Court : Punjab and Haryana
Reported in : (1993)111CTR(P& H)52; [1993]203ITR941(P& H)
..... the assessee under this clause shall be one hundred thousand rupees.' 4. the words 'and exclusively used by him for residential purposes' were omitted from clause (iv) above by the finance (no. 2) act of 1971, with effect from april 1, 1972. rule 2 of the wealth-tax rules, 1957, which have been framed by the central board of revenue under section 46 of the ..... entitled to any portion of the house property as exclusively belonging to them and were, thus, not entitled to claim the exemption under section 5(1)(iv) of the act. we find no substance in this contention. it is by now well-settled that a firm as such is not a legal entity and any property owned by it is really the ..... in law in holding that the assessee is entitled to the exemption under section 5(1)(iv) of the wealth-tax act, 1957, in respect of the factory land and building belonging to the firm in which he is a partner ? 2. whether, on the facts and in the circumstances of the case, the tribunal is right in law in holding that .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : [1999]236ITR281(P& H); (1998)119PLR564
..... its employees. the bank filed the annual return for the financial year 1992-93 under section 206 of the act in the prescribed form no. 24 on april 30, 1993, along with the t.d.s. certificate. the income-tax officer (respondent no. 2) was of the view that tax was not deducted by the bank as required under sub-section (1) ..... 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' existed in the place of the words 'without good and sufficient reasons'. thus, under the originally enacted proviso, a penalty under section 221 ..... wilfully failed to deduct or to pay 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 to pay the deducted amount of tax. 10. from .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : [1971]81ITR202(P& H)
..... of the accounting year and not a contingent liability. the rate is always easily ascertainable. if the finance act is passed, it is the rate fixed by that act; if the finance act has not yet been passed it is the rate proposed in the finance bill pending before parliament or the rate in force in the preceding year, whichever is more favourable ..... of an assessee on the valuation date for the assessment year beginning on the 1st of april following, is a 'debt owed' within the meaning of section 2(m) of the act, and should be deducted from the estimated value of the assets as on the valuation date.' 8. this reasoning fully covers the present case; it may ..... , and the relevant valuation date is 31st march, 1960. we onlypropose to deal with the facts in wealth-tax reference no. 2 of 1969. itis not disputed that our decision in this reference will govern all the other references. 2. the assessee, vijay kumar behal of ludhiana, was a partner in messrs. pearl hosiery mills and messrs. pearl woollen .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : (2006)200CTR(P& H)211; [2005]279ITR32(P& H)
..... with the return.8. in cit v. mussadilal ram bharose : [1987]165itr14(sc) , the supreme court interpreted section 271(1)(c) of the act together with the explanation added by the finance act, 1964 and held (headnote):'where the total income returned by the assessee is less than 80 per cent. of the total income as assessed, the explanation ..... there in the provisions of section 44ab or section 271b has since been plugged by the legislature by virtue of amendments made in sections 44ab and 271b by the finance act, 1995. a further obligation has been cast on an assessee who is required to obtain the accounts audited under section 44ab, also to furnish the audit report to ..... 2. the assessee is engaged in the sale of milk. for the assessment year 1985-86, its turnover was more than rs. 40 lakhs. therefore, in terms of section 44ab of the act. it was required to file return latest by july 31, 1985 (the date was extended to september 30, 1985, by the central board of direct taxes vide its circular no .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : [2001]252ITR590(P& H)
..... the benefit of depreciation when it has not been claimed by the assessee. this position is further obvious from the fact that in the finance act, 2001, explanation 5 has been inserted in section 32(1)(ii) with effect from april 1, 2002. it has been, inter alia, provided that the provision shall apply 'whether or not the ..... and 1981-82 to mean that the depreciation had actually been worked out and separately allowed by the income-tax officer for these two years on truck no. hrn 345? 2. whether, on the facts and circumstances of the case, the income-tax appellate tribunal was right in law in holding that the income-tax officer ..... 'as per rules while completing the assessment proceedings'. the assessees filed an appeal. it was dismissed by the appellate assistant commissioner. he approached the tribunal and contended that no depreciation having been claimed during the relevant years, it could not be deemed to have been granted. the tribunal rejected this contention. hence, the reference. 4. mr. .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : [1999]237ITR93(P& H)
..... deduction was claimed in respect of the expenditures on samples designing, quality control, inspection, advertisement, foreign tours, etc. keeping in view the amendment made in s. 35b by finance (no. 2) act, 1980 w.e.f. 1st april, 1981, the ao allowed deduction only in respect of the expenditure on foreign tours amounting to rs. 1,45,725. thus, the ao ..... not attracted. 9. it is further to be noticed that sub-cls. (ii), (iii), (v), (vi) and (viii) of cl. (b) of s. 35b(1) of the act were omitted by the finance (no. 2) act, 1980 w.e.f. 1st april, 1981. in the notes on clauses appended to the finance (no. 2) act, 1980 [reproduced in (1980) 123 itr 122] it has been stated in ..... made by the assessee in respect of sample designing is also not admissible in view of the following expln. 2, which was inserted below sub-cl. (b) of s. 35b(1) by finance (no. 2) act, 1980 w.e.f. 1st april, 1981 : 'explanation 2 : for removal of doubts, it is hereby declared that nothing in cl. (b) shall be construed to .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : [1990]186ITR655(P& H); (1990)97PLR685
..... tax as well as show tax being unconstitutional, inter alia, on the grounds (1) that no machinery for its assessment has been provided in the notification, and (ii) provisions of section 61 and section 62(2) of the punjab municipal act, 1911, were not complied with, i.e., notice inviting objections did not define the class ..... of persons, the description of property proposed to be taxed and the system of assessment to be adopted. the imposition was alleged to be arbitrary, oppressive and confiscating in character. no opportunity ..... june, 1973, imposing show tax within the limits of sunam municipality, the amended rates shall come into force with effect from april 16, 1977. amendmentitem no. 2 of the existing schedule shall be substituted as udner:serial nodescription ofcinema hallrate ofshow tax per show1.air-conditionedcinema hall or cinema halls where this facility is .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : [1989]179ITR22(P& H)
..... the facts and in the circumstances of the case, entertained the additional ground with respect to deduction under section 80j of the act and adjudicated upon the same with regard to both the units.7. finance (no. 2) act, 1980, brought out an amendment retrospectively with effect from april 1, 1972, only, and the new mode of computation provided ..... by sub-section (1a) to section 80j of the act was introduced since then. earlier, the position was different and as such ..... appellate assistant commissioner of income-tax, vide grounds of appeal, annexure 'd'. the relevant ground with regard to the deduction under section 80j of the act was taken at no. 5 and runs as under : 'that the learned income-tax officer has not allowed correctly section 80j claim in respect of the company's vanaspati .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : (1984)41CTR(P& H)149; [1984]145ITR676(P& H)
..... the tax... but till the tax payable is ascertained by the assessing authority under section 10, or by the assessee under section 7(ii), no tax can be said to be due within section 16(1)(b) of the act, for till then there is only a liability to be assessed to tax.'' article 263 of the constitution is in the following terms ..... to the following observations of gulati j. in purshottam dayal varshney's case (at p. 190) :'under the income-tax act, although the liability to pay tax is cast upon an assesses each year in accordance with the finance act of that year, yet the tax becomes due and payable only when an assessment order is passed and a notice of demand ..... under section 29 of the indian income-tax act, 1922, and section 156 of the income-tax act, 1961, is served upon the assessee. if there is no assessment order the assessee is not .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : [1987]163ITR476(P& H)
..... 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 of proof ..... , 1972, there was only one inspecting assistant commissioner, ludhiana range at ludhiana. however, vide letter dated may 3, 1972, the government of india, ministry of finance, new delhi, conveyed the sanction of the president of india to the conversion of one of the two posts of the appellate assistant commissioners, amritsar, into that ..... inspecting assistant commissioner (central), ludhiana, who had the jurisdiction over the matter.10. as regards question no. 2, learned counsel for the assessee has seriously disputed the applicability of the explanation to section 271(1)(c) of the act to the instant proceedings. he contended that the assessee had nowhere admitted that it had concealed its .....
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