Court : Kerala
Reported in : (2004)190CTR(Ker)153
..... 1st april, 1992 in relation to the asst. yr. 1992-93 and subsequent years. this is because schedule ii application was provided only by the amended section 4(1)(a) of the act by finance (no. 2) act, 1991 w.e.f. 1st april, 1992.19. here it must be noted that the assessee's contention before the tribunal was that even after 1st ..... yield method.16. in respect of deemed gifts, it is only w.e.f. 1st april, 1992, i.e., by virtue of the amendment to section 4(1)(a) of the act made by the finance (no. 2) act, 1991, the value of the consideration for the purpose of deemed gift can be determined in the manner laid down in schedule ii to the ..... value of the property on the date of transfer and the value of the consideration, schedule ii has no application. it is by virtue of the amendment to section 4(1)(a) of the act made by finance (no. 2) act, 1991 w.e.f. 1st april, 1992, the value of the property as on the date of the transfer, for the purposes of .....
Tag this Judgment!Court : Kerala
Reported in : AIR1966Ker46
..... the competence of the statelegislature under item 62 of list ii of the seventh schedule. that question would only arise if the cochin act or the similar travancore act survived the repeal effected by section 13(2) of the finance act'. and again towards the end of paragraph 12 it is stated; 'it may therefore be accepted that a duly of excise ..... 1084)--was not in the nature of excise duly and therefore, was not 'corresponding law' to the central excises and salt act 1944 and so the travancore and cochin acts were not repealed by section 13(2) of the finance act 1950. 5. the approach of the supreme courtseems to have been slightly different. in fact they declined to go into the ..... supreme court. i may add that the difference between the rules that were in existence on 1-4-1960; the dale on which the finance act was extended to the state of travancore-cochin by section 11(1) thereof, and the rules framed in august 1950 and january 1951, was also referred to by the supreme court. their lordships .....
Tag this Judgment!Court : Kerala
Reported in : [1971]82ITR410(Ker)
..... petitioners, to reassess the net wealth which escaped assessment. he accepted the distribution of the disclosed income as made by the petitioners for the purpose of section 68 of the finance act, 1965 ; and there was no dispute that the petitioners are liable for reassessment on that basis. but they claimed that the whole amount of income ..... determining the net wealth. in my view, these contentions cannot be sustained on a careful reading of section 68 of the finance act, 1965, and the relevant provisions of the wealth-tax act, 1957, referred to above. section 68 of the finance act is a special provision to compound the income-tax liability in respect of an income which an ..... years. in any view of the matter, the assessee does not incur any tax liability before the income is disclosed under the scheme envisaged under section 68 of the finance act, 1965, and the question of deduction of any income-tax paid by him does not arise in determining the escaped net wealth for assessment under .....
Tag this Judgment!Court : Kerala
Reported in : (2003)185CTR(Ker)361; 2004(166)ELT25(Ker); [2004]265ITR262(Ker); 2006[2]STR551
..... for its customers.3. service tax was introduced for the first time by the finance act, 1994 on certain categories of service. by the finance act 2 of 1996, it was extended to the taxable service of 'advertising agency'. section 65(1-a) defines 'advertising agency' and section 65(16)(d) defines the 'taxable service of advertising agency'.65(1-a): ..... n. srikrishna, c.j.1. this petition under article 226 of the constitution of india challenges the imposition of service tax on the taxable service of advertising agency by finance act 2 of 1996.2. the petitioner is a small scale industrial until which is engaged in the printing of materials for customers - like visiting cards, stickers, banners, ..... constitution of india;(2) that the service tax is violative of article 19(1)(g);(3) that the petitioner is not an advertising agency within the meaning of section 65(1-a), and, therefore, not liable for payment of service tax. in any event, the service tax cannot be levied on the cost of materials for .....
Tag this Judgment!Court : Kerala
Reported in : 2008(1)KLJ419; (2009)25VST546(Ker)
..... . the learned counsel would further contend that his submission is also supported in view of the amendment introduced in the kerala finance bill 2007 to section 7 of the act which has come into force with effect from 1st day of april, 2007, wherein after the word 'calculated' the words 'at the rates in clause (a) or (b) whichever is higher ..... the first blush, on a deeper consideration, in our view, it has no substance. the amendment was made to section 7 of the act, as proposed by the finance minister in his budget speech for the financial year 2006-2007 was that, the earlier provisions has led to fall in revenue in some cases and therefore, amendment requires to be ..... dealer, to pay turnover tax at the highest rate as provided either under clause (a) or (b) of section 7 of the act. this is made clear by the legislature by making certain amendments in the kerala finance bill, 2007.for the reasons stated above, we hold that there are no merits in these appeals. they are accordingly dismissed.
Tag this Judgment!Court : Kerala
Reported in : [1993]202ITR186(Ker)
..... 113itr84(sc) .4. counsel for the revenue very staunchly pressed for our acceptance the contentions based on the objects and reasons to the finance act, 1985, by which section 36(1)(viii) of the act was amended by providing specifically that the deduction is to be 40% of the total income before making any deduction under ..... of the point, the bench refused to accept the karnataka decision as correct besides holding that the finance act, 1985, was clarificatory and not amendatory. the bench observed as follows (at page 828) :'the opening part of section 2 which contains various definitions clearly provides that, unless the context otherwise requires, different words and expressions ..... high court of karnataka in karnataha state financial corporation v. cit [1988] 174 itr 206 besides with reference to the statement of objects and reasons to the finance act, 1985. so far as the first ground is concerned, viz., that the decision of the cambay electric supply industrial co.'s case : [1978]113itr84(sc .....
Tag this Judgment!Court : Kerala
Reported in : [2005]139STC15(Ker)
..... and consequently there is no liability to pay any tax under the act on the import of chicks.7. section 3 of the act which is the charging section as amended by the finance act, 2003 reads as follows:'section 3 : levy of tax.-(1) subject to the provisions of this act, there shall be levied and collected a tax on the entry ..... not have been reckoned for fixing the rate of entry tax but by virtue of the amendment made to section 3 by the finance act, 2003 additional sales tax under section 5d of the kgst act can also be reckoned for determining the schedule rate. the amendment, according to me, does not carry any further.9. though the counsel ..... chicks hatched within the state. the special government pleader also submitted that the provisions of section 3 as it stood prior to its amendment by the kerala finance act, 2003 used the expressions 'the rates specified' but the said expressions were changed by the finance act, 2003 by using the expressions 'the tax payable' only for the purpose of .....
Tag this Judgment!Court : Kerala
Reported in : (2009)227CTR(Ker)97; [2009]20STT1; (2009)24VST185(Ker)
..... , j.1. the first petitioner, an association of non-banking financial companies, and petitioners 2 and 3 its members, have filed this writ petition challenging the constitutional validity of section 137 of the finance act, 2001 by which service tax is introduced on 'banking and other financial services' which includes 'equipment leasing and hire purchase'. the provisions providing for service tax on equipment ..... leasing and hire-purchase transactions are introduced by amending the finance act, 1994. the relevant definition clauses introduced therein are extracted hereunder for easy reference:section 65(12) 'banking and other financial services' means--(a) the following services provided by a banking company or a financial institution including a .....
Tag this Judgment!Court : Kerala
Reported in : 2006(2)KLT306
..... has come up with this petition, challenging ext. p5 assessment order without resorting to the statutory remedy of appeal, simultaneously challenging sub-section (2) of section 5 of the act, as introduced by finance act 13 of 1993.6. it is contented that the petitioner is not responsible for the inordinate delay in completing the assessment for about more ..... vigilant to get the tax assessed immediately after the construction, as in this case. therefore, we have no hesitation to declare sub-section (2) of section 5 as introduced by act 13 of 1993 of kerala finance act, 1993, is ultra vires being arbitrary and consequently offending article 14 of the constitution of india. consequently, we declare so.13. ..... in the year 1992, had not been finalised, even on 1.4.1993. it was finalised only as per ext.p5, based on sub-section (2) as amended by finance act 13 of 1993, applying the rates in terms of schedule as newly introduced in 1992. the only way out for the assessing authority for an .....
Tag this Judgment!Court : Kerala
Reported in : 2006(1)KLT788
..... not raised any dispute with regard to the payment of tax at the 120%. 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 year. second proviso ..... to section 7(1)(a) which existed till 2001-2002 was deleted by the finance act 2002 with effect from 2002-2003. assessees who were paying tax at the compounded ..... for every year as provided by the relevant finance act. tax payable by the dealers in gold jewellery at the compounded rate for the financial year 2001-2002 was 150% of the tax payable by a dealer as conceded in the return and accounts for the immediately preceding year. second proviso to section 7(1)(a) had dealt with those dealers .....
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