Court : Punjab and Haryana
Reported in : 2006(204)ELT22(P& H); 2006[4]STR416
..... for the removal of doubts, it is hereby declared that-(1) the provisions of this section shall also apply to cases in which the order determining the duty under sub-section (2) of section 11a relates to notices issued prior to the date on which the finance act, 2000 receives the assent of the president;(2) any amount paid to the credit of ..... the duty demand was rightly invoked. while confirming the duty demand, penalty was reduced to rs. 10,000/-4. learned counsel for the revenue submitted that section 11ac of the act lays down that where any duty of excise has not been levied or paid or has been short-levied or short-paid or erroneously refunded by reasons of ..... 'pulsator', they did not include value of 'bush'. on this account, demand of duty of rs. 73,042/- with equal amount of penalty under section 11ac of the central excise act, 1944 (for short, 'the act') and of rs. 10,000/- under rule 173q of the central excise rules (for short, 'the rules') was confirmed by the adjudicating authority. .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : (2006)142PLR800
..... placed by the learned counsel for the assessee has no bearing on the present case because the main question decided in that case related to the vires of section 143(1a) as substituted by finance act, 1993. while upholding the constitionality of the provision, the learned single judge of gauhati high court held that the same cannot be given retrospective effect. the appellant ..... equivalent to the additional income tax calculated under sub-clause (i).sub-section (1a) of section 143 was amended by finance act, 1993 w.e.f. 1.4,1989. the amended section reads as under:(1a)(a) where as a result of the adjustments made under the first proviso to clause (a) of sub-section (1)-(i) the income declared by any person in the return .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : [2001]252ITR200(P& H)
..... our consideration. anotherbench of the same high court in ramjee prasad sahu v. union of india : [1993]202itr800(patna) , considered the provisions of section 206 of the act aswere introduced by the finance act, 1992, with effect from april 1, 1992,and held that 15 per cent, of the excise duty payable by the petitionerstherein on account of purchase ..... of country liquor could not be collected asincome-tax under the provisions of section 206c of the act. they referredto their earlier judgment in state of bihar ..... 19), dated september 15, 1993, issued by the central board of direct taxes wherein it has been made clear that the provisions of sub-section (1) of section 206c of the act in relation to a buyer will not apply to a public sector company and to any other buyer who obtains the said goods at a second .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : (1981)20CTR(P& H)128; [1982]136ITR548(P& H)
..... that these gold ornaments were articles of her personal use and did not fall within the meaning of assets exigible to tax.3. section 5(1)(viii) of the act, as it stood before the promulgation of the finance act (no. 2 of 1971), on august 10, 1971, read as under:'5. (1) wealth-tax shall not be payable by ..... or household use of the asses-see.' 4. this provision came up for consideration before a division bench of the gujarat high court in cwt v. mrs. arundhati balkrishna : [1968]70itr203(guj) , wherein it was held as under (p. 224):'so far as the dictionary definition is concerned, even according to the dictionary meaning, 'jewellery and ornaments' ..... sharma, j.1. for the assessment year 1968-69, the assessee submitted a wealth-tax return mentioning therein that she also possessed gold ornaments of the value of rs. 25,000. the wto recorded those ornaments as an 'asset' within the meaning of the w.t. act (hereinafter referred to as 'the act') and framed the assessment. the contention of .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : [1987]163ITR476(P& H)
..... discussed. it has been held therein that the object and intent of the legislature in omitting the word 'deliberately' from clause (c) of section 271(1) of the act and adding an explanation thereto by the finance act, 1964, was to bring about a change in the existing law regarding the levy of penalty so as to shift the burden of proof ..... officer noticed two items of credit of rs. 15,000 each on february 3, 1968, and february 5, 1968, respectively, in the account of 'm/s. bharat house'. the assessee was asked to explain the nature and source of the cash credits and on its request, ..... items like wheat, cotton seeds, groundnut, etc. it also deals in cast iron scraps. it filed its return of income on september 2, 1968, for the assessment year 1968-69, previous year ending on march 31, 1968, declaring business income at rs. 13,412 and speculation loss at rs. 2,264. during the course of assessment proceedings, the income-tax .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : 1980CENCUS175D; 1980(6)ELT350(P& H)
..... stand made of steel is also provided as an accessory. admittedly, no excise duty, on this item was leviable prior to march 1, 1968. by.finance act no. 19 of 1968, entry no. 40 was introduced in schedule 1 to the act which reads as under :-'steel furniture made partly or wholly of steel in or in relation to the manufacture of which any process ..... demand did not find favour with the central board of revenue or the government of india as is evident from the reply annexure 'k' dated december 4, 1968, received from the ministry of finance which necessitated the filing of the present petition.4. although several grounds were urged in the petition to challenge the demand of the excise duty but at the .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : (2004)191CTR(P& H)114; [2005]277ITR341(P& H)
..... the facts and circumstances of the case, the hon'ble tribunal was justified in holding that section 54 applies exclusively to individuals only and not to hufs, particularly when the finance act, 1982, made a change in the law with regard to the applicability of section 54 to individuals w.e.f. 1st april, 1983 ?'2. the assessee, a hindu ..... further clarifies this position.7. thus, according to us, there is no ambiguity in the section so as to extend the benefit to the persons other than the individual. it may also be mentioned that the benefit was specifically extended to huf by the finance act, 1987, w.e.f. 1st april, 1988 whereby the opening words 'where in the ..... 246itr299(delhi) .9. accordingly, we are of the view that the tribunal was justified in holding that prior to its amendment in the year 1988, the benefit of section 54 of the act was not available to the assessee, which is a huf. the question is answered in the affirmative, i.e., in favour of the revenue and against the assessee .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : (1980)18CTR(P& H)253; [1980]126ITR706(P& H)
..... committed for the four years under consideration on dates prior to april 1, 1969, and that, therefore, the law as it stood before the amendment made as per section 24(c) of the finance act, 1969, effective from april 1, 1969, was applicable to the case for the purpose of computation of the penalties that were to be imposed. the tribunal thus ..... 30, 1968, respectively. the returns of net wealth due under section 14(2) of the w.t. act (hereinafter called 'the act') had to be furnished for the said assessment years by august 2, 1965, august 10, 1966, september 4, 1967, and august ..... of the financial year is the relevant valuation date in each case. a consolidated statement of the wealth-tax relating to assessment years 1965-66, 1966-67, 1967-68 and 1968-69 has been made. the returns of the wealth-tax had to be furnished by the assessee by june 30, 1965, june 30, 1966, june 30, 1967, and june .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : [1989]180ITR203(P& H)
..... firms and is also having agricultural income. he was maintaining books of account for his agricultural income as well. agricultural income is not subjected to income-tax. however, by the finance act of 1973, which came into force with effect from april 1, 1973, agricultural income had to be taken notice of for imposition of rate of tax. for the purposes of ..... to be from a new business and allowed him to have the option of the previous year and obviously this was done by applying the provisions of section 3(1)(d)(ii) of the act.4. on consideration of the matter, we are of the view that the tribunal erred in disturbing the decisions of the income-tax officer and of ..... to him and if he would like to have a change in the previous year, he will have to seek the permission of the income-tax officer under section 3(4) of the act. hence, the decision of the tribunal was totally misconceived and based on erroneous facts. accordingly, we answer the first question in favour of the revenue and against .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : [1997]224ITR98(P& H)
..... on the department to prove that there was any deliberate concealment on the part of the assessee cannot be sustained in view of the explanation to section 271(1)(c) of the act added by the finance act of 1964, which creates a rebuttable presumption of law that where the total income returned by the assessee is less than 80 per cent. ..... the supreme court in cit v. mussadilal ram bharose : [1987]165itr14(sc) and chuharmal v. cit : [1988]172itr250(sc) argued that the explanation to section 271(1)(c) of the act added by the finance act of 1964, creates a rebuttable presumption of law to the effect that where the total income returned by the assessee is less than 80 per cent ..... no longer applicable in view of the object and intent of the legislature in omitting the word 'deliberately' from clause (c) of section 271(1) of the act and adding the explanation thereto by the finance act of 1964 was to bring about a change in the existing law regarding the levy of penalty so as to shift the burden of .....
Tag this Judgment!