Court : Kerala
Decided on : Dec-03-1985
Reported in : (1986)52CTR(Ker)126; 165ITR174(Ker)
..... for consideration in the present case is one in r. a. no. 7/coch/1979. that question concerns entry 31 of the vth schedule to the income-tax act, 1961. this entry comes under section 33(1)(b)(b)(i)(b) which provides for development rebate at twenty-five per cent. of the actual ..... the case, the moneys borrowed by the assessee are to be taken as capital employed for the purpose of computing the deduction under section 80j of the income-tax act ? 2. whether, on the facts and in the circumstances of the case and on an interpretation of section 80j, the relief could be restricted proportionately for ..... case, the moneys borrowed by the assessee are to be taken as capital employed for the purpose of computing deduction under section 80j of the income-tax act? 2. whether, on the facts and in the circumstances of the case, the assessee is entitled to claim section 80hh deduction at 20% of ..... used for extraction of oil or oil cakes directly from seeds. the assessee's claim for development rebate at 25 per cent. was rejected by the income-tax officer who allowed the same only at 15 per cent. for the reason that, on the admitted facts, the machinery had not been used for ..... :'whether, on the facts and in the circumstances of the case, the assessee is entitled to claim section 80hh deduction at 20% of the current year's income of the industrial undertaking without setting off against it the earlier years' losses, unabsorbed depreciation and unabsorbed development rebate 'r. a. no. 9/coch/1979:'1 .....Tag this Judgment!
Court : Kerala
Decided on : Jul-24-1985
Reported in : 164ITR536(Ker)
..... trust and is hit by clause (a) of sub-section (3) of section 4 of the agricultural income-tax act ?' we may at once dispose of the second question inasmuch as, on the very face of it, the contention of the assessed cannot be sustained. section 4(3)(a ..... the facts and in the circumstances of the case, theassessments for the years 1974-75, 1975-76 and 1976-77 have been validly initiated under section 35 of the agricultural income-tax act ? (2) whether, on the facts and in the circumstances of the case, the tribunal was correct in law in holding that the trust is a private religious ..... by him in his capacity as the trustee of the trust properties. the main contention before the agricultural income-tax officer was that he was entitled to exemption under section 4(3) of the agricultural income-tax act, 1950 ('the act'). the agricultural income-tax officer who inspected the property issued a reassessment notice and completed the assessment without accepting his contention. in appeal and ..... second appeal, the assessee had lost. the appellate tribunal confirmed the assessment made by the agricultural income-tax officer, separately assessing the income from the agricultural properties held by the .....Tag this Judgment!
Court : Kerala
Decided on : May-31-1985
Reported in : 158ITR459(Ker)
..... noticed a credit of rs. 35,000. ultimately, having found that the credit entries really represented the assessee's own income, penalty proceedings were initiated under section 271(1)(c) of the income-tax act. by annexure 'b', the income-tax officer, ernakulam, levied a penalty of rs. 10,000. aggrieved by that order of penalty, the matter was taken in appeal before the appellate ..... assistant commissioner of income-tax, trivandrum, who by annexure 'c' order confirmed annexure 'b' order passed by the inspecting assistant commissioner. against the ..... proceedings the onus is on the assessee to establish that he had no intention to conceal the income so as to attract the provisions pf section 271(1)(c) of the act. the counsel for the assessee relied on the decision of the supreme court in cit v. anwar ali : 76itr696(sc) . no doubt, that decision laid down that before penalty ..... could be imposed, the entirety of circumstances must reasonably point to the conclusion that the disputed amount represented income and that the assessee had consciously .....Tag this Judgment!
Court : Kerala
Decided on : Apr-25-1985
Reported in : 58CompCas590(Ker); (1986)55CTR(Ker)92; 155ITR510(Ker)
..... argument. the language of section 446 must be so construed as to eliminate such startling consequences as investing the winding-up court with the powers of an income-tax officer conferred on him by the income-tax act, because, in our view, the legislature could not have intended such a result.'8. the decision of the punjab high court in union of india v. seth ..... assessees even if the assessee be the company which is being wound up by the court. the orders made by the income-tax officer in the course of assessment or reassessment proceedings are subject to appeal to the higher hierarchy under the income-tax act. there are also provisions for reference to the high court and for appeals from the decisions of the high court ..... ]83itr685(sc) stated thus at page 693 i' these two decisions in our opinion do not lay down that assessment proceedings under the income-tax act should be held to be within the contemplation of section 371 of the indian companies act, 1913.'7. in the aforesaid decision of the supreme court in : 83itr685(sc) , it is held that the expressions ' other legal ..... to the supreme court and then there are provisions for revision by the commissioner of income-tax. it would lead to anomalous consequences if the winding-up court were .....Tag this Judgment!
Court : Kerala
Decided on : Mar-29-1985
Reported in : 62STC164(Ker)
..... contained in the original petition. it is useful to refer to the decision of the supreme court in third income-tax officer v. m. damodar bhat : 71itr806(sc) , wherein the scope of a somewhat similar provision occurring in section 220(6) of the income-tax act was considered. it was held:we proceed to consider the next question arising in this appeal, viz., whether ..... the high court was right in taking the view that the income-tax officer did not properly exercise the statutory discretion in issuing the impugned notice with regard to ..... on the files of the first respondent-the assistant commissioner of agricultural income-tax and sales tax (assessment), special circle, alleppey. the petitioner was assessed under the kerala general sales tax act and the central sales tax act for the years 1976-77 to 1979-80. it was also assessed under the central sales tax act for the year 1975-76. there are in all 9 assessments for ..... assistant commissioner against the order of assessment and, therefore, it was incumbent upon the income-tax officer to exercise the statutory discretion properly under section 220(6) of the new act in treating the assessee as being in default. the finding of the high court is that the income-tax officer 'was not shown to have applied his mind to any of the facts .....Tag this Judgment!
Court : Kerala
Decided on : Mar-23-1985
Reported in : (1985)50CTR(Ker)9; 155ITR548(Ker)
..... -68 to 1971-72 :'1. whether, on the facts and in the circumstances of the case, the income-tax appellate tribunal is right in law in holding that the interest on the excess amount of advance tax payable to the assessee under section 214 of the income-tax act, 1961, up to the date of the regular assessment can be enhanced consequent on the reduction of ..... income by the appellate assistant commissioner ?2. whether, on the facts and in the circumstances of the case, the ..... dated august 2, 1973, is an order under section 154 and not an order under section 214 of the income-tax act, 1961, and hence an appeal will lie before the appellate assistant ..... income-tax appellate tribunal is right in law in holding that the order passed by the income-tax officer on the assessees petition .....Tag this Judgment!
Court : Kerala
Decided on : Apr-10-1985
Reported in : (1986)49CTR(Ker)146; 158ITR596(Ker)
..... revision, is it a case in which the order is prejudicial to the assessee ?'under section 60(2) of the kerala agricultural income-tax act, hereinafter referred to as 'the act', an assessee is entitled to require the commissioner to refer to the high court any question arising out of an order under section ..... (ker) , a division bench of this court, dealing with similar provisions in section 43 and 109(2) of the cochin income-tax act, had held that no order of the commissioner dismissing the revision petition filed before him can be said to be prejudicial to ..... v. tribune trust  16 itr 214, which considered the effect of similar words in sections 33 and 66 of the income-tax act, 1922. it was held (p. 226) :'an order made by the commissioner under section ..... in the course of assessment proceedings, that may be an order 'otherwise prejudicial to the assessee', within the meaning of section 60(2) of the act. the petitioner has no case that apart from the rejection of his application for revision, the order of the revisional authority contained any observation which was ..... act. viz., an order enhancing the assessment or an order under otherwise prejudicial to the assessee are meant to be taken up in reference. the only question which therefore, arises for consideration is whether we shall read almost similar phrases used in section 34 and section 60(2) differently.the leading case on this points is cit .....Tag this Judgment!
Court : Kerala
Decided on : Dec-09-1985
Reported in : (1987)52CTR(Ker)162; 165ITR755(Ker)
..... holding stock, the value of which went down. the tribunal accepted the assessees contention that the circular issued by the central board of revenue under the repealed indian income-tax act, 1922, governed the transactions in question and enabled the assessee to claim the set-off in terms of section 71 and 72 read with proviso (a) to ..... it is consistent with the provisions of the present enactment. this is clear from section 297 of the income-tax act, 1961, which reads :'297. repeals and savings. - ...(2) notwithstanding the repeal of the indian income-tax act, 1922 (ll of 1922) (hereinafter referred to as the repealed act), - ...(k) any agreement entered into, appointment made, approval given, recognition granted, direction, instruction, notification ..... , order or rule issued under any provision of the repealed act shall, so far as it is not inconsistent with the corresponding provision of ..... him or merchandise sold by him; or...shall not be deemed to be a speculative transaction.'the question, therefore, is whether the transactions in question, held by the income-tax officer to be speculative, are in fact, as found by the two appellate authorities, saved by proviso (a) to section 43(5) so as to permit the .....Tag this Judgment!
Court : Kerala
Decided on : Mar-24-1985
Reported in : (1987)66CTR(Ker)243
..... as the act). the agrl. ito who inspected the property issued a reassessment notice and completed the assessment without accepting his contention. in appeal and second appeal the assessee had ..... notice disclosing only the income from the properties held by him in his capacity as the manager of the huf properties, concealing the income derived by him in his capacity as the trustee of the trust properties. the main contention before the agrl. ito was that he was entitled to exemption under s. 4(3) of the agricultural income-tax act, 1950 (hereinafter referred to ..... of it the contention of the assessee cannot be sustained. sec. 4(3) (a) of the act reads -'4. total agricultural income. -xxxxxxxx(3) nothing contained in cl. (b) or cl. (c) of sub-s. (1) shall operate so as to exclude from the total agricultural income of the previous year of the person in receipt thereof -(a) any part of the agricultural ..... the assessment made by the agrl. ito, separately assessing the income from the agricultural properties held by the assessee : (1) in his capacity as the manager of the huf properties; and (2) as the trustee of the trust properties. the questions referred to this court under s. (60) (3) of the act read as follows :'(1) whether, on the facts and in .....Tag this Judgment!
Court : Kerala
Decided on : Mar-12-1985
Reported in : AIR1985Ker265
..... partnership profit as joint family asset.23. in ram laxman sugar mills v. commr. of income-tax : 66itr613(sc) , it was decided :'a hindu undivided family is undoubtedly a 'person' within the meaning of the income-tax act; it is however not a juristic person for all purposes, and cannot enter into an ..... position will not change even if the strangers to the partnership towards whom he is having obligation are the members of his own joint family.20. in income-tax commr. v. bagyalakshmi and co., : 55itr660(sc) , it was observed :'a contract of partnership has no concern with the obligation of the ..... a family business. for that purpose it is not necessary that there should be a physical division of the business.14. in bhimraj bansidhar v. commr., income-tax, : 26itr185(patna) , the patna high court held :'a partition of the business can therefore be brought about by mere specification of the ..... al and b2, the provision store continued as a joint family concern and ext. b2 was intended only as a formal document for registration and income-tax purposes. being a joint family business, plaintiff and defendants 7 and 8 were found to have birthright in it. we think that the trial court ..... does not suffice to bring section 247 into operation.'37. so also in addl. commr. of income-tax v. uttam kumar promod kumar : 97itr730(all) it was observed :'section 30(2) of the partnership act leads to the inference that even for admission of a minor to the benefits of a partnership .....Tag this Judgment!