Judgment Search Results Home > Cases Phrase: finance act 1978 chapter iii direct taxes Court: punjab and haryana Page 12 of about 283 results (0.367 seconds)

Commissioner of Income-tax Vs. Hukam Chand Dalal.

Court : Punjab and Haryana

Reported in : [1962]44ITR614(P& H)

..... not adjustable against the profits from the brokerage activities of same period by reason of the terms of the first proviso (as inserted by the finance act, 1953) to sub-section (1) of section 24 of the act.the facts are that during the assessment year 1953-54, for the accounting period ending the 23rd of march, 1953, the assessee, hukam ..... proviso appears in the part of the legislature.after pointing out that the matter of computation of taxable income under various heads was dealt with in chapter iii of the act and that then came chapter iv which deals with deductions and assessment, he observed :'.... and then we come to section 24 which deals with set-off of loss in ..... -off only arises after the profits and gains of a business, profession or vocation have been computed in the manner laid down in chapter iii. the process of computation as understood by the income-tax act is antecedent to the question of the right of the assessee to claim any set-off under section 24. the question of set .....

Cit Vs. Punjab Financial Corporation

Court : Punjab and Haryana

Reported in : (2002)172CTR(P& H)561

..... he referred to the provisions of sections 12a(b), 33ab(2), 33aba(2), 35cc(3), 36(1)(xi), 80hhc(1) and (4) and 80j(1) and (6a) (omitted by finance act, 1996 with effect from 1-4-1989) which contain provision similar to section 32ab(1) and (5) and argued that the entitlement of the assessee to claim deductions subject to ..... 's case, the division bench had approved the ratio of jaideep industries's case, but treated the provisions section 12a(b) as directory in view of circular dated 9-2-1978, issued by the central board of direct taxes. he also relied on the decisions of the supreme court in state of u.p. v. manbodhan lal srivastava : (1958) ..... effect of depriving the assessee of his right to get the benefit of deductions under sub-section (1). section 32ab falls in chapter-iv of the act which contains provisions relating to computation of total income. this chapter is dividend into parts a to f. part-d contains sections 28 to 44d relating to profits and gains of business or profession .....

P.M.S. Diesels Vs. Commissioner of Income-tax-2, Jalandhar

Court : Punjab and Haryana

..... , concerned with the first proviso prior to its substitution for this case relates to the assessment year 2005-06. prior to its substitution, the proviso substituted by the finance act, 2008 with retrospective effect from 1st april, 2005, read as under: "provided that where in respect of any such sum, tax has been deducted in any subsequent ..... section 40(a)(ia) would only operate on account of failure to deduct tax where the tax is liable to be deducted under the provisions of the act and in particular chapter xvii-b thereof. it is in that sense that the term "payable" has been used. the term "payable" is descriptive of the payments which ..... to a contractor or sub-contractor. this differential treatment was not intended. therefore, the legislature provided that the amounts, on which tax is deductible at source under chapter xvii-b payable on account of interest, commission or brokerage, rent, royalty, fees for professional services or fees for technical services or to a contractor or sub .....

Pepsu Road Transport Corporation, Patiala Vs. Income-tax Officer and A ...

Court : Punjab and Haryana

Reported in : [1964]51ITR441(P& H)

..... of the state government and section 21 provides for carriage of mails if required by the central government. chapter iv (section 22-32) deals with finance, accounts and audit. section 22 enjoins the corporation to act on business principles. under section 23 the central government and state government may provide capital in agreed proportion ..... on terms and conditions consistent with the act to be determined by the state government with the previous approval of ..... may, with the previous approval of the state government and the central government, be specified in this behalf by the corporation, may be utilised for financing the expansion programmes of the corporation and the remainder, if any, shall be made over to the state government for the purpose of road development.' .....

Commissioner of Income-tax Vs. Shri Khacheru (Huf)

Court : Punjab and Haryana

Reported in : (2010)228CTR(P& H)396; [2009]185TAXMAN398(Punj& Har)

..... high court in gyan chand case (supra). the object of inserting clause (9) in section 171 by finance act in pursuance of finance bill no. 2 of 1980 was to do away with the concept of partial partition after december 31, 1978. while considering the validity and background of this provision, the hon'ble supreme court in union of india ..... partial partition has taken place. if any such finding is recorded under sub-section (3) whether before or after june 18, 1980, being the date of introduction of the finance (no. 2) bill, 1980, the same shall be null and void. the effect of the aforesaid sub-section is that for the purposes of income-tax partial partitions ..... of the hindu undivided family was recognized, but is done away with by the amendment which specifically provides that where a partial partition has taken place after december 31, 1978, no claim of such partial partition having taken place shall be inquired into under sub-section (2) and no finding shall be recorded under sub-section (3) .....

Tirlochan Singh Vs. Commissioner of Income-tax

Court : Punjab and Haryana

Reported in : (2010)228CTR(P& H)390; [2009]316ITR39(P& H); [2009]180TAXMAN640(Punj& Har)

..... of any such period.(9) notwithstanding anything contained in the foregoing provisions of the section, where a partial partition has taken place after the 31st day of december, 1978, among the members of a hindu undivided family hitherto assessed as undivided,:(a) no claim that such partial partition has taken place shall be inquired into under sub-section ..... counsel for the appellant that the original property in the hands of the hindu undivided family, after partial partition thereof on 30-4-1978 could not be assessed to tax under section 171 of the act. it is the alternative contention of the learned counsel for the appellant, that even if the partial partition referred to above is not ..... whether before or after the 18th day of june, 1980, being the date of introduction of the finance (no. 2) bill, 1980, shall be null and void;(b) such family shall continue to be liable to be assessed under this act as if no such partial partition had taken place;(c) each member or group of members of such .....

Road Masters Industries of India Ltd. Vs. Commissioner of Income Tax

Court : Punjab and Haryana

Reported in : [2001]117TAXMAN149(Punj& Har)

..... referred to the provisions of section 28(iii)(a) to show that the profits of import entitlements were made exigible with retrospective effect from 1-4-1962 by the finance act, 1990 and argued that the non-inclusion of rs. 31,29,819 representing the profits on import entitlements cannot be treated as an ..... per cent, but shall not exceed 1 times the amount by which the tax is actually paid during the financial year immediately preceding the assessment year under the provisions of chapter xvii-c falls short of 75 percent of the assessed tax as defined in sub-section (5) of section 215. the crucial expression used in clause (aa) of ..... have considered the respective submissions. in our opinion, the questions sought by the appellant cannot be treated as substantial questions requiring determination by this court under section 260a of the act. section 273(2)(aa), read with sub-section (1a) thereof lays down that if the assessing officer, in the course of any proceedings in connection with the regular .....

Commissioner of Income-tax, Patiala Vs. H.M. Steels Ltd.

Court : Punjab and Haryana

..... section 80-ib is materially different from those obtaining in the cases cited by the counsel for the revenue in sterling foods, [1999] 237 itr 579 (sc), cambay electric supply, [1978] 113 itr 84 (sc),/. b. exports, [2006] 286 itr 603 (delhi), viswanatkan and co., [2003] 261 itr 737 (mad) as well as ritesh industries, [2005] 274 itr ..... as follows: '13. before analyzing s.80-ib, as a prefatory note, it needs to be mentioned that the 1961 act broadly provides for two types of tax incentives, namely, investment linked incentives and profit linked incentives. chapter vi-a which provides for incentives in the form of tax deductions essentially belong to the category of "profit linked incentives". ..... , when it has been clearly laid down by supreme court in its decision in the cases of cambay electric supply industrial co. ltd. v. cit 1978 (tr/sc) 50:/1978) 1/3 itr 84/sc) that the words derived from referred to in the section 80ic has narrower meaning than attributable to and the freight subsidy .....

Cit Vs. Smt. Santosh Mahey

Court : Punjab and Haryana

Reported in : (2007)213CTR(P& H)469; [2007]293ITR573(P& H)

..... controversy involved in the present case, it would be 5 relevant to extract the relevant provisions of section 275 of the act, which, at the relevant time, read as under:275. no order imposing a penalty under this chapter shall be passed(a) in a case where the relevant assessment or other order is thesubject matter of an appeal to ..... however, further appeal by the assessee before the tribunal was accepted. the tribunal while setting aside the penalty held that in terms of section 275(a)(ii) of the act the order of penalty having been passed beyond the period of limitation prescribed in the section, the order of penalty was not sustainable.3. we have heard learned counsel for ..... find that a similar view has been expressed by the andhra pradesh high court in seetharama lakshmi rice and groundnut oil mill contractors co. v. ito : [1978]111itr212(ap) and the himachal pradesh high court in seth panchhi ram and co. v. cit .in view of our above discussions, the question referred is answered in .....

Knorr- Bremse India (P.) Ltd. Vs. Assistant Commissioner of Income-tax ...

Court : Punjab and Haryana

..... tax v. cushman and wakefield (india) pvt. ltd., [2014] 367 itr 730 (delhi). the division bench held: "35. the transfer pricing officer's report is, subsequent to the finance act, 2007, binding on the assessing officer. thus, it becomes all the more important to clarify the extent of the transfer pricing officer's authority in this case, which is to ..... this sub-section on determination of the arm's length price paid to another associated enterprise from which tax has been deducted or was deductible under the provisions of chapter xvii-b, the income of the other associated enterprise shall not be recomputed by reason of such determination of arm's length price in the case of the first ..... assessee having regard to the arm's length price so determined: provided that no deduction under section 10-a or section 10-aa or section 10-b or under chapter vi-a shall be allowed in respect of the amount of income by which the total income of the assessee is enhanced after computation of income under this sub .....