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Bhagavathy Tea Estates Ltd. and ors. Vs. State of Kerala and ors.

Court : Kerala

Reported in : [1989]179ITR508(Ker)

..... how come that a similar message was missed when the finance act of 1987 was published due to ignorance or indifference or something worse that is a matter for the government to seriously ponder over.44 ..... the imposition of tariff by the finance act 1987 obligates imposition of the schedule, as provided in the finance act of 1987, for the computation of the tax liability ..... in the present case, the finance act relevant for the assessment year 1987-88 is the finance act of 1987, substituting the schedule as for the assessment year 1987-88, the tax liability is competently altered, as it is a case of 'imposition of a different tariff in the course of the year ..... when the finance act of 1987 is passed, the assessing authority is bound to apply the rate relevant for that year as is noticeable from the finance act of that ..... there could, therefore, be no scope for doubt that the schedule brought in by the finance act of 1987 should be employed for the computation of the plantation tax for the year 1987-88.34 ..... when an amendment was made effective to section 10(2)(vii) of the indian income-tax act, 1922, as from may 5, 1946, the bombay high court held that that the amendment was not to be reckoned for the computation of the total income of the assessee for the assessment year 1946-47 ..... court held that it was the finance act of 1946 that imposed the tax for the assessment year 1946-47 ; the total income had to be computed in accordance with the provisions of the income-tax act as on april 1, 1946. .....

Commissioner of Income-tax Vs. Casino (Pvt.) Ltd.

Court : Kerala

Reported in : [1973]91ITR289(Ker)

..... a company engaged in the process of manufacturing being included in the definition of an industrial company by the definition in section 2(6)(d) of the finance act, 1968, the assessee claimed that it should be taxed at the rate applicable to an industrial company. ..... constituted 'manufacture or processing of goods' within the meaning of section 2(6)(d) of the finance act and, therefore, the assessee was an industrial company. ..... this is a reference to this court under section 256(1) of the income-tax act, 1961, arid the question referred to us is :' whether, on the facts and in the circumstances of the case, the appellate tribunal is legally correct in holding that the activity carried on by the assessee in preparing articles of food from raw materials, constitutes ' manufacture or processing of goods ' within the meaning of section2(6)(d) of the finance act, 1968, and that the assessee is an ' industrial company ' within the meaning of the ..... section 2(1) of the finance act provides that:' subject to the provisions of sub-sections (2) and (3), for the assessment year commencing on the 1st day of april, 1968, income-tax shall be charged at the rates specified in part i of the first schedule and, in the cases to which paragraphs a, b, c and d of that part ..... the result is that we are unable to agree with the view taken by the appellate tribunal that the assessee is an ' industrial company ' within the meaning of the definition contained in section 2(6)(d) of the finance act, 1968. .....

Goods Agro Chemicals and ors. Vs. Assistant Collector of Customs

Court : Kerala

Reported in : 1986(10)ECC178; 1986LC218(Kerala); 1987(32)ELT565(Ker)

..... having regard to the opinion expressed by the law ministry, the legislature itself has, by amending item 26a by the finance act, 1981, specifically included copper scrap within the entry. ..... section 13 of the finance act 14 of 1961 inserted item 26a with effect from 1-4-1961 reading thus :-'26a. ..... 1211, wherein it is held thus :-'...we are unable to accept the argument of the appellants that section 3(1) of the tariff act is an independent charging section or that, the 'additional duty' which it speaks of is not a duty of customs but is a countervailing duty'. ..... the position, therefore, is that customs duty is levied under the customs act, section 12 of that act is the charging section when the statutory liability to customs duty is imposed, when import or export is made the taxable event and the rate of levy is also indicated. ..... - (1) any article which is imported into india shall, in addition, be liable to a duty (hereafter in this section referred to as the additional duty) equal to the excise duty for the time being leviable on a like article if produced or manufactured in india and if such excise duty on a like article is leviable at any percentage of its value, the ..... thus, the additional duty which is mentioned in section 3(1) of the tariff act is not in the nature of countervailing duty'.11. .....

Commissioner of Income-tax Vs. Govindaraja Reddiar

Court : Kerala

Reported in : [1991]187ITR417(Ker)

..... in all the circumstances of the case, we are of the view that section 43b of the act, after the amendment by the direct tax laws (amendment) act, 1987, the finance act, 1988, and the finance act, 1989, and explanation 2 to the section which took effect from april 1, 1984, should be considered to give effect to the proper provisions of law applicable in the instant cases ..... these cases, when the appellate tribunal rendered its decision in the appeals on july 31, 1986, it construed the provisions of section 43b of the act as it stood then, unhampered by the amendments effected in the statute by the direct tax laws (amendment) act, 1987, the finance act, 1988, and the finance act, 1989. ..... for the revenue drew our attention to section 43b of the act as it was originally inserted and also the amendments made thereto by the direct tax laws (amendment) act, 1987, the finance act, 1988, and the finance act, 1989. ..... it was submitted that the amendment made in 1989 by the finance act, 1989, whereby the second proviso to section 43b was substituted as it exists today, took effect from april 1, ..... the effect of these amendments, and, in particular, the change effected by the finance act of 1989, is virtually to supersede the earlier legal ..... for the assessees/respondents referred to us section 43b of the act as it was inserted in the statute book on april 1, 1984, and the notes on relevant clauses in the finance bill relating thereto, to contend that section 43b of the act is inapplicable herein. .....

CochIn Potteries (P) Ltd. Vs. Union of India (Uoi) and ors.

Court : Kerala

Reported in : AIR1964Ker18

..... therefore, the declaration in respect of clauses 11 and 13 of the finance bill has ceased to have any force of law on 29-4-1961 when the finance act, 14 of 1961 was passed, and in my view the provisions regarding declaration regarding this matter have been passed with an amendment in the finance act. ..... it may also be noted that the amendments carried out to the indian tariff act by section 11 and to the ls.t schedule of the central excises and salt act, by section 13 of the act are not retrospective because i have already stated that under subsection (2) to section 1 only sections 3 -10 inclusive have retrospective operation even from 1st april 1961.9. ..... under section 4(2) of the provisional collection of taxes act, 1931, i have already shown that a declared provision ceases to have the force of law under the provisions of the said act when it comes into operation as an enactment with or without amendment. ..... 'similarly, section 13 of the act effected certain amendments to the 1st schedule to the central excises and salt act. ..... section 11 of the act provided that the indian tariff act, 1934, is to be amended in the manner specified in the ii schedule. ..... it will be noted that under section 4(1) a declared provision gets the force of law on the expiry of the day the bill is introduced and under sub-section (2)(a) of section 4 a declared provision ceases to have the force of law when it comes into operation as an enactment with or without amendment. .....

Bharat Plywood and Timber Products Private Ltd. Vs. Kerala State Elect ...

Court : Kerala

Reported in : AIR1972Ker47

..... made is on the basis that section 2(18) read with section 2(41) and section 104 read with section 108 of the act and the provisions of the finance act, 1964 (5 of 1964), authorising levy of super-tax at a rate higher than 25 per cent, of the total income, the finance act, 1966 (13 of 1966), authorising ..... does so reasonably..................the supremecourt has been practical and has permitted a very wide latitude in classification for taxation 'and in weavers constitutional law, article 275, at page 405 :' the fourteenth amendment was not designed to prevent a state from establishing a system of taxation or from effecting a change in its system in all proper and reasonable ways nor to require the states to adopt ..... held (whether singly or taken together) by the government or the reserve bank of india or a corporation owned by that bank ; or (b) if it is not a private company as denned in the companies act, 1956, and (i) its shares (not being shares entitled to a fixed rate of dividend whether with or without a further right to participate in profits) carrying not less than fifty per cent, of the ..... assessable income of a company would be deemed to have been distributed as dividend and be taxable in the hands of the shareholders as income received by them, the section would prevent the members of such a group from evading by the exercise of their controlling power over the company, payment of tax on income that would have come ..... section 23a was included in that act by an amendment .....

Secretary to Government Vs. Union of India

Court : Kerala

..... of 2015 4 petitioners that the state, as a body, will not come under the coverage of the finance act, 1994, as amended, i note that, as per the specific provisions of section 65(b)(37) of the finance act,1994, as amended, the word "person" is defined as including, inter alia, "government". ..... with an application for waiver of pre-deposit and stay on or before 30.04.2015, then the appellate tribunal shall consider the same as an appeal filed by the petitioner in accordance with the provisions of the finance act, 1994, as it stood prior to its amendment on 16.08.2014, and the appellate tribunal shall number the appeal, and proceed to consider the application for waiver of pre-deposit and stay , and thereafter, proceed to hear the appeal itself on merits. ..... for the petitioner would point out that, by virtue of the provisions of section 66 b, the services rendered by the petitioner would fall under the negative list of services under the finance act, 1994 as amended. ..... counsel for the petitioner would point out that as per the amendment dated 16.08.2014, effected in the finance act, 1994, there is a requirement of payment of 7.5% of the tax amounts confirmed against the petitioner, as a pre-condition for maintaining the appeal before the ..... 2015 2 administrative function envisaged under list ii of the 7th schedule read with article 246, the levy of service tax as contemplated under the finance act,1994, as amended, cannot be made applicable to the services rendered by the state government. .....

Commissioner of Income-tax Vs. C.V. Divakaran Family Trust

Court : Kerala

Reported in : [2002]254ITR222(Ker)

..... --in this section, 'maximum marginal rate' means the rate of income-tax (including surcharge on income-tax, if any) applicable in relation to the highest slab of income in the case of an association of persons as specified in the finance act of the relevant year.'4 ..... we find that the rate of tax on the highest slab for association of persons under the relevant finance act is 55 per cent, and therefore the assessing officer rightly levied the same. ..... the finance act for each year prescribes various slabs for each category of assessees and the corresponding rates of tax ..... therefore find that the assessing officer has rightly applied the 'maximum marginal rate' at 55 per cent, which was the rate applicable on the highest slab of income for associations of persons under the relevant finance act. ..... maximum marginal rate' is defined as the rate of tax applicable in relation to the highest slab of income provided for associations of persons in the relevant finance act. ..... the assessee made an application under section 154 of the income-tax act, 1961, for rectification of the assessment on the ground that the 'maximum marginal rate' referred to in explanation 2 to section 164(3) of the act is not the maximum rate of tax applied by the assessing ..... the assessment was completed under section 143(1) of the act accepting the return by levying tax at 55 per cent, plus ..... menon contended that the definition 'maximum marginal rate' contained in explanation 2 to section 164(3) of the act is free from doubt. .....

Travancore Chemical and Manufacturing Co. Ltd. Vs. Commissioner of Inc ...

Court : Kerala

Reported in : [1994]206ITR118(Ker)

..... therefore, even accepting the contention of the assessee at its face value, the position will still be that the amount of surcharge in respect of which it gets relief or rebate under the provisions of the finance acts of 1976 and 1977 will have to be excluded from the amount of income-tax payable by the company, before reducing it from the total income arrived at under rule 1. ..... 2) act of 1977 (act 29 of 1977), which governs the assessment for the year 1977-78, in its turn, made a provision similar to sub-section (8) of section 2 of the finance act of 1976 ..... the income-tax appellate tribunal, cochin bench, has referred the following question of law for the opinion of this court under section 18 of the companies (profits) surtax act, 1964 (hereinafter referred to as 'the surtax act'), read with section 256(1) of the income-tax act, 1961 :'was the appellate tribunal justified in law in holding that the deposit made by the (applicant) company under the companies deposits (surcharge on income-tax) scheme, 1976, is not payment of ..... of the total income arrived at after making the exclusions mentioned in rule 1 shall be reduced by- (i) the amount of income-tax payable by the company in respect of its total income under the provisions of the income-tax act after making allowance for any relief, rebate or deduction in respect of income-tax to which the company may be entitled under the provisions of the said act or the annual finance act, and after excluding from such amount. ...' 4. .....

CochIn Commercial Bank Ltd., CochIn Vs. Commissioner of Income Tax, Ba ...

Court : Kerala

Reported in : AIR1960Ker375

..... tax : [1957]32itr606(patna) , it has been held that the provisions of the finance act should be construed in the context and background of sections 2, 3 and 4 of the indian income-tax act.therefore, the amount of dividend, referred to in paragraph b of part i of the first schedule to the finance act, 1951, means the amount of dividend paid out of the taxable profit of the ..... , has been declared out of the accumulated profits from 1950 to 1952, and the income-tax officer, in levying the income-tax, has relied on section 2 of the finance act, 1953, which section directs application of the first schedule to the finance act 1951 for the purpose of the assessment. ..... 1955 25 itr 811 , it has been held that a condition precedent to the levy of additional income-tax under clause (ii) of the proviso to paragraph b of part i of the first schedule to the finance act, 1951, in respect of excess dividend distributed by the company, is that there mast be a declaration of dividend by the company out of the profit referred to in the first part of the proviso, i.e. ..... within the territory of india excluding the state of jammu and kashmir; of the dividends payable out of such profits, and has deducted super-tax from the dividends in accordance with the provisions of sub-section (3d) or (3e) of section 18 of the act--(i) where the total income, as reduced by seven annas in the rupee, and by the amount, it any, exemnt from income-tax, exceeds the amount of any dividends (including dividends payable at a .....