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Judgment Search Results Home > Cases Phrase: income tax act Year: 1989 Page 4 of about 2,741 results (0.096 seconds)

Nov 28 1989 (HC)

Commissioner of Income-tax Vs. P.i. Simon

Court : Kerala

Decided on : Nov-28-1989

Reported in : [1991]187ITR302(Ker)

..... , on the facts and in the circumstances of the case, the payment of retrenchment compensation is allowable as a deduction under section 37 of the income-tax act, 1961 ?' 2. the respondent, an individual, is an assessee to income-tax. we are concerned with the assessment year 1975-76, the previous year ended on march 31, 1975. the assessee was mainly dealing in oil and ..... that the payment of retrenchment compensation, necessitated on account of the closure of the oil mill, is a permissible deduction under section 37 of the income-tax act. it is thereafter at the instance of the revenue that the income-tax appellate tribunal has referred the questions of law, formulated herein-above, for the decision of this court.3. we heard counsel for the revenue ..... of rs. 20,850 as retrenchment compensation to the employees. it was claimed as a deduction in the computation of the income. the income-tax officer allowed the same. the commissioner of income tax initiated suo motu revision proceedings under section 263 of the act and held that the oil mill was a 'separate' business and was not part of the assessee's business in oil ..... business carried on by him was the same and so the payment of retrenchment compensation was a deductible item of expenditure. two main grounds relied on by the commissioner of income-tax to negative the deduction were the following ; (1) the oil mill was maintaining separate accounts, and (2) the assessee had entered into an agreement with the workers, under which .....

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Jul 05 1989 (HC)

Commissioner of Income-tax Vs. Glory Paul

Court : Kerala

Decided on : Jul-05-1989

Reported in : [1990]186ITR498(Ker)

..... ito : [1981]128itr87(bom) , held that the capital gains arising out of the sale of agricultural land is not liable to levy of capital gains tax under the income-tax act. thereafter, at the instance of the revenue, the income-tax appellate tribunal has referred the question of law, extracted hereinabove, for the decision of this court.3. we heard counsel for the revenue. relying on ..... . the plea was negatived. in appeal, the appellate assistant commissioner held that the property was situate in the cochin corporation area and its sale will attract capital gains under the income-tax act. the levy of capital gains, on the profits arising on the sale thereof, was justified. the appellate tribunal, relying upon the decision of the bombay high court in manubhai a ..... decision of the appellate tribunal is erroneous in law. counsel for the revenue also brought to our notice the amendment made by section 3 of the finance act, 1989, to section 2(14) of the income-tax act, 1961. in the light of the above decisions and the statutory amendment effected with retrospective effect, we are satisfied that the decision of the appellate tribunal .....

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Aug 22 1989 (HC)

Kanthimathy Plantations Pvt. Ltd. Vs. Commissioner of Income-tax

Court : Kerala

Decided on : Aug-22-1989

Reported in : [1990]184ITR1(Ker)

..... sold by the assessee as old and unyielding trees at timber value was ascertainable for the purpose of computing capital gains under section 48 of the income-tax act, 1961 ? (5) whether, on the facts and in the circumstances of the case, the tribunal was right in holding that the aggregate ..... if any, arising out of the sale of the old and unyielding rubber trees from the rubber estate of the assessee is not agricultural income as defined in the income-tax act, 1961 ? (4) whether, on the facts and in the circumstances of the case, the tribunal was right in holding that the ..... and unyielding rubber trees cut and sold from the rubber estates belonging to the assessee constituted capital assets so as to attract section 45 of the income-tax act, 1961 ? (3) whether, on the facts and in the circumstances of the case, the tribunal was right in holding that the capital gains ..... 115 of 1956 which related to the acquisition of a portion of the properties under the land acquisition act. the particulars of the compensation awarded by the court were available even before the income-tax officer. the tribunal worked out the approximate valuation of rubber trees as it existed on january 1, 1954 ..... taken into account for computing the capital gains during that year ?' 4. as correctly stated by the appellate tribunal, the questions referred by the income-tax appellate tribunal, at the instance of the assessee, will not strictly arise for consideration, if the common question referred, at the instance of the .....

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Dec 01 1989 (HC)

Commissioner of Income-tax Vs. Sudarsan Clay Products Ltd.

Court : Kerala

Decided on : Dec-01-1989

Reported in : [1990]184ITR575(Ker)

..... assessee has done is to make provision for payment of contributions for the said two previous years. this the assessee can do under section 40a(7)(b)(i) of the income-tax act.10. counsel for the revenue submitted before us that the order of the tribunal is capable of creating a doubt enabling the assessee to make contributions to the gratuity fund ..... section 40a(7)(b)(i). being an approved gratuity fund, the assessee is entitled to make contributions in accordance with sub-clause (i) of section 40a(7)(b) of the income-tax act.9. the agreement was entered into on march 29, 1973, and the assessee took over the business of the vendor as a going concern on april 19, 1973. we are ..... the vendor-company ? (2) whether, on the facts and in the circumstances of the case, did the assessee create an approved gratuity fund contemplated under section 40a(7) of the income-tax act to attract the provision ? (3) whether, on the facts and in the circumstances of the case, the liability for gratuity for the service rendered by the employees to the vendor ..... . periya karamalai tea and produce co. ltd. [1987] 167 itr 32, that incremental liability is not a subject which is germane to section 40a(7)(b)(ii) of the income-tax act. we would make it clear that this principle is applicable in this case also. when we have made it clear that the incremental liability is not a concept which can .....

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Aug 25 1989 (HC)

Commissioner of Income-tax Vs. Chembara Peak Estates Ltd.

Court : Kerala

Decided on : Aug-25-1989

Reported in : (1989)80CTR(Ker)69; [1990]183ITR471(Ker)

..... ) , has direct relevance to this issue and it has in fact been held in a large number of decision's even under the income-tax act that the principles of this decision would apply to the imposition of a penalty under the income-tax act also.'6. it was also held that the existence of good and sufficient reasons may be a ground to persuade the ..... in the circumstances of the case, the tribunal was justified in deleting the penalty levied under section 221(1) of the income-tax act, 1961 ?'we heard counsel.3. under section 210 read with section 211 of the act, the second instalment of advance tax had to be paid by the assessee on december 15, 1977, for the assessment year 1978-79. for default in ..... the conciliation settlement dated august 11, 1977. but the assessee informed the income-tax officer that it had already made arrangements for the payment of the demand. nevertheless, the income-tax officer imposed a penalty of rs. 16,990 under section 221(1) of the income-tax act, 1961.2. on appeal, the commissioner of income-tax (appeals) cancelled the penalty. the department went in appeal before the tribunal ..... and the tribunal upheld the order of the commissioner of income-tax (appeals), it is thereafter that the commissioner of income-tax got the following question of law arising out of the order of .....

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Oct 18 1989 (HC)

Harrisons and Crossfield (India) Ltd. Vs. Commissioner of Income-tax

Court : Kerala

Decided on : Oct-18-1989

Reported in : [1990]183ITR614(Ker)

..... dissuade the assessing authority from reckoning the expenditure and the depreciation on the buildings for the purpose of limiting the expenditure under section 40(a)(v)/40a(5) of the income-tax act. a fair reading of the statutory provisions, extracted hereinabove, will clearly show that the receipt of any rent or consideration by the employer from the employees for the use of ..... heard counsel. in order to understand the scope of of the controversy in this case, it is useful to extract section 40(a)(v) and section 40a(5) of the income-tax act, 1961, (section 40(a)(v) for the assessment years 1969-70 to 1971-72 and section 40a(5) for the assessment years from 1972-73 onwards). '40. notwithstanding anything to ..... the buildings given for the residence of their employees and the depreciation thereon can be taken into account for the purpose of disallowance under section 40(a)(v) of the income-tax act ?' 2. the respondent in this batch of cases is the revenue. we are concerned with the assessment years 1970-71, 1971-72, 1976-77, 1977-78 and 1973-74. 3 ..... pertained to maintenance expenses and depreciation on buildings, should be excluded in determining the disallowance under section 40(a)(v)/40a(5) of the income-tax act. in the appeals preferred by the revenue, the tribunal held that the income-tax officer was justified in reckoning the expenditure and depreciation on the buildings occupied by the employees for the purpose of limiting the expenditure under .....

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Sep 22 1989 (HC)

Commissioner of Income-tax Vs. C.L. Anand

Court : Kerala

Decided on : Sep-22-1989

Reported in : [1990]182ITR30(Ker)

..... decision of the high court of andhra pradesh in sanka sankaraiah's case : [1978]113itr313(ap) .14. hence, on an anxious consideration of section 64 of the income-tax act as explained by the supreme court in cit v. sodra devi : [1957]32itr615(sc) , the objective behind the deeming section, the history and the mischief which the section intended to remedy in its historical ..... those cases, the original assessments made on the assessee for the assessment years 1971-72 and 1974-75 were reopened under section 147(a) of the income-tax act, 1961, on the ground that the share income of the wife from the partnership in which the assessee was a partner representing the hindu undivided family has not been disclosed, the completed assessments of the ..... business in which the assessee was a partner representing the hindu undivided family and the assessments were made including the share income of the wife in his individual assessments applying the provisions for aggregation under section 64(1) of the income-tax act. those assessments for the years 1970-71 and 1972-73 were the subject-matter of our decision in i. t. ..... the assessee. this will depend upon the interpretation of section 64(1) of the income-tax act, the relevant portion of which reads as under :'64. income of individual to include income of spouse, minor child, etc.--(1) in computing the total income of any individual, there shall be included all such income as arises directly or indirectly- (i) to the spouse of such individual from the .....

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Jun 26 1989 (HC)

Commissioner of Income-tax Vs. Kerala State Industrial Development Cor ...

Court : Kerala

Decided on : Jun-26-1989

Reported in : [1990]182ITR67(Ker)

..... in the affirmative, that is, in favour of the assessee and against the revenue.7. question no. 1 related to deduction under section 36(1)(viii) of the income-tax act. in calculating the total income for the purpose of deduction under section 36(1)(viii), whether the deduction under the said section has to be allowed is, in short, the question to be ..... the facts and in the circumstances of the case, the tribunal was right in holding that the statutory deduction under section 36(1)(viii) of the income-tax act, 1961, has to be calculated on the total income before deduction of the amount allowable under section 36(1)(viii) (assessment years 1975-76 and 1977-78). 2. whether, on the facts and in circumstances ..... assessment for the assessment year 1975-76 was originally completed on december 28, 1977. the income-tax officer computed the deduction under section 36(1)(viii) of the income-tax act on the total income before allowing the deduction under section 36(1)(viii) itself. the said assessment was reopened by the income-tax officer on the ground that deduction should have been allowed only on the total ..... income as reduced by the deduction under section 36(1)(viii) of the act. reassessment was made accordingly. the commissioner of .....

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Jun 21 1989 (HC)

Commissioner of Income-tax Vs. Grand Cashew Corporation

Court : Kerala

Decided on : Jun-21-1989

Reported in : [1990]182ITR216(Ker)

..... the revenue and in favour of the assessee.5. the only other question is regarding the entitlement to weighted deduction under section 35b of the income-tax act. the income-tax officer held that the assessee paid the amounts of rs. 1,25,762 and rs. 14,708 in india and since the payments were not ..... of the assessee and that, consequently, the assessee is entitled to weighted deduction on the amount under section 35b of the income-tax act, 1961 ?'2. the respondent-firm is an assessee to income-tax. the matter arises in connection with the assessment year 1978-79, accounting period ending december 31, 1977. the respondent maintains ..... is even if the payment is true, whether the assessee is entitled to a deduction under section 35b of the income-tax act should be adjudicated. on a perusal of the order of the commissioner of income-tax (appeals) dated march 4, 1982, and that of the appellate tribunal dated february 22, 1984, we are not ..... its file for the limited purpose of adjudicating whether the respondent-assessee (firm) is entitled to the deduction under section 35b of the income-tax act. in deciding the question, the appellate tribunal shall also bear in mind the directions issued by us in similar cases in itr no. 239 of 1982 ..... the assessing authority rejected the claim. for the same year, the assessee had also claimed weighted deduction, under section 35b of the income-tax act, of a sum of rs. 1,25,762 paid as commission to messrs. k. n. pai, bombay, and messrs, eastern export trading co., bombay .....

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Oct 12 1989 (HC)

Commissioner of Income-tax Vs. S.A. Wahab

Court : Kerala

Decided on : Oct-12-1989

Reported in : [1990]182ITR464(Ker)

..... is the law that is in force in the assessment year, unless the law is changed. in fact, what has to be looked into is the law of income-tax. the provisions of the income-tax act as they stand on the 1st april of a financial year must apply for that year. further, since the law that has to be applied is the law ..... hold that the rule will have retrospective operation. the question that has to be considered is, even without retrospective operation, can the assessment be rectified under section 154 of the income-tax act on the ground that the assessment made applying the law as it stood on april 1, 1980, is incorrect.6. we are of the opinion that though the subject of ..... law applicable on april 1, 1980, is applied to the question relevant to the issue, the depreciation allowable was only 30% and so no correction under section 154 of the income-tax act was required.4. the assessee filed a second appeal before the tribunal. the tribunal, relying on the madras bench decision of the tribunal in rayalaseema passenger and goods transport (p ..... issue cannot, therefore, be said to be a debatable one, that relief to the assessee cannot be denied when the assessee has applied for rectification under section 154 of the income-tax act. the tribunal held that the assessee is entitled to 40% depreciation on the stage carriages owned by the assessee. now, at the instance of the commissioner of .....

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