Court : Kerala
Decided on : Oct-06-1972
Reported in : [1973]91ITR289(Ker)
Subramonian Poti, J.1. 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 definition contained in that section '2. The assessee is a private limited company running a hotel business. In connection with the assessment of the company for the year 1968-69, the assessee claimed to be an ' industrial company ' as the term is denned in the Finance Act, 1968. The claim to be assessed at the rate of tax applicable to an industrial company, namely, at 55 per cent, of the net income, was not accepted by the Income-tax Officer. Before...
Tag this Judgment!Court : Kerala
Decided on : Jun-16-1972
Reported in : [1973]90ITR327(Ker)
GOVINDAN NAIR J. - A common question arose in relation to the assessments for years 1962-63 and 1963-64 of M/s. Kerala Balers Ltd., Alleppey. This was disposed of by a common order by the Income-tax Appellate Tribunal, Cochin Bench, and that Tribunal has referred the following question to this court :'Whether, on the fact and in the circumstances of the case, the Appellate Tribunal is justified in law in holding that the payment of a larger dividend would be unreasonable and in cancelling the Income-tax Officers orders under section 104 of the Income-tax Act, 1961, for the assessment years 1962-63 and 1963-64 ?'The statutory minimum dividend applicable to the company is agreed to be 60 per cent. mentioned in section 109(4)(b) of the Income-tax Act, 1961. It is also an agreed fact that for the relative accounting periods for the two assessment years which ended respectively on December 31, 1961, and December 31, 1962, this statutory minimum of 60 per cent. required by the above section ...
Tag this Judgment!Court : Kerala
Decided on : Jun-13-1972
Reported in : [1975]98ITR291(Ker)
Viswanatha Iyer, J.1. These two references are made to this court by the Income-tax Appellate Tribunal, Cochin Bench, under Section 256(1) of the Income-tax Act, 1961. In I.T.R. No. 31 of 1970, the question reads as follows:'Whether, on the facts and in the circumstances of the case, the Appellate Tribunal is correct in law in holding that the company satisfies the requirements of Section 2(18) of the Income-tax Act, 1961, and hence it is a company in which the public are substantially interested '2. An identical question is raised in I.T.R. No. 32 of 1970. The assessee-companies in the two cases are different. The assessment years are also different. But the major shareholders of these companies are the same; and our answer to the question in one case will cover the other case too.3. During the period from December 31, 1960, to December 31, 1961, which was the previous year for the purpose of the assessment of the assessee-company in I.T.R. No. 31 of 1970 for the year 1962-63, 55 per ...
Tag this Judgment!Court : Kerala
Decided on : Apr-13-1972
Reported in : (1972)IILLJ546Ker
P. Subramonian Poti, J.1. These are petitions by employees of the Life Insurance Corporation of India. In these petitions challenge is made to a notice issued under Section 9A of the Industrial Disputes Act, 1947 proposing change of conditions of service pursuant to a settlement reached between the Life Insurance Corporation and some employees of the trade unions representing certain classes of Corporation. The petitioner in O.P. No. 463 of 1972 (which petition I shall treat as the main petition for the purpose of this judgment) is a higher grade assistant in the Divisional Office at Trivandrum of the Life Insurance Corporation of India (hereinafter referred to as the Corporation). Petitioners in the other two petitions are in the cadre of assistants excepting the 5th petitioner in O.P. No. 6103 of 1971 who is a stenographer. The complaint in these petitions is about the change of service conditions effected by the Corporation which, according to the petitioners, has affected them prej...
Tag this Judgment!Court : Kerala
Decided on : Mar-10-1972
Reported in : [1973]91ITR313(Ker)
..... 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. a rebate was given to widely ..... lord krishna bank ltd., and two of its directors, is to the validity of four assessment orders passed under the income-tax act, 1961 (43 of 1961), for short ' the act', and relating to the years 1964-65, 1966-67, 1968-69 and 1969-70. the orders in respect of the years 1964-65 and ..... sections of the act read :' 2. in this act, unless the context otherwise requires, -- ...... (18). . . --a company is said to be a company in which the public are substantially interested- (a) if it is a company owned by the government or the reserve bank of india or in which not less than forty per cent, of the shares are 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 ..... the first petitioner the amount mentioned in that order as depreciation allowance is wrong, there are other errors also apparent from the record and application has already been filed to the appropriate authority for rectification of the mistake. that application shall be disposed of on the merits. it is made clear that this judgment would not stand in the way of the same.25. for .....
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