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Court : Punjab and Haryana
Decided on : Jan-23-1989
Reported in : (1989)80CTR(P& H)238; [1989]179ITR44(P& H)
S.S. Sodhi, J. 1. The assessee-firm required funds for carrying on its business. To provide these funds, its two partners, R.N. Wasan and A.N. Wasan, took loans against their individual insurance policies from the Life Insurance Corporation of India. The loans so taken were thereafter credited in the accounts of these two partners. The interest payable on these loans was subsequently paid by the assessee-firm directly to the Life Insurance Corporation, the amount so paid being Rs. 9,540. The question then arose as to whether this amount paid as interest fell outside the ambit of Section 40(b) of the Income-tax Act, 1961 (hereinafter referred to as 'the Act').2. According to the Income-tax Officer, this amounted to interest paid to the partners which could not be allowed in view of Section 40(b) of the Act. This was confirmed by the Appellate Assistant Commissioner in appeal, The Tribunal, however, held that the provisions of Section 40(b) of the Act were not attracted and that the disa...
Tag this Judgment!Court : Punjab and Haryana
Decided on : Jul-28-1989
Reported in : (1990)97PLR1
M.M. Punchhi, J.1. These are 19 matters which have been admitted to be heard by a Full Bench. Two are Civil Writ Petitions Nos. 2175 and 5488 of 1986 and seventeen are Letters Patent Appeals Nos. 264, 283 to 294, 321 to 326, 342 and 343 of 1980.2. The Municipal Corporation, Amritsar (hereinafter referred to as 'the Corporation') is the constesting party on one side in these matters. And the contestants on the other side are house-tax payers. Their dispute with the Corporation and its officers is with regard to the method of the assessment of house-tax under the provisitions of Section 93 of the Punjab Municipal Corporation Act, 1976 (hereinafter referred to as 'the Corporation Act'). The house-tax payers rely on a Division Bench decision of this Court in Punjab Concast Steels Ltd. Ludhiana v. The Municipal Corporation Ludhiana, (1985-1) 87 P. L. R. 757. and on the other hand the Corporation relies on a Division Bench decision in Hukam Chand v. The State of Punjab., 1979 (1) L. L. R. 12...
Tag this Judgment!Court : Punjab and Haryana
Decided on : Jun-02-1989
Reported in : AIR1990P& H99
ORDERSukhdev Singh Kang, J.1. Challenge by M/s. Indian Oil Corporation in this writ petition under Articles 226/227 of the Constitution is directed against orders of the authorities of Municipal Corporation, Jalan-dhar (hereinafter referred to as respondent No. 1) imposing octroi duty and appellate order dated June 5, 1985 (Annexure P-6 to the writ petition) passed by the Commissioner, Jalandhar Division, Jalandhar, dismissing 19 appeals filed by the petitioner-Corporation. The petitioner also challenges the constitutional validity of Section 113 of the Punjab Municipal Corporation Act, 1976 (for short, 'the Act') being beyond the competence of the State Legislature. The circumstances which have led to the controversy may briefly be stated thus :The petitioner-Corporation has set up a Pipe Line Terminal and.L.P.G. Bottling Plant at Suchi Find in District Jalandhar in the State of Punjab. It constructed buildings and storage tanks and other installations for the purpose of the abovesaid...
Tag this Judgment!Court : Punjab and Haryana
Decided on : Jun-02-1989
Reported in : 1989(24)LC533(P& H)
J.S. Sekhon, J.1. The sole controversy in this writ petition preferred under Articles 226 and 227 of the Constitution of India is whether through the impugned letter, Annexure P-7, dated 18th May, 1987, respondent No. I can amend, dilute or restrict the conditions of industrial licence (Annexure P-5) granted to the Petitioner-Company on May 19, 1986, for the manufacture of furfural and edible rice bran oil under the 100% Import-Export Policy April-March 1982-83, (Annexure P-2) (in the face of doctrine of promissory estoppel), as the Petitioner-Company was allowed to act and import machinery/capital goods, including two rice shelling plants of the value of Rs. 35.5 crores equal to 28.4 million U.S.$.2 The factual matrix of the case is that the Government of India, Ministry of Commerce, formulated an Import and Export Policy for the year 1982-83 with a view to encourage foreign exchange. Para 172 of this policy envisaged setting up 100% Export Oriented Units. The Chief Controller of Impo...
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