Court : Punjab and Haryana
Reported in : (2009)225CTR(P& H)261; (2009)156PLR215
..... contained herein shall apply to that part of its profits and gains as is attributable to such activities and as exceeds fifteen thousand rupees.12. the finance (no. 2) act, 1967 amended the 1961 act w.e.f. 1st april, 1968 wherein section 80p was introduced by replacing section 81(i), which provided for deduction with respect to income of ..... co-operative society with the aid of power, no deduction under sub-clause (iii) shall be exigible.9. the cardinal issue which evokes the attention of the full bench relates to the construction of section 80p(2)(a)(iii) vis-a-vis section 80p(2)(a)(v) of the 1961 act and more specifically grant of deduction from the ..... 31st march, 1997. having got no relief, the appellant still preferred an appeal before the tribunal, chandigarh raising various grounds. before the tribunal, one of the grounds was that the appellant was entitled to claim deduction of full amount as per the provisions of section 80p(2)(a)(iii) of the 1961 act in view of various decisions. the .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : (1985)45CTR(P& H)263; [1985]152ITR429(P& H)
..... of food from raw materials in a hotel would not constitute either a 'manufacture' or 'processing' of goods within the meaning of s. 2(6)(d) of the finance act of 1968. it was held that unless a commercially new different article is produced, the process could not be called a manufacturing process.whilst considering ..... meaning of the term 'manufacture' and confined to the particular meaning attributable to it in the context of the bengal finance (sales tax) act, 1941. the general observations in this authority, therefore, are of no great aid to the writ petitioner.in kanpur textile finishing mills v. regional provident fund commissioner , the division bench was ..... hirala jitmal v. commissioner of sales tax : air1957mp37 , had been incidentally approved by the supreme court in harbilas raicase [1968] 21 stc 17, had in no way approved the ratio of hiralal jitmals case : air1957mp37 . indeed, a close reading of the supreme court judgment would show that their lordships were distinguishing the .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : (2009)227CTR(P& H)618; [2009]318ITR273(P& H); [2009]185TAXMAN8(Punj& Har)
..... ] 247 itr 772 (bom) are based on the said judgment of the hon'ble supreme court. it was further observed that there was no bar for the assessing officer to proceed under section 143(2) of the act.4. we have heard learned counsel for the parties.5. learned counsel for the revenue at the time of hearing made an alternative submission ..... assessment and the only remedy for the assessing officer was to proceed under section 143(2) of the act. the said view has been upheld by the tribunal. the tribunal, inter alia, relied upon the judgment of the calcutta high court in cesc ltd. v. deputy cit (no. 2) : [2003] 263 itr 402, the judgment of the bombay high court in ..... . learned counsel for the revenue pointed out that if the notice was issued under section 143(2) of the act, the assessment would have been perfectly valid and in such a situation, the same could not be invalid, as no prejudice was caused in any manner. the assessee was given full opportunity and she gave reply which was duly considered .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : [1961]43ITR36(P& H)
..... confined to lawful businesses and to businesses carried out in a lawful way. this observation of the learned lord justice was not accepted by the privy council in minister of finance v. smith, where it was held that profit arising within ontario from illicit traffic in liquor there carried on contrary to legislative provisions of the province was 'income' ..... to the final figure of rs. 6,800 which was claimed by the assessee as a deduction while computing its business profits under section to of the indian income-tax act, 1922.the income-tax officer regarded the transactions of sale and purchase entered into between the assessee and s.b. and co., as 'pseudo transactions', i.e., ..... is not an expense for carrying on the business and which is not admissible under section 10(2)(xv).' he further considered that it was of no consequence in so far as the computation of income under section 10 of the income-tax act was concerned as to what shape was given by the assessee to it in his book. before .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : [1966]59ITR158(P& H)
..... because he considered that the legal points raised involved the construction to be placed on the various provisions of the indian income-tax act, 1922 (act no. 11 of 1922), the income-tax act, 1961 (act no. 43 of 1961) and the finance act, 1964 (act no. 5 of 1964). the reporting officer is the additional sessions judge, jullundur, and the petitioner before him was shri. o ..... or except to such authorities as may be specified in the order.'when the impugned order for the production of documents was made by the learned magistrate, the finance act no. 5 of 1964 was not in existence. accordingly, the validity of the order of the magistrate has to be considered in the light of the provisions ..... , there is the finance act no. 5 of 1964, by section 32 of which section 137 of the income-tax act, 1961, has been omitted. by section 33, section 138 of that act has been substituted. sub-section (1) of section 138 is the same as section 138 of the income-tax act, 1961, and sub-section (2) has been added .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : [1960]40ITR692(P& H)
..... so the assessment is invalid, and (c) that, according to section 34(1)(b) of the patiala income-tax act, 2001 bk., as amended by finance ordinance no. 1 of 1-1-2006 bk., no notice under that section could be issued to the partners of the firm after the expiry of four years from the end of 2002 bk. and the assessment is ..... accounts for the first time on june 22, 1944, and in the case of patiala branch on november 19, 1944. these periods according to bikrami calendar are from har sudi 2,2000 bk., to har sudi 1,2001 bk., and from maghar sudi 13,2001 bk., to maghar sudi 4,2001 bk., respectively. the firm was non-resident and in consequence ..... against the demands notice to seek appropriate relief from the higher authorities. the notice was on a form under the indian income-tax act, 1922. makhan lal filed a revision petition under section 33a(2) of the indian income-tax act on november 19, 1952, and this was dismissed by the commissioner of income-tax on july 29, 1953, on the graund that .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : (2005)193CTR(P& H)261; [2005]273ITR190(P& H)
..... such tax for a prescribed period. after this period, the sales-tax is to be paid to the government either in lump sum or in instalments.2. section 43b of the it act, 1961, introduced by the finance act, 1983, w.e.f. 1st april, 1984, provides, inter aha, that a deduction in respect of any sum payable by the assessee by way of ..... v. bhagwati autocast ltd. : [2003]261itr481(guj) and it held as under :'here, in the present case, as already observed hereinabove, the gujarat government has passed a resolution bearing no. inc/1087/143-1, dt. 21st march, 1988, and the said resolution was made operative from 1st april, 1983. the period involved in the present assessment is, therefore, covered by ..... under rule 17k. payment of tax is to be made after the expiry of five years under rule 17m and in accordance with the schedule given in the rules. no interest required to be payable by the industrial unit on the deferred tax nor any penalty shall be imposed for non-payment of tax under rule 17k. the dy. .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : [2001]250ITR859(P& H)
..... or the high court or the supreme court on the date of filing of the declaration. for the sake of convenience, the relevant provisions contained in section 95 of the finance (no. 2) act of 1998, may be reproduced as under :'95. scheme not to apply in certain cases.the provisions of this scheme shall not apply(1) in respect of tax arrear ..... , the petitioner decided to put an end to the litigation and buy peace with the department by filing a declaration under the kvs scheme which had been introduced by the finance (no. 2) act, 1998, for this purpose. such a declaration was to be filed before the respondent, who was the designated authority under the kvs scheme. the petitioner sent a copy of ..... n.k. sud, j.this writ petition is directed against the intimation under section 91 of the finance (no. 2) act, 1998, dated 26-2-1999, sent by the respondent to the petitioner informing it that the declaration filed by it under the 'kar vivad samadhan scheme, 1998 (hereinafter referred to as 'the kvs .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : [1960]38ITR447(P& H)
..... case before the tribunal. he suggested that the advances made by the assessee to the vendors when they became irrecoverable did not amount to debts due to the assessee. no detailed argument appears to have been addressed to the tribunal in support of this contention, for he contended himself by stating that in the case of the amount due ..... for assessment in income-tax. holding that the loss was a bad debt that had arisen in the course of the companys trading, rowlatt, j., held that there was no evidence to support the commissioners findings; that the loss was not a trading loss; and that it was an admissible deduction from the companys profits for the income-tax ..... section 66(2) of the indian income-tax act the commissioner of income-tax wishes this court to require the appellate tribunal to state the case and to refer to it certain questions of law which are said to arise from the order of the tribunal.the assessee in this case is a distributor and exhibitor of films and finance film .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : (1996)56TTJ(NULL)654
..... ) 21 itd 62(bom) he pointed out that the income of the assessee was to be computed under the other provisions of the act and in fact, there was no application of the provisions of s. 164(2) of the act.8. the learned counsel has also drawn our attention to the decision of the calcutta high court in the case of cit vs ..... . jayashree charity trust : [1986]159itr280(cal) and pointed out that on an identical facts the honble high court had allowed the deduction under s. 80k of the act ..... income by way of dividends of an amount equivalent to 60% of such income. this brings us to the term domestic company which has been defined under s. 80b(2) of the act. according to the said section, the domestic company means an indian company or any other company which, in respect of its income liable to tax has made the prescribed .....
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