Court : Kerala
Reported in : 1996(54)ECC80; [1996]219ITR293(Ker)
..... :' 21. the assessee would contend that both the words 'manufacture' and 'production' are used in the first schedule. therefore, when we consider section 2(5)(a)(ii) of the finance act, 1966, the word 'manufacture' is to be taken as used in juxtaposition with production. learned counsel forthe assessee who relied on the above decisions, ..... decision in delhi cold storage p. ltd. v. cit : [1991]191itr656(sc) , the question that came up for consideration before the supreme court was whether running of a cold storage would be an industrial company for the purpose of section 2(7)(c) of the finance act, 1973, and schedule i thereto thus being eligible for concessional ..... v. cit : [1991]191itr656(sc) . reliance was also placed on the decision of the bombay high court in cit v. sterling foods (goa) : [1995]213itr851(bom) . 8. the assessee would contend that even though the word used is 'manufacture' in section 2(5)(a)(ii) of the finance act, 1966, since the said section refers to industries under .....
Tag this Judgment!Court : Kerala
Reported in : [2002]253ITR53(Ker)
..... cited is the decision in delhi cold storage p. ltd. v. cit : [1991]191itr656(sc) , where the supreme court held that the appellant-company running a cold storage was not an industrial company for the purpose of section 2(7)(c) of the finance act, 1973. it was held that in a cold storage there was no processing of ..... that case the question that came up for consideration was whether the assessee was entitled to a concessional rate of tax provided to an industrial company by the finance act, 1968. 'industrial company' means a company which is mainly engaged in the business of generation or distribution of electricity or any other form of power or ..... manufacture resulting in the production of commercially a new commodity different from the old and worn out castings. therefore, the assessee is entitled to deduction under section 80-i of the act.3. we heard learned counsel for the revenue, sri p. k. ravindranatha menon. learned counsel for the revenue contended that retreading is only replacing .....
Tag this Judgment!Court : Kerala
Reported in : [2001]249ITR186(Ker)
..... application, and hence the demand of tax, as coming through exhibit p-4 is unsustainable and without jurisdiction. 6. section 194g of the act had been introduced by the finance (no. 2) act, 1991, effective from october 1, 1991. i may extract the section, as it might be relevant to appreciate the stand of the parties better : '194g. commission, etc., on ..... sale of lottery tickets.--(1) any person who is responsible for paying, on or after the 1st day of october, 1991, toany person, who ..... salutary principle, can have no application to the facts of the present case. 26. reference had been made to the finance act, 1992, as seen published in [1992] 195 itr 214. sub-sections (2) and (3) were added to section 194g but in view of my finding that exhibit p-4 cannot be issued on the authority of .....
Tag this Judgment!Court : Kerala
Reported in : (1999)152CTR(Ker)63; [1999]236ITR185(Ker)
..... to and inclusive of 1997-98. the petitioner, immediately after the commencement of the act, it is stated, has applied to the minister for finance for issuance of a notification in thegazette as contemplated under section 9(2) of the agricultural income-tax act, 1991, and the same was forwarded to the secretary to the government in the tax ..... government in this behalf in the gazette. 4. in view of the above said section, the petitioner-trust made an application (exhibit p-8) before the minister of finance on november 30, 1991, for issuing a notification under section 9(2) of the act in the official gazette. it is stated that along with the said application, the ..... of the trust deed, copies of the exemption certificate issued under section 80g of the income-tax act, 1961, and copies of the annual statement of accounts for the years up to march 31, 1991. it is also stated that the said application was forwarded by the finance minister to the secretary to government, taxes department. the said .....
Tag this Judgment!Court : Kerala
Reported in : (2007)209CTR(Ker)432; [2007]292ITR122(Ker)
..... year. hence it cannot be treated as a return filed under section 35(1) of the act. this position is made very clear by the finance act, 2000 by adding explanation to section 39(6). explanation was made effective from 11th april, 1991. explanation and the time-limit mentioned in sub-section (6) would apply only in the case of assessee who ..... the aac. contention was raised that the assessment was barred by limitation. it was pointed out that as per section 39(6) of the agrl. it act, 1991 any assessment other than those pending on the date of commencement of agrl. it act, 1991 be completed within a period of two years from the date of filing of the return. it was stated ..... in the wake of prospective nature of the amendment brought in by the finance act of 2000, was the tribunal correct in holding that it is the limitation prescribed under section 41 for reassessment which is the one which is applicable and not the one under section 39(6) which deals with original assessment?(3) in the absence of .....
Tag this Judgment!Court : Kerala
Reported in : (2003)184CTR(Ker)403; [2003]262ITR20(Ker)
..... also constitute the ingredients of total turnover to enable working out the proportionate profit from exports.19. in fact clause (baa) in the explanation to section 80hhc inserted by the finance (no. 2) act, 1991, defines 'profits of the business' where it is clearly stated that the profits of the business as computed under the head 'profits and gains of ..... business or profession' as reduced by ninety per cent. of any sum referred to in clauses (iiia), (iiib) and (iiic) of section 28 or of any ..... and not on any general principle of agency. the agent has been made liable to pay turnover tax by the provisions of section 6b read with section 2(c) of the bengal finance (sales tax) act, 1941, and the liability to pay tax is his own. the supreme court finally held as follows (page 570) :'we are of the view .....
Tag this Judgment!Court : Kerala
Reported in : [1991]189ITR165(Ker)
..... v. govindaraja reddiar : [1991]187itr417(ker) . in disposing of an identical point by a common judgment dated september 17, 1990, this court held that section 43b of the income-tax act, after amendment by the direct tax laws (amendment) act, 1987, the finance act, 1988, and the finance act of 1989 and explanation 2 to the section which took effect from april 1 ..... sales tax collection in the last month of the year payable to the government before the 20th of the next month, is a permissible addition under section 43b of the act. the tribunal answered the question in favour of the assessee and allowed the appeal filed by the assessee, following its earlier decision rendered in i ..... last month of the previous year under consideration which was not claimed as a deduction while computing the income under the income-tax act by invoking the provisions of section 43b of the act could not be brought to tax in the assessment years under consideration ?'2. the respondent is an assessee to income-tax. we .....
Tag this Judgment!Court : Kerala
Reported in : (2004)191CTR(Ker)296; [2004]270ITR540(Ker); 2004(1)KLT267
..... 3224 of 1996 is the appellant. she has sought for a declaration that sub-clauses (i) and (ii) of sub-section (9b) of section 13 of the kerala agricultural income tax act, 1991 (for short 'the act') inserted by the kerala finance act, 1994 is illegal, arbitrary and unconstitutional. she has further sought to quash ext. p4 proceedings of the first respondent and ..... the period of such permission.7. as already noted, we are concerned with the validity of the provisions of sub-section (9b) of section 13 inserted by the finance act, 1994 with effect from 1.4.1994. the question as to whether the tenants-in-common are entitled to the benefit of compounded payment of ..... assessed in the previous year and the provisions of section 3 or to any company or co-operative society. sub-section (9a) inserted by the kerala finance act, 1993 with effect from 1.4.1993 provides for composition of tax by a firm. sub-section (9b) inserted by section 6 of the kerala finance act, 1994 with effect from 1.4.1994 reads .....
Tag this Judgment!Court : Kerala
Reported in : [2009]312ITR96(Ker)
..... nair, j.1. these appeals filed by the revenue under section 260a of the income-tax act, 1961, are against the common order of the tribunal holding that interest-tax is not payable under the interest-tax act, 1974, as amended by the finance (no. 2) act of 1991, on interest on government securities received by the respondent-banks. ..... securities. the question, therefore, is whether the amendment to the interest-tax act in 1991 authorises levy of tax on interest on securities after the amendment and exemption is available only because of the order issued by government under section 29 of the act. in order to decide the issue, we have to refer to the ..... finance house of india ltd. v. s.k. bhardwaj, cit : [2003]259itr295(bom) and cit v. united western bank ltd. : [2003]259itr312(bom) and hold that the deletion of the exclusion clause through the amendment of 1991 does not introduce any tax on income from government securities which is not a 'loan' or 'advance' covered by section 2(7) of the act .....
Tag this Judgment!Court : Kerala
Reported in : (2004)187CTR(Ker)201; [2004]265ITR35(Ker)
..... be applied to his profits computed under the head 'profits and gains of business or profession'. thereafter illustration is given with regard to the operation of section 80hhc read with section 28 as amended by the finance act, 1990. it categorises four types of transactions. code i--exclusively export business, code ii 2/3 export, 1/3 domestic sale. code iii 1/2 export ..... ] 195 itr 154), gives explanatory notes on the provisions relating to direct taxes with reference to the finance (no. 2) act, 1991. paragraph 32 onwards deal with modification of provisions relating to exemption of income from exports. paragraph 32.7 says that the tax concession under section 80hhc is intended to compensate an exporter for the comparative disadvantage faced by him in the international .....
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