Judgment Search Results Home > Cases Phrase: finance act 2001 section 134 amendment of act 5 of 1986 Court: punjab and haryana Page 5 of about 66 results (0.104 seconds)

Commissioner of Income-tax Vs. Didar Singh

Court : Punjab and Haryana

Reported in : [1989]179ITR208(P& H)

..... this context, the amendments made by the finance act of 1970 do not militate against determining the cost of acquisition of the land in accordance with section 55(2) of the act as on january ..... section 45 of the act is the charging section for capital gains and this was on the statute book long before the amendment made in the definition of 'capital asset' by the finance act ..... by the finance act of 1970, which came into effect from april 1, 1970, the definition of 'capital asset' contained in section 2(14) of the act was amended and in place of clause (iii), a new clause was substituted as a result of which agricultural land which fell within the purview of sub-clauses (a) and (b), came within the ambit of capital asset and became ..... have been that the transfer of agricultural land made on or before february 28, 1970, would also have been subjected to capital gains tax but by virtue of the same finance act, clause (viii) was inserted in section 47 of the act to the following effect :'47. ..... fair market value of the asset on the 1st day of january, 1954, at the option of the assessee ; (ii) where the capital asset became the property of the assessee by any of the modes specified in sub-section (1) of section 49, and the capital asset became the property of the previous owner before the 1st day of january, 1954, means the cost of the capital asset to the previous owner or the fair market value of the ..... : [1986]160itr557(ker ..... reddy : [1986]158itr611(kar) and ..... ito : [1986]161itr190(kar) and cit .....

Commissioner of Income-tax Vs. Chaman Lal

Court : Punjab and Haryana

Reported in : [1985]156ITR245(P& H)

..... section 10(3) of the act was also amended by the finance act of 1972 and earlier to the amendment, the income from lotteries even if derived in india, was being considered as ' receipts of a casual and non-recurring nature ' and was not ..... fact that these clauses would operate in respect of winnings only in india would be apparent from the operation of section 194(c) which was also inserted by the finance act, 1972, with effect from april 1, 1972. ..... act, 1961, as amended by the finance act, ..... necessary amendments were made by the finance act of 1972, with effect from april 1, 1972, which have been reproduced above regarding winnings from ..... in the alternative, a plea was raised before the tribunal, on behalf of the revenue, that the provision of section 5(1)(a) of the act was applicable and since the lottery amount was received in india, the same had to be taken notice of as income of the assessee in computing the ..... before the finance act, 1972, came into force, the income derived from lotteries did not come within the ambit of ' income ' nor within the ambit of ' income from other sources ..... by the amendment of section 10(3), winnings from lotteries were specifically taken out from the purview of being considered as receipts of a casual and non-recurring ..... against the aforesaid order, reference under section 256(1) of the act was sought in regard to two questions which have been referred to this court by order dated january 15, 1977, which have been reproduced in the opening part of this .....

Commissioner of Income-tax Vs. Smt. Shubh Lata

Court : Punjab and Haryana

Reported in : [1998]234ITR153(P& H)

..... nirgudkar, second ito : [1981]128itr87(bom) and held that the explanation inserted in section 2(1a) by the finance act, 1989, with effect from april 1, 1970, has brought about a change in the law and after that date the sale made of certain specified agricultural lands situated in the municipal limits would attract capital ..... the explanation inserted in section 2(1a) by the finance act, 1989, with effect from april 1, 1970, makes the position clear when it declares that revenue derived from land shall not include and shall be deemed never to have included any income arising from the transfer of any land referred to in item (a) or item (b) of sub-clause (iii) of clause (14) of section 2. ..... by the finance act, 1970, with effect from the assessment year 1970-71, certain specified lands situate in urban areas or semi-urban areas were brought within the definition of capital asset. ..... it was held as under (reproduced from the headnote) :'compulsory acquisition of agricultural land under any law for the time being in force is a transfer within the meaning of section 2(47) of the income-tax act, 1961. ..... it, however, does not include agricultural land in india except the class of lands included in items (a) and (b) of section 2(14)(iii). .....

Commissioner of Income-tax Vs. Daulat Ram Chhog Mal

Court : Punjab and Haryana

Reported in : [1998]233ITR137(P& H)

..... differed from the view taken by the bombay high court in manubhai a, sheth's case : [1981]128itr87(bom) and held that the explanation inserted in section 2(1a) by the finance act, 1989, with effect from april 1, 1970, has brought about a change in the law and after that date the sale made of certain specified agricultural ..... section 2(1a) by the finance act, 1989, with effect from april 1, 1970, makes the position clear when it declares that revenue derived from land shall not include and shall be deemed never to have included any income arising from the transfer of any land referred to in item (a) or item (b) of sub-clause (iii) of clause (14) of section ..... of the revenue, the income-tax appellate tribunal, amritsar (hereinafter referred to as 'the tribunal'), has referred the following question of law under section 256(1) of the income-tax act, 1961 (hereinafter referred to as 'the act'), to this court for its opinion :'whether, on the facts and in the circumstances of the case, the appellate tribunal is right in law ..... in holding that capital gains arising on the transfer of agricultural lands situated within the municipal limits were not chargeable to income-tax in the assessee's hands in accordance with the provisions of section 2(14) as amended with effect from april 1, 1970, of the income-tax act .....

Deep Hire Purchase (P) Ltd. Vs. Cit

Court : Punjab and Haryana

Reported in : [2005]144TAXMAN417(Punj& Har)

..... 194 and 195 of 2004 filed by the assessee under sectidn 21 of the interest-tax act, 1974 (hereinafter referred to as 'the act'), read with section 260a of the income tax act, 1961, against the common order of the income tax appellate tribunal, arnritsar bench, amritsar (for short 'the tribunal'), dated 31-3-2004, relating to the assessment years 1992-93 and ..... hire-purchase financing was one of the recognised methods in the commercial world and hire charges earned by such companies were different and distinct from interest and, therefore, do not fall within the definition of interest under section 2(7) of the act. ..... the hire-purchase charges were not covered under the provisions of section 4(2) of the act as the same pertained to arrangements for use of finance. ..... 1992-93 was dismissed vide order dated 29-2-1996 and the findings of the assessing officer that the hire charges fell within the scope of the definition of 'interest' under section 2(7) of the act and were liable to tax under section 4(2) of the act were upheld. ..... 1992, in which it had clarified that hire-purchase financial companies entering into hire-purchase agreements with hirers would fall within the scope of section 4(2) of the act and would, therefore, be liable to tax. ..... that the circular of the board dated 16-11-1981, on which reliance had been placed by the assessee was only in respect of the requirement of tax deduction under section 194a of the income tax act, 1961, and had no application to the interest-tax act. .....

O.C.M. (India) Limited Vs. Union of India (Uoi)

Court : Punjab and Haryana

Reported in : 1989(25)LC230(P& H); 1989(43)ELT609(P& H)

..... specifying the premises of manufacture and to encompass within its ambit intermediate/inprocess products produced in the process of manufacture, is ultra vires articles 14,19(1)(g), 20,265 and 300a and section 37 of the central excises and salt act, 1944.section 51 of the finance act 1982 insofar as it gives retrospective effect to the amended rule 9 imposing additional excise retrospectively is violative of the established canons of tax jurisprudence and beyond the legislative competence of the parliament.the orders of the excise authorities passed ..... it was further held that section 51 of the finance act, 1982 giving retrospective effect to amendments in rules 9 and 49 is not ultra vires.5. ..... , and section 51 of the finance act, 1982. ..... it is contended that amended rule 9 of the rules introduced in excise rules through notification no. 20/82-c.e. ..... spinning and weaving mills' case (supra), wherein it has been held that rules 9 and 49 of the rules as amended by notification no. 20/82-c.e. .....

Kishan Chand and Co. Vs. N.L. Murgai, Excise and Taxation Officer

Court : Punjab and Haryana

Reported in : [1966]18STC110(P& H)

..... it has further been pleaded in paragraph 17 of the written statement that the petitioner can go up in appeal or revision under sections 20 and 21 of the act, as the case may be, before seeking redress through writ proceedings. ..... the alleged 'transfer order' is to the effect that the excise and taxation officer (finance department) is not to frame assessment but the excise and taxation officer, amritsar, is to do so. ..... 521 felt inclined to take the view that prima facie the statutory scheme of the act and the rules made thereunder contemplate the assessment proceedings to be held at the dealer's place of business, though the place of proceedings for assessment does not go to the jurisdiction of the assessing authority. ..... gupta, excise and taxation officer, amritsar, instead of the excise and taxation officer (finance department) as ordered by the said commissioner on 6th march, 1965. ..... jain, issued notice under section 11(2) of the act for the year 1961-62, but the petitioner-firm challenged that officer's jurisdiction to do so because the assessing authority at amritsar was the competent authority to assess the petitioner-firm. ..... gupta, excise and taxation officer, amritsar, from that of the excise and taxation officer (finance department), chandigarh, no other officer except shri d.p. ..... the excise and taxation officer (finance department), chandigarh, shri s.k. ..... gupta, excise and taxation officer, amritsar, instead of the excise and taxation officer (finance department), chandigarh.6. .....

Deep Hire Purchase P. Ltd. Vs. Commissioner of Interest-tax (Appeals)

Court : Punjab and Haryana

Reported in : (2005)195CTR(P& H)174; [2005]274ITR69(P& H)

..... 194 and 195 of 2004 filed by the assessee under section 21 of the interest-tax act, 1974 (for short 'the act'), read with section 260a of the income-tax act, 1961, against the common order of the income-tax appellate tribunal, amritsar bench, amritsar (for short 'the tribunal'), dated march 31, 2004, relating to the assessment years ..... hire-purchase financing was one of the recognised methods in the commercial world and hire charges earned by such companies were different and distinct from interest and, therefore, do not fall within the definition of interest under section 2(7) of the act. ..... the hire-purchase charges were not covered under the provisions of section 4(2) of the act as the same pertained to arrangements for use of finance. ..... 1992-93 was dismissed vide order dated february 29, 1996 and the findings of the assessing officer that the hire charges fell within the scope of the definition of 'interest' under section 2(7) of the act and were liable to tax under section 4(2) of the act were upheld. ..... dated march 6, 1992, in which it had clarified that hire-purchase financial companies entering into hire-purchase agreements with hirers would fall within the scope of section 4(2) of the act and would, therefore, be liable to tax. ..... that the circular of the board dated november 16, 1981, on which reliance had been placed by the assessee was only in respect of the requirement of tax deduction under section 194a of the income-tax act, 1961, and had no application to the interest-tax act. .....

Serco BPO (P.) Ltd. Vs. Authority For Advance Rulings, New Delhi

Court : Punjab and Haryana

..... sub-section (4) of section 90 was introduced last year by finance act ..... the circular reads as under: "finance ministry clarification regarding tax residency certificate (trc)march 2, 2013 concern has been expressed regarding the clause in the finance bill that amends section 90 of the income-tax act that deals with double taxation ..... . the entire sequence of events namely the finance bill, 2013, the clarification issued by the finance ministry regarding the tax residency certificate dated 01.03.2013 and the finance act, 2013 establish beyond doubt that the residence certificate issued by the mauritius authorities must be accepted provided ofcourse it is established that it has been issued by the ..... . in the explanatory memorandum to the finance act, 2012, it was stated that the tax residency certificate containing prescribed particulars is a necessary but not sufficient condition for availing benefits ..... . in the situation where the terms of dtac have been made applicable by reason of section 90 of the income tax act, 1961, even if they derogate from the provisions of the income tax act, it is not possible to say that this principle of lifting the veil of incorporation should be applied ..... reliance in this regard upon the proposed amendment to section 90 of the act is well founded ..... matter is covered in favour of the petitioner by the provisions of the income tax act, the said circulars issued under section 119 of the act and most important by the judgment of the supreme court in union of india .....

Smt. Krishna Gupta Vs. Commissioner of Wealth-tax

Court : Punjab and Haryana

Reported in : [1992]198ITR171(P& H)

..... out of the net of the explanation and continue to be governed by the law as it existed prior to the amendment of section 271(1)(c) by the finance act, 1964.once the explanation is held to be applicable to the case of an assessee, it straightaway raises three legal presumptions ..... law, as in existence during the relevant assessment year, are to be taken into consideration which, in the present case, would be after enforcement of the finance act, 1968, when necessary amendments in section 18 of the act were made, as referred to above. ..... under these provisions, as they stood before their amendment by the finance act, 1968, the scale of penalty imposable for concealment or understatement of wealth was a minimum amount ..... which the particulars have been concealed or any assets in respect of which inaccurate particulars have been furnished, shall be the value of such assets determined for the purposes of this act as reduced by the value thereof, if any, declared in the return made under section 14 or section 15 ;(b) the amount representing the value of any debts in respect of which inaccurate particulars have been furnished, shall be the amount by which the value of such debts declared ..... before the words 'furnished inaccurate particulars' was omitted from sub-clause (c) of sub-section (1) of section18 of the act as originally existed, vide amendment which came into force with effect from april 1, 1965. ..... before the amendment of section 271 of the income-tax act, and some after the amendment. .....