Court : Punjab and Haryana
Reported in : (1991)100CTR(P& H)290; [1991]188ITR550(P& H)
..... 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 account', would amount to crediting the ..... 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 accused-petitioner was bound to ..... sibal, learned senior advocate, further elaborated this point contending that this explanation has created a penal offence by filling up the lacuna in the existing provisions of section 194a of the income-tax act and that its operation would be prospective and not retrospective as the provisions of law at the time of commission of the offence had to be seen in order to ascertain whether ..... the question then arises as to whether it can be read in the un-amended provisions of section 194a of the income-tax act that the crediting of the interest in the interest payable account would be deemed to be payment to the different depositors and the company would be liable for .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : 2010[17]STR8
..... the revenue has approached this court by invoking section 83 of the finance act, 1994 (for brevity, 'the finance act') read with section 35-g of the central excise act, 1944 (for brevity, 'the excise act') challenging order dated 1-1-2008 (a-3) passed by the customs, excise and service tax appellate tribunal, new delhi (for brevity, 'the tribunal').2 ..... the tribunal has also extended the benefit of section 80 of the finance act, which says that notwithstanding anything contained in the provisions of section 76 or 78 of the finance act, no penalty is to be imposed on the dealer-respondent for any failure referred to in those provisions ..... therefore, we are not inclined to admit the appeal as no substantive question of law would arise for determination, which is sine qua non for admission of appeal under section 83 of the finance act read with section 35-g of the excise act.4. ..... that there are pure findings of fact recorded by the tribunal with regard to the reasons having been shown by the dealer-respondent and the bona fide of the dealer-respondent has been accepted in terms of section 80 of the finance act as well. ..... , it has been held that it was not a fit case for imposition of penalty under section 76 or 78 of the finance act.3. ..... it has also been concluded that in the facts and circumstances there was no willful mis-statement or suppression of facts on the part of the dealer-respondent to evade tax, which is necessary for invoking the provisions of section 76 and 78 of the finance act. .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : 2009[15]STR678; [2009]20STT495
..... the only argument raised by the counsel for the appellant, which was also the submission before the tribunal in rectification application, is that under section 84(5) of the finance act, the revisional authority, has passed the order within the period of two years from the date of the order passed by the adjudicating authority. ..... 4 and 5 of 2009, which have been filed by the revenue under section 35g of central excise act, 1944 (for brevity, 'the act') read with section 83 of the finance act, 1994 (for brevity, 'the finance act'), challenging the common order dated 7-9-2007 and orders dated 3-4-2007 (in sta no. ..... by virtue of exercise of power by the revisional authority within a period of two years the provisions of section 84(5) of finance act has worked itself one. ..... once the initial order has been passed within a period of two years, the provisions of section 84(5) of the finance act stands complied with. ..... for the appellant, we find that the argument is baseless because the adjudicating authority has passed the order-in-original on 30-11-2004 whereas the revisiorial authority has revised that order on 28-11-2006 by exercising jurisdiction under section 84(5) of the finance act. .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : [1970]77ITR849(P& H)
..... on the facts and in the circumstances of the case, the assessee's profits and gains earned in the calendar year 1954 were assessable to tax for the assessment year 1955-56 at the rates in force, according to the finance act, 1955, or in accordance with clause 23 of the agreement of april 1, 1938, above referred to (2) whether, on the facts and in the circumstances of the case, the legal expenses of rs. ..... april 13, 1950, the patiala and east punjab states union accepted the federal financial integration scheme and became a taxable territory of the union of india with the result that the indian finance act, 1950, and subsequent finance acts became applicable to it for the purposes of levy of income-tax for each assessement year. ..... answer to the first question, therefore, is that the assessee's profits and gains earned in the calendar year 1954 were assessable to tax for the assessment year 1955-56 atthe rates in force according to the finance act, 1955, and not in accordance with clause (23) of the agreement dated april 1, 1938, referred to above. 6. ..... revenue authorities, it was claimed by the assessee that it was liable to pay tax only at the concessional rates provided in clause 23 of the above-said agreement and not at the rates laid down in the relevant finance act. ..... the first requirement of clause (xv) of sub-section (2) of section 10 of the indian income-tax act, 1922, under which the allowance was claimed, has not been satisfied and, therefore, the amount claimed had been rightly .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : [2010]24STT413
..... union of india [2006] 4 stt 322, the division bench of bombay high court held that the finance act, 1994 was for the first time amended on 18-4-2006 whereby the revenue acquired legal authority to levy service tax on the recipient of taxable service from a person who is resident in india or has business ..... following substantive questions of law would emerge from the order of the tribunal and, thus, the same be adjudicated by this court:(i) whether the service tax was leviable on the recipient of service irrespective of section 66a of the finance act? ..... of the commissioner (appeals) has been upheld by the tribunal on the basic premise that section 66a of the finance act, 2006 (for brevity, 'finance act'), was enforced with effect from 18-4-2006, which covered the services rendered outside india for the purposes of imposition of service tax and those services prior to enforcement of section 66a of the finance act were not subjected to service tax. ..... we have heard learned counsel for the parties at a considerable length and find that there is nothing in section 66a or section 2(1)(d)(iv) which may lead to a conclusion that earlier to 18-4-2006 the legislature intended imposition of tax on the services received by a recipient in india from ..... the instant appeal filed by the revenue under section 35g of the central excise act, 1944 (for brevity, 'the act') is directed against order dated 19.2.2008, passed by the customs, excise and service tax appellate tribunal, new delhi (for brevity, ' .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : (2000)160CTR(P& H)199; [2000]241ITR567(P& H); (2000)124PLR474
..... the government of india by the finance act, 1997, introduced a scheme called the 'voluntary disclosure of income scheme, 1997' (for short 'the ..... 67(2) of the finance act, clearly stipulates that if the declarant fails to pay tax in respect of the voluntarily disclosed income before the expiry of three months from the date of filing of the declaration, the declaration filed by him shall ..... 67(2) of the finance act and, therefore, by ..... 67 of the finance act he could pay that tax within three months from the date of filing of the declaration along with interest for ..... 67 of the finance act which is relevant for our purpose is reproduced hereunder for facility of reference ..... contained in chapter-iv of the finance act consisting of ss. ..... 67(2) of the finance act, 1997, whereby the declaration filed by the petitioner under the voluntary disclosure of income scheme 1997, was rejected ..... 66, the declarant may file a declaration without paying the tax under that section and the declarant may file the declaration and the declarant may pay the tax within three months from the date of filing of the declaration with simple interest at the rate of ..... neither this section nor any other provision of the scheme gives power to the cit to condone the delay in ..... 139 of the it act, 1961, or which he had filed to disclose in a return of income furnished by him or which had escaped assessment by reason of his omission or failure to make a return or to disclose fully and truly all material facts necessary for his .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : (1998)145CTR(P& H)246; [1998]231ITR663(P& H)
..... brought about by the finance act, 1970, held that manubhai's case : [1981]128itr87(bom) was rendered ineffective after amendment. ..... 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 agricultural land located within the municipal limit but with a rider that the tribunal before giving effect to this order should satisfy itself regarding the remaining two ingredients mentioned in section 2(14)(iii)(a) regarding population not being less than ten thousand according to the last preceding census of which the relevant figures had been published before the first day of the previous ..... held that the profits and gains received from the agricultural land is revenue within the meaning of section 2(1a) of the income-tax act, 1961 (hereinafter referred to as 'the act'), as the agricultural income was not taxable under the act, capital gains tax on the sale of agricultural land could not be levied.3. ..... counsel for the assessee fairly concedes that the agricultural land comprised in a municipal area which satisfied the ingredients of section 2(14)(iii) (a) and (b) would be an asset the sale of which would attract capital gains and, therefore, the question referred by the tribunal to this court has to be answered in .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : (1991)99PLR225
..... 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 (! ..... 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 ..... a base glance through the above referred notes leaves no doubt that section 194a has been amended to provide that the tax will be deducted at source on accrual of interest in the end of the accounting year or at the time of crediting to the account of payee or at the time of payment, whichever is ..... with a view to prevent postponement of liability relating to such deduction of tax at source, section 194a has been amended to provide that tax will be deducted at source, on accrual of interest at the end of the accounting year or at the time of credit to the account of a payee ..... thus it is maintained that the company and its officials have violated the provisions of section 194a of the income-tax act read with rule 30 framed under the said act, according to which 10% of the amount paid had to be deposited with the revenue as advance income-tax and after deducting this amount of income-tax, the interest .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : [1982]135ITR652(P& H)
..... must be held that the patent intent of the legislature in amending section 271(1)(c) and in inserting the explanation thereto by the finance act of 1964 was to bring about a change in the existing ..... from the above that because of the designed amendments which were wrought in section 271(1)(c) by the finance act of 1964 and the insertion of the explanation thereto, the reasoning of anwar ali's case : [1970]76itr696(sc) (which had construed the earlier and different provisions of section 28(1) of the 1922 act) would now no longer be applicable for the construction of section 271(1)(c) as amended.39. ..... it would appear that barring some marginal discordant notes there appears to be a near unanimity of authority for the view that the added explanation to section 271(1)(c) introduced by the finance act of 1964 was intended to make a clear change in the earlier law and had spelled out a categoric rule of evidence raising three rebuttable presumptions against the assessee in cases where ..... the word 'deliberate' was omitted by the finance act of 1964 which came into force on 1st april, 1964, clause (c) as it stood after the amendment provided that the assessee has concealed the particulars of his income or has furnished ..... an onerous burden placed on the department (under the unamended provision and the interpretation placed thereon by some of the high courts) that the legislature was ultimately compelled to bring in the amendment by way of adding the explanation by the finance act of 1964. .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : (2006)206CTR(P& H)194; [2007]290ITR15(P& H)
..... period commencing on the lst day of october, 1991 and ending on the 30th day of september, 2005 in response to a notico served under this section, and(b) subsequently a notice has been served under sub-section (2) of section 143 after the expiry of twelve months specified in the proviso to sub-section (2) of section 143, as it stood immediately before the amendment of said sub-section by the finance act, 2002 (20 of 2002) but before the expiry of the time-limit for makmg the assessment, reassessment or recomputation as specified in sub ..... -section (2) of section 153, every such notice referred to in this clause shall be deemed to be a valid notice:provided further that in a case-(a) where a return has been furnished .....
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