Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (2007)107TTJ(Chd.)677
..... revenue has defended the orders of the lower authorities.according to the learned departmental representative, the assessee does not fulfil the criteria for exemption under section 10(20a) of the act.according to him the object of the assessee was to give credit facilities to its member co-operative societies within the state of punjab. the ..... directors. it was submitted that the assessee was thus an instrumentality of the state. therefore, it should be regarded as an authority for the purpose of section 10(20a) of the act. in the course of his submissions, the learned counsel has relied upon the following decisions:u.p. state co-op. land development bank ltd. v ..... within its area of operation i.e.state of punjab. further, its objects, inter alia, include undertaking, as an agent of the government, the work of financing the housing societies and allied activities under the schemes which may or may not be sponsored by the government. the assessee is also engaged in the activity of .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (1998)67ITD407(Chd.)
..... real controversy is as to whether there has been any infringement of the provisions of sections 208 to 210 so as to attract the provisions regarding levy of interest under sections 234b and 234c. he submitted that in spite of amendment by the finance act, 1995 in section 234b whether the proceedings for reassessment could be treated as proceedings for regular assessment in ..... that on the facts and circumstances of the case, there was no failure on the part of the assessee so as to attract the provisions of sections 234b and 234c of the income-tax act.8. in view of our decision on this issue, we do not think it necessary to devolve on the other arguments taken before us as ..... court held in the case of rama bai (supra) that interest on enhanced compensation for land compulsorily acquired under the land acquisition act, 1894, awarded by the court on a reference under section 18 of the said act or on further appeal has to be taken to have accrued not on the date of the order of the court granting .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (2005)93TTJ(Chd.)1103
..... not amount to application of income for the objects of the trust. keeping the above hardships in view, the finance (no. 2) act, 1971, incorporated section 11(1a) with retrospective effect from 1st april, 1962. the said section provides that if the capital gain arises to a trust and such gain is invested in the purchase of another capital ..... facts are established : (i) that the assessee is a public trust since its inception in the year 1950. (ii) that the trust has always enjoyed exemption under section 11 of the it act, 1961. (iii) that as a result of sale of immovable property, the income of the trust for the previous year was rs. 24,09,370. (iv ..... high court in the case of cit v. kannika parameswari devasthanam & charities (supra). in this case, their lordships of the madras high court held that section 11 of the it act, 1961, which grants exemption from the levy of income-tax with respect to the income from property held for charitable or religious purposes, contemplates the computation of .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (1999)69ITD89(Chd.)
..... tax act qua penalty. under s. 14b the appropriate government is entitled to recover damages. the provident fund commissioner demanded payment ..... twenty-five per cent of the amount of arrears, as it may think fit to impose.' the act goes on to make provision for imposition of penalty for continued delay as well as for prosecution resulting in fine and/or imprisonment. sec. 14b calls the imposition 'damages'. it stands on the same footing as interest under the sugarcane purchase ..... high court has held that the payment of interest under s. 3(3) of the u.p. sugarcane purchase tax act, 1961, is a penal liability which accrues on an infraction of the law. sec. 3(3) of the u.p. sugarcane purchase act, 1961, does seem to be in pari materia with s. 3(3) of the cess .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (1983)6ITD44(Chd.)
..... make enquiries on the spot, at rs. 35,700. this was included in the net wealth of the assessee in terms of sub-section (7) of section 4 of the act inserted by the finance (no. 2) act, 1971, with effect from 1-4-1972. the assessee felt aggrieved by this action of the wto and went up in appeal before the aac ..... . during the course of assessment proceedings, a claim was made before the wto that the value of the plot shown by the assessee was exempt under section 5(1) (xxx) of the wealth-tax act, 1957 (the act). the wto, however, did not accept this claim. on the other hand, the estimated the value of the above plot, by deputing his inspector to ..... to be the right, title and interest of the assessee in the plot of land allotted to him.9. this, however, does not dispose of the issue in its entirety.section 2(m) of the act defines net wealth. net wealth means the amount by which the aggregate value computed in accordance with the provisions of this .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (1995)54ITD550(Chd.)
..... nos. 569 and 570 of 1988] the hyderabad bench held that poultry sheds and hatchery buildings have to be treated as plant within the meaning of section 43(3) of the act. the bombay bench also took the same view in the case of deccan poultry industries [it appeal no. 4046 of 1982], vide its order dated ..... of the aforesaid judicial pronouncements, submitted that poultry sheds as well as the water-line sheds definitely fell within the definition of "plant" under section 43(3) of the income-tax act. the learned counsel has conceded that water-line in the residential quarters would not qualify for this purpose and, therefore, he would not press ..... and specifications could not be used for any purpose other than poultry operations.5. our attention has been drawn to the definition of "plant" contained in section 43(3) of the income-tax act which reads as under : "plant" - includes ships, vehicles, books, scientific apparatus and surgical equipment used for the purposes of the business or profession .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (2004)85TTJ(Chd.)543
..... in ita nos. 427 & 428/chd/1996 by the assessee for asst. yrs. 1992-93 & 1993-94 are directed against the orders dt. 5th jan., 1996, passed under section 263 of it act, 1961 by cit, patiala.the ground of appeal raised by the assessee in both the appeals are common and are being reproduced as below : "1. that, in the facts ..... harayana high court decision in cit v. r.k.metal works (1978) 112 itr 445 (p&h) for the proposition that in passing an order of revision under section 263 of the act, it is necessary for the cit to state in what manner he considered that the order of the ao was erroneous and prejudicial to the interests of the revenue ..... the nature of supervisory discretion and are of wide amplitude and section 263 confers powers on the cit to call for and to examine the record of any proceeding, subsequent events relating to assessment and he can base his decision/satisfaction upon any record relating to any proceedings under this act available at the time of examination by the cit. she .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (2004)86TTJ(Chd.)473
..... this regard to the assessing officer despite various opportunities. hence, the assessing officer made direct enquiries from the insurance company by issuing summons under section 131 of the act.the united india insurance co., vide their letter dated 3-1-1991, informed the assessing officer that the assessee's claim of rs. 51 ..... the arguments made before the commissioner (appeals) by drawing the attention of the bench to the various documents like correspondence with the insurance company and the dy. finance minister, etc., statements of different persons recorded by the surveyors, affidavit, copy of the stock statement, etc. demanded by the surveyors and supplied by the ..... submitted before the commissioner (appeals) that the assessee had been pursuing the matter with the chairman, united india insurance co. and with the dy. finance minister and the assessee had all hopes to receive the insurance claim at the administrative level.it was only when all such hopes did not materialise, the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (2001)78ITD189(Chd.)
..... members, as agricultural produce 'belonging to' its members which is not necessarily raised by such member. thus, when the provisions of section 80p of the act admit of a wider exemption, there is no reason to cut down the scope of the provisions, as indicated in assam co-operative ..... marketing functions may involve exchange functions such as buying and selling, physical functions such as storage, transportation, processing and other commercial functions such as standardisation, financing, market intelligence, etc.' ld. counsel has further relied on the decision in kerala state co-operative marketing federation ltd. s case (supra), wherein the ..... wide import. it involves exchange functions such as buying and selling. physical functions such as storage, transportation, processing and other commercial activities such as standardisation, financing, marketing intelligence, etc. it further held that the expression 'of acquires the meaning 'belonging to'. the decision in cit v. kerala state co- .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (2006)5SOT788(Chd.)
..... it necessary to point out that up to 31-3-1997, there was no specific provision for processing of an application for registration made under section 12a. finance (no. 2) act, 1996 (33 of 1996) inserted section 12aa with effect from 1-4-1997 which lays down the procedure to be followed for grant or refusal of registration. the said ..... dated 22-6-2000 of the commissioner of income-tax, chandigarh by virtue of which application for registration of the assessee trust under section 12a and exemption under section 80g of the income ttax act, 1961 has been rejected."1. that the orders of the commissioner of income tax are contrary to law and the facts of the ..... section reads as under: "12aa. (1) the commissioner, on receipt of an application for registration of a trust or institution made under clause (a) of section 12a, .....
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