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Judgment Search Results Home > Cases Phrase: income tax act Court: punjab and haryana Year: 1989 Page 1 of about 141 results (0.037 seconds)

Aug 02 1989 (HC)

Sat Pal and Co. Vs. Excise and Taxation Commissioner and ors.

Court : Punjab and Haryana

Decided on : Aug-02-1989

Reported in : (1990)86CTR(P& H)13; [1990]185ITR375(P& H)

..... matters. the conclusions in a. sanyasi rao's case are illuminating (headnote) :'entries in legislative lists in the constitution must be given a wide interpretation. the income-tax act defines the expression 'income' in clause (24) of section 2, but that definition cannot be read back into entry 82 of list i of the seventh schedule to the constitution. even ..... the challenge in this bunch of writ petitions is directed against the legality and constitutional validity of sections 44ac, 206c and 276bb incorporated in the income-tax act, 1961 (hereinafter referred to as 'the act'), by the finance act, 1988. the petitioners, also impugn the directions (annexure p-1) issued by the excise and taxation commissioners of the states of punjab and ..... stretch of imagination be called 'income' can be treated as 'income' and taxed as such by parliament. it must have some characteristics of income as broadly understood. so long as the amount taxed as income can rationally be called income as generally understood, it is competent for parliament to call it 'income' and levy tax thereon. section 44ac of the income-tax act, 1961, clearly indicates that the ..... government and they include the price of the liquor and the expenses on bottling, labelling, etc.3. parliament passed the finance act, 1988, and it has, among others, introduced sections 44ac, 206c and 276bb in the income-tax act. the provisions of section 44ac have been enforced with effect from april 1, 1989. these sections, in so far as they .....

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Feb 27 1989 (HC)

income-tax Officer Vs. Radha Kishan, Partner of Ghansham Dass Radha Ki ...

Court : Punjab and Haryana

Decided on : Feb-27-1989

Reported in : 1990CriLJ729

..... from the aforementioned three firms. he failed to do so within the time prescribed and thus he came within the grips of section 276cc of the income-tax act, 1961. on prosecution, the respondent was convicted by the trial court which sentenced him to three months rigorous imprisonment and a fine of rs. ..... order in these circumstances.4. mr. ashok bhan, learned counsel appearing for the income-tax officer-petitioner, is only aggrieved against the order of releasing the respondent on probation and on the strength of section 292a of the income-tax act says that either this court should impose the sentence or send the matter back to ..... the lower appellate court for doing the needful. section 292a provides as under:'section 360 of the cri. p. c. 1973 and the probation of offenders act, 1958 not to apply. ..... -respondent on probation in terms stated therein.2. the facts are simple. the respondent was a partner of three firms. these firms were assessable to income-tax for the year 1978-79. no doubt, the firms were required to file their returns before 31st july, 1978, the respondent too in his personal ..... punchhi, j.1. this is a revision petition against the appellate order of shri hari ram, sessions judge, ambala, preferred by the income-tax officer, a-ward, yamunanagar, district ambala. the challenge is solely confined to the substitution of the order of sentence to release of .....

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Mar 14 1989 (HC)

Commissioner of Income-tax Vs. Jindal Brothers Rice Mills

Court : Punjab and Haryana

Decided on : Mar-14-1989

Reported in : (1989)79CTR(P& H)235; [1989]179ITR470(P& H)

..... and plant, the amount received by way of subsidy has to be deducted from the actual cost for the purposes of allowing depreciation under section 32 of the income-tax act, 1961 (for short 'the act').2. in order to give an incentive for setting up new industries, the central government and state governments have been notifying policies from time to time. here, we ..... deducted from the cost of machinery and plant and building under section 43(1) of the income-tax act, 1961, for determining their actual cost for the purposes of depreciation allowance under section 32 of the act ?'5. for decision of the aforesaid question, section 43(1) of the act falls for consideration. it is in these terms :'43. (1) 'actual cost' means the actual ..... filed for the assessment year 1977-78, it claimed depreciation on the actual cost of machinery, plant and building under section 32 of the act, but the income-tax officer took notice of the subsidy of 15 per cent received by the assessee under these heads and reduced the actual cost of the plant, machinery and building by the ..... it was given to him. even if the assessee wrongly maintains the account books and utilises the entire subsidy against the value of the land to reduce its cost, the income-tax officer would not overlook the matter and would appropriate the subsidy in reducing the cost of the machinery, plant and building for which the subsidy was specifically granted. there is .....

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Apr 27 1989 (HC)

Commissioner of Income-tax Vs. Bharati Engineering Corporation

Court : Punjab and Haryana

Decided on : Apr-27-1989

Reported in : [1989]180ITR32(P& H)

..... income-tax officer held the assessee-firm liable to both long-term and short-term capital gains. 4. on appeal, the commissioner of ..... was right in law in confirming the deletion of capital gains of rs. 6,39,876 by the commissioner of income-tax (appeals) by holding that there was no transfer of any capital asset within the meaning of section 2(47) of the income-tax act, 1961 ?' 5. it is a well-settled proposition of law that mere entries in the books of a partnership ..... corresponding entries in the property account of the firm. 3. according to the income-tax officer, the market value of the three properties in question was much more than their book value and theassessee-firm was consequently called upon to show why capital gains under section 52(2) of the income-tax act, 1961, be not assessed. after considering the reply of the assessee, the ..... firm cannot convert partnership property into individual property of its partners. the judicial precedent for this view is provided by the judgment of the high court of karnataka in jansons v. cit : [1985]154itr432(kar) , where, the .....

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Sep 27 1989 (HC)

Kishan Chand Vs. Commissioner of Income-tax

Court : Punjab and Haryana

Decided on : Sep-27-1989

Reported in : [1990]183ITR83(P& H)

..... be. 7. similar view was taken by a division bench of this court in gopal singh v. cit . that case was decided under the provisions of the indian income-tax act, 1922. it is not disputed that the provisions of sections 23, 27 and 34 of the indian income-tax act, 1922, are in pari materia and identical with the provisions now embodied in sections 144, 146 ..... consideration of this court : 'whether, on the facts and in the circumstances of the case, the tribunal was right in holding that it is only under section 146 of the income-tax act, 1961, that the assessee could urge that he had complied with the notice under section 142(1) of the ..... cannot be raised without resorting to proceedings under section 27 of that act, i.e., under section 146 of the act. 8. a division bench of the bombay high court in gaurishanker kedia v. cit : [1963]49itr655(bom) , had also taken a similar view under the relevant provisions of the indian income-tax act, 1922. it was held that theassessee not having resorted to the provisions ..... and 142(1) of the act. in that case, it was held that, in an appeal filed against an .....

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May 18 1989 (HC)

Ganesh Factory Vs. Commissioner of Income-tax

Court : Punjab and Haryana

Decided on : May-18-1989

Reported in : [1989]180ITR416(P& H)

..... is disallowable under section 40(b) of the income-tax act, 1961, and thereby upholding the disallowance of rs. 18,000 in the appellant's case in respect of the assessment year 1974-75 ?' 2. by virtue of section 40, the ..... the tribunal has been in error in holding that the provisions of sections 40(b) and 40a(2) of the income-tax act, 1961, operate in different fields ? 2. whether the tribunal has been right in law in holding that though the income-tax authorities may restrict or modify a claim of payment of salary to a partner but even such restricted or modified payment ..... of the act were applicable and had overriding effect on section 40(b) did not prevail and the assessee remained unsuccessful. their ..... to three of its partners and during the assessment proceedings claimed deduction thereof as business expenditure. the income-tax officer disallowed the deduction as, the payment of salary to the partners was not allowable in view of section 40(b) of the income-tax act, 1961 (hereinafter called 'the act'). the contention of the assessee before the appellate assistant commissioner that the provisions of section 40a .....

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Jan 24 1989 (HC)

Commissioner of Income-tax Vs. S.L. Chopra

Court : Punjab and Haryana

Decided on : Jan-24-1989

Reported in : [1989]179ITR65(P& H)

..... were set aside with the observation that the charging of interest under section 215/217, by invoking the provisions of section 154/155 of the income-tax act was not justified. the commissioner of income-tax sought reference and the income-tax appellate tribunal, amritsar bench, has referred the following two questions for the assessment year 1971-72 for the opinion of this court:'1. whether ..... case, the appellate tribunal was right in law in setting aside the order of the appellate assistant commissioner upholding the order passed by the income-tax officer under section 154/155, read with section 217(1a) of the income-tax act, 1961, charging interest of rs. 1,553 for the assessment year 1971-72? 2. whether, on the facts and in the circumstances ..... tax payable was found to be more, interest was charged on the enhanced tax liability. the assessee challenged the levy of interest. he ..... 1972-73, regular assessments were framed and since the assessee had paid advance tax more than the tax liability, interest was allowed to the assessee on the amount found refundable. later on, the income-tax officer, by his orders passed under section 154, read with section 155 of the income-tax act, 1961, computed the income of the assessee at a higher figure and since the .....

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May 04 1989 (HC)

Commissioner of Income-tax Vs. Precision Steel and Engg. Works

Court : Punjab and Haryana

Decided on : May-04-1989

Reported in : [1989]179ITR283(P& H)

..... a partner as well as receives interest from him, only the net amount paid by the firm to the partner will be disallowed under section 40(b) of the income-tax act in computing the income of the firm.' 7. explanation 1 which came into effect from april 1, 1985, needed no clarification and the net amount, if any, paid to a partner, could ..... circumstances of the case, the tribunal was right in law in deleting the addition of rs. 1,08,287 as interest paid to partners under section 40(b) of the income-tax act, 1961 ?'2. section 40(b) as it stood during the assessment year in question was as follows :'40. notwithstanding anything to the contrary in sections 30 to 39, the following ..... those deposits during that period, they were paid interest amounting to rs. 1,08,287. during the assessment, the income-tax officer added back interest of rs 1,,08,287 as, under section 40(b) of the income-tax act, 1961 (hereinafter referred to as 'the act'), deduction of interest paid to the partners could not be allowed. the assessee obtained some relief from the commissioner ..... of income-tax (appeals). on further appeal to the income-tax appellate tribunal (for short 'the tribunal'), delhi, the assessee got the entire relief in .....

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Feb 27 1989 (HC)

Commissioner of Income-tax Vs. Gopi Chand Textile Mills Ltd.

Court : Punjab and Haryana

Decided on : Feb-27-1989

Reported in : [1989]179ITR371(P& H)

..... amounting to rs. 14,05,380 should be included in the capital of the assessee for the purpose of granting deduction under section 80j of the income-tax act, 1961 ?'3. the reference here has clearly to be answered in the affirmative and in favour of the assessee in view of the consistent ..... 1. the matter here concerns deduction under section 80j of the income-tax act, 1961, in respect of the value of the assets under installation.2. the assessee claimed relief in the computation of capital for the purposes of relief under section 80j of the act in respect of the value of installations amounting to rs. 14 ..... . cit : [1986]162itr163(ker) ; cit v. union carbide india ltd. : [1987]165itr546(cal) ; cit v. indian smelting and refining co. ltd. [1988] 169 itr 562 and c/t v. southern agrifurane industries ltd. [1988] 174 itr 697 ..... ,05,380. the tribunal, following the judgment in cit v. cibatul ltd. : [1978]115itr879(guj) , and cit v. mohan meakin breweries ltd. , accepted this claim of the assessee ..... cibatul ltd.'s case : [1978]115itr879(guj) , and mohan meakin breweries ltd.'s case , a similar view has been taken in cit v. indian oxygen ltd. : [1978]113itr109(cal) ; ravi machine tools (p.) ltd. v. c/t : [1978]114itr459(kar) ; periyar chemicals ltd. v .....

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Apr 26 1989 (HC)

Commissioner of Income-tax Vs. Ludhiana Steel Rolling Mills

Court : Punjab and Haryana

Decided on : Apr-26-1989

Reported in : [1989]180ITR155(P& H)

..... the rate at which the assessee, ludhiana steel rolling mills, is entitled to development rebate under section 33(1)(b)(b)(i)(b) of the income-tax act, 1961 (hereinafter referred to as 'the act'), namely, whether it should be 15% or 25% ?2. the business of the assessee-firm consists of rerolling of iron scrap, manufacture of ..... the assessee is entitled to development rebate at 25% within the meaning of section 33(1)(b)(b)(i)(b) of the income-tax act, 1961 ?'4. item no. (1) of the fifth schedule of the act reads as under :'iron and steel (metal), ferro-alloys and special steels'.5. the stand of the revenue with regard to ..... that what it manufactures falls within the ambit of item no. (1) of schedule v to the act, the development rebate that the assessee would be entitled to would be not 15% but 25%.3. the income-tax officer rejected the assessee's claim for development rebate at the rate of 25% of the cost of ..... the new plant and machinery under section 33(1)(b)(b)(i)(b) of the act, holding that the articles it manufactured were not covered by item ..... within this item. wire rods were thus held to be beyond the scope of item no. (1) of the fifth schedule to the act.6. a full bench of the high court of kerala in cit v. west india steel co. ltd. : [1977]108itr601(ker) , however, taken a somewhat different view. the case there concerned an .....

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