Court : Kerala
Reported in : (2003)182CTR(Ker)403; [2003]264ITR545(Ker); 2003(2)KLT443
..... basis of the market value of the securities and shares. the supreme court noted the following undisputed facts:'(a) the appellant is a nationalised bank and, therefore, is governed by the banking regulation act, 1949.(b) the appellant follows the mercantile system of accounting both for book-keeping purpose as well as for tax purposes.(c) the ..... -sections (1), (2a) and (4)(a) thereof without the explanation reads thus:'24(1): after the expiry of two years from the commencement of this act, every banking company shall maintain in india in case, gold or unencumbered approved securities, valued at a price not exceeding the current market price, an amount which shall not at the ..... cases, it is open to the income-tax officer as well as the assessee to point out the true and proper income while submitting the income tax return. in kedarnath jute mfg. co. ltd. v. cit : [1971]82itr363(sc) , this court has negatived the contention that (page 367):'........ if an assessee under some misapprehension or .....
Tag this Judgment!Court : Kerala
Reported in : [2003]130TAXMAN93(Ker)
..... basis of the market value of the securities and shares. the supreme court noted the following undisputed facts :'(a) the appellant is a nationalised bank and, therefore, is governed by the banking regulation act, 1949.(b) the appellant follows the mercantile system of accounting both for book-keeping purpose as well as for tax purposes.(c) the ..... .'** ** **(2a) (a) notwithstanding anything contained in sub-section (1), or in subsection (2), after the expiry of two years from the commencement of the banking companies (amendment) act, 1962(i) a scheduled bank, in addition to the average daily balance which it is, or may be, required to maintain under section 42 of the reserve bank ..... cases, it is open to the income tax officer as well as the assessee to point out the true and proper income while submitting the income-tax return. in kedarnath jute mfg. co. ltd. v. cit : [1971]82itr363(sc) , this court has negatived the contention that :. if an assessee under some misapprehension or mistake fails .....
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