Court : Punjab and Haryana
Reported in : (2004)191CTR(P& H)381; [2004]269ITR78(P& H)
..... evading assessee would try to inflate the cost to reduce the profits.(xvii) it was submitted that taking into account the objections, ingredients and requirements of chapter xx-a of the income-tax act, 1961, the initiation of proceedings for acquisition are wholly misplaced, misconceived and contrary to ordinary principles of reason and logic. therefore, there cannot, on ..... in i. t. a. no. 1 of 1989 from which the facts have been taken for the purpose of this order.3. the respondent--m/s. ansal housing finance and leasing company limited, vide sale deed registered at serial no. 760 dated may 13, 1986, purchased five bighas, eight biswas of land situated in village chakkarpur, tehsil ..... one where highest value had been declared. similar was the decision of the hon'ble punjab and haryana high court in the case of cit v. mohan singh [1978] 112 itr 430.m/s. unitech limited (south city) are small coloniser of the area unlike the transferee. they have also purchased the pieces of land showing .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : (1980)18CTR(P& H)227; [1980]124ITR619(P& H)
..... the addition of rs. 1,24,000 made on account of accrual of interest '2. the assessee used to carry on business of finance and hire purchase, but later on was ordered to be officially wound up under the orders of this court. for the assessment year 1969 ..... same day. it was further noticed that there was a credit of rs. 2,275 in the debtor's account on 18th june, 1978, by sale of fifteen shares of free india ltd. the sale of all these properties and shares according to the tribunal also showed that ..... (sc) , the learned judges of the supreme court have held as follows :'income-tax is a levy on income. though the income-tax act takes into account two points of time at which the liability to tax is attracted, viz., the accrual of the income or its receipt, ..... money, or are not deemed to be so received. they are taxable, if they have arisen or accrued, or are under the act deemed to have arisen oraccrued to the assessee in the accounting year, just as much as if they had been received or were deemed .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : (1989)80CTR(P& H)3; [1989]179ITR419(P& H)
..... , harish chand and co., was required to file its return of income on or before july 31, 1978. it did not, however, file any such return till april 7, 1982. penalty proceedings were consequently initiated against it under section 27 of the act.3. in dealing with this matter, it was found that the tax payable by the assessee was rs ..... month during which the default continued'. the expression 'assessed tax' in this context means 'tax as reduced by the sum, if any, deducted at source, under chapter xvii-b or paid in advance under chapter xvii-c'. thus, where no amount of tax remains to be paid on completion of the assessment, the 'assessed tax' would be zero and any figure ..... view similar to the one taken by the high court of rajasthan in builders engineers co.'s case , is also to be found in addl. cit v. murugan timber depot : [1978]113itr99(mad) ; cit v. patram dass raja ram bert ; cit v. maskara tea estate and p. venkata krishnayya naidu and sons v. cit : [1984]150itr545(ap) .9. the view .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : [1979]120ITR564(P& H)
..... respect of the income of a period other than the previous year, income-tax shall be charged accordingly.' 4. the term 'person' is denned in section 2(31) of the act and it reads as under;'2. (31) ' person ' includes--(i) an individual....... (v) an association of persons or a body of individuals, whether incorporated or riot....... ..... of the learned counsel for the assessee is that section 4 of the act, which 13 the charging section, is subject to the other provisions contained in the act. it means that the other provisions contained in the act shall govern the charging section. chapter xv of the act deals with liability in special cases and ss, 160, 161 and 166, ..... dealing with the income of a minor, lunatic or idiot as also of the guardian in receipt of the income of such minor, lunatic or idiot, are included therein. in the instant case, shrimati krishna gupta acted .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : AIR1986P& H21
..... constitution. if so, its effect? opd. 5. whether issues no. 4 can be decided by the court while dealing with the petitioners under section 30 of the industrial finance corporation act? opp. 6. whether the present petition is male fide for reasons mentioned in paras 2(m) and 2 (t) of the written statement. if so, its effect? ..... no.1 is a public limited company and is engaged in the business of manufacturing and processing of paper, pulp, etc. and is an industrial finance corporation act ( hereinafter referred to as corporation act). respondent nos. 2 to 4 are the other financial institutions and respondent nos. 5 and 6 the banks, which along with petitioners no. 1 advanced ..... opd. 7. whether the default in the matter of advances of finances to respondent no. 1 in respondent of agreement dated 7-11-1978 and 28-5-1980 was committed by petitioners .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : (1983)37CTR(P& H)290; [1983]144ITR113(P& H)
..... tend to frustrate the same in actual practice.11. it is apt now to read the relevant part of section 269d of the act :(1) the competent authority shall initiate proceedings for the acquisition, under this chapter, of any immovable property referred to in section 269c by notice to that effect published in the official gazette : provided that no ..... . the learned counsel has also relied upon some observations made in u.s. awasthi v. iac : [1977]107itr796(all) and mohammed mahboob ali saheb v. iac : [1978]113itr167(ap) .3. the questions of law canvassed at the bar are not free from difficulty and as indicated earlier, if we were to accept the view expressed by the ..... nau, jullundur, the respondent-assessee in this case, vide sale deed no. 3809 dated september 8, 1977. shri nirmal singh, inspector, made his report dated april 20, 1978, to the effect that the plot in dispute was of the market value of rs. 1,32,000 on the date of the sale. the competent authority initiated proceedings under .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : (1996)132CTR(P& H)22; [1996]219ITR271(P& H)
..... said locality ...' 8. the stand taken by counsel for the department mr. r.p. sawhney, is that initiation of acquisition proceedings is complete under chapter xxa of the act by publication of notice to that effect in the official gazette whereas the stand taken by counsel for the respondent-transferees is that assumption of jurisdiction commences ..... the notice is served on the transferors/transferees. it was held that the notices on the transferors/ transferees were caused to be served only on january 19, 1978, which were beyond the statutory period of nine months and, therefore, the entire acquisition proceedings including the acquisition order passed by the competent authority were bad in ..... in the official gazette under section 269d(1) were caused to be served on the transferors on january 18, 1978, and on the transferees on january 19, 1978, as was required under section 269d(2)(a) of the act. proclamation by beat of drum and pasting of a copy of the notice on a conspicuous part of the .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : [1989]179ITR134(P& H)
..... loan account by different transactions and the total amount was rs. 2,01,445.2. the assessee also advanced rs. 3,09,950 by way of loan to batra finance corporation through different transactions. the assessee received rs. 18,349 from the aforesaid two debtors, as interest in the accounting year.3. in the profit and loss account, ..... and to answer the referred question accordingly, whereas, on behalf of the assessee, reliance has been placed on cit v. motilal hirabhai spinning and weaving co. ltd. : [1978]113itr173(guj) for the proposition that even if the main object of the company is not carried out and only the ancillary object is carried out, that amounts to carrying ..... be solved on the alternative argument raised on behalf of the assessee.8. the act takes note of the income from various heads and sources which have been detailed in chapter iv and the last source of income is dealt with in section 56 of the act, namely, 'income from other sources'. it is not disputed that the income from .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : (1986)57CTR(P& H)176; [1986]161ITR78(P& H)
..... more than the sale price entered in the sale deed. on receipt of this information, the competent authority initiated acquisition proceedings under chapter xx-a of the act. the preliminary notice envisaged under section 269d of the act was duly published in the official gazette dated november 10, 1973. the notice was published well within the period of nine months ..... the same order of the income-tax appellate tribunal, amritsar, the present six appeals (income-tax appeals nos. 4 to 9 of 1978) under section 269h of the income-tax act, 1961 (hereinafter referred to as 'the act'), are being disposed of together.2. the facts leading to these appeals are that by a registered sale deed dated may 5, ..... face of this full bench judgment of this court, the six appeals are allowed, the impugned order of the income-tax appellate tribunal, amritsar, dated january 24, 1978, is set aside and the case is remitted to the appellate tribunal for disposal on merits in accordance with law. no order as to costs. .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : (1986)55CTR(P& H)114; [1986]161ITR174(P& H)
..... steps taken prior to the stage of the publication of notice are nothing but proceedings undertaken by virtue of the provisions of section 269c, that is, under chapter xx-a of the act.11. the second reason that if the presumption would be available at the initial stage, then the competent authority would have no option but to initiate ..... in the official gazette initiating proceedings for the acquisition of the property or not was first considered by ramendra mohan datta j. in smt. bani roy chowdhury's case : [1978]112itr111(cal) . it would, therefore, be proper to notice in extenso the process of reasoning which led the learned judge to come to the conclusion that the said ..... dispose of 15 income-tax appeals nos. 1 to 12 of 1977 and income-tax appeals nos. 1 to 3 of 1978 which have been filed under section 269h of the income-tax act, 1961 (hereinafter called 'the act'), against a common judgment of the appellate tribunal dated october 30, 1976, and involve similar questions of law.2. messrs .....
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