Court : Kerala
Reported in : 2003(3)KLT177
..... 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 or a non-scheduled ..... (viia) as it stood after the amendment made by the finance act, 1985 read 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: provided that in the case of a bank to which ..... clause (viia) which was inserted with effect from 1.4.1980 by the finance act, 1979 provided for a deduction in respect of any provision for bad and doubtful debts made by a scheduled bank in relation to advances made by its rural branches of an amount not exceeding one and a half per cent of ..... however, as per the amendment made by the finance act, 1985, a proviso was added to clause (vii) as per which, in the case of a bank to which clause (viia) applies, the amount of deduction relating to any such debt or part thereof shall .....
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)
..... 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 super-tax are also provided for, and by sub-section (3) it is provided that 'for the purpose of this section and of schedule ii, the expression 'total income' means total income as determined for the ..... the indian income-tax act, 1922, as it stood amended at the date of the indian finance act. ..... 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 ..... thus, the facts of the two cases are very similar.the only difference between the two cases is that the compensation for the termination was fixed in the allahabad case by a second agreement entered into at the time of the termination, whereas provision had been made in the case before us in the original agreement itself for payment of compensation in the case of termination ..... 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 : (2006)202CTR(Ker)111; [2006]285ITR369(Ker); 2006(2)KLT808
..... 1993 issued under section 148 legal and valid in the light of the amended provision contained in section 148 as per finance act 2 of 1996?2. ..... therefore decide the legal questions in favour of the revenue and against the assessee holding that the finance act 2 of 1996 as amended would not validate an invalid notice which was issued under section 148(1).10. ..... submitted, tribunal should have found that the effect of the subsequent amendment with retrospective effect by finance act 2 of 1996 was to confer validity to the notice dt. ..... in the absence of specific provision in the finance act 2 of 1996 invalidating those proceedings initiated by the ito, we are not prepared to say that the action taken by the ito applying the then existing law was ..... counsel pointed out that finance act 2 of 1996 though had omitted the words 'not being less than thirty days' retrospectively ..... , on the facts and in the circumstances of the case, the tribunal is justified in directing that the sale proceeds of the first day may be available for the purchase and sale of tins of the second day and is not such finding and direction to the officer based on surmises, conjectures and hence perverse ?2. ..... 27th july, 2001 and it appeal ..... 149 of 2001 and allow it appeal ..... 140 of 2001 raised three questions of law which are stated hereunder ..... 140 of 2001 is an appeal preferred by the revenue against the same ..... 149 of 2001 is an appeal preferred by the assessee against the order of tribunal, cochin bench, in ita ..... of 2001. .....
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)
..... 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 ..... 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 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 december 1, ..... the instance 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. ..... grounds of appeal before the commissioner (appeals) was firstly that it was not proper to separate the individual items of plant and machinery on which the development rebate had been claimed by the assessee and, secondly that it should have been held that the assessee had taken steps for the manufacture of the plant and machinery before december 1, 1973, and hence the claim should have been allowed in toto ..... that case, the second question referred to the high court was about the appealability of an income-tax officer's refusal to grant interest under section 214. ..... decline to answer the second question.9. ..... the second question is dependent on the answer to the third question and will be liable to be answered only if the third question is answered in favour of the .....
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 no retrospective ..... 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 court passed ..... tahsildar advertised the decree schedule property for recovery of arrears of sales tax due from the firm and the sale was posted to june 12, 2001. ..... while so, the hypothecated properties were attached by the second respondent for realisation of arrears of sales tax due from the third ..... to 6 on july 6, 1993 and later the second respondent-company created equitable mortgage. ..... the charge thereby created in favour of the state in respect of the sales tax dues of the second respondent prevailed over the charge created in favour of the bank in respect of the loan taken by the second respondent. ..... the first respondent attached the properties for realisation of arrears of sales tax due from the second respondent-company. ..... in the second case the appellant instituted a suit against third party; the matter was referred to arbitration; the arbitrator passed an award in 1966 in which it is, inter alia, stated to have created ..... the second respondent attached the said properties for the alleged sales tax dues of the third and fourth respondents and the property was fixed for sale on december ..... the second respondent filed a .....
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