Court : Himachal Pradesh
Reported in : [2003]133STC101(HP)
..... 8 of the bill as introduced, that it proposes to authorise the state government to prescribe the form and manner in which certificate under sub-section (3) of section 3 shall be furnished by the dealer, the manner of furnishing security under section 5, the manner and intervals at which and the authority to which the returns are to be furnished under sub-sections (1) and (2) of section 5-a together with the manner of payment of tax under sub-sections (3) and (4), the manner of service of notice and of payment of tax, penalty or interest under sub-sections (2) and (7) of section 5-b, etc. ..... particulars of his sales or purchases or has furnished to, or produced before, any authority under this act or the rules made thereunder any account, return or information which is false or incorrect in any material particular, the commissioner, or any person appointed to assist him under sub-section (1) of section 20, may, after affording such dealer a reasonable opportunity of being heard, direct him to pay by way of penalty in addition to the tax to which he is assessed or is liable to be assessed, an amount which shall not be less than twenty .....
Tag this Judgment!Court : Himachal Pradesh
Reported in : (2008)218CTR(HP)524,[2010]187TAXMAN20(NULL)
..... section 234c the assessee is liable to pay simple interest on the amount of shortfall of the tax due on the returned ..... (p & h) 385 : (2005) 279 itr 123 held that non-payment or short payment of advance tax due to computation of income under section 115j of the act attracts the levy of interest under sections 234b and 234c of the act. ..... (kar) , wherein it was held that when income is computed by applying the deemed fiction under section 115j of the act, the assessee is not liable to pay/deposit advance tax and is consequently not liable to pay interest under sections 243b and 243c of the act.7. ..... tax had not been paid the ao levied interest under sections 234b and 234c of the act, in addition to the tax ..... admitted on the following question of law:whether on the facts and in the circumstances of the case, the tribunal, chandigarh bench, chandigarh, was right in holding that no interest under sections 234b and 234c of the it act, 1961 is chargeable where the income is determined by invoking the provisions of section 115j of the it act, 1961?2. ..... a company (other than a company engaged in the business of generation or distribution of electricity), the total income, as computed under this act in respect of any previous year relevant to the assessment year commencing on or after the 1st day of april, 1988 (but before the 1st day of april, 1991)(hereafter in this section referred to as the relevant previous year) is less than thirty per cent of its book profit, the total income of such assessee .....
Tag this Judgment!Court : Himachal Pradesh
Reported in : (2009)226CTR(HP)590
..... circumstances of the case the tribunal is justified as per provisions of law in upholding the action of the learned assessing authority in initiating the reassessment proceedings under section 10 of the interest-tax act of 1974 and in consequence of the same made thereby upholding the reassessment ?2. ..... section (3) of section 7 of the act has further observed that assessee is obliged and is duty bound to submit the return of the chargeable interest by the date mentioned in section ..... according to sub-section (1) of section 7 the financial institution shall furnish a return of the chargeable interest of the credit institution of the previous year in the prescribed form before 31st of ..... it is clear from sub-section (3) of section 7 that an assessee who has not furnished a return within the time allowed under sub-section (1) or sub-section (2), discovers any omission or wrong statement therein may furnish a return at any time before the expiry of one year from the end of the relevant assessment year or before the completion of ..... the sub-section (3) of section 7 further prescribes that any assessee who has not furnished a return within the time allowed under sub-section (1) or sub-section (2), or having furnished a return under sub-section (1) or sub-section (2), discovers any omission or wrong statement therein, may furnish a return or a revised return, as the case may be, at any time before the expiry of one year from the end of the relevant assessment year or before the completion of .....
Tag this Judgment!Court : Himachal Pradesh
Reported in : (2009)221CTR(HP)192,[2009]309ITR106(HP),2008(2)ShimLC521,[2009]183TAXMAN72(NULL)
..... cit : [1996]218itr438(sc) , came to the conclusion that the income derived from the investment of statutory reserve could not be regarded as income from banking activities and as such the interest amount earned by the assessee from such securities did not qualify for exemption under section 80p(2)(a)(i) of the income tax act, 1961 (for short : the act), which reads as follows:deduction in respect of income of co-operative societies:80-p. ..... state co-operative bank which is also a co-operative society and therefore even under section 80-p(2)(d) of the act, interest income from investments made in any co-operative society would also be entitled for deduction.13. ..... [2007] 289 6, the apex court has held that where under the provisions of the co-operative societies act, the co-operative bank is statutorily required to place part of its funds in approved securities, the income attributable thereto is not taxable under section 80-p(2)(a)(i) of the income tax act, 1961.10. ..... is income derived from banking business and therefore eligible for deduction under section 80p(2)(a)(i) of the income tax act?2. ..... applying the ratio of the judgment in nawanshahar central co-operative bank's case (supra), it is apparent that any interest on such investments is required to be deducted under section 80-p(2)(a)(i) of the act.11. ..... : [2004]266itr632(kar) , held that the interest on investments and short term fixed deposits in banks was entitled to be deducted under section 80-p(2)(a)(i) of the act. .....
Tag this Judgment!Court : Himachal Pradesh
Reported in : (2008)220CTR(HP)599,2008(2)ShimLC359
..... has held that in the matter of money borrowed for plant and machinery purchase put in short-term deposit till consumed, interest accrued on such short term deposits shall have to be assessed to tax as income from other sources and the same cannot be set off against actual cost of the plant and machinery has to be in view of the provisions of section 56 of the act and the same cannot be set off against actual cost of plant and machinery.8. ..... the present appeal under section 260-a of the income tax act, 1961 (in short the act) has been preferred against the order dated 29th october, 1999 passed by the income tax appellate tribunal, chandigarh (in short itat) in ita no ..... it appears the assessee filed return for the assessment year 1989-90 which was assessed on 24.8.1999 by the income tax officer thereby assessing interest on short term deposits received by the assessee as income from other sources and assessed the assessment under section 56 of the act. ..... in the facts and circumstances the appeal under section 260-a of the 'act' has been preferred by the commissioner, income tax (appeals), shimla on the following substantial question of law:whether on the facts and in the circumstances of the case, the itat was right in holding that the assessee had correctly claimed adjustment and that amount of rs ..... the assessee was asked to explain why the interest earned on the short term deposit should not be assessed as income under the head 'income from other sources' under section 56 of the act. .....
Tag this Judgment!Court : Himachal Pradesh
Reported in : [2010]321ITR170(HP)
..... commissioner of income-tax : 201 itr 684 and held as follows:therefore, whenever any statutory impost paid by an assessee by way of damages or penalty or interest is claimed as an allowable expenditure under section 37(1) of the income-tax act, the assessing authority is required to examine the scheme of the provisions of the relevant statute providing for payment of such impost notwithstanding the nomenclature of the impost as given by the statute, to find whether it is compensatory or penal ..... income-tax, delhi : 123 itr 429 the apex court was dealing with section 10(2)(xv) of the income-tax act, 1922, which is identical to section 37 of the income-tax act. ..... the authority has to allow deduction under section 37(1) of the income-tax act, wherever such examination reveals the concerned impost to be purely ..... rival contention of the parties, it would be pertinent to refer to section 37(1) of the income-tax act, 1961, which reads as under:37(1). ..... - (1) if any dealer fails to pay the amount of tax due from him as required by sub-section (4) of section 12 he shall, in addition to the amount of tax, be liable to pay simple interest on the amount of tax due from him at the rate of one percentum per month from the date immediately following the last date for the submission of the return under sub-section (3) of that section, for a period of one month and thereafter at the rate of one and a half percentum per month ..... claimed deduction of the amounts paid as interest on royalty, sales tax, etc. .....
Tag this Judgment!Court : Himachal Pradesh
Reported in : [2000]118STC315(HP)
..... (i) if it is found that the evasion of tax under the himachal pradesh general sales tax act, 1968 or the central sales tax act, 1956 has been committed by the entrepreneur (registered dealer) ;(ii) in respect of the sale of finished cement, which has been procured or acquired by it for the sale in himachal pradesh ; and(iii) in respect of the sale of cement which has not been included and duly returned in the return filed under section 12(3) of the himachal pradesh general ..... itself and recording a finding either way in this regard instead of using such an invented or supposed lapse or reason merely to set aside the certificate and expose and saddle them with liability to pay tax and penalty as well interest, even when it is a fact on record that there is no dispute over the position that such person, who was permitted to avail of the incentive is prohibited from collecting ..... 1991, the industries department of himachal pradesh government issued an incentive scheme by their notification notifying the grant of certain incentives for new as well as already established units in the state in respect of deferment of payment of sales tax, electricity duty, etc. ..... in rajpatra, himachal pradesh (extraordinary) on october 1, 1992 shall apply mutatis mutandis in relation to (i) mode of availing of benefit of exemption and issue of exemption certificate, (ii) renewal of exemption certificate, (iii) cancellation of exemption certificate in form ste-ii, (iv) filing of returns, assessment, etc .....
Tag this Judgment!Court : Himachal Pradesh
Reported in : [1998]234ITR509(HP)
..... the question arose whether for the purpose of section 9 of the income-tax act, the interest paid by the assessee on the loan was deductible allowance as he was not the owner of the property since it had vested in the custodian. ..... the question as to whether the assessee could be considered as owner for the purpose of section 10(2)(vi) of the indian income-tax act, 1922, was decided against the assessee. ..... : [1975]100itr369(patna) , where also the question was considered under section 32 of the income-tax act and it was held that the lessee of the building could be treated as owner for the purpose of the said section.5. ..... under section 256(2) of the income-tax act, the high court may if it is not satisfied with the correctness of the decision of the appellate tribunal require the appellate tribunal to state the case and refer to it. ..... the supreme court had to consider the meaning of the word 'owner' with reference to section 9 of the indian income-tax act, 1922, in r. b. ..... the supreme court upheld the said decision of the high court, but while considering the meaning of 'owner', the supreme court observed as follows (page 575) :''the question is who is the 'owner' referred to in this section is it the person in whom the property vests or is it he who is entitled to some beneficial interest in the property it must be remembered that section 9 brings to tax the income from property and not the interest of a person in the property. .....
Tag this Judgment!Court : Himachal Pradesh
Reported in : (2009)26VST579(NULL)
..... the present reference, under section 33 of the himachal pradesh general sales tax act, 1968, has been made by the himachal pradesh sales tax, tribunal, dharamshala, for adjudication of the following questions:(1) whether the action of respondents charging the enhanced rate of tax of 25 per cent for the sales effected before february 1, 1979, is valid, since the enhancement in the rate of tax from 10 per cent to 25 per cent came into operation with effect ..... says that in the case of sale by auction, the same is complete when the auctioneer announces its completion by the fall of hammer, but the provision of section 64 is subject to the provision of section 62 of the said act, which says that where any right, duty or liability would arise under a contract of sale by implication of law, it may be negatived or varied by express agreement or by the course of dealing between the parties, or by usage, if the ..... make a reference to this court, under section 33 of the himachal pradesh general sales tax act, 1968, and submitted an application stating ..... by the highest bidder nor was it rejected by the competent authority, within the period of 30 days, and, therefore, in accordance with the terms and conditions of auction and the provision of section 64(2) read with section 62 of the sale of goods act, the sale stood completed on expiry of the 30-day period from the date of auction. ..... interest is chargeable on the said payment if made in instalment and tax ..... appeal and then revision, review, etc. .....
Tag this Judgment!Court : Himachal Pradesh
Reported in : [2010]186TAXMAN105(NULL)
..... in exercise of its power under section 256(1) of the income tax act (hereinafter referred to as act), the tribunal, chandigarh bench, chandigarh, has referred the following questions for our opinion:(i) whether, on the facts and in the circumstances of the case, the tribunal was right in law in allowing the assessee's claim regarding interest due on sticky loans ? ..... 1,03,286 to note that when this interest is received by the corporation, it will be brought to tax under section 41(1) of the income tax act, 1961. ..... the discount on issue of bonds, which according to him, was a liability that arose in the year other than the previous year relevant to the assessment year 1977-78 and issued direction that the amount towards interest accrued on sticky loans be considered afresh for the purpose of assessment taking into consideration the evidence, which may be put by the assessee before the assessing officer.4. ..... the assessee, financial corporation, set up under the state financial corporations act, filed returns for the assessment year 1978-79 ending on 31-1-1977 accounting year 1977-78. ..... 93,383 should have been returned as taxable income and should have been brought to tax by the income tax officer.10. ..... 12,57,274 on the basis of the return filed by the assessee declaring the income as rs. .....
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