Court : Kerala
Reported in : (2003)182CTR(Ker)403; [2003]264ITR545(Ker); 2003(2)KLT443
G. Sivarajan, J.1. All these Appeals arise under the Income Tax Act, 1961 (for short, the Act). The main question involved in all these cases is as to whether the Government securities held by the appellants as required under the provisions of the Banking Regulation Act, 1949 are stock-in-trade of the assessee Banks and consequently the assessee Banks are entitled to re-value the said securities at the close of the assessment year and claim depreciation in respect of the notional loss suffered by the assessee Banks in respect of the said securities in the assessment under the Act. The other questions in some of the Appeals are (1) regarding the validity of the assessments made under Section 147 of the Act and (2) regarding the entitlement for deduction of the interest paid for the broken period claimed by the assessee.2. All these appeals are filed by the Revenue challenging the orders of the Income Tax Appellate Tribunal, Cochin Bench. The Nedungadi Bank Ltd., Calicut is the responden...
Tag this Judgment!Court : Kerala
Reported in : [2003]130TAXMAN93(Ker)
G. Sivarajan, J.All these Appeals arise under the Income Tax Act, 1961 (hereinafter referred to as the Act). The main question involved in all these cases is as to whether the government securities held by the appellants as required under the provisions of the Banking Regulation Act, 1949 are stock-in-trade of the assessee Banks and consequently, the assessee Banks are entitled to re-value the said securities at the close of the assessment year and claim depreciation in respect of the notional loss suffered by the assessee Banks in respect of the said securities in the assessment under the Act. The other questions in some of the Appeals are (1) regarding the validity of the assessments made under section 147 of the Act and (2) regarding the entitlement for deduction of the interest paid for the broken period claimed by the assessee.2. All these appeals are filed by the revenue challenging the orders of the Income Tax Appellate Tribunal, Cochin Bench. The Nedungadi Bank Ltd., Calicut is...
Tag this Judgment!Court : Kerala
Reported in : [2002(95)FLR1142]; (2003)ILLJ236Ker
R. Rajendra Babu, J. 1. Petitioner, Government Servants Co-operative-Society Limited No. 130, Wadakkancherry, filed this original petition for an order quashing Exhibit P1 award passed by the Industrial Tribunal, Alappuzha in I.D. No. .49/90. 2. Petitioner is a co-operative society registered under the provisions of the Kerala Co-operative Societies Act. It was alleged that the above society had got an authorised staff pattern and the employees were appointed in the clerical cadre in accordance with the qualifications prescribed under the Statute. The second respondent Smt.C.S. Shakeela Begum was engaged as an apprentice with effect from January 4, 1978 and she was continuing as such. In 1982 the Reserve Bank of India in its Inspection Report objected the engagement of the second respondent. Accordingly she was terminated front service with effect from October 1, 1982. The above order was challenged by the second respondent by filing an arbitration case and the above case was dismissed...
Tag this Judgment!Court : Kerala
Reported in : (2003)183CTR(Ker)1; [2004]265ITR177(Ker)
G. Sivarajan, J. All these appeals are filed by the CIT, Trichur, against the order of the Income-tax Tribunal, Cochin Bench. IT Appeal Nos. 16, 18, 19, 21 and 23 of 2001 arise out of a common order of the Tribunal in ITA Nos. 883, 884, 885/Coch/1990, 7&8/Coch/1991 and 271/Coch/1991 in the case of Dhanalakshmi Bank, Thrissur. (IT Appeal No. 11/2001 filed against IT Appeal No. 883/1990 which was disposed of by the Tribunal by the common order is being dealt with separately since one more question is involved in the said appeal). IT Appeal No. 83/2002 arises out of the order of the Tribunal in IT Appeal No. 79/1994 in respect of the asst. yr. 1990-91 in the case of South Indian Bank Ltd., Thrissur. Similarly IT Appeal Nos. 127/2001 and 135/2001 arise out of the order of the Tribunal in IT Appeal Nos. 295 & 296 of 1993 in respect of the asst. yrs. 1988-89 and 1989-90 in the case of Catholic Syrian Bank Ltd., Thrissur. All these appeals are being disposed of by this judgment since the sole...
Tag this Judgment!Court : Kerala
Reported in : [2003]130TAXMAN447(Ker)
G. Sivarajan, J.All these appeals are filed by the Commissioner of Income Tax, Trichur against the order of the Income Tax Appellate Tribunal, Cochin Bench. I.T.A. Nos. 16, 18, 19, 21 and 23 of 2001 arise out of a common order of the Tribunal in I.T.A. Nos. 883, 884, 885/Coch./90, 7 & 8/Coch./91 and 271/Coch./91 in the case of Dhanalakshmi Bank, Thrissur. (I.T.A. No. 11/01 filed against I.T.A. No. 883/90 which was disposed of by the Tribunal by the common order is being dealt with separately since one more question is involved in the said appeal). I.T.A. No. 83/02 arises out of the order of the Tribunal in I.T.A. No. 79/94 in respect of the assessment year 1990-91 in the case of South Indian Bank Ltd., Thrissur. Similarly I.T.A. Nos. 127/01 and 135/01 arise out of the order of the Tribunal in I.T.A. Nos. 295 and 296 of 1993 in respect of the assessment years 1988-89 and 1989-90 in the case of Catholic Syrian Bank Ltd., Thrissur. All these appeals are being disposed of by this judgment ...
Tag this Judgment!Court : Kerala
Reported in : [2003]132STC316(Ker)
Sivarajan, J.1. The matter arises under the Kerala General Sales Tax Act, 1963 (hereinafter referred to as 'the Act'). The petitioners in O.P. Nos. 305 of 2000 Reported in [2002] 128 STC 42 (Chethana Pharmaceuticals v. Assistant Commissioner of Commercial Taxes), 2774 of 2001 and 1180 of 2000 respectively are the appellants in the above writ appeals. The learned single Judge by a common judgment in a batch of writ petitions O.P. Nos. 25907 of 1999, 11405, 305, 1180, 27247 and 31253 of 2000, 29562, 2774, 16548 and 16591 of 2001 dismissed all the writ petitions. Writ appeals are seen filed only in three cases. Though the appellants in these three appeals are different since the issue raised is common in, all these appeals they are being disposed of together by a common judgment.2. We have heard learned counsel appearing for the appellants and the learned Government Pleader appearing for the respondents. The appellants are small-scale industrial units engaged in the manufacture and sale o...
Tag this Judgment!Court : Kerala
Reported in : 2003(1)KLT895
M. Ramachandran, J. 1. O.P. No. 31103 of 2002, which is the leading case among the group, has been filed by the Association of Registration Plates Manufacturers of India, a Society registered under the Societies Registration Act. Respondents initially were the Union of India, the State and the Transport Commissioner, Thiruvananthapuram. Additionally 4th and 5th respondents also had been impleaded. In view of the urgency expressed by the parties, and especially the Government, the Original Petitions were given a priority in the matter of hearing. Senior Counsel Sri K. Radhakrishnan appeared for the petitioner, on instructions. The learned Advocate General represented the State Government. I had also opportunity to hear Sri. P.S. Sreedharan Pillai, Senior Central Government Standing Counsel for the Union of India. Sri. T.P. Kelu Nambiar. Senior Advocate, appeared for the additional 5th respondent. Sri. C.A. Majced appeared for the petitioner in O.P. No. 31643 of 2002 and adopted the argu...
Tag this Judgment!Court : Kerala
Reported in : AIR2003Ker299; [2003]116CompCas505(Ker); 2003(1)KLT69
Kurian Joseph, J. 1. Co-operative Societies is a State subject and Banking a Central subject. What about banking by Co-operative Societies? Does it require licence under the Banking Regulation Act? 2. AH these Original Petitions relate to the registration and functioning of unlicensed urban banks. The very expressions 'unlicensed' and 'Bank' would call for a detailed examination as to what is banking and whether it requires licence for conducting banking business. Such examination is all the more necessary since the unlicensed banking is attempted to be conducted by co-operative societies registered under the Kerala Co-operative Societies Act, 1969. The scope of the expression 'Co-operative Society' and various types of such societies and 'banking' as appear in the Kerala Co-operative Societies Act, 1969 (Act 21, 1969), Banking Regulation Act, 1949, (Act 10 of 1949), Reserve Bank of India Act, 1934 (Act 2 of 1934), National Bank for Agricultural and Rural Development Act, 1981 generall...
Tag this Judgment!Court : Kerala
Reported in : 2003(1)KLT153
R. Basant, J. 1. How is inter se seniority to be determined between two employees of a Cooperative Society when there is no rule or term of employment specifically covering the situation? This is a question that falls for determination in these appeals.2. W.A. No. 2086/1982 arises from the judgment in O.P. No. 11330/1995. The learned single Judge found that in the absence of any or term of employment, the date of actual commencement of service alone has to be reckoned as the crucial input. The Original Petition filed by the appellant challenging the decision of the Co-operative Tribunal was dismissed.3. By the impugned common judgment, O.P. No. 14396 of 1995 was also disposed of by the learned single Judge. In the said Original Petition, the 6th respondent in this appeal had challenged the finding in the judgment of the Co-operative Tribunal in so far as it was against her. The Co-operative Tribunal had held that in the absence of rules, regulations, bye-laws etc. it is the rank on mer...
Tag this Judgment!Court : Kerala
Reported in : 2003(1)KLT633
C.N. Ramachandran Nair, J.1. The short question arising in these cases is whether a hospital is a 'dealer' within the definition of that term contained in the K.G.S.T. Act, hereinafter called the 'Act'. The proceedings initiated against the petitioners by the Sales Tax authorities under the Act under challenge are issued on the basis that the petitioners are 'Dealers' under the Act. While in some cases notices are issued to the hospitals directing them to take registration under the K.G.S.T. Act, in some cases hospitals are directed to produce books of accounts and in yet another category penalty is levied or proposed either for not registering or for non-compliance with other statutory provisions. The validity or otherwise of all these proceedings will depend on whether the concerned hospital can be treated as a 'dealer' to subject it to all the disciplines provided under the Act and Rules. There is a standard pattern of service rendered in a hospital and distinguishing factors among ...
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