Judgment Search Results Home > Cases Phrase: finance act 1970 section 16 amendment of section 80mm Court: punjab and haryana Page 5 of about 1,004 results (3.792 seconds)

Commissioner of Income-tax Vs. Chaman Lal

Court : Punjab and Haryana

Reported in : [1985]156ITR245(P& H)

..... retained their character as receipts of a casual and non-recurring nature. although reference was made to section 10(3) of the act, still the tribunal did not understand its true import. section 10(3) of the act was also amended by the finance act of 1972 and earlier to the amendment, the income from lotteries even if derived in india, was ..... the fact that these clauses would operate in respect of winnings only in india would be apparent from the operation of section 194(c) which was also inserted by the finance act, 1972, with effect from april 1, 1972. this section lays down that 'the person responsible for paying to any person any income by way of winnings from any lottery ..... lottery in sikkim (foreign country at the relevant time) did not constitute his income chargeable to income-tax in india under sections 10(3)/56(2)(ib)/2(24)(ix) of the i.t. act, 1961, as amended by the finance act, 1972? (2) whether, on the facts and in the circumstances of the case, the appellate tribunal was right .....

Commissioner of Income-tax Vs. Didar Singh

Court : Punjab and Haryana

Reported in : [1989]179ITR208(P& H)

..... that value and the sale proceeds. in this context, the amendments made by the finance act of 1970 do not militate against determining the cost of acquisition of the land in accordance with section 55(2) of the act as on january 1, 1954. the finance act of 1970 brought certain types of agricultural land within the definition of 'capital asset' for ..... purposes of capital gains in view of the provisions of section 2(14) of the income-tax act as amended with effect from april 1, 1970?'4. by the finance act of 1970, which came into effect from april 1, 1970, the definition of 'capital asset' contained in section 2(14) of the act was amended and in place of clause (iii), a ..... asset chargeable to capital gains only because of the finance act of 1970, w.e.f. march 1, 1970, and, therefore, its value as on february 28, 1970, is to be considered and not as on january 1, 1954. this argument needs consideration. section 45 of the act is the charging section for capital gains and this was on the statute .....

Commissioner of Income-tax Vs. Smt. Shubh Lata

Court : Punjab and Haryana

Reported in : [1998]234ITR153(P& H)

..... in items (a) and (b) of section 2(14)(iii). in order to qualify for such exemption, it is not enough that the land was once agricultural land. it must be agricultural land even at the time of sale or transfer. by the finance act, 1970, with effect from the assessment year 1970-71, certain specified lands situate in urban areas ..... the land, that is, by conversion of the land into cash. the resultant income is not agricultural income. the explanation inserted in section 2(1a) by the finance act, 1989, with effect from april 1, 1970, makes the position clear when it declares that revenue derived from land shall not include and shall be deemed never to have included ..... court in manubhai a. sheth v. n.d. nirgudkar, second ito : [1981]128itr87(bom) and held that the explanation inserted in section 2(1a) by the finance act, 1989, with effect from april 1, 1970, has brought about a change in the law and after that date the sale made of certain specified agricultural lands situated in the municipal .....

Commissioner of Income-tax Vs. Daulat Ram Chhog Mal

Court : Punjab and Haryana

Reported in : [1998]233ITR137(P& H)

..... in items (a) and (b) of section 2(14)(iii). in order to qualify for such exemption it is not enough that the land was once agricultural land. it must be agricultural land even at the time of sale or transfer. by the finance act, 1970, with effect from the assessment year 1970-71, certain specified lands situate in urban areas ..... the land, that is, by conversion of the land into cash. the resultant income is not agricultural income. the explanation inserted in section 2(1a) by the finance act, 1989, with effect from april 1, 1970, makes the position clear when it declares that revenue derived from land shall not include and shall be deemed never to have included any ..... taken by the bombay high court in manubhai a, sheth's case : [1981]128itr87(bom) and held that the explanation inserted in section 2(1a) by the finance act, 1989, with effect from april 1, 1970, has brought about a change in the law and after that date the sale made of certain specified agricultural lands situated in the .....

Deep Hire Purchase (P) Ltd. Vs. Cit

Court : Punjab and Haryana

Reported in : [2005]144TAXMAN417(Punj& Har)

..... , declaring chargeable interest at nil. the assessee claimed that the hire-purchase charges were not covered under the provisions of section 4(2) of the act as the same pertained to arrangements for use of finance. it was contended that the charges could not termed as interest as in such arrangements, no principal sum is advanced ..... 31-3-1995. the assessing officer held that the hire charges receipts constituted interest within the meaning of section 2(7) of the act. for this purpose, reliance was placed on the decision of the s ' upreme court in sundaram finance ltd. v. state of kerala : [1966]2scr828 . the assessing officer also held that the circular ..... and advances. it further held that hire-purchase financing was one of the recognised methods in the commercial world and hire charges earned by such companies were different and distinct from interest and, therefore, do not fall within the definition of interest under section 2(7) of the act. the tribunal has also observed that even the .....

O.C.M. (India) Limited Vs. Union of India (Uoi)

Court : Punjab and Haryana

Reported in : 1989(25)LC230(P& H); 1989(43)ELT609(P& H)

..... continous process is valid and is not violative of articles 14 and 19(1)(g) of the constitution of india. it was further held that section 51 of the finance act, 1982 giving retrospective effect to amendments in rules 9 and 49 is not ultra vires.5. the impugned order annexure p-3 declining exemption from ..... /inprocess products produced in the process of manufacture, is ultra vires articles 14,19(1)(g), 20,265 and 300a and section 37 of the central excises and salt act, 1944.section 51 of the finance act 1982 insofar as it gives retrospective effect to the amended rule 9 imposing additional excise retrospectively is violative of the established canons ..... articles 226 and 227 of the constitution validity of rule 9 introduced in the central excise rules, 1944 through notification no. 20/82-c.e., and section 51 of the finance act, 1982. the petitioners also impugn order dated 1st august 1981 (annexure p3) of the assistant collector declining permission to the petitioners to consume the specified .....

Kishan Chand and Co. Vs. N.L. Murgai, Excise and Taxation Officer

Court : Punjab and Haryana

Reported in : [1966]18STC110(P& H)

..... jain, issued notice under section 11(2) of the act for the year 1961-62, but the petitioner-firm challenged that officer's jurisdiction to do so ..... done in the matter. it has further been pleaded in paragraph 17 of the written statement that the petitioner can go up in appeal or revision under sections 20 and 21 of the act, as the case may be, before seeking redress through writ proceedings. as a result of the arguments addressed at the bar on 11th october, 1965 ..... had to file monthly returns under the act and for the 12 months of the year 1961-62, all the returns were filed with the assessing authority at amritsar, the amount of tax also having been paid in accordance with the returns as provided in section 10 of the act. the excise and taxation officer (finance department), chandigarh, shri s.k. .....

Deep Hire Purchase P. Ltd. Vs. Commissioner of Interest-tax (Appeals)

Court : Punjab and Haryana

Reported in : (2005)195CTR(P& H)174; [2005]274ITR69(P& H)

..... , declaring chargeable interest at nil. the assessee claimed that the hire-purchase charges were not covered under the provisions of section 4(2) of the act as the same pertained to arrangements for use of finance. it was contended that the charges could not termed as interest as in such arrangements, no principal sum is advanced ..... march 31, 1995. the assessing officer held that the hire charges receipts constituted interest within the meaning of section 2(7) of the act. for this purpose, reliance was placed on the decision of the supreme court in sundaram finance ltd. v. state of kerala : [1966]2scr828 . the assessing officer also held that the circular of ..... and advances. it further held that hire-purchase financing was one of the recognised methods in the commercial world and hire charges earned by such companies were different and distinct from interest and, therefore, do not fall within the definition of interest under section 2(7) of the act. the tribunal has also observed that even .....

Serco BPO (P.) Ltd. Vs. Authority For Advance Rulings, New Delhi

Court : Punjab and Haryana

..... regarding tax residency certificate (trc)march 2, 2013 concern has been expressed regarding the clause in the finance bill that amends section 90 of the income-tax act that deals with double taxation avoidance agreements. sub-section (4) of section 90 was introduced last year by finance act, 2012. that sub-section requires an assessee to produce a tax residency certificate (trc) in order to claim the benefit ..... benefits of the dtaa. in the explanatory memorandum to the finance act, 2012, it was stated that the tax residency certificate containing prescribed particulars is a necessary but not sufficient condition for availing benefits of the dtaa. the same words are proposed to be introduced in the income-tax act as sub-section (5) of section 90. hence, it will be clear that nothing new .....

Smt. Krishna Gupta Vs. Commissioner of Wealth-tax

Court : Punjab and Haryana

Reported in : [1992]198ITR171(P& H)

..... as in existence during the relevant assessment year, are to be taken into consideration which, in the present case, would be after enforcement of the finance act, 1968, when necessary amendments in section 18 of the act were made, as referred to above. the effect of the same would be that, for the amounts in dispute, if more than 25 per ..... disregard of its obligation. penalty will not also be imposed merely because it is lawful to do so.'12. in a case covered by section 271(1)(c) of the income-tax act, 1961, anwar ali's case : [1970]76itr696(sc) was followed by the supreme court in anantharam veerasinghaiah and co. v. cit : [1980]123itr457(sc) , where it was ..... the assessee is insufficient without there being, in addition, cogent material or evidence from which the necessary conclusion attracting a penalty could be drawn.'13. anwar ali's case : [1970]76itr696(sc) was considered by this court in cit v. malawa ram handa and sons [1984] 19 taxman 26 (p & h), and relied upon. two other decisions .....