Judgment Search Results Home > Cases Phrase: finance no 2 act 1991 section 3 to 72 income tax Court: punjab and haryana Page 2 of about 96 results (0.126 seconds)

Parkash Agro Industries Vs. Dy. Cit

Court : Punjab and Haryana

Reported in : [2009]316ITR149(P& H)

..... it is no doubt true that prior to the amendment brought by the finance act, 2001 which has been made effective retrospectively from 1-4-1989, the interest under section 234b of the act was chargeable with reference to the total income as had been declared by the assessee in its return and not on the assessed income. ..... in this appeal by the assessee under section 260a of the income tax act, 1961 (hereinafter referred to as 'the act') against the order of the income tax appellate tribunal, delhi bench 'g', delhi (hereinafter referred to as 'the tribunal') passed in ita no. ..... (b) in sub-section (3), for the words 'one and one-half per cent', the words 'one and one-fourth per cent' shall be substituted with effect from the1-6-2001 (this clause (b) is not part of explanation but section 79 of the finance act, 2001-ed. ..... explanation 1 to section 234b of the act was amended by the finance act, 2001. ..... according to the learned counsel, the assessee had been incurring losses in the past and it could not foresee that the positive income would accrue during the previous year relevant to the assessment year 1991-92 and, therefore, there was no liability to pay advance tax and consequently no interest under section 234b of the act could be levied. ..... according to the learned counsel, the aforesaid explanation 1 to section 234b of the act has been amended by the finance act, 2001 with retrospective effect from 1-4-1989 and the vires of the same stands upheld by this court in raj kumar singal v. .....

Commissioner of Income Tax Vs. Madan Lal and Bros.

Court : Punjab and Haryana

Reported in : (2005)195CTR(P& H)92; [2005]276ITR571(P& H)

..... during the relevant period of time, section 43b(a) read as under :'(a) any sum payable by the assessee by way of tax or duty under any law for the time being is force,' the amendment brought in by the finance act, 1988, including the expressions 'cess' was w.e.f. ..... as regards sales-tax, the scope of proviso to section 43b inserted by finance act, 1987, w.e.f. ..... 2 was, therefore, added by the finance act, 1989, with retrospective effect from 1st april, 1984, for the purpose of removing any ambiguity about the term 'any sum payable' under clause (a) of section 43b.section 43b(a), the first proviso to section 43b and expln. ..... the first proviso to section 43b of the act inserted by the finance act, 1987, was enacted in order to suppress the mischief and for the purpose of giving relief to an assessee who is not an unscrupulous dealer. ..... , for long periods of time, but claimed deductions in that regard from their income on the ground that the liability to pay these amounts had been incurred by them in the relevant previous year. ..... union of india : [1991]189itr70(patna) as under :the object of the section 43b of the it act, 1961, was to refuse deduction to an assessee in respect of provident fund, etc. ..... : [1991]189itr70(patna) on which reliance was placed by the tribunal for granting relief to the assessee, has been approved by the supreme court in allied motors (p) ltd. .....

Commissioner of Income Tax Vs. Boparai Industrial Corpn. (P) Ltd.

Court : Punjab and Haryana

Reported in : (2007)208CTR(P& H)411

..... has been furnished during the period commencing on the 1st day of october, 1991 and ending on the 30th day of september, 2005 in response to a notice served under this section, and(b) subsequently a notice has been served under sub-section (2) of section 143 after the expiry of twelve months specified in the proviso to sub-section (2) of section 143, as it stood immediately before the amendment of said sub-section by the finance act, 2002 (20 of 2002) but before the expiry of the time-limit for ..... making the assessment, reassessment or recomputation as specified in sub-section (2) of section 153, every such notice referred to in this clause shall ..... this is an appeal filed by the revenue, raising following substantial questions of law, arising out of order passed by the income-tax appellate tribunal, chandigarh bench 'a' (for short 'the tribunal') in ita no. .....

Commissioner of Income Tax Vs. Oscar Laboratories (P) Ltd.

Court : Punjab and Haryana

Reported in : (2009)222CTR(P& H)546

..... contention advanced by the learned counsel for the respondent-assessee is that, instructions issued by the cbdt, from time to time stipulating monetary limits for filing of appeals, were granted statutory status with the insertion of section 268a into the it act, 1961, by the finance act, 2008 with retrospective effect from 1st april, 1999. ..... 16th july, 2007, [(2007) 210 ctr (st) 76 wherein monetary limits for filing departmental appeals (in income-tax matters) and other conditions were specified, for filing appeals before tribunal, high courts and the supreme court.2. ..... , 1991, before the income-tax appellate tribunal (hereinafter referred to as the tribunal'). ..... 25,000 for departmental appeals (in income-tax matters) before the tribunal, rs. ..... 28th dec, 1990, determined the income-tax liability of the respondent-assessee at rs. ..... in supersession of the above instruction, it has now been decided by the board that appeals will be filed only in cases where the tax effect exceeds the revised monetary limits given hereunder:(i) appeal before the tribunal (in income-tax matters) rs. ..... for this purpose, 'tax effect' means the difference between the tax on the total income assessed and the tax that would have been chargeable had such total income been reduced by the amount of income in respect of the issue against which appeal is intended to be filed (hereafter referred to as 'disputed issues'). ..... appeals in income tax matters monetary limit (in rs. .....

Punjab Business and Supply Co. Pvt. Ltd. and anr. Vs. Income-tax Offic ...

Court : Punjab and Haryana

Reported in : (1991)100CTR(P& H)290; [1991]188ITR550(P& H)

..... sibal, learned senior advocate, further elaborated this point contending that this explanation has created a penal offence by filling up the lacuna in the existing provisions of section 194a of the income-tax act and that its operation would be prospective and not retrospective as the provisions of law at the time of commission of the offence had to be seen in order to ascertain whether the petitioners had committed any offence. ..... , the petitioners seek the quashment of 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 amount to crediting the interest payable to the ..... 's case : [1991]188itr402(sc) while interpreting the provisions of section 9(1)(b) of the haryana general sales tax act, 1973. ..... state of haryana : [1991]188itr402(sc) ; : [1991]188itr402(sc) , in support of the proposition that the penal provisions of the statute should be strictly interpreted. .....

M/S Pml Industries Limited Vs. Commissioner of Central Excise and Anot ...

Court : Punjab and Haryana

..... of sub-section (2a) of section 254 inserted by finance act, 1999 in the income tax act, 1961. ..... an order of waiver of pre-deposit of duty passed by the tribunal stands vacated after expiry of 180 days, if the appeal is not decided in terms of the provisions inserted by section 140 of the finance act, 2002 with effect from 11.05.2002 (hereinafter referred as first set of cases ) and writ petitions such as cwp no.1606 of 2012, wherein the challenge is to the circular issued by the central board of customs & ..... similar contention raised in regard to sub-section (2a) of section 254 of the income tax act was not accepted by the income tax appellate tribunal in centre for women s development ..... sahir and others (2003) 8 scc 498.the language of sub-section (2a), which has been inserted by finance act, 1999, makes it clear that the legislature did not intend to make the time period of 4 years for disposal of the ..... was on the statute book in section 30 of the indian income tax act, 1922. ..... to do so, hear and decide every appeal within a period of three years from the date on which such appeal is filed; provided that where an order of stay is made in any proceeding relating to an appeal filed under sub-section (1) of section 25b, the cwp no.877 of 2013 & other connected matters 8 appellate tribunal shall dispose of the appeal within a period of one hundred and eighty days from the date of such order; provided further that if such ..... in itr nos.40 & 41 of 1991 titled m/s somany pilkington s ltd. ..... (1991) .....

Darshan Kumar Vs. Commissioner of Income-tax and ors.

Court : Punjab and Haryana

Reported in : [1996]222ITR608(P& H)

..... and as the authorities of the income-tax department could not effect recovery of the outstanding dues from the company, proceedings were initiated under section 179(1) of the income-tax act, 1961 (for short, 'the act'). ..... if the petitioner had not been served with notice for proceedings under section 179(1), he could not have filed a reply to the same or made a request for keeping the demand pending till the commissioner of income-tax, jalandhar, decided the revision petition. ..... his case is that after having resigned from the directorship with effect from march 31, 1993, he cannot be held liable to pay arrears of income-tax found due against maini finance (p. ..... 1 to 3 have pleaded that being director of the company during the year, 1991, the petitioner is jointly and severally liable to pay arrears of income-tax found due against maini finance (p. ..... this petition has been filed to quash annexures 'p-1', 'p-2' and 'p-7' issued respectively by the tax recovery officer-i, jalandhar, general manager, punjab roadways, amritsar-i, and the assistant commissioner of income-tax, circle 1(1), jalandhar.2. ..... the tax found due in this case relates to the assessment year 1991-92 when the petitioner was very much a director of the company. ..... therefore, he cannot escape his liability to pay the arrears after the competent authority found that it was impossible to recover the amount from maini finance (p. ..... 5,89,990 was found due against maini finance (p. ..... he was a director in maini finance (p. .....

The Commissioner of Income Tax, Jalandhar Vs. V.

Court : Punjab and Haryana

..... this order annexure a-2 dated 21.10.1992 was unsuccessfully challenged by the revenue before the income tax appellate tribunal which announced its order on 11.2.1999 (annexure a3).claim of the revenue is that the expenditure made on payment of secret commissions in the name of sales promotion as also incurred on distribution of free specimen copies of books published by the assessee is no more permissible in law in view of introduction of explanation to section 37 of the act vide finance (no.2) act, 1998. ..... accuracy and integrity of this document chandigarh ita no.51 of 1999 -: 3 :- in the firs.appeal filed by the assessee, vide order dated 21.10.1992, commissioner of income tax (appeals).jalandhar, following the order in the case of the same assessee of income tax appellate tribunal, amritsar of 14.10.1992 in ita no.568 to 570(asr.1991 and 571 to 574(asr)/1991 for the assessment years 1982-83 to 1984-88 and 1985-86 to 1988-89 respectively, deleted addition made by the assessing officer and thus relief ..... in the assessment year 1990- 1991, the assessee inter-alia had sought/claimed deduction on account of commission paid to the tune of rs.10,36,879/- claiming that these expenses were of secret nature and payments were made to educational institutions, teachers and individuals .....

Rakesh Raj and Associates Vs. Central Board of Direct Taxes and anr.

Court : Punjab and Haryana

Reported in : [1997]223ITR282(P& H); (1997)115PLR129

..... 29, 1972 (reproduced in [1972] 84 itr 99), containing certain directions regarding deduction of income-tax at source under section 194c of the act, paragraph (iii) of the said circular explicitly excluded the payments made for rendering professional services ..... the said circular has been issued by the board in excessive exercise of its powers conferred by section 190 of the income-tax act, 1961 (for short, 'the act'). ..... from time to time, issue such orders, instructions and directions to other income-tax authorities as it may deem fit for the proper administration of this act, and such authorities and all other persons employed in the execution of this act shall observe and follow such orders, instructions and directions of the board ; provided that no such orders, instructions, or directions shall be issued - (a) so as to require any income-tax authority to make a particular assessment or to dispose of a particular case ..... while issuing the said circular, taken the plea that the professionals rendering services to the individuals or the parties are covered for the purposes of deduction of income-tax at source within the meaning of section 194c of the act.3. ..... this new provision inserted by the finance act, 1995, with effect from july 1, 1995, requires a person responsible for paying any sum by way of fees for professional services or fees for technical services to deduct an amount equal to ..... 's case [1991] 201 itr 435 that theboard revised its opinion just so as to issue a new circular, .....

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

Court : Punjab and Haryana

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

..... 40 and 41 of 1991, decided on december 3, 2004, examined the provisions of section 254(2a) of the income-tax act, 1961, which contemplated that the appellate tribunal may hear and decide the appeal within a period of four years from the end of the financial year in which such appeal is ..... court held to the following effect:we may also notice sub-section (2a) of section 254, which was inserted by the finance act, 1999. ..... him an opportunity of being heard and if, after the enquiry, such officer is satisfied that the documents as required under sub-section (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 ..... judgment 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. ..... 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 as .....