Court : Kerala
Decided on : Jul-10-2012
Reported in : 2012(3)KLT497
..... in cases where the computation of the total income is made in terms of section 115jb of the it act. 5. article 3(iii)(c) of the cf act, inserted by act 2 of 2003 reads as follows: (c) from an order of the appellate tribunal under the income tax act, 1961 or the wealth tax act, 1957,- (a) where the total income of the assessee as computed by the assessing ..... officer, in the case to which the appeal relates is one lakh rupees or lessfive hundred rupees.(b) where such income exceeds one lakh rupees but not exceed two lakh rupeesone thousand and ..... income tax under section 260a of the income tax act, 1961, for short, the it act, is marked defective for the reason that only rs.500/- is paid as court fee and that court fee is leviable on the memorandum of appeal under article 3(iii)(c)(c) of schedule ii of the kerala court fees and suits valuation act, 1959, for short, the cf act, since the total income ..... certain companies. it provides that notwithstanding anything contained in any other provision of the it act, where in the case of an assessee, being a company, the income tax payable on the total income as computed under the it act in respect of the previous year relevant for the assessment year commencing on or after the first day of april, 2001 is less than 7 % of its .....Tag this Judgment!
Court : Kerala
Decided on : Feb-21-2012
Reported in : 2012(3)KLT41(SN)(C.No.42)
..... in the market, the income attributable to processing or manufacture becomes business income that attracts tax under the central income tax act (hereinafter referred to as the central act for short). from the very beginning income from tea was assessable partly as agricultural income and partly as business income and specific provision is provided in rule 8 of the central income tax rules (hereinafter referred ..... made by the assessee for all the above years was disallowed in the assessment by the income tax officer, which is confirmed by the cit (appeals) and also by the tribunal, against which these appeals are filed under section 260a of the income tax act. 4. we have heard learned senior counsel shri.a.k.jayasankar nambiar appearing for the ..... same in the ratio given thereunder for the purpose of assessment under the agricultural income tax act (hereinafter referred to as the ait act for short) and under the central act. in fact rule 7 of the rules makes a general provision for assessment of income, partly agricultural and partly from business. even though rubber planters were also engaged ..... to as the rules) for assessment of income from tea .....Tag this Judgment!
Court : Kerala
Decided on : Feb-24-2012
..... that the assessing officer has not considered application of section 80ab which provides certain restrictions in regard to deduction admissible under chapter vi a of the income tax act. on facts the finding is that assessee has claimed deduction of expenditure on interest which is more than the amount claimed as deduction under section 80p(2 ..... assessee is whether the tribunal was justified in declining to interfere with the order issued by the commissioner under section 263 of the income tax act directing the assessing officer to reconsider assessee's entitlement for deduction of interest earned on deposit made in other societies under section 80p(2) of the ..... income tax act. we have heard counsel for the appellant and standing counsel for respondent. 2. after hearing both sides and on going through the orders of ..... ) of the act. it is in this context the commissioner set aside the assessment with direction to the assessing officer to consider correctness of the deduction allowed under section ..... of the tribunal also should not weigh with the officer while passing orders based on commissioner's order issued under section 263 of the act. the appeal is dismissed but with the above observations. .....Tag this Judgment!
Court : Kerala
Decided on : Jan-05-2012
..... all the assessment years. 2. the officer issued notice after recording reason for reopening of the assessment under section 148(2) of the income tax act as follows:- the declared income for income tax purposes of the assessee is remuneration and interest on capital from the firm m/s. mayoora hotel, poovarani. the investigation wing of the i.t. dept. made detailed enquiries ..... reasons the assessing officer completed income escaping assessments under section 147 of the act for the assessment years 1996-97 to 2000-01. it is to ..... c.n. ramachandran nair, j. 1. these are connected appeals filed under section 260a of the income tax act, two appeals filed by the revenue and three appeals filed by assessee relating to the assessment of escaped income of the assessee completed under section 147 for the years 1996-97 to 2000-2001. while the original assessment for the year 1996-97 was a ..... the construction of the residential building, purchase of landed property. the income offered for assessment is only very meager and do not commensurate with the investments made. for these reasons, i have reason to believe that income chargeable to tax has escaped assessment within the meaning of section 147 of the income tax act, 1961. issue notice u/s. 148. 3. based on identical .....Tag this Judgment!
Court : Kerala
Decided on : Jan-17-2012
..... block assessment for assessment years 1989-90 to 1999-2000 was completed against the assessee consequent to a search under section 132 of the income tax act. the assessment was completed determining undisclosed income of rs.1.07,96,410/-. in the cash flow statement for the year ended 31.3.1997 a receipt of rs.5 ..... by the department answering the first question in favour of the revenue, sustaining the assessment of rs.5 lakhs received on sale of debris as business income and not capital gains. the issue projected in question no.2 and 3, we refuse to answer since the said issues, as noticed earlier, does ..... though a solitary incident would come within the term of business and would be assessable as business income. the short term capital gains assessed to tax without any deduction would be as good as an assessment of business income especially so, since the rates are the same. in such circumstances, we are constrained to set ..... aside the order of the tribunal with respect to the deletion of tax assessed on rs.5lakhs being sale of debris. 4. the other deletion ..... lakhs was shown as profit on sale of debris to explain the source for investment. the same was brought to tax for the assessment year .....Tag this Judgment!
Court : Kerala
Decided on : Jan-02-2012
..... deposits in banks entitling them for interest on deposits which was periodically credited by the bank in the deposit account. as required under section 194a of the income tax act, the banks recovered tax at source on the interest credited in the deposit account of the respondents-assessees and issued tds certificates to the respondents. though the respondents did not return ..... through the order of the tribunal, what we notice is that though the tribunal has referred to section 199 of the income tax act, they have not considered the scope of the provisions in detail. section 199 of the income tax act has undergone various changes and for reference, we extract hereunder the section as it stood during the relevant assessment years, i ..... section 143(1) of the income tax act wherein the assessee is entitled to credit of tax paid directly or indirectly including payments made by payers who recovered tax and remitted the same under the provisions of chapter xvii of the income tax act. however, section 143(1) of income tax act is subject to section 199 of the act which specifically provides that tax has to be credited based ..... counsel appearing for the respondents referred to the findings of the tribunal with specific reference to section 143(1) of the income tax act and contended that the assessee is entitled to get credit for all payments of tax including tax recovered at source and remitted by the payers in the assessment year following the previous year in which such payment is made .....Tag this Judgment!
Court : Kerala
Decided on : Feb-17-2012
..... income tax returns for several years including the assessment year 2005-2006, and disallowance is made only for this year. since business ..... account. this would imply that a correct figure of surplus from the trust property is reflected in the income and expenditure account of the trust to determine the income for the purpose of application under section 11 of the income tax act. this would reduce the possibility of revenue leakage which may be a cause for generation of black money. 7. from the above what ..... case pressed before us by the senior counsel appearing for the assessee. we have no doubt in our mind that business income of charitable trust also has to be computed in the same manner as provided u/s 29 of the income tax act. however, the issue that requires consideration is when the expenditure incurred for acquisition of depreciable assets itself is treated as ..... through several decisions of high courts and supreme courts that when business is held in trust by charitable institutions income from business has to be computed by granting deductions provided u/s 30 to 43d as provided under s.29 of the income tax act. 6. senior counsel sri.a.k.j.nambiar appearing for the assessee submitted that the assessee has been filing .....Tag this Judgment!
Court : Kerala
Decided on : Mar-20-2012
..... appearing for the appellant- assessee and standing counsel for the respondent. the first question raised pertains to disallowance under section 14a of the income tax act which stands covered against the assessee by judgment of this court in commissioner of income tax vs. catholic syrian bank ltd. and others reported in 237 ctr 164. following this judgment we answer this question against the assessee and ..... represent liability and it is wrongly shown by the assessee as liability. even though counsel for the appellant has relied on decision of the bombay high court in commissioner of income tax vs. bank of rajastan reported in (2010) 40 dtr (bom.) 173, what we notice is that unlike in this case cash found is not excess carried over for several years ..... of the assessee atleast in respect of the arrears carried over for several years. however, we feel that the excess found during the previous year need not be treated as income and can be treated as surplus in the suspense account for three years to meet a liability in the event of any claim being made. we, therefore, confirm the finding ..... themselves conceded that the amount is excess cash with them retained for several years and there is no claimant for the same. we do not know why it is not income as the assessee themselves have no case that it is payable to anybody or it is a liability due from assessee to any person. we do not find any question .....Tag this Judgment!
Court : Kerala
Decided on : Jan-10-2012
..... two assessees, one by name m/s.bimbis south star and the other by name m/s.khyber foods, both assessed based on search conducted under section 132 of the income tax act. even though there is only one assessment, the two appeals happened to be filed in the case of two assessees only because both the revenue as well as the assessee ..... the same telephone number 382357, which intrinsically prove that all the concerns are owned and managed by same party, though under separate group names and concerns for the purpose of income tax benefits. on going through the tribunal's order we notice that tribunal has taken only one line from the warrant wherein the premises to be searched is stated as bimbis ..... of group concerns with names of the assessees separately stated therein. senior counsel for revenue has relied on division bench decision of this court in jose cyriac vs. commissioner of income tax reported in (2011) 336 itr 241 wherein this court reversed the said order of the tribunal relied on by them in allowing the assessee's claim in these cases. since .....Tag this Judgment!
Court : Kerala
Decided on : Feb-08-2012
..... . counsel for the respondent raised an objection that appeals are not tenable because the amounts of deduction and the tax involved with respect to the claim under section 80-o of the income tax act is below one lakh for both the years and under the norms prescribed by the cbdt, department cannot file ..... c.n. ramachandran, j. 1. these are appeals filed by the revenue under section 260(a) of the income tax act raising two issues arising from orders of the income tax appellate tribunal disposing of assessment appeals of the assessee for the assessment years 1996-97 and 1997-98. respondent ..... appeal on such issues. however, senior counsel appearing for the appellant submitted that appeals were filed on two issues and the combined tax effect is much more ..... export premium received. this issue stands decided by the supreme court in favour of the assessee and against the revenue in the case commissioner of income tax v. baby marine exports reported in 290 itr 323. therefore, following the judgment of the supreme court, we answer the issue in favore of ..... 2008) 172 taxman 236, commissioner of income tax v. inchcape india p. ltd., reported in (2005) 143 taxman 234, commissioner of income tax v. eicher consultancy services ltd., reported in (2008) 167 taxman 64 and also clause 3 of the explanation under section 80-o of the act. it is contended that service rendered .....Tag this Judgment!