Judgment Search Results Home > Cases Phrase: finance act 2001 section 134 amendment of act 5 of 1986 Court: punjab and haryana Page 2 of about 66 results (0.145 seconds)

Ram Gopal Mola Ram and ors. Vs. Commissioner of Income-tax and anr.

Court : Punjab and Haryana

Reported in : AIR1966P& H540; [1967]64ITR419(P& H)

..... the learned counsel for the respondents also contended that if by section 13 of the finance act, 1950, the jaipur act was completely repealed except for the purposes of levy, assessment and collection of income-tax and super-tax', then on the basis of the decisions of their lordships of the supreme ..... march, 1950, the finance act of 1950 was passed, section 13 whereof was in ..... , is that the jaipur act was a law relating to 'income-tax or super-tax or tax on profits of business' within the meaning of section 13 of the finance act, 1950. ..... right of the appellants to claim refund was admittedly alive till 7th may, 1950, but before that date arrived, the jaipur act was repealed on 31st march, 1950, by the finance act, 1950, and, as i have said earlier, there was no saving of the provisions with respect to the refund of tax ..... i have to direct my attention is the scope of section 13 of the finance act, 1950. ..... , 1949.provided that any reference in any such law to an officer, authority, tribunal or court shall be construed as a reference to the corresponding officer, authority, tribunal or court appointed or constituted under the said act, and if any question arises as to who such corresponding officer, authority, tribunal or court is, the decision of the central government thereon shall be final:provided further that where under any such law, tax is chargeable ..... into being in april, 1949, it provided for the continuance of all existing laws till they were repealed or amended by the new state. .....

industrial Finance Corporation of India and anr. Vs. Sehgal Papers Ltd ...

Court : Punjab and Haryana

Reported in : AIR1986P& H21

..... inter alia, to broadbase its board of directors by inducting two independent persons, to constitute a managing committee with the corporation's approval, to strengthen its organisational set-up, particularly on the financial side by appointing whole time finance director to the satisfaction of the corporation and to give an undertaking to keep the corporation informed of the developments in regard to execution of conveyance deed in respect of the land, measuring 109-57 acres and to ..... rupees in lacs) (i) share capital (a) promoters (b) for consideration other than cash (c) subordinate unsecured loans already brought in by promoters (d) public issue (ii) rupee loans from (a) industrial development bank of india (idbi) (b) industrial finance corporation of india (ifci) (c)the industrial credit and investment corporation of india limited (icici) (d) life insurance corporation of india (lic) (e) unit trust of india (uti) (f) banks (iii) foreign currency loans from ..... in that it failed to heat the house adequately and gave off fumes so as to make the living rooms uncomfortable; as those defects could not be put right by some slight amendment of the system, and taking into account the cost of repairs, it was impossible to say that the contract had been substantially performed by the plaintiff '. ..... with the petitioners under section 30 of the industrial finance corporation act? ..... 3,00,00,000.00 35,60,000.00 49,29,097.00 7,69,134.00 ------------------- 99,00,000.009,27,161.00 8,950.00 ..... 134 ..... 134 .....

Commssioner of Income Tax Vs. Haryana Minerals Ltd.

Court : Punjab and Haryana

Reported in : [2009]313ITR318(P& H)

..... it is sufficient to mention that the cit(appeals) as well as the tribunal have treated the provisions of the amended section 80hhc of the act applicable to the case of the assessee as if the amendment made by finance act no. ..... applying the ratio of the judgement of hon'ble the supreme court in respect of the assessment year 1984-85 it was held that the benefit of amendment made in section 80hhc by finance act no. ..... in that regard again reliance was placed on the judgement in the case of m/s gem granites (supra) wherein section 80 hhc(unamended) alongwith the amendment made by finance act no. ..... whether on the facts and in the circumstances of the case, the hon'ble tribunal was right in law in giving retrospective effect to the insertion made in sub clause (ii) of clause (b) of sub section (2) of section 80hhc, by finance (no.2) act, 1991 w.e.f. ..... as a corollary to this, it must be held that the order passed by the assessing officer to rectify the mistake committed earlier by allowing deduction to the assessee on the basis of amended section 80hc does not suffer from any legal infirmity.5. ..... 40 of 1997 directed the tribunal exercising power under section 256(2) of the act to draw the statement of the case and refer the afore-mentioned two questions for its ..... this petition filed under section 256(2) of the income tax act, 1961 (for brevity 'the act') challenges order dated 28.7.1998 passed by the income tax appellate tribunal, delhi bench (d), new delhi (for brevity 'the tribunal') in ra .....

Bharat Fire and General Insurance Ltd. Vs. Commissioner of Income-tax, ...

Court : Punjab and Haryana

Reported in : [1966]61ITR263(P& H)

..... the amendment in section 23a was made by section 7 of the finance (no.2) act of 1957 and, therefore, by virtue of section 11, sub-section (2), it came into force from the 1st of april 1957. ..... the finance (no.2) act of 1957 amended only sub-sections (1) and (2) of section 23a as they stood immediately before the said amendment. ..... there were a number of changes brought about by the amendment in 1957, but so far as the shareholders are concerned the position continued to be the same as under section 23a after its amendment by the finance act of 1955. ..... this amendment in section 23a was brought about by section 15 of the finance act, 1955. ..... section 20 of the said finance act specified the dates regarding the commencement of amendments to the income-tax act. ..... so far as the shareholders are concerned their liability to pay additional tax had already come to an end from the date the amendment in section 23a came into force by the finance act of 1955. ..... the section was then amended by the finance act, 1955 (no.15 of 1955), and the change relevant for the purposes of the present controversy was that, instead of shareholders having to pay the tax on notional income, the company was made liable to pay super-tax at ..... in this view we cannot agree with the learned counsel for the appellant that the liability of the shareholders was completely wiped out retrospectively by section 11 of the finance (no.2) act of 1957.the second contention of the learned counsel has also no force. .....

Commissioner of Income-tax Vs. Beco Engineering Co.

Court : Punjab and Haryana

Reported in : [1998]232ITR102(P& H)

..... the effect of amendment of section 34(3)(a) by section 11 of the finance act, 1990, was considered by the allahabad high court in cit ..... the judgment of the supreme court in shri shubhlaxmi mills' case : [1989]177itr193(sc) , the legislature intervened with a view to redress the hardship of taxpayers and amended section 34(3)(a) by section 11 of the finance act, 1990. ..... the amendments effected in section 34(3)(a) by the finance act, 1990, referred to earlier, are significant in ..... 34 read with the explanation to section 34, which was added by the finance act of 1966, it was held (page 197) :'having considered the matter at some length in the present case, it seems to us clear that in order to claim the deduction on account of development rebate under sub-section (1) of section 33, it is obligatory that the debit entries in the profit and loss account and the credit entry in a reserve account should be made in the relevant previous year in which the machinery ..... the finance act, 1966, by inserting an explanation in section 34 allowed the creation of such a reserve out of the profits or reserves of earlier previous ..... section 11 of the finance act, 1990, reads as under (see [1990] 184 itr 5 ..... was observed (page 196) :'now, adverting to the amended provision of section 34(3)(a), a bare reading of it clearly manifests that for seeking allowance of development rebate under section 33 of the act, which has been made subject to section 34, the creation of the statutory reserve is a condition .....

Commissioner of Income-tax Vs. Bhan Singh Boota Singh

Court : Punjab and Haryana

Reported in : [1974]95ITR562(P& H)

..... ] while dealing with clause (c), which before the amendment by the finance act of 1964 stood in the same terms, it was observed :' ......the income-tax authorities are entitled to look at the previous incorrect return and are under section 28 entitled to inflict a penalty upon the person who has made ..... course, the learned judges of the allahabad high court proceeded on a different ground, namely, that the change in section 271 by the finance act of 1964 was merely a change in the matter of onus and did not affect the substantive rights of the assessee ..... return had been filed before the 1st of april, 1964, obviously the provision of section 40 of the finance act of 1964 would not have come into play. ..... in the present case, the return was filed on the 9th of april, 1964, when the provision of section 271, as they emerge after the finance act of 1964, had come into operation. ..... a person not resident inthe taxable territories for failure to furnish the return required tinder section 22 unless a notice under sub-section (2) of that section or under section 34 has been served on him ; (d) when the person liable to penalty is a registered firm or an unregistered firm which has been assessed under clause (b) of sub-section (5) of section 23, then, notwithstanding anything contained in the other provisions of this act, the amount of income-tax and super-tax payable by the firm itself shall be ..... common ground that the explanation was added by the finance act of 1964 with effect from 1st april, 1964. .....

Present : Mr. Sanjay Bansal Senior Advocate with Vs. the Assistant Com ...

Court : Punjab and Haryana

..... the supreme court further noticed that substituted sub-section (4a) as substituted vide finance act no.2 of 1991 is couched in wide language and a trust is entitled to the benefit of section 11 if it utilized the income of its business for the purposes of achieving its objects ..... argument of the revenue before the supreme court in respect of the provisions of sub-section (4a) as inserted vide finance act, 1983 and also the substituted sub-section (4a) inserted by finance act no.2 of 1991 was as under: 20. ..... , we shall examine the question as to whether the show cause notices are beyond the period of limitation as per the amended provisions of the act vide finance act no.2 of 1991. ..... basis of the notices issued to the petitioner is insertion of sub-section (4a) in section 11 of the act by finance act, 1983 w.e.f. ..... so far as the question as to whether the phraseology used in the kumar vimal 2013.07.08 14:19 i attest to the accuracy and integrity of this document chandigarh cwp no.16890 of 1995 & other connected matters 16 repealed section and in the amended section is concerned, i am of the view that there was no vested right in an assessee not to pay the correct tax. ..... as is apparent that the then ao while passing order u/s 143(3) on 18.09.1986 had not examined the question; whether the trust fulfilled conditions laid down in section 13 read with section 11 and assessability of income earned from the business carried on. ..... thanthi trust (2001) 247 itr 78.and returned the following finding: .....

Commissioner of Income-tax Vs. Salig Ram Prem Nath

Court : Punjab and Haryana

Reported in : [1985]153ITR234(P& H)

..... next question that calls for determination is whether the non obstante clause contained in sub-section (1) of section 24 of the act precludes the department from proceeding against the person to whom the income actually belonged. ..... act, 1961, and also the definition of a representative assessee contained in clause (ii) of sub-section (1) of section 160 for the argument that it was open to the parents or the guardians of minor assessees to file income-tax returns on their behalf and in case their incomes were concealed to declare them under section 24 of the finance ..... legal fiction created by sub-section (3) of section 24 of the act by virtue of which the amount declared by the declarant was to be charged to income-tax 'as if such amount were the total income of the declarant' was limited in its scope, and it cannot be invoked in assessment proceedings relating to any person other than the person making the declaration under the act so as to rule out the applicability of section 68 of the i.t. ..... and in the circumstances of the case, the assessee-firm had discharged the onus which lay on it under section 68 of the income-tax act, 1961, to explain the source of the deposits of rs. ..... made by the partners of the firm on behalf of their minor sons and daughters under section 24 of the finance (no. ..... upon the assessee to explain the nature and source of these deposits, the assessee stated that they were made by these persons who had made voluntary disclosures under section 24 of the finance (no. .....

Niemla Textile Finishing Mills P. Ltd. Vs. Income-tax Officer and Anot ...

Court : Punjab and Haryana

Reported in : (1985)45CTR(P& H)263; [1985]152ITR429(P& H)

..... printing, singeing or otherwise or processing of fabrics would not amount of the 'manufacture or production of textiles' within the meaning of entry 23 of the first schedule to the industries (development and regulation) act, 1951.however, it appears that the aforesaid view, which we are inclined to take is some what in discordance with that taken within this court by the division bench in east india cotton manufacturing company ..... also cited before the commissioner, but the same were distinguished on the ground that the words 'manufacture and production' were interpreted with reference to the provisions of other acts and not for the purpose of the act.the precise contention of the petitioner-company is that it is engaged in the processing and finishing of unfinished textiles manufactured by other concerns and that the petitioner should be ..... later, by the finance act 1965, chapter xxii ..... particular notice was taken that the said act, as originally enacted in 1952, was soon thereafter amended in 1953 add thereto a wide ranging definition of the word ' manufacture' and by omitting the words ..... section 2 of the act declared that it was expedient in public interest that the union ..... act, 1961 (hereinafter referred to as the 'act'), the petitioner company is entitled to tax credit certificate after the conditions as enshrined in the aforesaid section ..... from april 1, 1965, which is deemed to be the base years following that year to tax credit certificate for the amounts mentioned in that section. .....

Commissioner of Income-tax Vs. Kartar Singh and Co. P. Ltd.

Court : Punjab and Haryana

Reported in : (2009)221CTR(P& H)479; [2008]300ITR440(P& H)

..... from april 1, 1998, the second proviso to section 143(1)(a) was substituted by the finance act, 1997, which was operative till june 1, 1999 ..... the instance of the revenue the income-tax appellate tribunal, amritsar bench, amritsar (for brevity 'the tribunal'), while exercising jurisdiction under section 256(1) of the income-tax act, 1961 (for brevity, 'the act'), has referred the following question of law, which is claimed to have arisen from the order dated april 12, 1994, passed in ..... has made a reference to the circulars issued prior to april 1, 1989, and argued that had it been the intention of the legislature to empower the commissioner with the power of revision in respect of intimation, necessary changes in section 263 of the act by way of an amendment would have been made and/or the central board of direct taxes would have withdrawn the earlier circulars. ..... the tribunal has also observed that if the order under section 143(1) of the act was not a statutory order but was only an intimation then the commissioner of income-tax could not exercise jurisdiction under section 263 of the act because, the jurisdiction under section 263 of the act can be exercised only in relation to an 'order' passed by the assessing officer and not in relation to an ..... : [2004]266itr694(bom) and rajkumar dipchand phade : [2001]249itr520(bom) as well as that of the madras high court in the cases of ..... punjab national bank [2001] 249 itr 763 hilltop holdings india ..... dipchand phade : [2001]249itr520(bom) .6. .....