Court : Punjab and Haryana
Reported in : (2006)142PLR800
..... the assessee-appellant is legally sustainable especially when the retrospective operation of the provision has been held to be invalid by guwahati high court and income tax act being central act is binding on income tax authority?for the assessment year 1990-91, the assessee filed return declaring net loss. after some time, it filed revised return and claimed deduction ..... g.s. singhvi, j.1. in this appeal filed under section 260-a of the income-tax act, 1961 (for short, 'the act'), the appellant (hereinafter described as 'the assessee') has. prayed for determination of the following questions of law.(a) whether in the facts and circumstances of ..... the assessee challenged the same by filing an application under section 154 of the act which was dismissed by deputy commissioner of income-tax, special range, rohtak (respondent no. 2) vide his order dated 23.3.1992. the commissioner of income-tax (appeals) (for short, 'the cit (a)'] allowed the appeal filed by the assessee and set aside the order .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : (2005)195CTR(P& H)434; [2005]277ITR537(P& H)
..... g.s. singhvi, j.1. in this petition filed under section 256(2) of the it act, 1961 (for short, 'the act'), the assessee has prayed for issuance of a direction to the income-tax appellate tribunal, delhi bench 'e', new delhi (for short, 'the tribunal') to make a reference of the following questions of law for the opinion of this court :'(1) ..... amount of rs. 60,000 was deposited out of money lying in her home chest. a family which is engaged in the business of dealers and commission agent of agricultural produce, would have spared no efforts to utilise such amount in business, as and when earned by smt. bimla devi by taking the deposits from her time to time ..... issue to the ao regarding the levy of interest under section 215 of the it act ?'2. the assessee, which is a registered firm and is engaged in the business of sale of agricultural commodities and commission agency, filed return for the asst. yr. 1988-89 declaring an income of rs. 86,040. the ao completed the assessment at rs. 2,40 .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : (2005)198CTR(P& H)246; [2008]296ITR672(P& H)
g.s. singhvi, j.1. on the applications filed by cwt, haryana, under section 27(1) of the wt act, 1957 (for short, 'the 1957 act'), the income-tax appellate tribunal, delhi bench 'b', new delhi (for short, 'the tribunal'), has referred the question of law in the following terms :'whether, on the facts and in the ..... circumstances of the case, the tribunal was right in holding that wealth-tax (assessments for) asst. yrs. 1967-68, 1968-69, 1970-71 and 1971-72 ..... and such returns, therefore, were non est in law. this was so held by hon'ble the bombay high court in cit v. bhagwan dass amar singh : [1963]50itr239(bom) . that was a case of a return under the it act, 1922, and the question was whether the assessee having filed a return voluntarily after the expiry of the period of limitation .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : (2005)198CTR(P& H)86; [2005]277ITR80(P& H)
..... -appellant is legally sustainable especially when the retrospective operation of the provision has been held to be invalid by the guwahati high court and the income-tax act being the central act is binding on the income-tax authority ?'2. for the assessment year 1989-90, the appellant filed a return declaring losses. subsequently, it filed a revised return declaring loss ..... isthmian steamship lines : [1951]20itr572(sc) , their lordships of the supreme court considered the applicability of the amendment made in section 10(2)(vii) of the indian income-tax act, 1922, with effect from april 1, 1940, to the assessment year 1939-40 and held (headnote) :'(i) that the 1st of april, 1940, when the amendments ..... be applied to the assessment year 1957-58, the supreme court laid down the following proposition (page 264) :'now, it is well-settled that the income-tax act, as it stands amended on the first day of april of any financial year must apply to the assessments of that year. any amendments in the .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : [2005]146TAXMAN293(Punj& Har)
..... powers conferred by clause (a) of sub-section (2) of section 119 of the income tax act, 1961 (48 of 1961), the central board of direct taxes hereby directs that the income tax officer and the inspecting assistant commissioner of income-tax shall not initiate any proceeding for imposition of a penalty on a person or impose penalty ..... submission of shri sharma that is returning value of cinema building through the income capitalisation method, the assessee did not conceal any wealth or furnished inaccurate particulars of wealth within the meaning of section 18(1)(c) of the wealth tax act. accordingly, all the three penalties stand cancelled.'5. we have heard shri ..... that such person:(a) has prior to the detection by the income tax officer, or, as the case may be, the inspecting assistant commissioner of income-tax, of the concealment of particulars of income or of the inaccuracy of particulars furnished in respect of such income, voluntarily and in good faith, made between the 15-11-1985 .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : (2006)202CTR(P& H)536; [2006]282ITR371(P& H)
..... of 1984, involving common question of law arising out of identical facts.2. challenge in these writ petitions is to the notices issued under section 148 of the income-tax act, 1961, dated march 27, 1984, by which proceedings for reassessment have been initiated for the assessment years 1967-68 to 1979-80.3. the assessee's ..... that even the aforesaid two amounts were not taxable as the same were in the nature of damages for depriving the owner of the usufructus of agricultural land and, thus, represented agricultural income and not interest. in the alternative, it was pleaded that even if the said amount was to be treated as interest, the entire amount ..... from year to year. the commissioner of income-tax (appeals) by his order dated january 16, 1984, partly accepted the claim of the assessee. he held that the interest received by the assessee was not in the nature of damages or agricultural income but was interest liable to be included in his taxable income. he, however, accepted the claim .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : AIR2005P& H290; (2006)142PLR35
..... court on the aforementioned issues reads as under :--'19. when, it has been established that the plaintiff had stopped showing the income from the agricultural suit land after the decree, in her income-tax returns then it means that she had the knowledge about the passing of the decree pertaining to the suit land in favour of ..... statement has been relied upon to conclude that the consent decree dated 18-1-1995 (ex. p. 15) had been acted upon immediately as after suffering the decree she had stopped showing income from the agricultural land in respect of which she relinquished her right. the aforementioned findings of fact is discernible from paras 15 and 16 ..... wife of shri dwarka parshad did not suffer from any illegality nor it required registration as per the provisions of section 17 of the registration act, 1908 (for brevity 'the act.'). the question raised in the appeal is whether the consent decree suffered by the plaintiff-appellant recognised pre-existing rights or it extinguished or .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : (2006)143PLR518
..... 287 of the record of the civil judge and annexure r-4/8, dated 31.8.2000, which is income tax return for the year 1999-2000. in the return, agricultural income of rs. 1,22,100.00 has been shown whereas a revised return has been filed, which is ..... above said sub-para (b) no body can make the repayment beyond rs. 20,000/- in cash as per the provision of the income tax act. moreover, no document has been placed on record which shows that the alleged withdrawal of rs. 5,000/- from m/s shree ram ..... to be returned by shri pawan kumar from what sources. it is pertinent to mention here that as per the provision of the income tax act, the amount which was given as a loan on the basis of repayment is a deposit. this was to be disclosed by the ..... present respondent in column no. 18 i.e. sources of funds. moreover as per the provisions of the income tax act, no one can make the repayment beyond rs. 20,000/- in cash. therefore, the alleged repayment is false, bogus and procured one .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : 2006(202)ELT423(P& H)
..... liability of sale by dealers unless the engines were recovered from the assessee; opportunity to cross examine bank officers and dealers was required to be given; income tax department had conducted enquiry in which the farmers stated that they simply arranged bills for securing loans.6. the assessee was given personal hearing. the adjudicating ..... engines, generating sets and alternators purchased from other manufacturers. the diesel engines were mostly sold by the assessee through dealers to farmers which were financed by primary agricultural development banks. diesel generating sets and alternators were mostly sold to individual customers directly. from the data collected from the banks, it was found that the ..... 170 72 242 3391995-96 281 78 359 4901996-97 107 89 194 2891997-98 107 88 195 428____________________________________________________3. the respondent was summoned under section 14 of the act on 23-3-1998, 1-4-1998, 24-4-1998, 20-5-1998, 5-6-1998, 29-10-1998, 16-12-1998, 29-12-1998, .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : 2006(201)ELT7(P& H)
..... circle 'b', meerut v. m/s. seth brothers and ors. : [1969]74itr836(sc) , while interpreting an identical expression used in section 132 of the income-tax act, 1961, it was observed:the section does not confer any arbitrary authority upon the revenue officers. the commissioner or the director of inspection must have, in consequence of ..... not extraneous or irrelevant to the purpose of the section. to this limited extent the action of the income tax officer in starting proceedings under section 34 is open to challenge in a court of law. (see calcutta discount co. ltd. v. income-tax officer companies district 1, calcutta : [1961]41itr191(sc) ).21. even from a perusal of the ..... december, 2004 to january 2005, covered by bills of entry, annexure p.i (collectively), the proper officer cleared the bills of entries under section 47 of the act and the petitioners deposited the requisite duty. as far as second consignment of goods, which are woven silk fabrics, b grade, bills of entries were cleared on .....
Tag this Judgment!