Court : Kerala
Reported in : AIR1970Ker36; [1969]72ITR572(Ker)
..... daughter. dealing with this question, viscount simonds delivering the judgment of the judicial committee, stated:'section 102 (2) (d) of the stamp duties act has been the subject of much judicial discussion, as have been the corresponding provisions of the united kingdom finance acts, but in the present case the difference of opinion in the high court is due not ..... /- and the properties gifted by the deceased to his sons would be deemed to be properties passing on the death of the donor by virtue of section 10 of the act.3. section 10 reads:'gifts whenever made where donor not entirely excluded: property taken under any gift, whenever made, shall be deemed to pass on the donor' ..... the gift of rs. 25,000/- made by the deceased in favour of his son would be deemed property passing on the death of the deceased under section 10 of the act.10. the position regarding the gift of the agricultural properties is similar, if not stronger for the revenue. admittedly, these properties were managed by the .....
Tag this Judgment!Court : Kerala
Reported in : AIR1970Ker267
..... differently from other tenants. moreover, as in the instance noticed in the order dated 8-11-1963 staying the hearing of s.a. no. 88 of 1963 under section 5 of act 7 of 1963, a transaction can be a composite transaction embodying both a mortgage and a lease. if it is at least in part a lease, no matter ..... that the transaction is a 'kanom'.) the only other requirement necessary to make the transaction a kanom within the meaning of the first part of the definition in section 3 (8) of act 7 of 1963 is that the transfer should be for the transferee's enjoyment. of that there can be, i think, little doubt notwithstanding that the consideration ..... their property on concessional terms from creditors figuring as mortgagees. this cross-ruff has produced provisions of law of which section 2 (22) of the kerala land reforms act, 1963 (act 1 of 1964) and section 5 of the kerala agriculturists debt relief act, 1958 (act 31 of 1958) are excellent examples. quite often, as in the case of ext. p-l in this .....
Tag this Judgment!Court : Kerala
Reported in : [1969]39CompCas711(Ker)
..... no. 2) [1896] 2 ch. 279 and the decision of maugham j. in re etic ltd. [1928] ch. 861 are sufficiently clear that the english section --on which the section in the indian act has been modelled--covers a breach of trust in the wide sense, including a breach of trust by negligence or something of that kind. the same view ..... by us are that the bank's monies were withdrawn and utilised to pay off the ' unaccounted money ' of the 3rd respondent entrusted with the 9th respondent, to finance the speculative transactions of the 10th respondent, and to meet the losses from satta transactions of the 9th respondent; and that the losses thus incurred by the bank were ..... of the bank showing these misappropriated amounts as having been advanced to customers of the bank. this conduct of theirs constitutes misfeasance and would attract liability under section 543 of the act. but we do not think any fresh or independent loss on this account has been caused to the bank, in addition to the loss occasioned by the .....
Tag this Judgment!Court : Kerala
Reported in : (1970)ILLJ514Ker
..... for the year 1061 at 8.57 per cent. in short, this was to offset the effect of the finance act of 1959 which abolished 'grossing up' of dividends. before the finance act, 1959, by reason of section 16(2) of the indian income-tax act, 1922, it was possible to ensure a net return of 6 per cent to the shareholder on his ..... paid up capital. by the finance act, 1959, section 16(2) of the indian income tax act, 1922, was deleted, consequent on the proposal to give no credit to the shareholder for the tax paid by the company. the necessary adjustments to the shareholder in ..... was no corresponding legislation in regard to equity shares, presumably because, the company could, in its general meeting, declare appropriate dividend. in view of this charge introduced by the finance act, 1959, the tribunal felt that a return on paid-up capital at, the rate of8.57 per cent was just and necessary so as to ensure a steady return .....
Tag this Judgment!Court : Kerala
Reported in : AIR1970Ker43
..... section came up for consideration before the supreme court in commissioner of income-tax v. ram gopal mills ltd., air 1961 sc 338 ..... of the supreme court. in many modern statutes, there is a provision like sub-section (10) of section 45 of the banking companies act empowering the government to issue necessary orders for removing any difficulty which may arise in giving effect to the provisions of the statute. section 12 of the finance act 1950 contains such a provision. the validity of an order issued under that .....
Tag this Judgment!Court : Kerala
Reported in : AIR1970Ker81
..... through suit of the right to recover money charged on property that right is lost to the mortgagee for being used in other manners also. section 28 of the limitation act which provides for extinction of rights in property applies only to omission to institute within the prescribed period suits for possession of property and not to ..... bring a suit for sale or foreclosure within the statutory period of 12 years his right as a mortgagee would not get extinguished by section 28 of the limitation act. that was because that section was confined to suits for possession. it was held in that case that when a puisne mortgagee after his right to recover the ..... possession of the mortgaged property nothing survives the barred charge except an imperfect legal right not constituting an interest in the property sufficient to attract section 91(a) of the t. p. act and consequently unenforceable in action. the right of redemption given to a puisne mortgagee is only ancillary to his right of sale and when .....
Tag this Judgment!Court : Kerala
Reported in : AIR1971Ker21
..... discharged but the suit against him survives. the plaintiff has come up in revision complaining that no appeal lay and further that his estate should not be used to finance the wrongdoer in defending himself against the consequences of the wrong to the estate. if no appeal lies, the second question does not arise. but this question is ..... thus harassed, can henot look to the court as its officer for protection even in the matter of financing his defence the court may, in such actions, refuse permission, to sue but cannot, acting under order 40, rule 1 (d), authorise expenditure from the estate. that is not the type of legal proceeding covered by the provision. may be, ..... there are other provisions, or ought to be, to help a receiver or ex-receiver out of such a litigation but that is another mailer. just as a wife has sometimes to be financed .....
Tag this Judgment!Court : Kerala
Reported in : AIR1970Ker158; 1970CriLJ966
..... and 6 whereof provided for penalties for persons participating in any such prohibited strike as well as for persons instigating and financing such strikes. on the same day the central government issued an order under section 3 of the ordinance, in effect prohibiting strikes in any service in connection with the affairs of the union, ..... it is, disclosed by the state government's order is clearly opposed to the law. the law, namely. the essential services maintenance ordinance, 1968, makes certain acts, whether they do or do not involve personal violence or distruction of property, punishable. its very purpose is to prevent strikes in essential iservices by prohibiting them ..... that, on the 28th december, parliament thought it necessary to replace the ordinance by an act, the essential services maintenance act, 1968, and, by section 9(2) thereof, to continue the order as if it were an order made under the act, is ample indication that there could have been no such change in the situation as .....
Tag this Judgment!Court : Kerala
Reported in : [1971]80ITR82(Ker)
..... references to the provision so re-enacted.' 11. that would indicate that the reference in the proviso to section 13(1) of the indian finance act, 1950, to the authority constituted under the provisions of the income-tax act, 1922, must now be read as a reference to the authority constituted under the corresponding provision in the ..... for the recovery. we do not think that the submission is correct. the proviso to section 13(1) of the indian finance act, 1950, would make it clear that the authority constituted under the corresponding provision under the income-tax act, 1922, would have had authority to take proceedings for recovery of arrears of tax due ..... mentioning the arrears due under the travancore income-tax act under the provisions of that act and attach the properties, is not correct.8. the indian income-tax act, 1922, was extended to the travancore-cochin state on april 1, 1950, by the indian finance act, 1950. section 13 of that act reads :'(1) if immediately before the 1st day .....
Tag this Judgment!Court : Kerala
Reported in : AIR1972Ker47
..... in respect of the remaining years to the original assessment itself. the challenge 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 levy of income-tax at a rate higher than 55 per cent., the finance acts, 19 ..... companies are excluded from such liability. for closely held companies rates higher than those for widely held companies for assessment of tax have been fixed by the finance acts. in the finance act of 1964, for all companies other than the life insurance corporation of india, the rate of super-tax on the total income was fifty-five per cent .....
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