered the question whether the statutory first charge which is created under section 11-aaaa of the rajasthan sales tax act over the property of the dealer or a person liable to pay sales tax and/or other dues under the rajasthan sales tax act, is created in respect of the entire interest in the property or only the mortgagor's interest in the property when the dealer has created a ..... crown debts over other debts (secured or unsecured) in the context of the provisions of section 23(1) of the kerala general sales tax act was considered by a two-judge bench of the supreme court in delhi auto and general finance pvt. .....
Tag this Judgment!Court : Kerala
Reported in : [1999]237ITR706(Ker)
..... 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 deductions in respect of certain reliefs provided under the act introduced by the finance act of 1983, with effect from april ..... above, learned counsel further submitted that the amendments made to section 205(2) and 350 of the act by the companies (amendment) act, 1988, and the provisions of schedule xiv inserted by the said amendment act with retrospective effect from april 2, 1987, also have no application to the assessment ..... pursuance of a guarantee given by that government : provided that- (a) if the company has not provided for depreciation for any previous financial year or years which falls or fall after the commencement of the companies (amendment) act, 1960, it shall, before declaring or paying dividend for any financial year provide for such depreciation out of the profits of that financial year or out of the profits of any other previous financial year or ..... the said clause reads into it the provisions of clause (b) of the first proviso to sub-section (1) of section 205 of the companies act, 1956, it is necessary to refer to that provision also, which reads as follows ;'(b) if the company has incurred any loss in any previous financial year or years, which falls or fall after the commencement of the companies (amendment) act, 1960, then, the amount of the loss or an amount which is equal to .....
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