Court : Punjab and Haryana
Reported in : [1984]146ITR234(P& H)
..... category of 'business' and, therefore, it is covered by the exemption provided in para. a(2) of the schedule to the act of 1957. the revenue then preferred an appeal to the income-tax appellate tribunal with the contention that the land belonging to the assessee is not covered by the exemption envisaged by para. a(2) ..... to mean everything that occupies the time, attention and labour of men for the purposes of livelihood or profit. section 2(36) of the i.t. act, 1961 (in short, 'the act of 1961'), defines the terra 'profession' as including vocation. vocation and occupation are synonymous and there is no difference between the two. even if the argument advanced ..... learned counsel for the department is accepted, the agricultural operation carried on by the assessee tant-amounts to profession within the meaning of section 2(36) of the act of 1961. in hindustan steel ltd, v. state of orissa : [1972]83itr26(sc) , it was observed that the expression 'business' though extensively used as a word of .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : (1980)15CTR(P& H)276; [1980]123ITR558(P& H)
..... it is taken to mean everything that occupies the time, attention and labour of men for the purposes of livelihood or profit. section 2(36) of the income-tax act, 1961 (in short, the ' act 1961 ') defines the term 'profession' as including vocation. vocation and occupation are synonymous and there is no difference between the two. even if the argument advanced by ..... in question was held by the assessee as business premises as defined in rule l(i), paragraph b of the schedule to the wealth-tax act and thus exempt from the charge of additional wealth-tax on urban asset ' 5. this application was allowed and the aforesaid questions of law have been referred to this court for its opinion. ..... by the asses-see as business premises, as denned in rule 1(i), paragraph b of the schedule to the wealth-tax act and thus exempt from the charge of additional wealth-tax on urban assets ' 2. (arising out of wealth-tax ref. no. 19[1977]. ' (i) whether, on the facts and in the circumstances of the case, the .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : (1980)14CTR(P& H)405; [1980]123ITR273(P& H)
..... viii) of the first schedule to the companies (profits) surtax act, 1964, the gross dividend of rs. 2,25,734 and not the net dividend of rs. 89,894 which actually formed part of the total income was to be excluded from the total income computed for purposes of income-tax assessment? '5. after hearing the learned counsel for the parties ..... , we are of the opinion that no exception can be taken to the view taken by the tribunal. we have gone through the provisions of sections 2(24), 2(45), 80c(5) and 80m of the it. act read with ..... is not disputed that the provisions of section 80m of the it. act were the subject-matter of interpretation by their lordships of the supreme court in cloth traders p. ltd. v. addl. cit [1919] 118 itr 243. the words 'such income' appearing in section 80m of the it. act were the subject-matter of interpretation of their lordships. their lordships .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : [1980]123ITR7(P& H)
..... and commission at the rate of 4% of the net profit of the company. whereas, according to the assessee, the provisions of section 40a(5) of the income-tax act, 1961 (hereinafter called ' the act '), permitted salary and other remunerations in respect of a director to the tune of rs. 72,000 per annum, according to the ito, the maximum permissible salary ..... to deduction of rs. 72,000 per annum in respect of salary/ remuneration paid to shri harmukh rai modi under sub-section (5)(a) of section 40a of the income-tax act, 1961 'assessment year 1973-74.' whether, on the facts and in the circumstances of the case, the appellate tribunal was right in law in allowing the deduction of rs. ..... 79,744 under section 80j of the income-tax act, 1961 '4. the answer to the first question primarily depends on the interpretation to be given to the provisions of sub-section (5)(a) of section 40a of the .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : (1980)14CTR(P& H)410; [1980]124ITR653(P& H)
..... , on the facts and in the circumstances of the case, the tribunal was correct in holding that when a firm has been penalised under section 273(1)(a) of the income-tax act, 1961, no penalty can be imposed under the said section on its partners ' 4. (arising out of i.t. ref. nos. 38, 39 and 40 of 1978) assessment year 1973-74 ..... in holding that when a firm has been penalised under section 273(1)(a) of the income-tax act, 1961, no penalty can be imposed under the said section on its partners ' 2. (arising out of i.t. ref. no. 2 of 1979)assessment year 1973-74 ' (i) whether a ..... the facts and in the circumstances of the case, the tribunal was correct in holding that the assessee cannot be said to have filed an estimate of his income under section 212 of the income-tax act, 1961, which he knew or had reason to believe to be untrue? (ii) whether, on the facts and in the circumstances of the case, the tribunal was correct .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : (1980)15CTR(P& H)249; [1982]135ITR68(P& H)
..... the five parties dealt with by the petitioner-assessee, was fresh material and information on the basis of which the second notice under sections 147(a)/148 of the income-tax act, 1961, could validly be issued to the petitioner. it is open to the petitioner to show during the course of the proceedings that have commenced that there was no omission ..... for his assessment for that year. with >a view to appreciate the contention, the provisions of sections 147, 148 and 149 of the act may be reproduced as under:' 147. if- (a) the income-tax officer has reason to believe that, by reason of the omission or failure on the part of an assessee to make a return under section ..... may be included in a notice under sub-section (2) of section 139, and the provisions of this act shall, so far as may be, apply accordingly as if the notice were a notice issued under that sub-section, (2) the income-tax officer shall, before issuing any notice under this section, record his reasons for doing so. 149. (1) .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : [1982]136ITR503(P& H)
..... hawala business and that his loans to the various parties including the petitionerswere not genuine. the income-tax officer sent this information to theincome-tax officer, district ii(ii), amritsar, who, accordingly, after satisfying himself as to the facts, initiated action under section 147(a) of theincome-tax act.'5. a reading of the above averments clearly goes to show that the name of the ..... , on various grounds. it has been averred in the petition that for the accounting year relevant to the assessment year 1961-62, a return was filed by the petitioner under section 139 of the i.t. act, 1961 (hereinafter referred to as 'the act'), and the assessment proceedings were completed after due investigation. the impugned notice has now been issued which, according to the .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : (1980)15CTR(P& H)294; [1980]121ITR503(P& H)
..... the hon'ble judge. the plea that the said amount was exempt in view of the provisions of section 10(13a) of the income-tax act, 1961 (hereinafter referred to as 'the act'), read with rule 2a of the income-tax rules, 1962 (hereinafter referred to as 'the rules'), did not find favour with the ito.3. it was contended before the aac ..... occupied by him and if he is compensated by his employer in that case, subject to the limitations imposed under the act and the rules, the allowance paid to him by the employer, shall be exempt from income-tax. an assessee, who occupies his own house, has disentitled himself from the rent which he would have been entitled to ..... below the maximum prescribed limit. it is equally well settled that even if two interpretations of a particular provision are possible, in that case, the i. t. act, being a taxing statute, one favourable to the assessee would be preferred. the view taken by the tribunal in this regard is unexceptional.9. for the reasons recorded above, we .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : [1980]125ITR460(P& H)
..... own house at no. ml, sector 9-b, chandigarh, and that he was not entitled to exemption of the said amount from income-tax under the provisions of section 10(13a) of the i.t. act, 1961 (hereinafter referred to as ' the act ') read with rule 2a of the i.t. rules, 1962 (hereinafter referred to as ' the rules ').3. on appeal filed by the ..... b.s. dhillon, j.1. the following question of law arising out of the order of the income-tax appellate tribunal, chandigarh bench, chandigarh (hereinafter referred to as ' the tribunal '), in respect of i.t. a. nos. 153, 145, 493 and 494 of 1977-78, for the assessment years ..... assessee before the aac, it was pleaded that the exemption of hra was wrongly disallowed as the assessee by living in his own house and by paying tax on the annual .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : [1983]139ITR73(P& H)
..... before some ito who had no jurisdiction to proceed with the assessment, and, consequently, a notice was issued by the ito under section 139(2) of the i.t. act, 1961 (hereinafter referred to as 'theact') for filing the return. according to the assessee, this notice was not served, but according to the department the notice was duly served. ..... consequently, the ito, on november 28, 1968, passed an order computing the income of the firm at rs. 20,000 and proceeded to make an ex parte 'assessment it has been averred in the petition that from the inspection of the records by ..... 26, 1965. the petitioner represented to the authorities that he had not been served in accordance with law, but the authorities persisted in making the recovery of the tax in pursuance of the demand.2. it cannot be disputed that if the assessment order and the demand notice were not served on the assessee, he could not have .....
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