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Search Results Judgments > Phrase:INCOME TAX ACT 1961 Section 91 Court:Kerala

Aug 19 1998

Commissioner of Income-tax Vs. Appollo Tyres Ltd.

  • Decided on : 19-Aug-1998

Court : Kerala

Reported in : [1999]237ITR706(Ker)

... under Section 21.' 63. Section 52 of the said Act reads as follows ;'32. Income-tax and other taxes.--(1) Notwithstanding' anything contained in the Wealth-tax Act, 1957, the Income-tax Act, 1961, the Super Profits Tax Act, 1963, the Companies (Profits) Surtax Act, 1964, or in any other enactment for the time being in force relating to income-tax, super tax or super profits-tax, surtax or any other tax on income, profits or ... loss account at Rs. 69,91,306 to which it added provision for income-tax Rs. 16,00,000 and deducted two sums of Rs. 15,44,122 and Rs. 52,201 representing the amount transferred from capital reserve adjusted against depreciation and interest on post office savings bank account exempt under Section 10(15)(i) and Chapter III, ... Section 4 can be said to be the contributing institutions. Section 32(1) of the said Act provides that Income-tax or any other tax is not payable on the income of the Unit Trust of India and in relation to certain income distributed by it to certain categories of persons. Sub-section (2) declares that the provisions of Sections 193 and 194 of the Income-tax Act, 1961 ... assessee-company including the earning of dividend income is eligible business within the meaning of Sub-section (2) of Section 32AB of the Income-tax Act, 1961 ?(ii) the dividend income amounting to Rs. 1,51,89,760 should be included in computing the profits of the eligible business under Sub-section (3) of Section 32AB of the Income-tax Act ? 3. Whether, on the facts and ...

Aug 29 1998

COMMISSIONER OF INCOME TAX Vs. APPOLLO TYRES LTD.

  • Decided on : 29-Aug-1998

Court : Kerala

Reported in : (1998)149CTR(Ker)538

... means a scheme made under section 21'.Sec. 32 of the said Act reads as follows:'32. Income-tax and other taxes.-(1) Notwithstanding anything contained in the Wealth Tax Act, 1957, the Income Tax Act, 1961, the Super Profits Tax Act, 1963, the Companies (Profits) Surtax Act, 1964, or in any other enactment for the time being in force relating to income-tax, super-tax or super profits-tax, surtax or any other tax on income, profits or gains( ... computed as depreciation by the assessee in the P&L; a/c is seen accepted by the assessing authority and from the fact that a sum of Rs. 4,00,91,301 is seen deducted which has not been interfered with by the first appellate authority. For these reasons, we are of the view that the Guidance Notes issued by ... said to be the contributing institutions. Sec. 32(1) of the said Act provides that income-tax or any other tax is not payable on the income of the Unit Trust of India and in relation to certain income distributed by it to certain categories of persons. Sub-section (2) declares that the provisions of ss. 193 and 194 of the Income Tax Act, 1961 would not be applicable to the ... of the assessee- company including the earning of dividend income is eligible business within the meaning of sub-section (2) of s. 32AB of the Income Tax Act, 1961?(ii) The dividend income amounting to Rs. 1,51,89,760 should be included in computing the profit of the eligible business under sub-section (3) of s. 32AB of the Income Tax Act?3. Whether, on the facts and in ...

Jul 19 2005

P.T. Antony and Sons Vs. Union of India (UOI) and Ors.

  • Decided on : 19-Jul-2005

Court : Kerala

Reported in : [2005]279ITR363(Ker); 2005(4)KLT831

... Tax Act, 1963, hereinafter, the 'KGST Act', for short, and the residence of its managing partner, were searched on November 20, 1990, by the competent authorities under Section 132(1) of the Income-tax Act, 1961, for short, the 'IT Act', resulting in the seizure of certain documents, including two slips showing unaccounted sales. On the basis of the said slips, the Assessing Officer under the Income-tax Act ... of the Income-tax Act. The Settlement Commission issued exhibit P1 order, settling the case of the petitioner in respect of the year 1991-92 by reckoning the profit on the unaccounted turnover at Rs. 18 lakhs.3. In exercise of suo motu revisional power under Section 35 of the KGST Act, exhibit P2 assessment order under that Act, for the year 1990-91, ... the Income-tax Act or under any law for the time being in force, the reopening that is prohibited is only of such matters that are covered by the order of the Settlement Commission under Section 245D(4). Indisputably, the liability of the petitioner to the levy under the KGST Act for the year 1990-91, or its liability under the KGST Act ... apply to affect and impair any proceedings under the KGST Act. This argument is only to be repelled because the provision of Section 245-I in Chapter XIX-A of the Income-tax Act, is predominantly relatable to collection and enforcement under the Income-tax Act and the fields covered by the KGST Act and the Income-tax Act are referable to their respective distinct and exclusive legislative ...

Oct 17 2002

Commissioner of Income-tax Vs. Eastern Condiments Pvt. Ltd.

  • Decided on : 17-Oct-2002

Court : Kerala

Reported in : (2003)181CTR(Ker)483; [2003]261ITR76(Ker)

... Sivarajan, J.1. This appeal is filed by the Commissioner of Income-tax, Central-I, Chennai, challenging the order of the Income-tax Appellate Tribunal, Cochin Bench, in I. T. A. No. 83 (Cochin) of 1996. The matter arises under the Income-tax Act, 1961 (for short 'the Act'). The assessment year concerned is 1992-93. The respondent-assesses is engaged in the manufacture and sale of ... the provisions of Section 40A(3) of the Act read with Rule 6DD(j) of the Income-tax Rules disallowed anamount of Rs. 46,32,449 from the expenditure incurred. The assessee took up the matter in appeal before the Commissioner of Income-tax (Appeals), Cochin, who by order dated November 14, 1995, deleted the disallowance made under Section 40A(3) of the Act. The Department ... We have also heard Shri P. Balachandran, learned counsel appearing for the respondent-assessee. He submits that the assessee had started this business only during the financial year 1990-91 and that the sellers of raw materials outside the State were not prepared to receive cheques towards consideration for the sale of raw materials. He further submits that the ... in appeal before the Commissioner of Income-tax (Appeals), Cochin, who by order dated November 14, 1995, deleted the disallowance made under Section 40A(3) of the Act. The Department took up the matter in appeal before the Tribunal and the Tribunal after due consideration of all relevant matters confirmed the order of the Commissioner of Income-tax (Appeals), Cochin.3. Shri P. K. ...

Jun 01 1981

Canara Bank and Ors. Vs. State of Kerala and Ors.

  • Decided on : 01-Jun-1981

Court : Kerala

Reported in : AIR1982Ker1

... or carrying on of business which is the object mentioned in Section 3 (8) of the Travancore Act. Speaking of 'association of persons' in Section 2(31) of the Income-tax Act, 1961, one of us (the learned Acting Chief Justice) pointed out in Commr. of Income-tax v. T. V. Suresh Chandran, (1979) 13 Cur Tax Rep 366 : (1980 Tax LR 328) (Ker) that in order that there may be an ... as those constituted under the provisions of the Travancore Act; (2) in view of Section 153 of the Kerala Act, is a corresponding new bank liable to pay profession tax; (3) is a corresponding new bank, a 'company' mentioned in Section 91 of the Travancore Act; and (4) is a trust, a 'company' mentioned in Section 91 of the Travancore Act.4. It is contended by Mr. Govinda Warrier ... Act. Speaking of 'association of persons' in Section 2(31) of the Income-tax Act, 1961, one of us (the learned Acting Chief Justice) pointed out in Commr. of Income-tax v. T. V. Suresh Chandran, (1979) 13 Cur Tax Rep 366 : (1980 Tax LR 328) (Ker) that in order that there may be an association of persons, the persons concerned should have combined or come together by a consensual act ... other'. Though under Section 11 of the Act, a corresponding new bank is to be deemed to be an Indian company, this fiction is only for the purpose of the Income-tax Act, 1961' and is not available for any other purposes. In view of what is stated above, a corresponding new bank is not an association envisaged by Section 3 (8) of the Travaacore Act.22. ...

Dec 21 2004

Dr. R.P. Patel Vs. Assistant Director of Income Tax (Investigation) an ...

  • Decided on : 21-Dec-2004

Court : Kerala

Reported in : (2005)194CTR(Ker)12; [2005]273ITR386(Ker)

... 1,46,78,980 for the financial years 1989-90 to 1994-95 under Section 132(4) of the IT Act. After conclusion of search, the first respondent issued Ext. P1 proceedings on 28th April, 1995 under the then existing Section 132(5) of the IT Act estimating the income-tax thereon, interest and penalty for the purpose of retaining the seized assets for ... Ext. R3(A) and subsequent communications. The income-tax assessment of the petitioner for all the relevant assessment years, namely, 1990-91 to 1995-96, were completed vide Ext. P4 series of orders. While the assessments for the years 1990-91 to 1994-95 were completed on 23rd Dec, 1997 as income escaping assessments under Section 147, the regular assessment for the year ... then existing Section 132(5) of the IT Act estimating the income-tax thereon, interest and penalty for the purpose of retaining the seized assets for appropriation after determination of liability. Since after search, there was still time to remit the last instalment of advance tax for the asst. yr. 1995-96, the petitioner after referring to his statement furnished under Section 132(4 ... Act. After conclusion of search, the first respondent issued Ext. P1 proceedings on 28th April, 1995 under the then existing Section 132(5) of the IT Act estimating the income-tax thereon, interest and penalty for the purpose of retaining the seized assets for appropriation after determination of liability. Since after search, there was still time to remit the last instalment of advance tax ...

Dec 21 2004

Dr. R.P. Patel Vs. Asstt. DIT (Investigation) & Ors.

  • Decided on : 21-Dec-2004

Court : Kerala

Reported in : [2005]144TAXMAN79(Ker)

... ,46,78,980 for the financial years 1989-90 to 1994-95 under section 132(4) of the Income Tax Act. After conclusion of search, the first respondent issued Ext. P1 proceedings on 28-4-1995 under the then existing section 132(5) of the Income Tax Act estimating the income-tax thereon, interest and penalty for the purpose of retaining the seized assets ... (A) and subsequent communications. The income-tax assessment of the petitioner for all the relevant assessment years, namely, 1990-91 to 1995-96, were completed vide Ext. P4 series of orders. While the assessments for the years 1990-91 to 1994-95 were completed on 23-12-1997 as income escaping assessments under section 147, the regular assessment for ... Income Tax Act. After conclusion of search, the first respondent issued Ext. P1 proceedings on 28-4-1995 under the then existing section 132(5) of the Income Tax Act estimating the income-tax thereon, interest and penalty for the purpose of retaining the seized assets for appropriation after determination of liability. Since after search, there was still time to remit the last instalment of advance tax ... existing section 132(5) of the Income Tax Act estimating the income-tax thereon, interest and penalty for the purpose of retaining the seized assets for appropriation after determination of liability. Since after search, there was still time to remit the last instalment of advance tax for the assessment year 1995-96, the petitioner after referring to his statement furnished under section ...

Mar 02 1993

St. Mary's Finance Ltd. Vs. P.N. Devadasan, Assistant Commissioner of ...

  • Decided on : 02-Mar-1993

Court : Kerala

Reported in : [1993]204ITR470(Ker)

... of the Income-tax Officer under the Income-tax Act, 1961, is plenary and he has got all the jurisdiction to investigate into matters to ascertain whether the profits derived by any person or entity are liable to be taxed as income under the Act. For that purpose, he is also entitled to hold an investigation in the manner permitted by the Act including the issue of summons under Section ... the Income-tax Act. That matter has to be considered independently and on merits. Since the matter depends on the facts and circumstances of the case, necessarily he had to make an enquiry, for which purpose the documents of the assessee were being called for.4. No assessment has yet been completed on the petitioner for the assessment year 1990-91. But ... has been registered as a Nidhi under Section 620A of the Companies Act, 1956, and that, therefore, it is exempted from payment of tax under the provisions of the income-tax Act, 1961. What Section 620A of the Companies Act does is to enable the Central Government by a notification in the Gazette to direct that the provisions of the Act, specified in the notification shall not apply ... jurisdiction and warranted by the provisions of the Act. The petitioner is not, therefore, entitled to any relief in relation thereto. They are all justified by the provisions of Section 131 of the Income-tax Act, 1961. For the same reason, the petitioner is not entitled to the declaration sought that it is exempted from payment of tax as a Nidhi, as the matter is ...

Jun 14 2007

Assistant Commissioner of Income Tax and Anr. Vs. J.C. Augustine and A ...

  • Decided on : 14-Jun-2007

Court : Kerala

Reported in : (2007)211CTR(Ker)377; [2007]293ITR26(Ker); 2007(2)KLJ762; 2007(4)KLT70

... Section 245D(1) of the Act for the asst. yrs. 1990-91 to 1993-94. The Settlement Commission while considering the additional income disclosed by the assessee vide the 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 ... income-tax of Rs. 9,62,240 in instalments.18b. The Settlement Commission, after receipt of the application under Section 245C of the Act and after hearing the representatives of the assessee and the Department, has decided to admit and proceed with the application under Section 245D(1) of the Act for the asst. yrs. 1990-91 to 1993-94. The Settlement Commission while considering the additional income ... tax liability under the Act for the assessment period 1990-91, 1991-92 and 1992-93, and had demanded the tax with interest in a sum of Rs. 78,45,838. Additional amount of income-tax of Rs. 9,62,240 was also demanded from the assessee on the basis of additional income disclosed. The assessee had filed an application before the Settlement Commission as provided under Section ...

Apr 28 1998

North Malabar District Co-operative Supply and Marketing Society Ltd. ...

  • Decided on : 28-Apr-1998

Court : Kerala

Reported in : [1998]111STC271(Ker)

... respondent issued notice under Section 45A of the Act alleging that the petitioner has submitted untrue returns which is an offence under Sub-section (1)(d) of the said section and imposed a penalty of Rs. 2,11,960 evidenced by exhibit P2. The petitioner took up the matter in revision before the Deputy Commissioner of Agricultural Income-tax and Sales Tax, Kozhikode, who by ... Kerala General Sales Tax Act, 1963. The petitioner is an oil miller. It is an assessee on the files of the first respondent. For the assessment year 1990-91 the first respondent completed the assessment by order dated April 5, 1995 (exhibit P1). During the course of the assessment proceedings the first respondent issued notice under Section 45A of the Act alleging that ... A Division Bench of this Court also had occasion to consider the guidelines for imposition of penalty under Section 45A of the Act in the context of a challenge to the said section in P.D. Sudhi v. Intelligence Officer, Agricultural Income-tax and Sales Tax, Mattancherry [1992] 85 STC 337. There the Division Bench considered the various decisions of the Supreme Court ... Intelligence Officer, Agricultural Income-tax and Sales Tax, Mattancherry [1992] 85 STC 337. There the Division Bench considered the various decisions of the Supreme Court on this point including the two decisions referred to earlier and held that the use of the words 'evasion' and the expression 'sought to be evaded' in Section 45A(1) of the Kerala General Sales Tax Act, 1963, ...

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