Court : Kerala
Reported in : 227ITR802(Ker)
..... the act which tells us what is to be understood by 'transfer' in relation to a capital asset. this inclusive definition brings within it not only ..... income of the previous year in which the transfer took place. capital gains would have to be understood as profits or ..... said with reference to the facts that there has been any income to the assessee much less the capital gains in regard thereto.16. what would constitute capital gains is basic to the situation and the provisions of section 45 of the income-tax act, 1961, tell us what would constitute as chargeable to income-tax under the head 'capital gains', tobe deemed to be the ..... its favour.20. when this situation presented no difficulty actually, the income-tax appellate tribunal appears to have been proceeding in wholly unnecessary directions. in the process of reasoning the tribunal considered the statutory provisions relating to deduction from the full value of the consideration by resort to section 48 of the income-tax act, 1961. we will have to see section 2(47) of .....Tag this Judgment!
Court : Kerala
Reported in : 127ITR192(Ker)
..... arya vaidya sala under the will of the testator (of late p. s. warrier--will dated november 3, 1939), is not entitled to exemption under section 11(4) of the income-tax act, 1961, for the assessment year 1964-65 ? 2. is the approach made and interpretation placed on the will of late p. s. warrier dated november 3, 1939, by the tribunal ..... spent for arya vaidya sala under the will of the testator (late p.s. warrier)--will dated november 3, 1939--is not entitled to exemption under section 11 of the income-tax act, 1961? (for all the years 1965-66 to 1970-71). (c) was the appellate tribunal justified in its view that it is bound to follow the decision in ..... the person receiving it.' in the light of what is stated above we agree with the tribunal and hold that the income in controversy is exempt under section 4(3)(i) of the indian income-tax act, 1922, and that it is not brought back into the net of taxation by clause (b) of the proviso to that sub-section. we answer the reference ..... of 1976 25. this reference is at the instance of the revenue under section 256(1) of the act for the assessment year 1965-66. the question referred is the following :'whether, on the facts and in the circumstances of the case, the income-tax appellate tribunal is justified in law in holding that the assessee is entitled to exemption under section 11 .....Tag this Judgment!
Court : Kerala
Reported in : AIR1959Ker182
..... there was an infringement of article 14 the supreme court held:'the discrimination, if any, was not brought by the two ordinances, but by the circumstances that there was no income tax act in nabha and consequently there was no case of assessment pending against any nabha assessees. in any case the provision that pending proceedings should be concluded according to the law ..... a given case there is sufficient territorial nexus is essentially one of fact'.18. in much the same way has the principle-been stated in earlier cases under the indian income-tax act, 1992. see kanga, 4th edn. vol. i, p. 8. thus in wallace bros, and co. ltd. v. i. t. commr., bombay the privy council had occasion to consider the validity ..... of section 4a of the indian income-tax act, 1922 under which the foreign income of a company which was incorporated in the united kingdom and had also its control and management of affairs exclusively in that country was sought to be charged ..... the madras state was, like the rest of that state area, not subject to any general law relating to agricultural income-tax. it was only income from plantations as defined in the madras plantations agricultural income-tax act v of 1955 that was subject to such tax. a system of land revenue including cesses and enhanced by surcharge and additional surcharges was on the other hand prevalent .....Tag this Judgment!
Court : Kerala
Reported in : 202ITR186(Ker)
..... . the question referred is whether, on the facts and in the circumstances of the case, the assessee is entitled to deduction under section 36(1)(viii) of the income-tax act, 1961, on the total income before making any deduction under section 36(1)(viii) ?2. this question is really concluded against the revenue by the decisions in the assessee's own cases in ..... revenue very staunchly pressed for our acceptance the contentions based on the objects and reasons to the finance act, 1985, by which section 36(1)(viii) of the act was amended by providing specifically that the deduction is to be 40% of the total income before making any deduction under section 36(1)(viii) and chapter vi-a. the inference attempted to be ..... : 113itr84(sc) and also in the lightof the decision of the high court of karnataka in karnataha state financial corporation v. cit  174 itr 206 besides with reference to the statement of objects and reasons to the finance act, 1985. so far as the first ground is concerned, viz., that the decision of the cambay electric supply industrial co.'s ..... revenue and in favour of the assessee.9. a copy of this judgment under the seal of this court and the signature of the registrar will be forwarded to the income-tax appellate tribunal, cochin bench, for information and compliance. .....Tag this Judgment!
Court : Kerala
Reported in : 217ITR528(Ker)
..... the receipt is not on behalf of the former firm. reliance was also placed on the provisions contained under sub-section (3a) of section 176 of the income-tax act and a contention was raised that even if it is to be taken that the subsidy is received by the former firm it is liable to be ..... of the former firm. we find no merit in the contention raised by the revenue on the basis of sub-section (3a) of section 176 of the income-tax act. sub-section (3a) provides that 'where any business is discontinued in any year, any sum received after the discontinuance shall be deemed to be the ..... claimed that the subsidy amount was not a revenue receipt and further put forward an alternate contention that it was a casual income. the claim was rejected by the income-tax officer and was confirmed by the commissioner of income-tax (appeals). aggrieved by the above, the assessee came up in appeal before the tribunal.3. the subsidy was paid by ..... k.k. usha, j.1. at the instance of the revenue, the following questions of law are referred by the income-tax appellate tribunal (in short, 'the tribunal') for decision of this court :'1. whether, on the facts and in the circumstances of the case, the tribunal was ..... if the receipt of the subsidy by the second firm is in the nature of a casual receipt it has to be treated as its income learned counsel relied on a decision of the supreme court in cit v. g. r. karthikeyan : 201itr866(sc) .7. it is further contended by the revenue that the amount granted as .....Tag this Judgment!
Court : Kerala
Reported in : 91ITR438(Ker)
..... the constitution. i will have to consider these attacks here. 10. it is necessary to consider whether the amendment to the definition of ' agricultural income ' effected in the agricultural income-tax act, 1950, by act 12 of 1971 was competent, for, if it is not so, it is not necessary to consider any of the other contentions raised by way ..... , this challenge had to be noticed and the definition had to be brought into conformity with that in the income-tax act, 1961. but, notwithstanding such amendment by the kerala act, 12 of 1964, the agricultural income-tax department continued to assess agricultural income derived from such land and, therefore, the matter was again agitated in courts. this court in the decision ..... them, that is to say- (1) 'agricultural income ' means agricultural income as defined for the purpose of the enactments relating to indian income-tax;'. 11. the enactment now in force relating to indian income-tax is the income-tax act, 1961, and after amendment of the definition of agricultural income in that act by taxation laws (amendment) act, 1970 (42 of 1970), the definition is altered ..... in regard to bills relating to certain matters including, inter alia, the meaning of the expression agricultural income as defined in the enactments relating to indian income-tax. in fact, that provision indicates that the expression ' agricultural income ' as defined in the income-tax act is liable to be varied from time to time.15. that the validation of orders of assessments .....Tag this Judgment!
Court : Kerala
Reported in : (1991)99CTR(Ker)234; 197ITR95(Ker)
..... high court in ambala cantt. electric supply corporation ltd.'s case , that the amount of retrenchment compensation will be covered by section 37 of the income-tax act is justified in law. it cannot be said that the appellate tribunal was wrong when it held that, alternatively, the retrenchment compensation is deductible from ..... of rs. 3,08,614 8. in considering the above aspects, it is useful to quote section 45(1) and section 2(14) of the income-tax act, 1961 :'45. capital gains.-(1) any profits or gains arising from the transfer of a capital asset effected in the previous year shall, save as ..... should be stated that further relief was given to the assessee in the appeal filed by it, affording relief regarding profits under section 41(2) of the income-tax act, 1961, with which we are not concerned in these references.7. we shall first take up the points that arise for consideration in i. t. ..... value of which is to be taken into consideration ? 4. whether solatium is a 'capital asset' within the meaning of section 2(14) of the income-tax act, 1961, the value of which is to be taken into account for the purpose of determining 'capital gains' ?' 3. the two questions referred at the ..... a profit-making apparatus and the business of the electrical undertaking falls within the definition of 'capital asset' as defined in section 2(14) of the income-tax act, 1961, the transfer of which will attract capital gains ? 2. whether, on the facts and circumstances of the case and on the evidence on record .....Tag this Judgment!
Court : Kerala
Reported in : 200ITR27(Ker)
..... being in the nature of capital expenditure or personal expenses of the assessee) laid out or expended wholly and exclusively for the purpose of the plantation.b. indian income-tax act, 1922, section 10(2)(xv)income-tax act, 1961, section 37(1)any expenditure (not being an allowance of the nature described in any of the clauses (i) to (xiv) inclusive, and not being ..... whether section 5(j) is a residuary provision, it will be useful to compare section 5(j) with the corresponding residuary provisions in the madras (plantations) agricultural income-tax act and the residuary provisions in the income-tax acts of 1922 and 1961 :a. section 5(j) of the kerala actsection 5(e) of the madras actany expenditure (not being in the nature of capital expenditure ..... shall also refer to the external aids, the statement of objects and reasons. it reads as follows :'statement of objects and reasons : under section 5 of the agricultural income-tax act, 1950, the agricultural income of a person is to be computed after making certain deductions specified in that section. one of the deductions specified in the section is 'any expenditure (not being in ..... the words 'expenditure for the cultivation, upkeep and maintenance' in explanation 2. the words 'for the purpose' have come up for consideration under the corresponding residuary provision in the income-tax acts of 1922 and 1961 in several cases and the said rulings have to be applied for purposes of section 5(j) also. in all these cases, it was argued for .....Tag this Judgment!
Court : Kerala
Reported in : 200ITR366(Ker)
..... force in the contention of the applicants that so long as no provision derogatory to the provisions contained in section 13(b) of the partnership act obtain in the agricultural income-tax act, 1950, and the income-tax act, 1961, those provisions could be looked into to ascertain the individual shares of the partners in the profit and loss of the firm. on ..... separate orders of reference by two benches of this court. theissue involved in the above cases relates to the question of registration of firms under the kerala agricultural income-tax act, 1950, and the income-tax act, 1961. the provisions regarding registration of firms under the above-mentioned statutes and the rules issued thereunder are substantially similar. while i.t.r. no. 49 ..... the main contention raised on behalf of the applicants is that specification of the individual shares of the partners required under section 27 of the agricultural income-tax act, 1950, and section 184 of the income-tax act, 1961, does not contemplate expressly setting out in fractional or other shares. if there is no provision in the partnership deed indicating a contra-intention, ..... 302 would also support his contention.29. the main issue arising in these cases is the interpretation of section 27(2) of the kerala agricultural income-tax act, 1950, and section 184(2) of the income-tax act, 1961. whether these provisions make it essential that the shares of individual partners in the loss sustained by the firm shall be specifically delineated in .....Tag this Judgment!
Court : Kerala
Reported in : 248ITR292(Ker)
..... to suffer from any error and dismissed the appeal.21. in our anxiety to see the correct legal position in regard to the corresponding provision under section 263 of the income-tax act we also glanced through the digest and certain rulings by the supreme court and other high courts in so far as the meaning given to the words 'prejudicial to the ..... is erroneous in so far as it is prejudicial to the interests of the revenue and, therefore, the assumption of jurisdiction by the commissioner of income-tax under section 263 of the income-tax act was legal, valid and justified. the division bench, therefore, answered question no. 1 referred to it in the affirmative, against the assessee and in favour of the revenue.24. in ..... and remitted the matter to the assessing authority.19. learned counsel for the appellant has also relied on section 263 of the income-tax act, which corresponds to section 37 of the kerala general sales tax act. he also cited the decision reported in cit v. minalben s. parikh : 215itr81(guj) , of the gujarat high court, interpreting the words 'prejudicial to the interests of the ..... the assessment and proceedings for assessment can be initiated under the provisions of the act against some other assessee who, according to the income-tax authorities, would be liable to be assessed for the income in question. it was held on the facts that there were materials before the commissioner of income-tax to justify his finding that the order of assessment for the year 1960 .....Tag this Judgment!