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Punjab Business and Supply Co. Pvt. Ltd. and anr. Vs. the Income Tax O ...

Court : Punjab and Haryana

Reported in : (1991)99PLR225

..... mittal, learned counsel for the respondent, on the other hand stated that the explanation inserted by finance act of 1987 to sub section (i) of section 194a simply explains the existing provisions of law and had not created any new offence and that under the merchantie accounting system the accused-petitioner was bound ..... these petitions, the petitioners seek the quashment of the respective complaint and the proceedings resulting therefrom inter alia, on the ground that before the amendment of section 194a vide finance act, 1987, which came into force on 1-6-1987, there was no provision like the present explanation to sub section (! ..... relied upon explanatory notes on the provisions relating to direct taxes while introducing the finance act 1987 figuring at page 87 (1987) 168 i. t. r. ..... in view of the protection enshrined in article 20 clause (1) of the constitution of india, which reads as under : -'(i) no person shall be convicted of any offence except for violation of the law in force at the time of the commission of the act charged as an offence, nor be subjected to a penalty greater than that which might have been inflicted under the law in force at the tine of the commission of the offence'.thus there is absolutely no doubt that article 20, clause (1) ..... as a matter of fact this interpretation cannot be disputed because while introducing the the finance bill, 1987, the explanatory note clearly provides that the legislature, had filled up a lacuna in the existing provisions of .....

Commissioner of Income Tax Vs. Madan Lal and Bros.

Court : Punjab and Haryana

Reported in : (2005)195CTR(P& H)92; [2005]276ITR571(P& H)

..... the first proviso to section 43b of the act inserted by the finance act, 1987, was enacted in order to suppress the mischief and for the purpose of giving relief to an assessee who is not an ..... this kind of unexpected outcome of section 43b, the first proviso was added in section 43b by the finance act of 1987. ..... found impossible for an assessee to comply with section 43b as it stood in the year 1984, and to make it workable, amendments in section 43b were introduced by the finance act, 1987. ..... sales-tax, the scope of proviso to section 43b inserted by finance act, 1987, w.e.f. ..... relevant period of time, section 43b(a) read as under :'(a) any sum payable by the assessee by way of tax or duty under any law for the time being is force,' the amendment brought in by the finance act, 1988, including the expressions 'cess' was w.e.f. ..... 2 was, therefore, added by the finance act, 1989, with retrospective effect from 1st april, 1984, for the purpose of removing any ambiguity about the term 'any sum payable' under clause (a) of section 43b.section 43b(a), the first ..... : [1991]189itr70(patna) as under :the object of the section 43b of the it act, 1961, was to refuse deduction to an assessee in respect of provident fund, etc. ..... the due date applicable in his case for furnishing his return of income under section 139(1) of the it act, he shall be entitled to claim deduction of that amount. ..... the supreme court considered the scope of section 43b and held :'section 43b of the it act, 1961, was inserted w.e.f. .....

Raghunath Dass Sethi Vs. Commissioner of Income Tax

Court : Punjab and Haryana

Reported in : (2004)191CTR(P& H)114; [2005]277ITR341(P& H)

..... it may also be mentioned that the benefit was specifically extended to huf by the finance act, 1987, w.e.f. ..... opinion of this court :'whether, in view of the facts and circumstances of the case, the hon'ble tribunal was justified in holding that section 54 applies exclusively to individuals only and not to hufs, particularly when the finance act, 1982, made a change in the law with regard to the applicability of section 54 to individuals w.e.f. ..... this claim was rejected by the ao on the ground that since the family had already started living in the new house, the exemption under section 54 of the act was not available as it could be considered that the family had abandoned the old house at swank mandi and it was not used by it. ..... , 1982, allowed the assessee's claim holding that the benefit under section 54 of the act could not be disallowed merely on the ground that the assessee had shifted to the new house in april, 1975, i.e. ..... accordingly, we are of the view that the tribunal was justified in holding that prior to its amendment in the year 1988, the benefit of section 54 of the act was not available to the assessee, which is a huf. ..... section 54 of the act, as it stood at the relevant time reads as under :'54. ..... the assessee did not accept the liability as according to him, no capital gain had arisen from the sale of swank mandi house in view of the exemption available under section 54 of the it act, 1961 (for short, 'the act'). .....

Punjab Business and Supply Co. Pvt. Ltd. and anr. Vs. Income-tax Offic ...

Court : Punjab and Haryana

Reported in : (1991)100CTR(P& H)290; [1991]188ITR550(P& H)

..... in all these petitions, the petitioners seek the quashment of the respective complaints and the proceedings resulting therefrom, inter alia, on the ground that, before the amendment of section 194a, vide finance act, 1987, which came into force on june 1, 1987, there was no provision like the present explanation to sub-section (1) of this section making the crediting of any interest to any account, whether called 'interest' payable account' or 'suspense ..... mittal, learned counsel for the respondent, on the other hand, stated that the explanation inserted by the finance act of 1987 to sub-section (1) of section 194a simply explains the existing provisions of law and had not created any new offence and that, under the mercantile accounting system, the ..... notes on the provisions relating to direct taxes while introducing the finance act, 1987 (see [1987] 168 itr 87). mr. ..... 482 of the code of criminal procedure, 1973, the accused-petitioners seek the quashment of the proceedings instituted by the income-tax authorities for offences under sections 276b and 278b of the income-tax act, 1961, pertaining to the returns filed for 1977-78, 1978-79, 1979-80 and 1980-81, by deliberately showing the payment of interest to different payees in the interest payable account instead of crediting it to the ..... as a matter of fact, this interpretation cannot be disputed because while introducing the finance bill, 1987, the explanatory note clearly provides that the legislature had filled up a lacuna in .....

C.S. Atwal Vs. Commissioner of Income-tax, Ludhiana

Court : Punjab and Haryana

..... finance act, 1987 introduced clauses (v) ands (vi) in section 2 (47) of the act ..... will accordingly apply to the assessment year 1988-89 and subsequent years (section 3(g) of the finance act, 1987)." 13. ..... carry out, facilitates and enforce the rights in the property including to execute lease agreement, licence agreements,construction contracts, supplier contracts, agreement for sale, conveyance, mortgage deeds, finance documents and all documents and agreements necessary to create and register the mortgage, conveyance, lease deeds, licence agreement, power of attorneys, affidavits, declarations, indemnities and all such ..... rights therein ; or (i), (iv) and (iva) ** ** ** (v) any transaction involving the allowing of the possession of any immovable property to be taken or retained in part performance of a contract of the nature referred to in section 53a of the transfer of property act, 1882 (4 of 1882); or (vi) any transaction (whether by way of becoming a member of, or acquiring shares in, a co-operative society, company or other association of persons or by way of any agreement or any arrangement or in any other manner whatsoever) which has ..... act, operative from 1.4.1988 (numbered as explanation 1 by finance act, 2012) for the purposes of sub clauses (v) and (vi), the expression "immovable property" shall have the same meaning as in section 269ua(d) of the act ..... act, it may be noticed that the scope and ambit of this clause as explained by cbdt in its circular no.495 dated 23.9.1987 .....

Commissioner of Income Tax Vs. Upper India Steel Mfg. and Engg. Co. Lt ...

Court : Punjab and Haryana

Reported in : (2004)192CTR(P& H)385

..... this is clear from the fact that prior to the amendment brought about by the finance act, 1987, the legislature in the corresponding section pertaining to imposition of interest used the expression 'may' thereby giving a discretion to the authorities concerned to either reduce or waive the interest. ..... the change brought about by the amending act (finance act, 1987) is a clear indication of the fact that the intention of the legislature was to make the collection of statutory interest mandatory.'14. ..... (2), an intimation shall be sent to the assessee specifying the sum so payable, and such intimation shall be deemed to be a notice of demand issued under section 156 and all the provisions of this act shall apply accordingly; and(ii) if any refund is due on the basis of such return, it shall be granted to the assessee :provided that in computing the tax or interest payable by or refundable to the assessee, the following adjustments shall be made in ..... the learned single judge held that on the basis of language employed in sections 234a, 234b and 234c of the act, it is clear that the object behind the introduction of the said provisions by means of the direct tax laws (amendment) bill, 1987, was to remove uncertainty in the matter of assessments by cutting down the areas of subjective decisions of the tax authorities with a view to ensure uniform treatment of persons similarly placed and to reduce litigation. .....

Chandi Ram and ors. Vs. Commissioner of Income Tax

Court : Punjab and Haryana

Reported in : (2008)217CTR(P& H)113; [2009]312ITR139(P& H)

..... thereafter, sub-section (5) of section 45 of the act was added vide finance act, 1987, w.e.f. ..... learned counsel submitted that as far as application of clause (c) of section 45(5) and sub-section (16) of section 155 of the act, which were inserted by finance act, 2003 is concerned, these clauses will not be applicable and taken into consideration while deciding the present appeals, which pertain to the asst. ..... in the present case, it may be noted that amendment to section 45 of the act by inserting clause (c) by the finance act, 2003 only states that the amended provision would come into force w.e.f. ..... clause (c) of section 45(5) and sub-section (16) of section 155 of the act, which have been inserted by the finance act, 2003 and which have changed the entire dimension, have not been considered. ..... in order to remedy those difficulties, sub-section (7a) of section 155 of the act was introduced by the finance act, 1978, with retrospective effect from 1st april, 1974. ..... previously, when sub-section (7a) to section 155 of the act was inserted by finance act, 1978, it was specifically mentioned that it was inserted with retrospective effect from 1st april, 1974. ..... we are unable to accept the reasoning given by the special bench of the tribunal that clause (c) to sub-section (5) of section 45 of the act inserted by finance act, 2003 is to be made applicable retrospectively, and taken to be introduced w.e.f. .....

Commissioner of Income-tax, Faridabad Vs. Kapil Kumar Agarwal

Court : Punjab and Haryana

..... the scope and effect of the amendments made in sections 54, 54b, 54d and 54f by the finance act, 1987 have been elaborated in the departmental circular no.495 dated 22nd september 1987 reported in (1987)168 itr (st.) 87. ..... finance act, 1987 had inserted sub section (4) of section 54f of the act effective from 1.4.1988 ..... in case, the assessee is not able to appropriate the sale proceeds of long term capital gain, then before filing of a return under section 139(1) of the act, he is required to deposit the same under any capital gain account scheme with a bank or institution specified by the central government in the official gazette. ..... the issue that arises for consideration relates to whether the assessee in order to avail benefit of section 54f of the act is required to utilize the amount for the purchase of the new asset from the sale proceeds of the original capital asset only. 9 ..... the combined reading of the aforesaid provisions shows that in order to avail benefit under section 54f of the act, the assessee is required to either purchase a residential house within a period of one year before or two years after the date on which transfer takes place or construct a residential house within a period of three years after that ..... ita no.12 of 2015 has been filed by the revenue under section 260a of the income tax act, 1961 (in short, "the act") against the order dated 16.7.2013, annexure-a.iii passed by the income tax appellate tribunal, delhi bench 'd', new delhi in kapil kumar agarwal v .....

Commissioner of Income Tax Vs. Keerana Vegetable Products Ltd.

Court : Punjab and Haryana

Reported in : (2005)199CTR(P& H)200

..... to obviate this kind of unexpected outcome of section 43b, the first proviso was added in section 43b by the finance act of 1987. ..... explanation 2 was, therefore, added by the finance act, 1989, with retrospective effect from 1st april, 1984, for the purpose of removing any ambiguity about the term 'any sum payable' under clause (a) of section 43b.section 43b, the first proviso to section ..... cit : [1997]224itr677(sc) , their lordships have interpreted section 43b of the act and laid down the following proposition :'section 43b of the it act, 1961, was inserted w.e.f. ..... 25,64,340 made under section 43b of it act, 1961, on account of unpaid liability of cst, sales-tax and surcharge payable.'2. ..... the ao finalised the assessment under section 143(3) of the it act, 1961 (for short, 'the act), at income of rs. ..... 25,64,340 disallowed under section 43b of it act.'3. ..... 11,42,107 on account of unpaid sales-tax liabilities and under section 43b of the act. .....

Amrit Banaspati Co. Ltd. and anr. Vs. Union of India (Uoi) Through the ...

Court : Punjab and Haryana

Reported in : 1990LC436(P& H); 1990(50)ELT64(P& H); (1990)98PLR101

..... in the finance act of 1987, the central government was authorised to provide for giving credit of sums of money with respect to the raw material used for ..... the use of input, the manufacturers were entitled to the stipulated credit subject to the conditions (i) that the credit was to be taken only in respect of the quantity of oil subjected to hydrogenation on or after march 1, 1987 for the manufacture of final product, (ii) the credit was to be taken only on the date on which the specified oils entitled to concession were so hydrogenated; and (iii) the accounting period for such credit was a ..... able to show prima facie that the power has been exercised by the executive authority or delegated authority in an unreasonable way and contrary to the promise either expressly or impliedly made when a person honestly believing had acted on it, it is for the state to show that it would be inequitable to force the state to fulfil its promise or doing so would be against the public interest and the exercise of executive power is bona fide ..... the respondents withdrew their assurance and refused to comply with their part of the promise the respondents could not be allowed to act inconsistently with their implied and express conduct on which the petitioners had acted the notification, dated march 1, 1987, granting the petitioners permission to earn credit to be adjusted in the payment of excise duty on the finished goods at the specified rates conferred a legal right on the petitioners to the .....