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Judgment Search Results Home > Cases Phrase: income tax act Court: punjab and haryana Year: 2008 Page 1 of about 159 results (0.039 seconds)

Feb 05 2008 (HC)

Commissioner of Income-tax Vs. Sohan Pal, Huf

Court : Punjab and Haryana

Decided on : Feb-05-2008

Reported in : [2008]302ITR262(P& H)

..... right in holding that the view of the assessee regarding non-taxability of enhanced compensation was bona fide particularly in view of the provisions of section 45(5) of the income-tax act?2. the brief facts of the case are that the respondent-assessee is an agriculturist whose agricultural land was acquired by the haryana urban development authority (huda) and the assessee ..... -99 raising the following substantial questions of law:(i) whether the hon'ble income-tax appellate tribunal was right in law in deleting the penalty levied under section 271(1)(c) of the income-tax act, 1961, whereas it had already confirmed the addition made under section 45(5) of the income-tax act on account of enhanced compensation received during the previous year relating to the assessment ..... claim bona fide on the basis of a possible view could not be treated as concealment of its income by the assessee or furnishing of inaccurate particulars of such income so as to attract the penal provisions of section 271(1)(c) of the income-tax act. the said finding of fact has been given by the tribunal after perusing the relevant material on record ..... and, therefore, the assessee was directed to pay penalty under section 271(1)(c) of the income-tax act, 1961, equal to 100 per cent, of tax sought to be evaded. the appeal filed by the assessee against the order of penalty was accepted by the commissioner of income-tax (appeals), faridabad, vide order dated january 4, 2006. the relevant part of the order of the .....

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Jan 30 2008 (HC)

Jamna Auto Industries Vs. the Comissioner of Income Tax

Court : Punjab and Haryana

Decided on : Jan-30-2008

Reported in : (2008)214CTR(P& H)649; [2008]299ITR92(P& H); (2008)149PLR719

..... by the statute, to find whether it is compensatory or penal in nature. 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 compensatory in nature. wherever such impost is found to be of a composite nature, that is, partly of compensatory nature ..... under: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 ..... allowed the amount of rs. 50,000/-as deductions out of the total income. but lateron, a notice was issued to the assessee under section 148 of the income tax act, 1961 (for short 'the act') on the strength of a plea that the jurisdictional high court in cineramas v. commissioner of income tax, amritsar-i had held that infractions of law, including breaches of obligations are ..... supplying cotton to the mills and, therefore, settled the dispute by paying them a sum of rs. 48,158/-. the income-tax officer disallowed the payment holding it to be a speculative transaction in terms of section 43(5) of the act. the tribunal, however, took the view that payment had been made due to abnormal circumstances for the reason that the assessee .....

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Feb 06 2008 (HC)

Commissioner of Income-tax Vs. Amrik Singh

Court : Punjab and Haryana

Decided on : Feb-06-2008

Reported in : (2008)219CTR(P& H)65; [2008]299ITR14(P& H)

..... the same court decree dated january 31, 1972, vide which the present appellant had acquired the land.6. the revenue filed a reference application under section 256(1) of the income-tax act, with a prayer for referring the question mentioned in the application, said to be a question of law and arising out of the tribunal's order dated september 1, 1981 ..... ]106itr998(cal) .8. we have learned counsel for the applicant and perused the record.9. it is useful to reproduce section 45 of the income-tax act, 1961, as it existed at the relevant time:45.(1) any profits or gains arising from the transfer of a capital asset effected in the previous year shall, save as ..... appeal under section 250(6) of the income-tax act, before the commissioner (appeals) who vide his order dated september 1, 1981, allowed the ..... pay any capital gains for the said land. however, the income-tax officer did not agree with the assessee and the amount received by the assessee from the acquisition of the said land was added to the income of the assessee. the said order for assessment was made under section 143(3) of the income-tax act, on june 30, 1978.4. the assessee carried an .....

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Jan 21 2008 (HC)

Commissioner of Income Tax-i Vs. Vardhman Polytex Limited

Court : Punjab and Haryana

Decided on : Jan-21-2008

Reported in : (2008)214CTR(P& H)561; [2008]300ITR186(P& H)

..... . coelho's case (supra) the issue was only as to whether the interest paid by the assessee was an allowable deduction under section 5(e) of the madras plantations agricultural income-tax act, 1955 and not as to whether the same was to be capitalized or not.a delhi high court judgment in dalmia cement' (bharat) limited's case (supra), is also distinguishable ..... the building, plant or machinery is erected or constructed, is part of the actual cost to the assessee within the meaning of section 33 read with section 43 of the income-tax act, 1961. this seems to us to be in accordance with both popular and commercial conceptions. once it is recognized that a building, plant or machinery can be constructed or erected ..... of the case, the assessee was entitled under the provisions of sections 10(2)(vi), 10(2)(via) and 10(2)(vib) read with section 10(5) of the indian income-tax act, 1922, to treat the sum of rs. 23,53,284 being the amount of interest paid on monies borrowed as part of the actual cost for the purposes of depreciation ..... (1), as reported in (2003) 260 itr 139 and (1986) 158 itr 88, respectively, are extracted below:clause 15 seeks to amend section 36 of the income- tax act relating to certain other deductions allowed under that act.under the existing provision contained in clause (iii) of sub-section (1) of the said section, deduction of interest is allowed in respect of capital borrowed .....

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Mar 03 2008 (HC)

Commissioner of Income-tax Vs. Punjab State Co-operative Bank Ltd.

Court : Punjab and Haryana

Decided on : Mar-03-2008

Reported in : [2008]300ITR24(P& H)

satish kumar mittal, j.1. the instant appeal filed by the revenue under section 260 of the income-tax act, 1961 (hereinafter referred to as 'the act'), is directed against the order dated july 31, 2006, passed by the income-tax appellate tribunal, chandigarh bench 'b', chandigarh (hereinafter referred to as 'the hat'), in i. t. a. no. 550/chandi/2005 in the case of the ..... substantial question of law:whether, on the facts and circumstances of the case, the hon'ble income-tax appellate tribunal was right in law in holding that income earned from banking business with 'nominal' members is eligible for deduction under section (2)(a)(i) of the income-tax act, 1961?2. the brief facts of the case are that the respondent-co-operative bank (hereinafter ..... referred to as 'the assessee'), is a registered society under the punjab co-operative societies act, 1961 (hereinafter referred to as 'the societies act'). the assessee is a co-operative society carrying on the business ..... after some time, was the activity of the business of banking covered under section 80p(2)(a)(i) of the act.5. the revenue feeling not satisfied with the order of the commissioner of 5 income-tax (appeals) preferred an appeal before the income-tax appellate tribunal, who vide its order dated july 31, 2006, dismissed the appeal of the revenue and confirmed the .....

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Jul 01 2008 (HC)

Balhar Chand and ors. Vs. State of Punjab and ors.

Court : Punjab and Haryana

Decided on : Jul-01-2008

Reported in : 2008CriLJ4783

..... were not permissible, but it does not absolve petitioners as the amount so received was to be declared before the income tax authorities. non-declaration of the amount will amount to evasion of tax and income tax authorities are within their right to proceed under income-tax act in accordance with the provisions of law. the amount recovered was also subject-matter of criminal proceedings which had been ..... been stated that the statements of balhar chand @ billa, balwinder kumar, avtar singh @ tari and mohan lal were recorded under section 37 of foreign exchange management act, 1999 read with section 131 of the income tax act, 1961. balhar chand in his statement stated that on 27-4-2001 when he along with his cousin brother balwinder kumar and his friend avtar singh were ..... the fema authority with the s.h.o., police station sadar, jalandhar so that the same may be ordered to be released to the income tax department in accordance with the request made under section 132a(i) of the income-tax act.in the light of the above discussion, the application filed by the deputy director (in-vestigation)-ii, jalandhar is hereby allowed and the ..... any order from the competent court before releasing the amount in favour of the accused/revisionists. because of this the investigation which was to be carried out by the income tax department under section 132a of income-tax act has been adversely affected. the authority relied upon by the learned lower court in the case of amandeep singh v. director of .....

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Apr 22 2008 (HC)

Sajiv Vohra (Huf) Vs. Commissioner of Income-tax

Court : Punjab and Haryana

Decided on : Apr-22-2008

Reported in : [2009]316ITR267(P& H)

..... filed by the assessee have been dismissed.2. the brief facts of the case are that on november 27, 2001, notices under section 148 of the income-tax act, 1961 (hereinafter referred to as 'the act') in the case of shri sajiv vohra, individual, were issued for the assessment years 1997-98 to 2000-01 for the reason that various investments made ..... heard the arguments of learned counsel for the appellant and gone through the impugned orders.10. learned counsel for the appellant submitted that the commissioner of income-tax (appeals) as well as the learned income-tax appellate tribunal have not properly appreciated the facts of this case and thus have wrongly come to the conclusion that the appellant has failed to prove ..... as substantive. these additions were never challenged by the assessee and achieved finality. as such, they became substantive additions. in the hindu undivided family assessment, the commissioner of income-tax (appeals) upheld the assessing officer's findings that the assessee never had an hindu undivided family. the protective assessments in the hindu undivided family status were deleted on the ..... basis since the return had been filed in the status of hindu undivided family.5. feeling aggrieved against the aforesaid order, the assessee filed an appeal before the commissioner of income-tax (appeals), who, vide order dated september 22, 2004, upheld the findings of the assessing officer that actually there was no hindu undivided family. however, the protective assessment .....

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Apr 10 2008 (HC)

Commissioner of Income-tax Vs. Marudhar Chemicals and Pharmaceuticals ...

Court : Punjab and Haryana

Decided on : Apr-10-2008

Reported in : [2009]319ITR75(P& H)

..... finding, an addition of rs. 2,56,358 was made to the assessee's income under section 36(1)(iii) of the income-tax act, 1961 (hereinafter referred to as 'the act').10. on appeal, filed by the assessee, the commissioner of income-tax (appeals), ludhiana, by following the decision of the tribunal in the case of ..... following substantial question of law has been raised:whether, in the facts and circumstances of the case, the income-tax appellate tribunal was right in disallowing the interest under section 36(1)(iii) of the income-tax act on interest free loans granted to the sister concern, contrary to the judgment of the hon'ble supreme ..... court in s. a. builders v. cit : [2007] 288 itr 1 ?3. the brief facts of the four appeals ..... and the purpose of business.16. in the light of the aforesaid judgment, we have gone through the impugned orders. in our view, the income-tax appellate tribunal has not examined, considered and decided the matter in accordance with the aforesaid principle of law. in none of these cases, a ..... industries ltd.'s case : [2006] 286 itr 1 has to be applied. in the result, we set aside the order of the commissioner of income-tax (appeals) and restore that of the assessing officer.11. mr. yogesh putney, advocate, counsel for the revenue, argued that the controvery raised in the .....

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Feb 06 2008 (HC)

Commissioner of Income Tax Vs. Septu India (P) Ltd.

Court : Punjab and Haryana

Decided on : Feb-06-2008

Reported in : (2008)2PLR63

..... that these debts became really bad. on appeal filed by the assessee, the commissioner of income tax (appeals) deleted the said addition by holding that after amendment to section 36(1)(vii) of the income tax act (hereinafter referred to as 'the act'), it was not obligatory on the part of the assessee to prove that the debts written ..... -off were indeed bad debts. feeling aggrieved against the said order, the revenue filed an appeal before the itat. the itat dismissed the said appeal and confirmed the order of commissioner of income tax ..... satish kumar mittal, j.1. the instant appeal filed by the revenue is directed against the order dated 22.12.2006 passed by the income tax appellate tribunal, delhi bench 'd' new delhi (hereinafter referred to as 'the itat') in i.t.a. no. 2133/del/03 in ..... section 28 of the act of the amount of any bad debt or ..... chidambaram chettair v. cit : [1967]64itr181(mad) relied on.however, we find that the gujarat high court in the case of cit v. girish bhagwan prasad 256 i.t.r. 772 has held that under the provisions of section 36(1)(vii) of the act, deduction had to be allowed in computing the income referred to in .....

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Feb 07 2008 (HC)

Commissioner of Income-tax Vs. Ssp P. Ltd.

Court : Punjab and Haryana

Decided on : Feb-07-2008

Reported in : (2008)219CTR(P& H)486; [2008]302ITR43(P& H)

..... tribunal erred in deciding that proving contumacious intent is an essential ingredient in levy of penalty in contravention of the provisions of a civil statute like income-tax act in spite of there being so many judgments that breach of a civil obligation attracts levy of penalty whether the contravention was made by the defaulter with any guilty intention ..... ] 291 itr 122 : 210 ctr 287 (mad)(c) whether, on the facts and in the circumstances of the case, the hon'ble income-tax appellate tribunal erred in deleting the penalty levied under section 271(1)(c) of the income-tax act, 1961, whereas it had confirmed all the additions/disallowances?2. a brief facts giving rise to this appeal are as under:3. the ..... respondent-assessee filed a return declaring an income of rs. 45,62,890 on january 4, 1994, which was processed under section 143(1)(a) of the income-tax act (for short 'the act') on an income of rs. 53,17,880 vide order dated february 14, 1994. this order was rectified under section 154 ..... of the act on an income of rs. 45,76,027 vide order dated march 4, 1994 and the same was again rectified .....

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