Judgment Search Results Home > Cases Phrase: finance act 2005 section 121 amendment of section 10 of act 54 of 2000 Court: punjab and haryana Page 5 of about 177 results (0.168 seconds)

Punjab State Co-operative Supply and Marketing Federation Ltd. Vs. Joi ...

Court : Punjab and Haryana

Reported in : (2006)206CTR(P& H)134; [2008]304ITR70(P& H)

..... support became taxable retrospectively w.e.f. 1st april, 1967, but that was by an amendment of section 28 by the finance act of 1990, which amendment could not have been known before finance act came into force. levy of additional tax bears all the characteristics of penalty. additional tax was levied as ..... paid by the assessee in terms of assessment would be refundable and it will become payable only when the assessment was framed under section 143(3) of the act. consequently, for the intervening period, the assessee would be entitled to interest on the amount.5. we have considered the submissions ..... 1. this order will dispose of four appeals bearing nos. 272 to 275 of 2005. the facts are being taken from it appeal no. 272 of 2005.2. this is an appeal filed by the assessee raising following substantial question of law, arising out of common order ..... in the application for condonation of delay of 602 days in it appeal nos. 272 and 273 of 2005 and 619 days in it appeal nos. 274 and 275 of .....

Commissioner of Income-tax Vs. Chaman Lal

Court : Punjab and Haryana

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

..... retained their character as receipts of a casual and non-recurring nature. although reference was made to section 10(3) of the act, still the tribunal did not understand its true import. 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 ..... the 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. this section lays down that 'the person responsible for paying to any person any income by way of winnings from any lottery ..... lottery in sikkim (foreign country at the relevant time) did not constitute his income chargeable to income-tax in india under sections 10(3)/56(2)(ib)/2(24)(ix) of the i.t. act, 1961, as amended by the finance act, 1972? (2) whether, on the facts and in the circumstances of the case, the appellate tribunal was right .....

Commissioner of Income-tax Vs. Didar Singh

Court : Punjab and Haryana

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

..... 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. nothing contained in section 45 shall apply to the following transfers :-- . . . (viii) any transfer of agricultural land in india effected ..... value and the sale proceeds. in 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 1, 1954. the finance act of 1970 brought certain types of agricultural land within the definition of 'capital ..... and not as on january 1, 1954. this argument needs consideration. 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 of 1970. the effect of the amendment is that agricultural land which .....

Commissioner of Income-tax Vs. Smt. Shubh Lata

Court : Punjab and Haryana

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

..... but by the sale of the land, that is, by conversion of the land into cash. the resultant income is not agricultural income. 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 ..... taken by the bombay high court in manubhai a. sheth v. n.d. 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 ..... class of lands included in items (a) and (b) of section 2(14)(iii). in order to qualify for such exemption, it is not enough that the land was once agricultural land. it must be agricultural land even at the time of sale or transfer. by the finance act, 1970, with effect from the assessment year 1970-71, certain specified .....

Commissioner of Income-tax Vs. Daulat Ram Chhog Mal

Court : Punjab and Haryana

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

..... by the sale of the land, that is, by conversion of the land into cash. the resultant income is not agricultural income. 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 ..... specifically 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 lands ..... class of lands included in items (a) and (b) of section 2(14)(iii). in order to qualify for such exemption it is not enough that the land was once agricultural land. it must be agricultural land even at the time of sale or transfer. by the finance act, 1970, with effect from the assessment year 1970-71, certain .....

Deep Hire Purchase (P) Ltd. Vs. Cit

Court : Punjab and Haryana

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

..... , declaring chargeable interest at nil. the assessee claimed that 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. it was contended that the charges could not termed as interest as in such arrangements, no principal sum is advanced ..... 31-3-1995. the assessing officer held that the hire charges receipts constituted interest within the meaning of section 2(7) of the act. for this purpose, reliance was placed on the decision of the s ' upreme court in sundaram finance ltd. v. state of kerala : [1966]2scr828 . the assessing officer also held that the circular ..... and advances. it further held that 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 tribunal has also observed that even the .....

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)

..... continous process is valid and is not violative of articles 14 and 19(1)(g) of the constitution of india. 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. the impugned order annexure p-3 declining exemption from ..... /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 ..... articles 226 and 227 of the constitution validity of rule 9 introduced in the central excise rules, 1944 through notification no. 20/82-c.e., and section 51 of the finance act, 1982. the petitioners also impugn order dated 1st august 1981 (annexure p3) of the assistant collector declining permission to the petitioners to consume the specified .....

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

Court : Punjab and Haryana

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

..... 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 ..... done in the matter. 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. as a result of the arguments addressed at the bar on 11th october, 1965 ..... had to file monthly returns under the act and for the 12 months of the year 1961-62, all the returns were filed with the assessing authority at amritsar, the amount of tax also having been paid in accordance with the returns as provided in section 10 of the act. the excise and taxation officer (finance department), chandigarh, shri s.k. .....

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)

..... , declaring chargeable interest at nil. the assessee claimed that 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. it was contended that the charges could not termed as interest as in such arrangements, no principal sum is advanced ..... march 31, 1995. the assessing officer held that the hire charges receipts constituted interest within the meaning of section 2(7) of the act. for this purpose, reliance was placed on the decision of the supreme court in sundaram finance ltd. v. state of kerala : [1966]2scr828 . the assessing officer also held that the circular of ..... and advances. it further held that 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 tribunal has also observed that even .....

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

Court : Punjab and Haryana

..... 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 avoidance agreements. sub-section (4) of section 90 was introduced last year by finance act, 2012. that sub-section requires an assessee to produce a tax residency certificate (trc) in order to claim the benefit ..... benefits of the dtaa. 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 of the dtaa. the same words are proposed to be introduced in the income-tax act as sub-section (5) of section 90. hence, it will be clear that nothing new .....