Court : Punjab and Haryana
Reported in : (2009)222CTR(P& H)427; [2009]308ITR397(P& H)
..... the assessee claimed investment allowance under section 32a(2) of the income-tax act, 1961 (for short 'the act') for the year 1977-78. ..... on march 12, 1979, the inspecting assistant commissioner of income-tax (assessment) issued a notice under section 154 of the act stating that the aforesaid benefit of investment allowance being inadmissible, he was proposing to make a ..... thereafter, the commissioner of income-tax, acting under section 263 of the act, issued a notice again questioning the eligibility of the petitioner for grant of investment ..... , on the facts and in the circumstances of the case, the appellate tribunal was right in law in cancelling the order of the commissioner of income-tax passed under section 263 ?2. ..... 2) act, 1977, with effect from april 1, 1978, relevant to the assessment year 1978-79 for enlarging the scope of the section by excluding only those articles or things as given in the eleventh schedule which was substituted in the place of the ninth ..... learned counsel for the assessee also referred to the speech of the finance minister, dated march 15,1976, wherein he introduced the investment allowance in place of the 'development rebate' in the following terms [1972] 102 itr 93:i have, therefore, decided to introduce a scheme of investment allowance for certain priority ..... counsel for the assessee further contended that investment allowance is allowable to the assessee-company under the provisions of section 32a(2) and this section was amended by the finance (no. .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : [1998]234ITR81(P& H)
..... in each of the two references under section 27(1) of the wealth-tax act, 1957 (for short, 'the act') :'whether, on the facts and in the circumstances of the case, the income tax appellate tribunal erred in law in allowing the exemption under section 5(1)(xxxii) of the wealth-tax act, 1957 ?'2. ..... clause (xxxii) was inserted in section 5(1) of the act by the finance act, 1972, with effect from april 1, ..... in the definition of 'industrial company' in section 2(6)(d) of the finance act, 1968, is 'manufacture or processing of goods ..... , the allahabad high court followed its earlier view and held that the firm, in which the assessees were partners, was an industrial undertaking within the ambit of section 5(1)(xxxii) of the act despite the fact that it got the leather boots manufactured on job-work basis from others to whom the raw material was supplied and labour charges were paid on contract ..... income-tax officer refused the claim of the assessee-company for the lower rate of income-tax at 55 per cent, of its total income ..... a fortnightly journal, was an industrial undertaking within the meaning of section 2(6)(d) of the finance act, 1968, has been examined by the madras high court in cit ..... the interest of the assessee in the assets of the firm, onni chettiar and sons, was held to be not entitled to exemption under section 5(1)(xxxii), though the assessee was held to be entitled to the exemption in respect of his interest in the assets of ajantha bleaching and dyeing works, because that firm ..... 1977 .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : (1986)55CTR(P& H)73; [1986]162ITR173(P& H)
..... fact of inclusion of certain cash credits in the assessment did not automatically lead to the inference that the amounts were concealed income, which view was taken by the supreme court on the provisions of section 271(1)(c) before its amendment by the finance act, 1964, which deleted the word 'deliberately' from section 271(1)(c) and added the explanation thereto, a division bench of the orissa high court held that the assessee cannot contend that ..... revenue to the effect that the explanation to section 271(1)(c) of the act was attracted as the assessed income exceeded 20% of the returned income and the assessee had led no evidence that such assessment did not result from any fraud, or gross or wilful neglect on his part and by observing that since the income-tax officer did not take any support from the explanation to the said section for levying the penalty and the explanation was ..... in this reference under section 256(1) of the income-tax act, 1961 (hereinafter called 'the act'), the income-tax appellate tribunal, chandigarh bench, has referred the following question of law for the opinion of this court:'whether, on the facts of the case, the tribunal has been right in law in holding that since the income-tax officer did not invoke the explanation to section 271(1)(c) for levying the penalty of ..... laxmi auto stores : [1977]106itr626(orissa) , where the tribunal had deleted the penalty agreeing with the contention of theassessee based on the decision of the supreme court in cit .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : (1997)139CTR(P& H)322; [1997]226ITR296(P& H)
..... the assessee then moved a miscellaneous application, under section 254(2) of the act before the tribunal for rectification of its order on the ground that it failed to deal with the following ground taken by the assessee in its appeal :' that the learned income-tax officer and learned appellate assistant commissioner of income-tax have misconstrued and misapplied the provisions of section 84 of the income-tax act, 1961, and rule 19(3) of the income-tax rules for purposes of computation of capital employed in industrial undertaking.'5. ..... ito : [1977]107itr909(cal) , held that the question whether the amount of secured loans obtained by the assessee from the punjab financial corporation, chandigarh, was deductible or not while computing the capital employed as per the provisions of rule 19 of the income-tax rules, is a debatable issue and, therefore, the provisions of section 154 of the act were not applicable to the facts of the present case and the successor income-tax officer who had passed the order dated ..... while working out the capital employed under section 84, the income-tax officer, in his order dated march 30, 1972, did not deduct the average of the loan secured from the punjab finance corporation and hence there was a glaring mistake which was apparent from the record and was rectified by the income-tax officer by his subsequent order dated june 21, 1973. .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : [1981]131ITR336(P& H)
..... seeks to insert a new sub-section (2b) in section 37 of the income-tax act and sub-clause (a) seeks to make a consequential amendment in the explanation to sub-section (2a) of that section. ..... the third step later taken by parliament was by the finance act of 1968 which added an explanation to sub-section (2a) of section 37 the effect of which was to expand the scope of the restriction imposed by this sub-section so as to take in any expenditure incurred by an assessee in granting an entertainment allowance to an employee or other person from february 29, 1968, and also the amount of any expenditure in the nature of entertainment expenditure incurred by any employee or ..... it failed to notice the high water mark of the insertion of sub-section (2b) by the finance act of 1970, by which a blanket bar was sought to be placed against the allowance of expenses 'in the nature of entertainment expenditure', even though, later, there appears to have been some receding of the tide by way ..... such restrictions was introduced by the finance act of 1961 (vide section 6 of the finance act, 1961, with effect from april 1, 1962) in the shape of a proviso to section 10(2)(xv) of the 1922 act. ..... its parliament was similarly compelled to place curbs on indiscriminate business expenditure and that section 15(5) of the finance act of 1965 was enacted in the following terms :'15. ..... that, later, by the finance act, 1976, the stringent provisions of sub-section (2b) were omitted with effect from april 1, 1977. .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : (2009)225CTR(P& H)261; (2009)156PLR215
..... the 1922 act was amended by finance act, 1955 whereby sub-section (3) to section 14 was inserted thereto and the exemption provision ..... the cardinal issue which evokes the attention of the full bench relates to the construction of section 80p(2)(a)(iii) vis-a-vis section 80p(2)(a)(v) of the 1961 act and more specifically grant of deduction from the profits made by the societies by marketing of the agricultural ..... adjustment under section 143(1)(a) of the 1961 act by declining the claim of the appellant that its total income is exempt under section 80p(2)(a)(iii), and the same was finally assessed under section 143(3) of the said act, at an income of ..... : (1978) 115 itr 709 (kar) where reference has been made to the broad meaning of the expression 'marketing' appearing in clause (c) of section 81(i), and it has been explained that in order to make agricultural produce fit for marketing, the activities involved in enabling that to be done must be regarded as involved in ..... -income-tax shall not be payable by a co-operative society:(i) in respect of the profits and gains of business carried on by it, if it is:(a) a society engaged in carrying on the business of banking or providing credit facilities to its members; or(b) a society engaged in a cottage industry; or(c) a ..... 1 to the water (prevention and control of pollution) cess act, 1977, that is 'processing of vegetable product industry', answered the question in the negative and explained the difference between 'manufacturing' and ' .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : (1980)18CTR(P& H)231; [1980]126ITR448(P& H)
..... where the assessee incurs any expenditure in respect of which payment has been or is to be made to any person referred to in clause (b) of this sub-section, and the income-tax officer is of opinion that such expenditure is excessive or unreasonable having regard to the fair market value of the goods, services or facilities for which the payment is made or the legitimate needs of the business or profession of the ..... on the facts and in the circumstances of the case, the appellate tribunal was right in law in cancelling the order of the commis-cioner of income-tax passed under section 263 of the income-tax act, 1961?' 17. ..... such person, as the case, may be, (ii) any expenditure or allowance in respect of any assets of the company used by any person referred to in sub-clause (i) either wholly or partly for his own purposes or benefit, if in the opinion of the income-tax officer any such expenditure or allowance as is mentioned in sub-clauses (i) and (ii) is excessive or unreasonable having regard to the legitimate business needs of the company and the benefit derived by or accruing to it therefrom, so, however, that the deduction in respect ..... position also appears to be correct in view of the comments made at page 16 of the explanatory note of the relevant finance act, 1971. '8. ..... 110 of 1977, have been referred to this court for its ..... 110 of 1977 are similar, and, therefore, the same need not be ..... 110 of 1977, which pertains to the assessment year 1972-73, may be ..... 110 of 1977 and 56 of .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : (1997)142CTR(P& H)510; [1998]232ITR179(P& H)
..... 67 and 68 of 1983), at the instance of the assessee for the assessment years 1976-77, 1977-78 and 1978-79 : 'whether, in law and on the facts of the case, the income-tax appellate tribunal was justified in holding that the assessee was not entitled to export markets development allowance under section 35b of the income-tax act, 1961, on the following expenses: (i) export expenses ; (ii) export inspecting agency charges ; and (iii) bank commission.' 2 ..... assessee claimed, in the revised return, deduction at an enhanced amount under section 35b of the income-tax act, 1961 (for short 'the act'). ..... the assessee went in appeal before the commissioner of income-tax, claiming weighted deduction on various expenses including the three items of expenditure, namely, (1) export expenses (insurance premium, carriage, shipping port fees in connection with carriage of goods, packing materials, ..... allowance under sub-clause (iii) was withdrawn with effect from april 1, 1978, by the finance act, 1978. ..... section 35b of the act was inserted by the finance act of 1968 with effect from april 1, 1968, to provide for the export markets development allowance in certain cases, it was omitted by the direct tax laws (amendment) act, 1987, with effect from april 1, 1989 ..... 2 below clause (b) of section 35b(1) of the act was substituted by the finance (no. ..... is, therefore, the explanation substituted by the finance (no. ..... sub-clause along with certain other sub-clauses were omitted from clause (b) by the finance (no. .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : (1998)148CTR(P& H)276
..... in the appeal filed before the commissioner (appeals), relief was granted to the assessee in the form of deductions under section 35b of the income tax act, 1961 (hereinafter referred to as `the act') on the expenditure relating to the paper project intended to be set up at saharanpur, the amount of interest in respect of the machinery purchased on deferred payment ..... of new machinery when the interest on such loans was payable for the year under consideration and for five subsequent years, though such capitalisation is specifically prohibited under the provisions of explanation 8 to sub-section (1) of section 43 (inserted by the finance act, 1986 with retrospective effect from 1-4-1974)?whether, on the facts and in the circumstances of the case, the appellate tribunal was right in law in upholding the order of the commissioner (appeals) with ..... the facts and in the circumstances of the case, the appellate tribunal was right in law and on the facts in allowing weighted deduction under section 35b of the income tax act, 1961, in respect of payment of rs. ..... clause iii (machinery & plant) of part i of appendix i of the income tax rules, 1962, specifically prohibits extra shift depreciation allowance on electrical machinery?'2. ..... assessment in respect of the respondent for the year 1977-78 was completed by the inspecting assistant commissioner, ludhiana, vide his order ..... 47 of 1994 which relates to the assessment year 1977-78, the revenue has sought reference of the following questions .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : (1980)18CTR(P& H)109; [1980]126ITR258(P& H)
..... observations of the division bench are as follows (headnote) : ' there is no reason to give the expression ' capital employed ' in section 80j of the income-tax act, 1961, a meaning different from what it means in ordinary parlance, namely, the amounts that have become capital in the business. ..... profits and gains derived from an industrial undertaking or a ship or the business of a hotel, to which this section applies, there shall, in accordance with and subject to the provisions of this section, be allowed, in computing the total income of the assessee, a deduction from such profits and gains (reduced by the deduction, if any, admissible to the assessee under section 80hh of so much of the amount thereof as does not exceed the amount calculated at the rate of six per ..... (2) the aggregate of the amounts representing the value of the assets, as on the first day of the computation period, of the undertaking or of the business of the hotel to which the said section 80j applies shall first be ascertained in the following manner : (i) in the case of assets entitled to depreciation, their written down value ; (ii) in the case of assets acquired by purchase and not entitled to depreciation, their actual cost ..... no justification whatever for giving to the words 'capital employed ' occurring in section 80j a meaning which would take out of its atnbit the companies which are indigent and not able to finance their needs by their own resources. ..... ito : [1977]110itr256(mad ..... ito : [1977]107itr909(cal .....
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