Court : Kerala
Reported in : [2004]271ITR178(Ker)
..... section 17(2)(vi) of the income-tax act as inserted by the finance act 2001, is illegal and violative of articles 19(1)(g) and 246 of the constitution of india, and a declaration that rule 3 of the income-tax rules, 1962, as substituted by the income-tax (22nd amendment) rules, 2001 (see [2001] 251 itr 81) by the second ..... clause (vi) in section 17(2) by the finance act, 2001, is not violative of any provisions of the constitution or the parent act, since only the valuation of other fringe benefits has been left to be detailed by the subordinate legislation, there is no abdication of essential legislative function and neither sub-clause (vi) of section 17(2) nor the amended rule 3 suffers ..... service rules and the intention of the legislature is not to treat interest free loan at a concessional rate as a 'perquisite' by virtue of section 17(2)(vi) as the same was withdrawn by deletion of sub-clause (vi) of section 17(2) with effect from the date of its insertion by enacting the finance act, 1985, which was a measure of relief to the salaried tax payers. ..... this aspect and it was held that the central board of direct taxes can be moved by filing appropriate representations in this regard as they are empowered to issue circulars under section 295 of the income-tax act and finally the central board of direct taxes was directed to consider a lower rate of interest in valuing fringe benefits in tune with market rates of interest and according to ..... of another scheduled bank. ..... scheduled .....
Tag this Judgment!Court : Kerala
Reported in : (2004)192CTR(Ker)1
..... seek for a declaration that section 17(2)(vi) of the it act, as inserted by finance act, 2001, is illegal and violative of ..... (vi) in section 17(2) by the finance act, 2001, is not violative of any provisions of the constitution or the parent act, since only valuation of other fringe benefits has been left to be detailed by the subordinate legislation, there is no abdication of essential legislative function and ..... of interest from their employer as per the service rules and the intention of the legislature is not to treat interest-free loan at concessional rate as a 'perquisite' 'by virtue of section 17(2)(vi) as the same was withdrawn by deletion of sub-clause (vi) of section 17(2) with effect from the date of its insertion by enacting the finance act, 1985, which was a measure of relief to the salary taxpayers. ..... the cbdt it was submitted that they are considering this aspect and it was held that the cbdt can be moved by filing appropriate representations in this regard as they are empowered to issue circulars under section 295 of the it act and finally the cbdt was directed to consider lower rate of interest in valuing fringe benefits in tune with market rates of interest and according to the learned counsel, sri p.k. ..... the it rules, 1962, as substituted by it (22nd amendment) rules, 2001, by the second respondent under its notification no. ..... 2002 also, the petitioners are employees of another scheduled bank. in o.p. ..... 2002 petitioners are officers of the third respondent scheduled bank. .....
Tag this Judgment!Court : Kerala
Reported in : [2004]140TAXMAN173(Ker)
..... seek for a declaration that section 17(2)(vi) of the income tax act as inserted by finance act 2001 is illegal and violative of articles 19(1)(g) and 246 of the constitution of india, and a declaration that rule 3 of the income tax rules, 1962 as substituted by income tax (22nd amendment) rules, 2001 by the second respondent under its notification no. ..... principle of computing income of previous year 2001-02 as per substantive law prevailing on 1-4-2002, by, applying existing machinery provision finally, it was concluded that insertion of sub-clause (vi) in section 17(2) by the finance act, 2001 is not violative of any provisions of the constitution or the parent act, since only valuation of other fringe benefits has been left to be detailed by the subordinate legislation, there is no abdication of essential legislative function and neither sub-clause (vi) of section 17(2) nor the amended rule 3 suffers from any invalidity. ..... concessional rate of interest from their employer as per the service rules and the intention of the legislature is not to treat interest free loan as concessional rate as a perquisite by virtue of section 17(2)(vi) as the same was withdrawn by deletion of sub-clause (vi) of section 17(2) with effect from the date of its insertion by enacting the finance act, 1985 which was a measure of relief to the salary tax payers. ..... /2002 also the petitioners are employees of another scheduled bank. in o.p. ..... /2002 petitioners are officers of the third respondent scheduled bank. .....
Tag this Judgment!Court : Kerala
Reported in : 2006(1)KLT788
..... second proviso to section 7(1)(a) which existed till 2001-2002 was deleted by the finance act 2002 with effect from 2002 ..... rule 30 of the kerala general sales tax rule s stipulates that every dealer who is eligible to pay tax at compounded rate under section 7 of the act and who desires to exercise the options provided for under the said section may apply to the assessing authority concerned for permission to pay tax at the rates specified therein in form 21 on or before the first day of may of the year to which the ..... amendment was brought to section 7(1)(a) of the act by the kerala finance act, 2002 applicable for the year 2002-2003 by enhancing the compounding fee payable under the main section 7(1)(a) from 150% to 200% of the tax paid for the preceding ..... association of india (1997) 104 stc 134 examined the scope of section 5(1)(iv), 7(7), (7-a), (11), (12) of the kerala general salestax act and held that the alternate method of taxation provided, therein is optional ..... the compounded rate payable every year is based on the liability for the previous year and there has been progressive increase in payment of tax at compounded rate for every year as provided by the relevant finance act. ..... 17,60,880/- for the period from 1.4.2002 to 31.3.2003 under section 7 of the act and the amount was directed to be paid in monthly instalments ..... and silver ornaments are taxable at the point of first sale in the state by virtue of section 5(10) read with relevant entry in the first schedule to the act. .....
Tag this Judgment!Court : Kerala
Reported in : [1978]114ITR822(Ker)
..... -company, the findings of the appellate assistant commissioner disallowing the assessee's claim for rebate of tax under section 2(5)(a)(i) of the finance act, 1966, and for the application of the concessional rate of tax under item i(a)(2) of paragraph f of schedule i of the finance act, 1966, were questioned by the assessee. ..... second question referred to this court by the tribunal what we have to consider is whether the profits realised by the assessee by the sale of import entitlements can be regarded as profits and gains derived from the export of any goods or merchandise out of india so as to entitle the assessee to the benefit of rebate of tax under section 2(5)(a)(i) of the finance act ..... said contention holding that the circular dated 6th july, 1955, provided only for allowance of development rebate in respect of second-hand ships purchased by indian shipping concerns and that the said position was not to any extent modified by the ..... now, therefore, decided that the benefit of 'development rebate' may likewise be allowed to an indian shipping concern in respect of a second-hand ship, acquired by it after 31st march, 1954, provided the ship concerned had not been used in indian waters by an ..... , 1955, in the passage extracted above the cbdt has proceeded on the basis that the earlier circular had permitted the allowance of development rebate in respect of second-hand ships acquired by any assessee after march 31, 1954, without confining such benefit to 'shipping concerns' only. .....
Tag this Judgment!Court : Kerala
Reported in : (2009)221CTR(Ker)83; [2009]310ITR183(Ker); [2009]181TAXMAN227(Ker)
..... section 87(f) of the finance act defines 'disputed tax' to mean, the total tax determined and payable, in respect of an assessment year under any direct tax enactment but which remains unpaid as on the date of making the declaration under section 88 of the finance act ..... under the scheme, the assessee had filed an application under section 88 of the finance act before the designated authority. ..... sub-clause (i) of section 88(a) of the finance act would not apply to the appellant, since the declarant is not a company or ..... above view of the matter, in our view, the designated authority was justified in granting relief only under sub-clause (iv) of section 88(a) of the finance act.20. ..... of this nature, the designated authority was justified in placing reliance on sub-clause (iv) of section 88(a) of the finance act.18. ..... (iii) provides for the procedure that requires to be followed by the designated authority for considering the application filed under section 88 of the finance act. ..... section 87(e) of the finance act provides for the meaning of the expression 'disputed income', in relation to an assessment year, as, the whole or so much of the total income as is relatable to the ..... counsel appearing for the appellant/ assessee, would contend, firstly, that the order passed by the designated authority is contrary to the provisions of kar vivad samadhan scheme and, secondly, it is contended that the assessing authority was not justified in adjusting the refunds due to the appellant for the asst. yr. .....
Tag this Judgment!Court : Kerala
Reported in : 1988(18)ECC69; 1988(17)LC691(Kerala); 1988(38)ELT14(Ker)
..... thus although, section 51, finance act, 1982 has given retrospective effect to the amendments of rules 9 and 49, yet it must be subject to the provisions of sec tion 11a of the act. ..... the supreme court held in that context that section 51 of the finance act, 1982 was subject to the provisions of section 11a of the act, and that was sufficient to allay the apprehension of the assessed. ..... the petitioner's plea for bar of time was not accepted, for the reason that the demand had been raised as per section 52 of the finance act, 1982 under which it was stated, there could not be any limitation of time. ..... i am unable to accept the respondents' contention that section 52 of the finance act, 1982 overrides the provisions of section 11a of the act and does away with the period of time for levy and collection of the amounts which have become payable by the operation of that provision. ..... was issued in exercise of the powers conferred by sub-rule (1) of rule 8 of the central excise rules, 1944 to provide for certain exemptions from duty in rela tion to matches shall, subject to the modifications specified in the fourth schedule -(a) be deemed to have, and to have always had, effect on and from the 19th day of june, 1980; and(b) be deemed to prevail, and to have always prevailed, over all notifications issued on or after the 19th day of june ..... p6 in appeal and second appeal, they were not successful. ..... the second appeal before the appel late tribunal stood dismissed by the order, ext. .....
Tag this Judgment!Court : Kerala
Reported in : [1981]130ITR631(Ker)
..... which the amount of the rebate arrived at under the first proviso to paragraph d of part ii of the first schedule to the finance act, 1964 (v of 1964), or, as the case may be, the first proviso to paragraph f of part i of the first schedule to the finance act, 1965 (x of 1965), is required to be reduced under the second proviso to the said paragraph d or, as the case may be, the second proviso to the said paragraph f, as diminished by so much of the amount of dividends aforesaid with reference to which ..... when we turn to paragraph d of part ii of the first schedule to the finance act, 1964, we find that under clause (i) of the proviso to the said paragraph the grant of a rebate is contemplated only where the company has earned profits liable to tax under the act for the assessment year commencing on 1st april, 1964, clause (i)(c)(a) of the second proviso enjoins that the amount of such rebate shall be reduced by a sum calculated at 7.5% of the amount distributed by ..... ito acting in exercise of the power conferred under section 148 of the act, reopened the assessment made against the company for the year 1966-67, on the ground that the distribution of dividend made by the assessee during the accounting year relevant to the said assessment year had been wrongly omitted to be subjected to tax as required under the finance acts, ..... the income-tax appellate tribunal, cochin bench (hereinafter called 'the tribunal'), pursuant to the order passed by this court under section 256(2) of the i.t. .....
Tag this Judgment!Court : Kerala
Reported in : (1996)135CTR(Ker)319
..... india of such goods, services or facilities, not being expenditure incurred in india in connection therewith or expenditure (wherever incurred) on the carriage of such goods to their destination outside india on the insurance of such goods while in transit, inserted by finance act, 1978 w.e.f. 1st april, 1978 (where such expenditure is incurred before the 1st day of april, 1978;(iv) maintenance outside india of a branch, office or agency for the promotion of the sale outside india of such goods, ..... (b), he shall, subject to the provisions of this section, be allowed a deduction of a sum equal to one and one-third times the amount of such expenditure incurred during the previous year :proviso inserted by direct taxes (amendment) act, 1974, w. r. e. f. ..... (2) of 80b.explanation 2 was inserted by finance act, 1973 w. r. e. f ..... of such goods, services or facilities;(ix) such other activities for the promotion of the sale outside india of such goods, services or facilities as may be prescribed.original explanation was renumbered as explanation 1 and a new explanation 2 was inserted by finance act, 1973 w. r. e. f ..... (a) is that incurred wholly and exclusively on -(i) advertisement or publicity outside india in respect of the goods, services or facilities which the assessee deals in or provides in the course of his business, inserted by finance act, 1978 w.e.f. ..... provided that in respect of the expenditure incurred after the 28th day of february, 1973 inserted by finance act, 1978 w.e.f. .....
Tag this Judgment!Court : Kerala
Reported in : (2002)174CTR(Ker)464; 2003(156)ELT17(Ker); [2003]264ITR633(Ker); 2006[2]STR554; [2007]8STT353
..... both these writ petitions under article 226 of the constitution of india challenge the imposition of service tax under finance act of 1994, as amended by the finance act of 2001, on the taxable service provided by a photography studio or agency, in relation to photography, in any manner.2 ..... of any impediment specifically created in the constitution of a country or the legislative enactment itself, the desirability or need otherwise to avoid such levies has been held to pertain to areas of political wisdom of policy making and adjusting of public finances of the state, and not for the law courts, though courts would unless there is clear and specific mandate of law in favour of such multiple levies more than once, in construing general statutory provisions lean ..... the relevant definitions under the finance act are as under:-section 65(47): photography. ..... hence also, it is contended that section 67 of the finance act is liable to be struck down as violative of article 14.9 ..... on the latter would fall within the exclusive legislative competence of the state legislature under entry 60 of list ii; the former would be within the legislative competence of parliament relatable to article 248 read with entry 97 of list i of schedule vii to the constitution. ..... secondly, it cannot be gainsaid that the levy of tax, even if construed as a restriction on the carrying on the occupation, trade or business, is in the interest of raising revenue, and, consequently, in the interest of general public at large .....
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