Court : Punjab and Haryana
Reported in : (2003)184CTR(P& H)57; [2003]262ITR78(P& H)
..... claim its benefit merely on the ground that the designated authority has passed an order determining the sum payable in full and final settlement under section 90(1) of the finance (no. 2) act, 1998. further, once a declaration is held to be not covered by the kar vivad samadhan scheme any tax paid thereunder would automatically ..... cit : [1971]82itr913(sc) and k.p. varghese v. ito : [1981]131itr597(sc) . he further argued that the expression 'tax arrears' appearing in section 87(m) of the finance (no. 2) act, 1998, means the arrears payable under the statute and even in the absence of determination by the competent authority, the amount of interest payable by the petitioner ..... dated february 26, 1999, passed by the commissioner of income-tax, patiala (respondent no. 1), treating the declaration filed by the petitioner under section 89 of the finance (no. 2) act, 1998, as non est. the other prayer made in the petition is for issuance of a direction to allow the petitioner benefit under the kar .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : (2005)199CTR(P& H)200
..... not entitled to claim any deduction for it. this was not intended by section 43b. to obviate this kind of unexpected outcome of section 43b, the first proviso was added in section 43b by the finance act of 1987. the proviso makes it clear that the section will not apply in relation to any sum which is actually paid by the ..... purpose of removing any ambiguity about the term 'any sum payable' under clause (a) of section 43b.section 43b, the first proviso to section 43b and expln. 2 have to be read together as giving effect ..... return. however, 'any sum payable' in clause (a) of section 43b was open to the interpretation that the amount payable in a particular year should also be statutorily payable under the relevant statute in the same year. explanation 2 was, therefore, added by the finance act, 1989, with retrospective effect from 1st april, 1984, for the .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : (1996)133CTR(P& H)224; [1996]219ITR461(P& H)
..... made inapplicable in relation to transfer of any immovable property after september 30, 1986, and a new chapter xx-c was introduced in the act by the finance act, 1986, with effect from october 1, 1986. section 266rr provides that chapter xx-a will not apply in relation to the transfer of any immovable property after september 30, 1986. the central board of direct ..... below :' circular no. 455, dated may 16, 1986. subject : acquisition of immovable properties under chapter xx-a of income-tax act, 1961-guidelines-regarding. the finance bill, 1986, has proposed that no proceedings shall be initiated under section 269c of the income-tax act, 1961, in respect of a property transferred after the 30th day of september, 1986. the bill also proposes to insert .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : [1986]161ITR31(P& H)
..... the creditor and taxed under the scheme, from investigating the true nature and source of the credits; (iv) that the legal fiction created by section 24(3) of the finance (no. 2) act, 1965, was limited in its scope and could not be invoked in assessment proceedings relating to any person other than the person making the declaration ..... was the income of somebody else, then there was nothing to prevent an investigation into the true source of the amount. there was nothing in section 24 of the finance (no. 2) act, 1965, which prevented the ito, if he was not satisfied with the explanation of an assessee about the genuineness or source of an amount found ..... the following two questions of law for our opinion ;'(1) whether, on the facts and circumstances of the case, and on a true interpretation of section 24 of the finance (no. 2) act, 1965, the appellate tribunal was right in law in affirming the decision of the appellate assistant commissioner of income-tax, holding that after having accepted .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : (2005)198CTR(P& H)507; [2005]276ITR362(P& H)
..... of the supreme court, we hold that the appellate assistant commissioner committed a grave illegality by setting aside the penalty ignoring the explanation added to section 271(1)(c) vide the finance act, 1964, and the fact that the assessee had failed to discharge the onus which lay upon him to explain cash credits in the name of ..... from the order passed by it in the penalty proceedings because the appellate assistant commissioner and the tribunal had not considered the explanation added to section 271(1)(c) by the finance act, 1964.13. in the result, the question referred to this court is answered in favour of the revenue and against the assessee. ..... income or furnished inaccurate particulars of such income for the purposes of clause (c) of this sub-section.'8. an analysis of the provisions reproduced above shows that the explanation which was added to section 271(1)(c) by the finance act, 1964, creates a legal presumption that where the total income returned by the assessee is less than .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : (1991)100CTR(P& H)290; [1991]188ITR550(P& H)
..... cannot be created with retrospective effect.4. mr. a.k. 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 ..... 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 .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : [1999]236ITR281(P& H); (1998)119PLR564
..... the tax deducted by him. under the proviso, as amended by the finance act, 1966, penalty under section 221 as leviable on a defaulter, if the income-tax officer is satisfied that there were no good and sufficient reasons for the failure to deduct or ..... ' existed in the place of the words 'without good and sufficient reasons'. thus, under the originally enacted proviso, a penalty under section 221 could be levied on a person who had wilfully failed to deduct or to pay ..... however, the proviso of sub-section (1) barred the imposition of a penalty on a person defaulting in fulfilment of his obligation to deduct and pay the tax unless the income-tax officer was satisfied that such person had failed to do so without good and sufficient reasons. prior to the amendment by the finance act, 1966, the word 'wilfully .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : AIR1957P& H5; [1956]30ITR500(P& H)
..... it could operate retrospectively. it could relate only to an assessment made under the charging section of the patiala act and not to an assessment made under the charging section of the kapurthala act.the indian act, it is argued, cannot apply, for section 13, finance act declares in express terms that the pre-existing state laws were to apply only to the ..... the study of a powerful intellect can discover. 15. now what exactly is the meaning of the expression 'levy, assessment and collection' which appears in section 13, finance act? to 'levy' a tax means 'to impose or assess' or 'to impose, assess or collect under the authority of law' it is a unilateral ..... point for consideration in the present case is, whether the expression 'assessment' appearing in section 13, finance act, 1950, in pursuance of which this notice was issued, is wide enough to cover a re-assessment under section 34.4. the history of the act of 1950 may perhaps be traced back to the year 1946 when the british parliament, .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : [1997]228ITR653(P& H)
..... of tax at source from the petitioners is illegal and without jurisdiction. as a logical corollary, it has to be held that the provisions of section 206c as amended by the finance act, 1992, are not available to the income-tax department to compel citco to deduct income-tax at source from the petitioners.24. consequently, the ..... is available to the respondents for deducting tax at source from the petitioners, it will be usefulto take notice of the relevant statutory provisions. section 206c(1) as amended by the finance act, 1992 reads as under :' 206c. (1) every person, being a seller shall, at the time of debiting of the amount payable by the buyer ..... holding l-14 liquor licences.'15. by the finance act, 1992, section 44ac was deleted from the act. however, deduction of income-tax at source was again resorted to under section 206c of the act. this was sought to be justified on the basis of the amendment made in section 206c by the finance act, 1992. the deduction of income-tax at source .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : (2006)206CTR(P& H)134; [2008]304ITR70(P& H)
..... way of cash compensatory 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 the assessee did ..... , following the dictum of law laid down by hon'ble the supreme court in hindustan electro graphites ltd.'s case (supra), levy of additional tax under section 143(1a) of the act was set aside by the cit(a). the relevant part of the judgment in hindustan electro graphites ltd. 's case (supra) is extracted below:held, ..... the amount of tax 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 made by the learned .....
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