Judgment Search Results Home > Cases Phrase: finance no 2 act 1977 Court: punjab and haryana Page 1 of about 281 results (0.125 seconds)

Ajanta Electricals Vs. Collector Central Excise and ors.

Court : Punjab and Haryana

Reported in : 1988(35)ELT34(P& H)

..... 61 was added to the 1st schedule of the central excises and salt act, 1944 (hereinafter called 'the act') by the finance (2) act. ..... whether lamp holders are electric lighting fittings described in entry 61 of the 1st schedule to the central excises and salt act, 1944 and are liable to excise duty is the short but significant question which falls for determination in this writ petition under article 226 of the constitution of india.2. ..... 100/ce/77 dated the 22nd december, 1977, which reads as under : -'sub :- scope of tariff item no. 61-c.e.t. ..... valorem.________________________________________________________________under serial 3 of the act, excise duty is levied and collected in the manner prescribed and the rates set forth in the 1st schedule. ..... 1977 (29 of 1977). ..... in 1977, entry no. .....

Stelco Strips Ltd. Vs. State of Punjab and ors.

Court : Punjab and Haryana

Reported in : (2009)19VST498(P& H)

..... sahir : air2003sc4603 .the language of sub-section (2a), which has been inserted by the finance act, 1999, makes it clear that the legislature did not intend to make the time period of four years for disposal of the application ..... (i) of sub-section (6), and give him an opportunity of being heard and if, after the enquiry, such officer finds that there has been an attempt to avoid or evade the tax due or likely to be due under this act, he shall, by order, impose on the consignor or consignee of the goods, a penalty, which shall not be less than twenty per cent and not more than thirty per cent of the value of the goods and in ..... (2) and sub-section (4), were not furnished at the information collection centre or the check-post, as the case may be, with a view to attempt to avoid or evade the tax due or likely to be due under the act, he shall by order for reason to be recorded in writing, impose on the consignor or the consignee of the goods, penalty equal to fifty per cent of the value of the goods involved. ..... held to the following effect:we may also notice sub-section (2a) of section 254, which was inserted by the finance act, 1999. ..... in hardit singh bhagat singh's case pertains to a best judgment assessment under section 11(4) of the state act and, therefore, in tune with the judgment in madan lal arora's case : [1962]1scr823 , whereas the judgment of the calcutta high court in sarda & sons' case [1977] 40 stc 419 pertains to section 14(3a) of the bengal finance (sales tax) act, 1941. .....

Commissioner of Income-tax Vs. Groz Beckert Saboo Ltd.

Court : Punjab and Haryana

Reported in : (2009)222CTR(P& H)427; [2009]308ITR397(P& H)

..... learned counsel for the assessee also referred to the speech of the finance minister, dated march 15,1976, wherein he introduced the investment allowance in place of the 'development rebate' in the following terms [1972] 102 itr 93:i have, therefore, decided to introduce a scheme of investment allowance for certain priority industries. ..... 2) act, 1977, with effect from april 1, 1978, relevant to the assessment year 1978-79 for enlarging the scope of the section by excluding only those articles or things as given in the eleventh schedule which was substituted in the place of ..... on march 12, 1979, the inspecting assistant commissioner of income-tax (assessment) issued a notice under section 154 of the act stating that the aforesaid benefit of investment allowance being inadmissible, he was proposing to make a rectification. ..... in item 8 the first schedule to the industries (development and regulation) act, 1951, it is provided that textile machinery (such as spinning frames, carding machines, power-looms and the like) including textile accessories are major items of specialised equipment used in specific industries. ..... learned counsel for the assessee further contended that investment allowance is allowable to the assessee-company under the provisions of section 32a(2) and this section was amended by the finance (no. .....

Commissioner of Income-tax Vs. Khem Chand Bahadur Chand

Court : Punjab and Haryana

Reported in : [1981]131ITR336(P& H)

..... it failed to notice the high water mark of the insertion of sub-section (2b) by the finance act of 1970, by which a blanket bar was sought to be placed against the allowance of expenses 'in the nature of entertainment expenditure', even though, later, there appears to have been some receding of the ..... by the finance act, 1976, the stringent provisions of sub-section (2b) were omitted with effect from april 1, 1977. ..... the third step later taken by parliament was by the finance act of 1968 which added an explanation to sub-section (2a) of section 37 the effect of which was to expand the scope of the restriction imposed by this sub-section so as to take in any expenditure incurred by an assessee in granting an entertainment ..... compelled to place curbs on indiscriminate business expenditure and that section 15(5) of the finance act of 1965 was enacted in the following terms :'15. ..... introduced by the finance act of 1961 (vide section 6 of the finance act, 1961, with effect from april 1, 1962) in the shape of a proviso to section 10(2)(xv) of the 1922 act. ..... apart from the above, an in-depth examination of the judgment in patel brothers' case : [1977]106itr424(guj) , would show that even though the argument of the long and the designed legislative history of section 37 of the act was pointedly raised on behalf of the revenue, the bench either missed to pronounce thereon or drew no inference from the step-by-step attempts of parliament to curb and curtail unlimited business hospitality .....

Vijay Kumar Aggarwal Vs. Commissioner of Income-tax

Court : Punjab and Haryana

Reported in : (1997)142CTR(P& H)510; [1998]232ITR179(P& H)

..... of the act was inserted by the finance act of 1968 with effect from april 1, 1968, to provide for the export markets development allowance in certain cases, it was omitted by the direct tax laws (amendment) act, 1987, with ..... withdrawn with effect from april 1, 1978, by the finance act, 1978. ..... and 68 of 1983), at the instance of the assessee for the assessment years 1976-77, 1977-78 and 1978-79 : 'whether, in law and on the facts of the case, the income-tax appellate tribunal was justified in holding that the assessee was not entitled to export markets development allowance under section 35b of the income-tax act, 1961, on the following expenses: (i) export expenses ; (ii) export inspecting agency charges ; ..... expenditure had first to be localised with reference to the sub-clauses of section 35b(1)(b) of the act and then it was to be determined whether the expenditure had been wholly and exclusively incurred for ..... bombay high court disallowed expenditures on freight and forwarding charges under sub-clause (iii) of clause (b) of section 35b(1) of the act on the ground that these expenditures had been incurred on the carriage of goods. ..... sub-clauses (iii) and (viii) of clause (b) of section 35b(1) of the act read as under : '(iii) distribution, supply or provision outside india of such goods, services or facilities, not being expenditure incurred in india in connection therewith or expenditure (wherever incurred) on the carriage of such ..... assessee in hand are 1976-77, 1977-78 and 1978-79. .....

Commissioner of Wealth Tax Vs. Smt. Shanti Devi.

Court : Punjab and Haryana

Reported in : (1997)142CTR(P& H)486

..... 5(1) of the act by the finance act, 1972, w.e.f. ..... 2(6)(d) of the finance act, 1968, is 'manufacturing or processing of goods'. ..... 2(6)(d) of the finance act, 1968, has been examined by the madras high court in cit vs . ..... term 'industrial undertaking' means an undertaking engaged in the business of generation or distribution of electricity or any other form of power or in the construction of ships or in the manufacture or processing of goods or in mining'.the wto, while making assessment under the act, declined to exclude the value of the assessees interest in the assets of the firm and added its value at rs. ..... 2(6)(c) of the finance (no. ..... : [1977]107itr822(mad) the assessees company, in that case, acted as the printer and publisher of a journal. ..... since the firm acted only as traders, they did not qualify to be an undertaking engaged 'in the manufacture or processing of goods'. ..... 27(1) of the wt act, 1957 (for short, the act) :'whether, on the facts and in the circumstances of the case, the tribunal erred in law in allowing the exemption under s. ..... 5(1)(xxxii) of the act was also examined by the madras high court in cwt vs. k. ..... 5(1)(xxxii) of the act despite the fact it got the leather boots manufactured on job-work basis from others to whom the raw material was supplied and labour charges were paid on contract basis. ..... 5 of the act on the ground that the firm, in which they were partners, was engaged in the business of manufacturing groundnut oil and was, therefore, an industrial undertaking .....

Commissioner of Wealth-tax Vs. M.R. Mahajan

Court : Punjab and Haryana

Reported in : (1980)18CTR(P& H)253; [1980]126ITR706(P& H)

..... the tribunal, however, held that the lapses to be penalised under section 18(1)(i) of the act stood committed for 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. ..... act, 1957, as amended by the finance act, 1969, is not retrospective in its operation. ..... 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. ..... in law in directing that the penalties for late furnishing of the returns for the assessment years 1965-66, 1966-67, 1967-68 and 1968-69 be recomputed to bring the same in conformity with the provisions of section 18(1)(i), wealth-tax act, 1957, as they stood before april 1, 1969 ?'5. ..... tribunal thus directed that the penalties in relation to the returns furnished for the assessment years 1965-66, 1966-67, 1967-68 and 1968-69 should be recomputed to bring the same in conformity with the provisions of section 18(1)(i) of the act as the text stood before april 1, 1969.4. ..... ram narain agrawal : [1977]106itr965(all) , and in cwt v. ..... cwt [1977] 108 itr 86, that a fiscal statute cannot be construed retrospectively unless there are clear words to that effect in the statute itself. .....

Present : Mr. Sanjay Bansal Senior Advocate with Vs. the Assistant Com ...

Court : Punjab and Haryana

..... the supreme court further noticed that substituted sub-section (4a) as substituted vide finance act no.2 of 1991 is couched in wide language and a trust is entitled to the benefit of section 11 if it utilized the income of its business for the purposes of ..... the revenue before the supreme court in respect of the provisions of sub-section (4a) as inserted vide finance act, 1983 and also the substituted sub-section (4a) inserted by finance act no.2 of 1991 was as under: 20. ..... requirements which may be included in a within such period, not being less than thirty notice under sub-section (2) of section 139; and days, as may be specified in the notice, a return the provisions of this act shall, so far as may of his income or the income of any other be apply accordingly as if the notice were a person in respect of which he is assessable notice issued under that sub-section. ..... been reduced to fifteen per cent by finance act, 2002 with effect from 01.04.2003. ..... re-assessment is that the assessing officer has not examined; the question whether the trust fulfilled the condition laid down in section 13 read with section 11 of the act and whether the income earned from the business is exempt from tax as it has been utilized for the beneficiaries and by keeping separate accounts. ..... the author of the trust by supplementary deed of trust dated 22.11.1977 conveyed and transferred the property of daily ajit printers including its machinery, goodwill ..... created by deed of trust executed on 17.08.1977 by s. .....

In Re: Northern India Finance Corporation Ltd. (In Liquidation) Vs. Of ...

Court : Punjab and Haryana

Reported in : [1984]55CompCas1(P& H)

..... india that right of joint debtors has been expressly excluded by section 43 of the contract act, and there/ore the basis of the doctrine being absent, the doctrine itself is inapplicable. ..... that right was in england enforceable before the judicature acts by means of a plea in abatement, and since the judicature acts by an application for joinder, which is determined on the same principles as those on which the plea in abatement would formerly have been dealt ..... is an appeal against the order of the official liquidator dated 16th february, 1977, under section 460(6) of the companies act, 1956, read with r. ..... therefore, since the enactment of section 43 of the contract act, the recovery of a judgment against one of several joint debtors does not bar a subsequent suit against his co- ..... the facts are that the appellant-bank had sanctioned the overdraft limit of the northern india finance corporation ltd. ..... ), while dealing with section 43 of the act, at page 364, noticed the conflict between the views of the indian and english authorities and observed as follows :' we think it the better opinion that the enactment should be carried out to its natural consequences, ..... it was held that section 43 of the contract act applied as much to partners as to other co- ..... section 43 of the contract act, inter alia, provides that when two or more persons make a joint promise, the promisee may, in the absence of express agreement to the contrary, compel any one or more of such joint promisors to perform the whole .....

Commissioner of Income-tax Vs. Avon Cycles (P.) Ltd.

Court : Punjab and Haryana

Reported in : (1980)18CTR(P& H)231; [1980]126ITR448(P& H)

..... position also appears to be correct in view of the comments made at page 16 of the explanatory note of the relevant finance act, 1971. '8. ..... the provisions of this section shall have effect notwithstanding anything to the contrary contained in any other provision of this act relating to the computation of income under the head ' profits and gains of business or profession '. (2)(a). ..... assessee seems to have orally explained its position and the ito was apparently satisfied that the amended provisions of section 40(c) of the act were not applicable because it is admitted that no notice came to be issued under section 148.10. ..... therefore, proposed to reopen the assessment and issued a notice under section 148 of the act and called for the assessee's objection for disallowing the following amounts :partners ofm/s. ..... cannot be disputed that the payment of commission to the firm by the company is a payment to a person within the meaning of section 2(31) of the act, but certainly the firm, as it is, cannot be said to be having a substantial interest in the company. ..... he, therefore, issued a notice dated 18th january, 1975, under section 263 of the act, calling upon the assessee to show cause why the ito's order, which was erroneous and prejudicial to the interests of the revenue, should not be ..... 110 of 1977, have been referred to this court for its ..... 110 of 1977 are similar, and, therefore, the same need not be ..... 110 of 1977, which pertains to the assessment year 1972-73, may be ..... 110 of 1977 and 56 of .....