Court : Kerala
Reported in : (2007)211CTR(Ker)377; [2007]293ITR26(Ker); 2007(2)KLJ762; 2007(4)KLT70
..... revised statement of facts filed on 1st july, 1999, in exercise of its powers under section 245d(2a) of the act had directed the assessee to deposit the additional amount of income-tax payable on the income disclosed in the settlement application dt. 1st july, 1999 within 35 days of the receipt of the order and furnish ..... exercise of its powers under sections 245d(2a) and 245d(2b) of the act directing the assessee to pay the additional amount of income-tax on the income disclosed in the settlement application, if the assessee commits any default, the amount of income-tax remaining unpaid together with interest payable thereon can be recovered by the ao in ..... has further observed, that, if the applicant does not pay the additional amount of income-tax specified in section 245d(2a) of the act, the amount of income-tax remaining unpaid together with the interest payable thereon under section 245d(2c) of the act shall be recovered by the ao in accordance with the provisions of section 245d(2d) .....
Tag this Judgment!Court : Kerala
Reported in : (2006)206CTR(Ker)551; 2006(4)KLT426
..... placed reliance on the decision of the apex court in raghuvanshi mills ltd. v. commissioner of income tax 0043/1952 : [1952]22itr484(sc) . counsel also placed reliance on the decision in c.i.t. v. india carbon ltd. , commissioner of income tax v. dharamdas hargovandas : [1961]42itr427(sc) , c.i.t. v. g.r. karthikeyan : [1993]201itr866(sc) etc ..... of the appellant?3. whether the tribunal is correct in law and fact in holding that as 'dealer' under the sales tax act includes a commission agent also, the burden to pay turnover tax which is on the principals shifts to the appellant?4. whether the tribunal has erred in not properly considering the relationship between ..... ) deleted the addition made by the assessing officer.2. revenue took up the matter in appeal before the tribunal. tribunal noticed that as per sales tax act and also the turnover tax act, the term 'dealer' includes a commission agent. the assessee's claim that the assessee being a commission agent cannot be treated on par with a .....
Tag this Judgment!Court : Kerala
Reported in : [2005]144TAXMAN401(Ker)
..... it appeal no. 283 of 2002 is taken as the leading case in which arguments are addressed.3. this appeal arises under the income tax act, 1961 (hereinafter referred to as 'the act) the assessment relates to a block period of ten years 1986-87 to 1996-97 and assessment was made in accordance with section 158bc ..... and that such jurisdiction still remained with the assessing officer originally having jurisdiction over the assessee under section 2(7a) of the income tax act. it was- also submitted that only the income tax officer, mercara, who conducted the search had jurisdiction to make assessment for the block period in accordance with the provisions contained in ..... marginal relief. annex. b is the order of the tribunal. the appellants aggrieved thereby, preferred these it appeals invoking section 260a(2)(c) of the income tax act.7. according to the appellant, the following substantial questions of law arise for consideration :'(i) was the tribunal correct in law in not holding that the .....
Tag this Judgment!Court : Kerala
Reported in : [1999]235ITR94(Ker)
..... directed under section 256(2) of the income-tax act, 1961, to draw up a statement of the case and refer the following questions for the opinion of this court:'(i) whether, on the facts and in the circumstances of the case, was the tribunal correct in law and fact in directing the income-tax officer to allow the expenditure ?(ii) whether ..... out. thus we do not see why the assessee should not be allowed a deduction on account of the expenditure. income-tax is only a tax on income. it is not a tax on gross receipts. we would, therefore, direct the income-tax officer to allow the expenditure.'8. we agree with the broad approach of the appellate tribunal that when the gross ..... was adduced by the assessee and, therefore, he declined to allow deduction in respect of the expenditure of rs. 9,31,920.6. on appeal, the commissioner of income-tax (appeals) has stated as follows :'... at the time of hearing of the appeal, i put a specific question to the learned representative of the appellant as to what .....
Tag this Judgment!Court : Kerala
Reported in : [1982]134ITR481(Ker)
..... .t. v. nilambur rubber co. : [1969]71itr686(ker) and it was held that the expenses incurred by the assessee for the preparation of the agricultural income-tax returns are not allowable in determining the assessable income under the act.3. the counsel for the assessee contended before us that the aforesaid dictum laid down by the division bench of this court cannot now be ..... the profits of the business of the assessee. the wording of section 5(j) of the act (agrl. i.t. act) is materially different from that of section 10(2)(xv) of the indian i.t. act, 1922, (which corresponds to section 37 of the i.t. act, 1961) whereunder 'any expenditure laid out or expended wholly and exclusively for the purposes of the business .....
Tag this Judgment!Court : Kerala
Reported in : [2009]181TAXMAN197(Ker)
..... e. no. 275/90/80 it (b), dated 18-11-1981 issued by the cbdt with reference to section 194a of the income-tax act which provides for deduction of tax at source on interest income. what is stated in this is that no deduction should be made at the time of payment of hire purchase instalment. we do ..... question arising in the connected appeals filed by the revenue against the order of the income-tax appellate tribunal is whether the 'finance charges' collected by respondent-companies under hire purchase agreements attract tax under the interest-tax act, 1974 as amended by finance (no. 2) act of 1991. according to the revenue, 'finance charges' collected by the respondents for ..... relied on circular no. 760, dated 13-1-1998 issued by cbdt wherein they have stated that genuine hire purchase transactions are not covered by the interest-tax act. however, we notice that the very same cbdt in circular no. 738, dated 25-3-1996 have earlier clarified that interest recovered under hire purchase agreement .....
Tag this Judgment!Court : Kerala
Reported in : (2009)225CTR(Ker)378; [2009]182TAXMAN305(Ker)
..... are exhaustively provided in the ivp rules above referred, which under rule 8(3) provides for assessment of interest income for the purpose of income-tax. we have already held that tax referred to in rule 8(3) can only be the income-tax liability under the income-tax act, 1961. further by virtue of the decision of the supreme court in bagyalakshmi & co.'s case (supra) referred above, ivp ..... per cent per annum. even though assessee contended that ivp rules cannot be read into the scheme of the income-tax act or rules, we are unable to accept this contention because rule referred to in the ivp pertaining to tax can only be related to income-tax payable under the income-tax act, 1961. standing counsel appearing for the department referred to the decision of the supreme court in .....
Tag this Judgment!Court : Kerala
Reported in : (2009)226CTR(Ker)403; [2009]183TAXMAN23(Ker)
..... appeal filed under section 260a of the income-tax act arises from the order of the income-tax appellate tribunal disposing of an appeal from a block assessment made under section 158bc of the income-tax act. the question arising for consideration is whether the assessee was entitled to exclusion of additional income returned for the assessment years 1995-96 ..... and 1996-97 and the income in respect of which tax was deducted at source for the assessment year 1997- ..... first appeal.3. we have heard learned standing counsel of the income-tax department appearing for the appellant and learned counsel appearing for the assessee.4. since computation of income for the purpose of block assessment under chapter xiv-b of the act has to be done under section 158bb, we have to refer .....
Tag this Judgment!Court : Kerala
Reported in : [2004]141TAXMAN615(Ker)
..... sale of consumer products is liable to pay advance tax under section 194b of the income tax act, 1961 (hereinafter referred to as the act). in all these cases the income tax officer (tds) division-ii, thrissur had issued notices regarding deduction of tax at source under section 194b of the act directing the petitioners to appear before him for a personal ..... full amount is payable and interest is paid thereon for the specified period, the investment as also the interest being eligible for concessions/exemptions under the income tax act. it was also held that the chance given to the investor to win a prize is a free chance, and is not a chance given in ..... .p. 19342 of 1999). it is stated therein that as per section 194b of the income tax act the company is liable to deduct tax while distributing the prizes and the petitioners were directed to pay tax with interest demanded by the tax authority. in the circumstances, there is some justification in the petitioners challenging the notices issued .....
Tag this Judgment!Court : Kerala
Reported in : [2009]310ITR181(Ker)
..... samadhan scheme of 1998. the proceedings issued, vide exhibit p5, show that liability due for 1982-83 was only interest payable under various provisions of the income-tax act and the petitioner was allowed to settle the liability by paying 50 per cent, in terms of the scheme. however, the petitioner's case is that there ..... that was reckoned the petitioner would have been able to settle the liability by paying 30 per cent, of the total disputed income to which balance tax is attributable. however, the department's case is that tax liability of rs. 87,232 got adjusted from refund due for 1984-85 as is evident from the exhibit p3 proceedings. ..... samadhan scheme would have resulted in better benefit to the petitioner, had the adjustment not been made by the assessing officer.2. the petitioner having discharged the balance tax liability after reckoning the adjustment made, vide exhibit p3, cannot request for reversal of the adjustment after three years of the order.3. o.p., therefore, fails .....
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