Court : Punjab and Haryana
Decided on : Sep-08-2006
Reported in : (2006)206CTR(P& H)205; [2008]302ITR169(P& H)
..... court in shankerlal gafurbhai patel v. cit : [2004]269itr508(guj) . in the said judgment, it was noticed that gold bonds were granted exemption under section 5(1)(xvia) of the wt act, 1957 (for short, 'the act') from 24th dec, 1965 to 31st march, 1993. it was observed that exemption continued irrespective of date of maturity. relevant observations are:thus, we have ..... made must constitute a certain sum payable in a year to the annuitant. for the asst. yrs. 1957-58 to 1974-75, the definition of the term 'assets' in section 2(e) specifically excluded any right to any annuity in any case where the terms and conditions relating thereto preclude the commutation of any portion thereof into a lump sum ..... fixed deposit in a bank is a capital asset.6. we are in respectful agreement with the above view that cds is not annuity and is not exempt under section 2(e)(2)(ii) of the act.accordingly, following the above decision, we answer the second question in favour of the revenue and against the assessee. .....
Tag this Judgment!Court : Punjab and Haryana
Decided on : Sep-08-2006
Reported in : (2007)5VST12(P& H)
..... a binding precedent till the date of judgment, i.e., april 28, 2006.14. in view of our above discussions, we hold the provisions of section 61(2)(e) of the hvat act to be valid and also uphold the order of assessment passed by the assessing authority levying tax on these transactions.15. accordingly, the writ petition is dismissed ..... in rem were also included within the meaning of movable property. the court rejected the argument that rep licences were actionable claims within the meaning of section 3 of the transfer of property act and said:when these licences/scrips are being bought and sold freely in the market as goods and when they have a value of their own ..... ii of the seventh schedule to the constitution of india.4. impugned amendment is extracted below:2. in the explanation to clause (d) of sub-section (2) of section 61 of the haryana value added tax act, 2003,-(i) for sign existing at the end, the sign shall be substituted ; and(ii) after clause (d), the following clauses shall be .....
Tag this Judgment!Court : Punjab and Haryana
Decided on : Sep-12-2006
Reported in : (2006)206CTR(P& H)347; [2008]296ITR393(P& H)
..... profession' as reduced by the items, provided for in the definition. a perusal of the assessment order shows that while dealing with the deduction under section 80hhc of the act, receipt of interest by the assessee from it department, on securities from punjab state electricity board and on security deposit for car was held to be ..... of business is concerned, in our view, the answer thereto is clearly available in the definition of 'profits of the business', contained in clause (baa) of section 80hhc of the act, as reproduced above, from where it is evident that 'profits of the business' means the profits and gains of business or profession, as computed under the ..... integral part of the business activity of the company was considered and rejected by the ao for the purpose of calculation of deduction under section 80hhc of the it act, 1961 (for short, 'the act').10. the cit(a), referring to the judgments of rajasthan and delhi high courts in cit v. rajasthan land development corporation and cit .....
Tag this Judgment!Court : Punjab and Haryana
Decided on : Sep-12-2006
Reported in : [2007(113)FLR184]
..... notices dated 15.9.1999 and 20.9.1999 covered the period from 1991 to 1999. this is contrary to proviso to clause (b) of sub-section (1-a) of section 77 of the act. the claim could have been, at the most, from 1994 onwards. this aspect was also not dealt with by the tribunal.15. the sole basis for ..... at a subsequent stage, and that the case filed by the appellant before the tribunal was barred by limitation.9. section 77 of the act stipulates various periods of limitation, in relation to, the proceedings before the tribunal, and it reads as under:77. commencement of proceedings: - (1) the proceedings before ..... case with the plea raised by the appellant that the demand for a period exceeding five years cannot be sustained in law. both the contentions are based upon section 77 of the act. before this court, they have been argued at length. learned counsel for the corporation contends that the objection as to the limitation can be raised, even .....
Tag this Judgment!Court : Punjab and Haryana
Decided on : Sep-13-2006
Reported in : IV(2006)ACC785
Jasbir Singh, J.1. This order will dispose of three appeals bearing FAO Nos. 608,697 and 726 of 1987. Facts are being mentioned from FAO No. 608 of 1987 filed by the claimants.2. It is not in dispute that Ram Chander, the only bread earner of the family of the claimants, had died on 31.1.1986 in a motor accident. He was sitting on a tractor. It has been stated that on the fateful day, tractor along with trolley was going to Kurukshetra at about 3.30 p.m. when it reached near village Kamoda, a truck bearing No. HRF 4337 came from the rear side. The said vehicle was driven in a very rash and negligent manner. It hit the trolley from behind, pushed both tractor and the trolley towards one side. Due to that tractor hit against the tree and came to a halt. In that accident Ram Chander died at the spot. Appellants/claimants are his widow, two minor children and a minor sister. Factum of accident and death of Ram Chander in that accident is not in dispute. The Tribunal has granted compensatio...
Tag this Judgment!Court : Punjab and Haryana
Decided on : Sep-13-2006
Reported in : II(2007)ACC129
..... . 1 in a rash and negligent manner, caused the fatal accident. the tribunal also took notice of the fact that the tint respondent was feeing trial in a case under section 304a, ipc registered against him on the basis of same occurrence. while deciding issue no. 2, the tribunal held that the deceased (jasbir singh) was earning about rs. 1,200 ..... his death, the deceased was 27 years of age and his parents were 60 and 52 years old respectively. though the 'second schedule' appended with the motor vehicles act, 1988 has been incorporaed by act no. 54 of 1994 prospectively w.e.f. 14.11.1994, however, it can be taken as a guideline even in respect of the cases where the .....
Tag this Judgment!Court : Punjab and Haryana
Decided on : Sep-14-2006
Reported in : (2007)147PLR9
..... we are of the opinion that the labour court has correctly opined that s.g.p.c. is not an industry within the definition of industry provided under the act i.e. section 2(j), which reads as under:industry means any business, trade undertaking, manufacturer or calling of employers and includes any calling, service, employment, handicraft, or industrial ..... body) in the institution, and the approach is not to accomplish fiscal human needs, such institution cannot be termed as an industry within the meaning of section 2(j) of the act. there is no evidence which has been brought on record that the s.g.p.c. has indulged into any kind of commercial venture for the satisfaction ..... the profit earned therefrom would certainly fall within the ambit of business. as such, the s.g.p.c. would fall within the ambit of definition under section 2(j) of the act. thus, the labour court has come to erroneous conclusion accordingly. so far as embezzlement is concerned, the labour court did not keep in view that the .....
Tag this Judgment!Court : Punjab and Haryana
Decided on : Sep-15-2006
Reported in : [2007]288ITR222(P& H)
..... claimed the following amounts aggregating to rs. 2,08,154 for capitalisation to the cost of plant and machinery for purpose of various allowances under the income-tax act, 1961 (for short, 'the act'):date of expenditure nature of expenditure amount19-5-1978 cost of temporary electric connection 21,8549-1-1980 cost of power line for independent feeder 1,85,6409 .....
Tag this Judgment!Court : Punjab and Haryana
Decided on : Sep-18-2006
Reported in : [2007]289ITR125(P& H)
..... the bombay high court in indian oil corporation ltd. v. s. rajagopalan, ito : [1973]92itr241(bom) held that for giving effect to the provisions of section 80j of the act, liabilities in respect of a new industrial unit could be deducted from the aggregate value of the assets of the industrial undertaking. the discussion in the said judgment ..... (appeals) held that the assessee was entitled to deduct the pro rata liability and to include work-in-progress in the capital employed for allowing deduction under section 80j of the act. reliance was placed on the judgment of this court in cit v. dalmia dadri cement ltd. . it was also held that the issue of pro rata ..... . 380 dated april 10, 1984, (see : [1984]149itr1(delhi) has also been relied upon by learned counsel for the assessee, which is as under:section 80j of the income-tax act, 1961, provides that in computing the taxable income of an assessee from a newly established industrial undertaking, ship or business of a hotel, a deduction shall be .....
Tag this Judgment!Court : Punjab and Haryana
Decided on : Sep-18-2006
Reported in : (2007)9VST629(P& H)
..... as to entitle the assessee to claim modvat credit under rule 57a of the central excise rules, 1944 and held as under:admittedly, explosives fall under chapter 36 of the schedule to the central excise tariff act, 1985. the particular items used by the appellant come under headings 36.01, 36.02 and 36.03. therefore, they fall ..... activity and without which the activity of manufacture may be commercially inexpedient, such consumable stores or materials can be purchased by an assessee free of tax under section 13(1)(b). kathi is part of such consumable stores which would be necessarily required in the activity of marketing the goods which is essentially connected with ..... and the goods intended for use in that process or activity should be considered to be goods required in the manufacture of taxable goods for sale. under section 13(1)(b), the articles which can be purchased tax-free on furnishing a prescribed certificate by a manufacturer must be either raw materials or processing materials .....
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