Court : Punjab and Haryana
Decided on : Feb-23-1973
Reported in : [1974]96ITR479(P& H)
..... and that such book was not forthcoming. clearly, therefore, the assessee committed the default in compliance with the provision of section 22(4) of the indian income-tax act, 1922, when it did not produce that book, although specifically called upon to do so. the departmental authorities were, therefore, justified in rejecting the application to ..... tribunal that the notice under section 22(4) was legally issued and default in respect of it justified assessment under section 23(4) of the indian income-tax act, .1922 ? (v) whether the learned tribunal was justified in the findings that the issue and service of demand notice against the legal procedure did not vitiate the ..... , therefore, there was a sufficient cause for not presenting the same in response to the notice issued under sub-section (4) of section 22 of the act. this petition was also dismissed by the income-tax officer and then the assessee filed two appeals before the appellate assistant commissioner, one challenging the order of .....
Tag this Judgment!Court : Punjab and Haryana
Decided on : Nov-21-1973
Reported in : [1974]95ITR383(P& H)
..... assembly to provide for prohibition of manufacture and import of hydrogenated vegetable oils. the bill itself was to be called the prohibition of manufacture and import of hydrogenated vegetable oils act, 1949. the object of the bill was to prohibit the manufacture and import of hydrogenated vegetable oils popularly known as vanaspati ghee. section 3 provided that it was expedient in .....
Tag this Judgment!Court : Punjab and Haryana
Decided on : Jan-03-1973
Reported in : [1973]92ITR513(P& H)
B.S. Dhillon, J. 1. This judgment will dispose of Income-tax Reference No. 12 of 197?. 2. Briefly stated, the facts giving rise to this reference are that the petitioner-firm. Messrs. Mahavir Metal Works, Kapurthala, is engaged in the manufacture and sale of aluminium utensils with its head office at Kapurthala. This firm, apart from its branch at Delhi, had another branch at Trivandrum under the style of Kolpunj Enterprises where it was carrying on the business of manufacture and sale of Bandsaw Blades and wire netting. The petitioner-firm is alleged to have raised loans from some of the parties at Madras which were taken against hundis for a specified period. The branch of the petitioner-firm at Trivandrum was closed some time during August, 1963. In the course of assessment proceedings, for the assessment year 1964-65, the Income-tax Officer enquired from the petitioner-firm about these loans. The firm produced evidence in the form of hundis before the Income-tax Officer. The Income...
Tag this Judgment!Court : Punjab and Haryana
Decided on : Oct-17-1973
Reported in : [1975]98ITR343(P& H)
..... may direct that such person shall, in addition to the amount of tax, if any, payable by him, pay by way of penalty. ...'5. section 271 of the act is a similar section authorising the imposition of penalty for filing a return in which particulars furnished of his income by the assessee are inaccurate or such particulars are concealed ..... inaccurate to ms knowledge or he had reason to believe the same to be incorrect. consequently, the income-tax officer issued a notice under section 273(1)(a) of the act and, after hearing the assessee, imposed a penalty of rs. 25,000, which was approximately 33 per cent. of the maximum penalty imposable. ultimately, in appeal before ..... , on the facts and in the circumstances of the case, the appellate tribunal was justified in law in deleting the penalty levied under section 273(1)(a) of the act ?'2. bipan lal kuthiala as karta of the hindu undivided family has his income from his property, dividends, etc., as well as from his personal timber business. in .....
Tag this Judgment!Court : Punjab and Haryana
Decided on : Nov-20-1973
Reported in : [1975]98ITR458(P& H)
..... would enable us to determine the question satisfactorily. in view of the provisions of section 27, sub-section (5) of the wealth-tax act, which is in the following terms:' if the high court or the supreme court is not satisfied that the case as stated is sufficient ..... no other finding than the one given by the tribunal that the assessee was entitled to the relief under section 5(1)(ix) of the act.5. with regard to the second question, the matter is set at rest by two decisions of the supreme court in pandit lakshmi kant ..... the facts and in the circumstances of the case, the value of 12 jeeps and trucks was exempt under section 5(1)(ix) of the wealth-tax act ? 2. whether the amount of rs. 1,09,201 was liable to be included in the net wealth of the assessee on the valuation date ..... to exemption of this amount of rs. 25,000 under section 5(1)(ix) of the wealth-tax act. the assessee's claim with regard to the other two matters was rejected. the assessee moved the tribunal under section 27(1) of the .....
Tag this Judgment!Court : Punjab and Haryana
Decided on : Aug-01-1973
Reported in : [1974]96ITR303(P& H)
..... . after the death of hari ram, the firm, m/s. ved parkash vijay kumar, did not stand dissolved and the same continued thereafter. under section 5 of the estate duty act, duty is leviable upon the principal value ascertained of all property which passes on the death of a person. goodwill may be an intangible property as argued by the learned ..... to his representatives, or to a legatee of his share.........and which on hisbankruptcy passes to his trustee.'...... it seems to us that looking to the scheme of the indian act no other view can reasonably be taken. the whole concept of partnership is to embark upon a joint venture and for that purpose to bring in as capital money or ..... facts and in the circumstances of the case, the share of goodwill of a deceased partner in the assets of a firm passes on his death under the estate duty act ?'2. the facts of the case are as follows: 3. one hari ram was partner in the firms of messrs. hari ram kishori lal and messrs. ved parkash vijay kumar .....
Tag this Judgment!Court : Punjab and Haryana
Decided on : Jul-17-1973
Reported in : [1974]95ITR415(P& H)
..... reasons stated in paragraph 6 of the order, which are reproduced below : ' we have carefully considered the rival submissions. under section 1(4) of the payment of bonus act, the provisions were applicable in respect of every ' accounting year ' commencing on any day in the year 1964. section 2(1) defines ' accounting year ' and ..... to the accounting period under consideration and the assessee, therefore, sought for the deduction of bonus as computed in accordance with the provisions of the payment of bonus act, 1965, which covered the accounting period. as the assessee maintains its accounts on the mercantile system, we are of the view that the amount of rs. ..... after giving our thoughtful consideration to the entire matter, we find no merit in the contention of the learned counsel for the revenue. after the enforcement of the bonus act, under section 1(4) provisions regarding payment of bonus were made applicable in respect of every ' accounting year ' commencing on any day in the year 1964. .....
Tag this Judgment!Court : Punjab and Haryana
Decided on : Mar-28-1973
Reported in : [1974]93ITR542(P& H)
..... as to read as under :'28. (1) if the income-tax officer, the appellate assistant commissioner or the appellate tribunal, in the course of any proceedings under this act, is satisfied that any person- (a) has without reasonable cause failed to furnish the return of his total income which he was required to furnish by notice given ..... 41,456. 5. thus the tribunal allowed substantive relief to the assessee but, feeling dissatisfied, the assessee asked for a reference under section 256(1) of the income-tax act, 1961. the tribunal has referred the following two questions of law for this court's opinion :'1. whether, on the facts and in the circumstances of the case, ..... given credit for rs. 2,25,337, the amount paid under the provisional assessment, after some minor adjustments and the demand notice under section 156 of the income-tax act, 1961, was issued for rs. 41,456. this amount was paid.2. while completing the assessment, the income-tax officer gave the following direction :'also issue notice .....
Tag this Judgment!Court : Punjab and Haryana
Decided on : Dec-05-1973
Reported in : [1976]102ITR174(P& H)
..... his income for the year 1962-63.11. it is apparent that the authorities below did not consider this case keeping in view the relevant provisions of the act and on the other hand without examining the facts and finding out whether there was any conscious concealment or deliberate furnishing of inaccurate particulars of the income decided ..... therefore, this amount was added to the amount already assessed. this led to initiation of proceedings for levy of penalty under section 271(1)(c) of the act and the matter was then referred to the inspecting assistant commissioner who alone dealt with the question of penalty. he issued a show cause notice to the assessee and ..... not know of this income and bring it to assessment. on getting information, the income-tax officer issued a notice under section 148 of the income-tax act, 1961 (hereinafter called 'the act'), on 31st december, 1969. the assessee then filed his return and it was the same as earlier assessed. but to this return, the assessee affixed .....
Tag this Judgment!Court : Punjab and Haryana
Decided on : Apr-23-1973
Reported in : [1975]98ITR368(P& H)
..... individual income.'in that case the appellate assistant commissioner had observed thatno doubt the assessee had made a declaration but it had to be seen whetherit was actually acted upon and that there must be some evidence to showthat after the declaration the property was differently dealt with from thedate on which it was alleged there was ..... his self-acquired property into the common stock of 'joint family property, does not amount to a transfer so as to attract the provisions of the gift-tax act, 1958.'it was further observed (at page 678) that:'the existence of a coparcenary is absolutely necessary before a coparcener can throw into the common stock his self ..... the mitakshara school of hindu law. when a coparcener throws his separate property into the common stock, he makes no gift under chapter vii of the transfer of property act. in such a case there is no donor or donee. further, no question of acceptance of the property thrown into the common stock arises.'from these observations, .....
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