Court : Punjab and Haryana
Reported in : (1984)43CTR(P& H)138; [1985]152ITR608(P& H)
..... by the applicant, a registered firm, on the basis as if it were an unregistered firm, was to be calculated after deducting the annuity deposit payable under chapter xxii-a of the income-tax act, 196], payable by the applicant-firm as if it were an unregistered firm ? 2. whether, on the facts and in the circumstances of the case, ..... case, the assessee is) which is deemed as an unregistered firm as per the provisions of section 271(2) of the income-tax act, 1961, is covered by chapter xxiia read with section 280a of the income-tax act, 1961, is a debatable question and the matter is open to more than one interpretation. in these circumstances, it cannot be said ..... been referred, it had remained debatable and it was open to more than one interpretation. on this stance, the decision of this court in cit v. mohan lal kansal [1978] 114 itr 583, relied upon by the learned counsel for the assessee was sought to be distinguished inasmuch as, in that case, the ito had ignored a decision rendered by .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : [1989]179ITR22(P& H)
..... facts and in the circumstances of the case, entertained the additional ground with respect to deduction under section 80j of the act and adjudicated upon the same with regard to both the units.7. finance (no. 2) act, 1980, brought out an amendment retrospectively with effect from april 1, 1972, only, and the new mode of computation ..... that the total capital employed including borrowed money should have been made the basis to work out the deductions. the tribunal, vide its order dated february 15, 1978 (annexure 'f'), irrespective of its decision for the assessment year 1970-71, held that the export wing unit of the assessee qualified for deduction to the tune ..... of its assessment for the assessment year 1972-73 and accounting year ending with december 31, 1971, claimed deduction under section 80j of the income-tax act, 1961 (hereinafter called 'the act'), in respect of profits and gains for its two units, namely, export wing and vanaspati unit, separately . the income-tax officer, in his .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : (1989)79CTR(P& H)94; [1990]182ITR53(P& H)
..... (a) buying ; (b) selling. (2) activities involving physical supply : (a) transportation ; (b) storage. (3) activities facilitating the foregoing functions : (a) standardisation and grading ; (b) financing ; (c) risk taking ; (d) market research.' 13. a similar view with regard to 'marketing' is to be found in cit v. gujarat state warehousing corporation : [1980]124itr282(guj) and ..... addl. cit v. ryots agricultural produce co-operative marketing society ltd. : [1978]115itr709(kar) .14. the assessee further supports its stand by referring to the judgment of the high court of delhi in itr no. 241 of 1975 (cit v ..... and processing of cotton received by its members and the marketing of such cotton. it was held that the words used in section 80p of the act were not 'agricultural produce grown by its members' and, therefore, so long as the commodity brought to the assessee-society was agricultural produce and the .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : [2001]250ITR751(P& H)
..... house property against the income under the other heads in respect of the three assessment years ?6. it is apt to notice the relevant provisions. chapter iv of the income-tax act as it existed at the relevant time provides for the computation of total income under different heads. part c relates to income from house property. section ..... of theappellate assistant commissioner in allowing the set off of loss relating tohouse property against income under the other heads for the assessment years 1976-77, 1977-78 and 1978-79 ?'2. the reference relates to three assessment years. the assessee claimed to have paid rs. 13,211. rs. 22,159 and rs. 18,018 by way ..... commissioner. however, the tribunal having accepted the assessee's claim, the commissioner of income-tax had filed three reference applications under section 256(1) of the income tax act, 1961.3. on consideration of the matter, the tribunal found that an identical question had already been referred to the high court in the case of cit v. .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : [2002]253ITR659(P& H)
..... marketing' means 'an aggregate of functions involved in transferring title and in moving goods from producer to consumer including among others buying, selling, storing, transporting, standardizing, financing, risk bearing and supplying market information'. thus, 'marketing' is a comprehensive term. it does not mean merely buying and selling. it encompasses much more.13. what ..... '. mr. garg placed reliance on the decision of the karnataka high court in addl. c1t v. ryots agricultural produce co-operative marketing society ltd. : [1978]115itr709(kar) .15. in this case, the assessee was engaged in the marketing of 'rice grown by its members after hulling it in its mill which ..... application was dismissed by the tribunal vide its order dated december 21, 1998.6. the assessee filed application under section 256(1) of the income-tax act, 1961. the tribunal on consideration of the matter has referred the following question for the opinion of this court :'whether, on the facts and circumstances .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : [1996]218ITR541(P& H)
..... the option under sub-section (2) of that section or where he has no income under any other head, the whole loss shall, subject to the other provisions of this chapter, be carried forward to the following assessment year, and - (i) it shall be set off against the profits and gains, if any, of any business or profession carried ..... years 1976-77 and 1977-78.2. the assessee filed appeals to the appellate assistant commissioner who disposed of the appeals by a common order dated march 13, 1978. the appellate assistant commissioner held that though the firm had not dissolved it had ceased to carry on its business and the assessee had lost her right to carry ..... originally computed continued to be carried on by him in the previous year relevant for that assessment year ; and . . . .' on analysis of section 72(1) of the act, it emerges that an assessee has to satisfy four conditions, namely, (1) for carry forward of business loss should be the net result of the computation under the head 'profits .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : [1993]76CompCas259(P& H); (1992)105CTR(P& H)82; [1993]199ITR391(P& H)
..... cause or excuse, fails to deduct or after deducting, fails to pay the tax as required by or under the provisions of sub-section (9) of section 80e or chapter xviib, he shall be punishable- (i) in a case where the amount of tax which he has failed to deduct or pay exceeds one hundred thousand rupees, with rigorous ..... 5.5. it is conceded at the bar that the period during which the offences are alleged to have been committed relate to the assessment years 1978-79 to 1982-83.6. section 194c of the act makes the following provisions for making deductions from payments to a contractor and sub-contractor ;'194c. (1) any person responsible for paying any sum ..... are involved therein. m/s. greatway (p) limited, gt road, ludhiana, along with its directors are being prosecuted for an offence under section 278b of the income-tax act, 1961 ('the act' in short).2. the facts are being drawn from criminal miscellaneous no. 2531-m of 1991.3. a complaint had been filed by the income-tax officer, central .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : (2005)196CTR(P& H)282; [2005]273ITR405(P& H)
..... miscellaneous stands allowed.12. a perusal of the said circular shows that certain clarifications were issued regarding the press note and circulars issued by the ministry of finance regarding declaration of higher income or wealth. it is stated that the clarifications are issued on the questions raised at different places on the press note of ..... 17, 1987 (annexure p2), summoned the accused for october 21, 1987, having found sufficient ground to proceed against them under sections 276c and 277 of the act.6. shri sukhbir singh, learned counsel appearing for the petitioners, has contended that the official of the income-tax department had asked for information which was furnished. ..... the same. the offences, if any, which are punishable under sections 276c and 277 of the act in respect of which the complaint has been filed, fall under chapter xxii of the act and in terms of section 279(2) of the act, would be deemed to have been compounded which provides for compounding of any offence under .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : (1997)142CTR(P& H)292; [1997]227ITR187(P& H)
..... two cases are entirely different.9. counsel for the parties have been heard.10. the finance bill of 1995 inserted a new chapter xiv-b in the act. it provides a new concept for assessment in relation to searches conducted under section 132 of the act or requisition made under section 132a after june 30, 1995. the purpose of enactment of ..... of the petitioner in a nutshell is that after completion of the assessment for a block period of ten years under section 158bc of the newly introduced chapter xiv-b of the act, which included the assessment years 1988-89 and 1989-90, the assessing authority had no jurisdiction to issue notice under section 143(2) of the ..... this chapter was to make the procedure of assessment of search cases more effective. the purpose as given in clause 32 of the notes on clauses of the finance bill, 1995 (see [1995] 212 itr .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : (2005)139PLR400
..... it has been directed that the provisions of the aforesaid rent act shall not apply to the 'buildings and rented lands' whose monthly rent exceeds rs. 1500/-, has given rise to these bunch of writ petitions (civil writ petition nos. 20221 and 20232 of 2003, 1829, 1978 to 2065, 2689, 3902, 7360, 7836, 9855 and 11029 ..... matter was accordingly adjourned to may 11, 2004.14. later on and pursuant to our aforementioned order, an affidavit dated july 29, 2004 was filed by the finance secretary, chandigarh administration, chandigarh, to the following effect:-'it was, inter alia, seen that the supreme court has held that reasonable classification is permissible under article 14 ..... j) 'urban area' means any area comprised in chandigarh, as defined in clause (d) of section 2 of the capital of punjab (development and regulation) act, 1952 (punjab act xxvii of 1952) and includes such other area, comprised in the union territory of chandigarh as the central government may, having regard to the destiny of the .....
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