Court : Punjab and Haryana
Reported in : (2006)142PLR800
..... placed by the learned counsel for the assessee has no bearing on the present case because the main question decided in that case related to the vires of section 143(1a) as substituted by finance act, 1993. while upholding the constitionality of the provision, the learned single judge of gauhati high court held that the same cannot be given retrospective effect. the appellant ..... equivalent to the additional income tax calculated under sub-clause (i).sub-section (1a) of section 143 was amended by finance act, 1993 w.e.f. 1.4,1989. the amended section reads as under:(1a)(a) where as a result of the adjustments made under the first proviso to clause (a) of sub-section (1)-(i) the income declared by any person in the return .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : [2001]252ITR200(P& H)
..... our consideration. anotherbench of the same high court in ramjee prasad sahu v. union of india : [1993]202itr800(patna) , considered the provisions of section 206 of the act aswere introduced by the finance act, 1992, with effect from april 1, 1992,and held that 15 per cent, of the excise duty payable by the petitionerstherein on account of purchase ..... of country liquor could not be collected asincome-tax under the provisions of section 206c of the act. they referredto their earlier judgment in state of bihar ..... 19), dated september 15, 1993, issued by the central board of direct taxes wherein it has been made clear that the provisions of sub-section (1) of section 206c of the act in relation to a buyer will not apply to a public sector company and to any other buyer who obtains the said goods at a second .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : (1981)20CTR(P& H)128; [1982]136ITR548(P& H)
..... assessee that these gold ornaments were articles of her personal use and did not fall within the meaning of assets exigible to tax.3. section 5(1)(viii) of the act, as it stood before the promulgation of the finance act (no. 2 of 1971), on august 10, 1971, read as under:'5. (1) wealth-tax shall not be payable by an ..... as articles of personal use regarding which an assessee can claim exemption under section 5(1)(viii) of the act.8. by virtue of the finance (no. 2) act of 1971, the words 'but not including jewellery' were added towards the end of clause (viii) of section 5(1) of the act and two explanations were also added to this clause.9. it has been ..... are made of gold or silver and ornaments which are set with stones. in our opinion, it is for this very reason that the explanation was introduced by the finance (no. 2) act 1971, and the meaning of the word 'jewellery' was extended to include ornaments made of gold, silver, platinum or any other precious, metal or alloy containing one .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : [1987]163ITR476(P& H)
..... been held therein that the object and intent of the legislature in omitting the word 'deliberately' from clause (c) of section 271(1) of the act and adding an explanation thereto by the finance act, 1964, was to bring about a change in the existing law regarding the levy of penalty so as to shift the burden ..... the nature and source of the cash credits and on its request, ranjit singh, proprietor of m/s. bharat house, was summoned and examined under section 131 of the act on november 19, 1971. according to him, both these transactions were only name-lending transactions. he further stated that the certificate issued by him ..... on receiving the explanation of the assessee and finding it unsatisfactory, the inspecting assistant commissioner authorised the income-tax officer to initiate penalty proceedings under section 271(1)(c) of the act the income-tax officer, vide his notice dated march 25, 1972, informed the assessee after initiatingpenalty proceedings against it, that he had referred .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : 1980CENCUS175D; 1980(6)ELT350(P& H)
..... is also provided as an accessory. admittedly, no excise duty, on this item was leviable prior to march 1, 1968. by.finance act no. 19 of 1968, entry no. 40 was introduced in schedule 1 to the act which reads as under :-'steel furniture made partly or wholly of steel in or in relation to the manufacture of which any ..... with the central board of revenue or the government of india as is evident from the reply annexure 'k' dated december 4, 1968, received from the ministry of finance which necessitated the filing of the present petition.4. although several grounds were urged in the petition to challenge the demand of the excise duty but at the time ..... but the determining factor in the present case would be as to what is understood by the word 'furniture'.5. the word 'furniture' is not defined in the act and according to webster's dictionary it means the articles of convenience or decoration used to furnish a house, apartment, place of business or other accommodation etc. especially movable .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : (2004)191CTR(P& H)114; [2005]277ITR341(P& H)
..... the facts and circumstances of the case, the hon'ble tribunal was justified in holding that section 54 applies exclusively to individuals only and not to hufs, particularly when the finance act, 1982, made a change in the law with regard to the applicability of section 54 to individuals w.e.f. 1st april, 1983 ?'2. the assessee, a hindu ..... further clarifies this position.7. thus, according to us, there is no ambiguity in the section so as to extend the benefit to the persons other than the individual. it may also be mentioned that the benefit was specifically extended to huf by the finance act, 1987, w.e.f. 1st april, 1988 whereby the opening words 'where in the ..... 246itr299(delhi) .9. accordingly, we are of the view that the tribunal was justified in holding that prior to its amendment in the year 1988, the benefit of section 54 of the act was not available to the assessee, which is a huf. the question is answered in the affirmative, i.e., in favour of the revenue and against the assessee .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : (1980)18CTR(P& H)253; [1980]126ITR706(P& H)
..... the four years under consideration on dates prior to april 1, 1969, and that, therefore, the law as it stood before the amendment made as per section 24(c) of the finance act, 1969, effective from april 1, 1969, was applicable to the case for the purpose of computation of the penalties that were to be imposed. the tribunal ..... 108 itr 86, that a fiscal statute cannot be construed retrospectively unless there are clear words to that effect in the statute itself. section 18(1)(i) of the w.t. act, 1957, as amended by the finance act, 1969, is not retrospective in its operation. the same view has been taken by the karnataka high court in cwt v. c. ..... for the remaining assessment years under consideration were not filed by the assessee at all. the wto initiated penalty proceedings against the assessee and imposed under section 18(1)(i) of the act varying amounts of penalties in relation to the said four assessment years. no explanation for the delay in furnishing the return as aforesaid was filed .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : [1989]180ITR203(P& H)
..... firms and is also having agricultural income. he was maintaining books of account for his agricultural income as well. agricultural income is not subjected to income-tax. however, by the finance act of 1973, which came into force with effect from april 1, 1973, agricultural income had to be taken notice of for imposition of rate of tax. for the purposes of ..... to be from a new business and allowed him to have the option of the previous year and obviously this was done by applying the provisions of section 3(1)(d)(ii) of the act.4. on consideration of the matter, we are of the view that the tribunal erred in disturbing the decisions of the income-tax officer and of ..... to him and if he would like to have a change in the previous year, he will have to seek the permission of the income-tax officer under section 3(4) of the act. hence, the decision of the tribunal was totally misconceived and based on erroneous facts. accordingly, we answer the first question in favour of the revenue and against .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : [1997]224ITR98(P& H)
..... on the department to prove that there was any deliberate concealment on the part of the assessee cannot be sustained in view of the explanation to section 271(1)(c) of the act added by the finance act of 1964, which creates a rebuttable presumption of law that where the total income returned by the assessee is less than 80 per cent. ..... the supreme court in cit v. mussadilal ram bharose : [1987]165itr14(sc) and chuharmal v. cit : [1988]172itr250(sc) argued that the explanation to section 271(1)(c) of the act added by the finance act of 1964, creates a rebuttable presumption of law to the effect that where the total income returned by the assessee is less than 80 per cent ..... no longer applicable in view of the object and intent of the legislature in omitting the word 'deliberately' from clause (c) of section 271(1) of the act and adding the explanation thereto by the finance act of 1964 was to bring about a change in the existing law regarding the levy of penalty so as to shift the burden of .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : AIR1962P& H318; [1962]45ITR248(P& H)
..... vocation', it would not be open to the courts to confine the operation of the proviso to section 24(1) alone. the reasons given by chagla c. j. in his judgment for the insertion of the proviso by section 3 of the finance act, 1953, and the mischief that was sought to be remedied are weighty and must be borne ..... which deals with the head 'profits and gains of business, profession or vocation' explanation 2 has been incorporated which explanation originally existed in section 24 of the act of 1922. section 73 of the new act contains an independent and substantive provision in the matter of losses in speculation business. it is in the following terms: '73.(1) any ..... set-off that loss against the profits earned in the other business. after referring to the provisions of sections 6 and 10 and the scheme of chapter iii of the act followed by chapter iv and sub-section (1) of section 24 together with the proviso, the question was considered whether the proviso comes into operation only when under .....
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