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Judgment Search Results Home > Cases Phrase: income tax act Court: punjab and haryana Year: 2006 Page 1 of about 183 results (0.039 seconds)

Aug 04 2006 (HC)

Commissioner of Income Tax-i Vs. Abhishek Industries Ltd.

Court : Punjab and Haryana

Decided on : Aug-04-2006

Reported in : (2006)205CTR(P& H)304; [2006]286ITR1(P& H)

..... '. subsequently, revised return was filed on 12.8.1994 declaring the loss at rs. 4,53,07,410/-. the assessment was completed under section 143(3) of the income-tax act, 1961 (for short, `the act') and vide order dated 29.3.1996 assessing the loss at rs. 96,81,213/-, inter alia, making additions on account of disallowance of interest under section 36 ..... and to that extent it may not have been necessary to borrow from the banks. we are, therefore, of the opinion that the income-tax officer wasright in disallowing the difference of interest under section 36(1)(iii) of the income-tax act and that the tribunal's approach is not only superficial but too nave.20. in indian metals and ferro alloys ltd. v ..... . cit : [1992]193itr344(orissa) , the orissa high court held (page 349):. it may be pointed out that, in a hypothetical case, an assessee can earn ..... sons : [1990]185itr324(mad) , interest on borrowed capital to the extent the same was utilised for non- business purposes was disallowed under section 36(1)(viii) of the act.17. in commissioner of income-tax v. v.i. baby and co. : [2002]254itr248(ker) , kerala high court, while reversing the order of the tribunal, held as under:we are inclined to accept the .....

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Mar 17 2006 (HC)

Reekha Kumari Vs. Union of India (Uoi) and ors.

Court : Punjab and Haryana

Decided on : Mar-17-2006

Reported in : (2006)143PLR518

..... already stated in the above said sub-para (b) no body can make the repayment beyond rs. 20,000/- in cash as per the provision of the income tax act. moreover, no document has been placed on record which shows that the alleged withdrawal of rs. 5,000/- from m/s shree ram seeds at that time, ..... no. 18 i.e. sources of funds. moreover as per the provisions of the income tax act, no one can make the repayment beyond rs. 20,000/- in cash. therefore, the alleged repayment is false, bogus and procured one only to mislead this ..... rs. 25,000/- alleged to be returned by shri pawan kumar from what sources. it is pertinent to mention here that as per the provision of the income tax act, the amount which was given as a loan on the basis of repayment is a deposit. this was to be disclosed by the present respondent in column ..... petitioner came to know that no entry of alleged withdrawal of rs. 5,000/- is present in the statement of accounts of respondent no. 4 in the income tax return of shree ram seeds relating to the financial year 1999-2000. this all shows that the details given by the present respondent which has been concealed ..... e. rajinder mehta s/o shri r.c.mehta. this money is seems to be given on some business transaction as no affidavit and balance sheet of income tax return of the present respondent has been filed with regard to the same. moreover, this amount has not been shown in the application form in the .....

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Jan 16 2006 (HC)

Commissioner of Income-tax Vs. Bank of Punjab Ltd.

Court : Punjab and Haryana

Decided on : Jan-16-2006

Reported in : (2006)206CTR(P& H)651; [2006]286ITR630(P& H)

..... under the companies act, 1956. in the return of income for the relevant assessment years, the assessee claimed depreciation on the assets, leased out by it to the punjab state electricity ..... d.k. jain, c.j.1. these three appeals, by the revenue, under section 260a of the income-tax act, 1961 (for short 'the act'), are directed against the orders passed by the income-tax appellate tribunal, chandigarh bench (for short, 'the tribunal'), in i.t.a. no. 340/chand/2001 ; 646/ chand/2001 and 321/chand/2003, pertaining to the assessment years 1996-97 ..... facts and in the circumstances of the case, the hon'ble income-tax appellate tribunal was right in law in not accepting the plea of the revenue to determine the written down value of the 100 per cent, depreciable assets in question according to explanation 3 to section 43(6) of the income-tax act, 1961 ?3 the respondent-assessee is a banking company incorporated ..... . patwalia's arguments is that the tribunal has erred in entertaining additional evidence, furnished by the assessee before it, without following the procedure laid down in rule 29 of the income-tax (appellate tribunal) rules, 1963(for short 'the rules'). it is asserted that the tribunal has not recorded any reason for admitting the evidence, which had been rejected by the commissioner .....

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Jan 19 2006 (HC)

Govind Singh and ors. Vs. Mynah International Ltd.

Court : Punjab and Haryana

Decided on : Jan-19-2006

Reported in : (2006)142PLR872

..... to deduct the amount of tax deducted at source on the rent/lease amount, if the amount of rent/lease is beyond rs. 20,000/- per annum.13 ..... account of tax deducted at source on the ground that he has not paid taxes to the local authorities.12. i do not find any force in the aforesaid contention of the counsel for the petitioners as the tenant or the lessee is under statutory obligation under section 194-i of the income tax act, 1961 ..... amount due every month, whether as rent or compensation for use and occupation at the admitted rate of rent, after making no other deduction except the taxes, if any, paid to a local authority, in respect of the building on lessor's account.10. explanation 3, in my opinion, has categorically ..... rent or compensation for use and occupation, calculated at the admitted rate of interest for admitted period of arrears, after making no other deduction except the taxes, if any paid to a local authority in respect of the building on lessor's account. explanation 3 provides that the expression 'monthly amount due' ..... or compensation for use and occupation, calculated at the admitted rate of rent for the admitted period of arrears, after making no other deduction except the taxes, if any paid to a local authority in respect of the building on lessor's account and the amount, if any, deposited in any court.explanation .....

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Feb 10 2006 (HC)

Ajaib Singh and anr. Vs. Bank of Punjab Ltd. and ors.

Court : Punjab and Haryana

Decided on : Feb-10-2006

Reported in : IV(2006)BC555; (2006)143PLR13

..... of sale.13. rule 60 of the rules in the second schedule to the income tax act, 1961 reads as under:-60(1) where immovable property has been sold in execution of a certificate, the defaulter, or any person whose interests are affected ..... ) of the code of civil procedure or within 60 days as prescribed by article 127 of the limitation act, 1963. but the said debate is not relevant under the sale regulated by schedule ii of the income tax act, 1961, as rule 60 provides that the deposit has to be made within 30 days from the date ..... , the appellant gets no interest in the property put to auction to enable him to apply for setting aside of such auction under rule 60 of the income tax rules.18. no other point is urged.19. in view of the above, i do not find any illegality or irregularity in the findings recorded by ..... have thus locus standi to file objections to seek setting aside of sale on deposit of due amount.17. the hon'ble supreme court in k. basavarajappa v. tax recovery commissioner, bangalore : [1997]223itr297(sc) , held that under rule 60, the defaulter or his power of attorney can move the application for setting aside ..... admitted facts on record, a sale deed was executed by the plaintiffs and defendant no. 3 in favour of defendant no. 2-a company incorporated under the companies act, 1956 and, thus, a juristic person on 24.4.1994. thereafter, defendant no. 2, the company, has executed a mortgage deed dated 1.8.1995 .....

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Aug 17 2006 (HC)

Commissioner of Income Tax-i Vs. Vardhman Polytex Ltd.

Court : Punjab and Haryana

Decided on : Aug-17-2006

Reported in : (2006)205CTR(P& H)457

..... ambiguous. the same is in terms of the judgment of hon'ble the supreme court in challapalli sugars ltd. v. cit : [1975]98itr167(sc) . in the said case, the expression actual cost under the income-tax act, 1922 was under consideration, which had not been defined therein. an identical issue therein was as to whether interest ..... ,48,09,071/-. in the computation of income filed alongwith revised return, the assessee ..... of yarn, filed its return of income for the year in question on 30.12.1992, declaring its taxable income at rs. 3,59,86,351/-. the return was processed under section 143(1)(a) of the income tax act, 1961 (for short 'the act') on 6.1.1992 at a total income of rs. 3,60,04,130/-. ..... the assessee thereafter filed revised return on 6.8.1993 declaring a taxable income of rs. 3 ..... mills ltd. (supra) and also the recent judgment of calcutta high court in jct ltd. v. deputy commissioner of income-tax and anr. (supra), addition of proviso in section 36(1)(iii) of the act, in our view, the question raised in the present appeal is required to be heard by a larger bench. accordingly, .....

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Apr 28 2006 (HC)

Mapsa Tapes Pvt. Ltd. Vs. Union of India (Uoi)

Court : Punjab and Haryana

Decided on : Apr-28-2006

Reported in : 2006(201)ELT7(P& H)

..... meerut v. m/s. seth brothers and ors. : [1969]74itr836(sc) , while interpreting an identical expression used in section 132 of the income-tax act, 1961, it was observed:the section does not confer any arbitrary authority upon the revenue officers. the commissioner or the director of inspection must have, ..... irrelevant to the purpose of the section. to this limited extent the action of the income tax officer in starting proceedings under section 34 is open to challenge in a court of law. (see calcutta discount co. ltd. v. income-tax officer companies district 1, calcutta : [1961]41itr191(sc) ).21. even from a ..... is also submitted that samples of goods are already lying with the respondents. it is also submitted that summoning under section 108 of the act was also without jurisdiction.4. another argument raised by the counsel for the petitioner is that the action of the respondents of search and ..... the authorities.3. action of the respondents has been challenged on the grounds that once the goods have been cleared under section 47 of the act, adjudication had taken place, hence, there was no power of confiscation. in respect of goods which were cleared on provisional assessment basis, adjudication ..... january 2005, covered by bills of entry, annexure p.i (collectively), the proper officer cleared the bills of entries under section 47 of the act and the petitioners deposited the requisite duty. as far as second consignment of goods, which are woven silk fabrics, b grade, bills of entries .....

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Jan 09 2006 (HC)

Commissioner of Income-tax Vs. Kulwant Singh and Co.

Court : Punjab and Haryana

Decided on : Jan-09-2006

Reported in : [2006]283ITR301(P& H)

..... d.k. jain, c.j.1. this appeal by the revenue under section 260a of the income-tax act, 1961 (for short 'the act'), is directed against order dated february 24, 2004, passed by the income-tax appellate tribunal, amritsar bench, amritsar (for short 'the tribunal'), in i. t. a. no. 659(asr)/1997 pertaining to the assessment year 1988-89.2. according to the revenue, the ..... of rs. 3,75,000 as unexplained investment. the assessment was framed under section 144 of the act in the status of association of persons (for short 'the aops'). however, on the assessee's challenge to the said order in appeal before the commissioner of income-tax (appeals), the addition was deleted on the ground that the alleged investment was made during the ..... -89, and framed an assessment under section 144 on the respondent, taking its status as association of persons.5. aggrieved, the assessee preferred an appeal to the commissioner of income-tax (appeals) who annulled the assessment, inter alia, on the ground that since ..... previous year, relevant to the assessment year 1988-89.4. in view of the said order of the tribunal, the assessing officer initiated action under section 148 of the act in respect of the assessment year 1988 .....

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Feb 21 2006 (HC)

Commissioner of Income Tax Vs. Leader Valves P. Ltd.

Court : Punjab and Haryana

Decided on : Feb-21-2006

Reported in : (2006)206CTR(P& H)463; [2006]285ITR435(P& H)

..... order in deleting the addition of rs. 35,47,867 made in the trading account by invoking the provisions of section 145(2) of the income-tax act, 1961?(iii) whether, on the facts and in the circumstances of the case, the appellate tribunal was right in law in allowing triple shift ..... surya kant, j.1. by this petition under section 256(2) of the income-tax act, 1961 (for short 'the act'), the revenue seeks a direction to the income-tax appellate tribunal (for short 'the tribunal'), amritsar bench, amritsar, to state the case and refer the following questions for the ..... the assessee's case in part and held that its books of account were fully verifiable, therefore, section 145 of the act need not have been invoked. the commissioner of income-tax (appeals) also held that the basis of treating the purchases from seven scrap dealers as bogus, was wrong as the ..... assessee, was considered 'adverse' by the assessing officer by adopting an erroneous approach. the tribunal also affirmed the conclusion drawn by the commissioner of income-tax (appeals) that m/s. kohinoor enterprises and m/s. swami enterprises are existing parties doing business of scrap metal and had vast financial resources at ..... to persuade ourselves to agree with learned counsel. we find from the tribunal's order that the analysis and conclusions drawn by the commissioner of income-tax (appeals) on the appreciation of material on record, have been concurred with the tribunal after taking notice of the fact that the trading results .....

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Aug 01 2006 (HC)

Smt. Kusum Sharma Vs. Commissioner of Income Tax and anr.

Court : Punjab and Haryana

Decided on : Aug-01-2006

Reported in : [2008]303ITR389(P& H)

..... naresh kumar sharma, who derives income from rent and agriculture. the return of income for the assessment year in question was filed on 31.3.1999 declaring her income at rs. 59,540/-, which was processed under section 143(1)(a) of the income tax act, 1961 (for short 'the act') on 29.7.1999. however ..... record for bajra, gram, jawar and paddy in consonance with revenue record produced by the assessee. 3. in appeal, the commissioner of income tax (appeals) (for short 'the cit (a)') set aside the additions relying upon corrected khasra girdwari produced before him. correction having taken place before the assessment but were ..... 1. this is an appeal filed by the assessee raising following substantial questions of law, arising out of order passed by the income-tax appellate tribunal, chandigarh bench 'a', chandigarh (for short 'the tribunal') in ita no. 124/chandi/2001, dated 8.9. ..... on account of expenditure incurred on seeds, labour and transportation etc. in totality the evidence furnished by the assessee to support her claim for agricultural income did not inspire confidence. 5. we have perused the findings recorded by the tribunal, the gist of which has been referred to above. learned ..... fact and circumstances of the case, the action of the authorities below in ignoring the evidence put forth by the appellant, thereby, explaining her agricultural income, is legally sustainable in the eyes of law (ii) whether in fact and circumstances of the case, the action of the authorities below in .....

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