Punjab and Haryana HC

Mere accruing of income jointly to more persons than one would not constitute thereon an AOP

Sudhir Nagpal Vs Income-tax Officer (Punjab And Hariyana High Court)

In order to assess individuals to be forming association of persons, the individual co-owners should have joined their resources and thereafter acquired property in the name of association of persons and the property should have been commonly managed, only then it could be assessed in the hands of associations of persons. Conversely, the ...

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Section 44AB not applicable if Assessee not involved in or has no income from business / profession

Commissioner of Income-tax Vs Market Committee (Punjab and Hariyana High Court)

Section 44AB of the Act becomes operative where there is computation of profits and gains of business or profession as a part of total income. In other words, it has no applicability where the assessee is not involved in or has no income from profits and gains from business or profession. ...

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Addition made In absence of plausible explanation in respect of unaccounted sales is justified

Harbhajan Singh Vs Commissioner of Income-tax-II, Chandigarh (Punjab and Hariyana High Court)

The assessee was not able to offer any plausible explanation for the sum of Rs.30,40,000/- which was surrendered by the assessee. Further, during the course of survey, it was found that certain sale invoices were either not recorded in the books of account or were under invoiced....

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S.54 exemption not available on House not having basis amenities

Ashok Syal Vs Commissioner of Income-tax (Punjab and Hariyana High Court)

In the instant case, in order to examine the entitlement of the assessee for exemption under section 54, it is to be seen whether the assessee had constructed residential house within three years of the transfer of his property. For doing so, the meaning of the term 'house' is to be explored. The term 'house' has not been given any statut...

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Whether assessee could book its expenses on accrual basis & receipts on actual receipt basis

The Commissioner of Income Tax Vs M/s Phool Singh Yadav & Co.,Gurgaon. (Punjab and Hariyana High Court)

The assessee has followed mercantile system of accountancy in regard to the expenditure incurred during that year and results were declared on actual receipt and this method is constantly followed by the assessee since last so many years, therefore, addition of the amount received in the next year in the month of April should not have bee...

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Order not dealing with finding of sham transaction is erroneous, cryptic, perverse & laconic

Commissioner of Income Tax (Central) Ludhiana Vs M/s Punjab Breweries Ltd. Ludhiana (now amalgamated with M/s United Breweries) (Punjab and Hariyana High court at Chandigarh)

It is not in public interest to accept such a claim when there is no evidence of rendering any service by Blue Chip & Co to the assessee. The sole object of diverting funds to Blue Chip & Co was to facilitate passing of funds as interest free loan to Vijay Mallya and Samira Mallya. ...

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Bogus Purchase cannot be subject matter of best judgment assessment

J.R. Solvent Industries (P.) Ltd. Vs CIT (Punjab and Hariyana High Court)

J.R. Solvent Industries (P.) Ltd. v. CIT Section 145 deals with method of accounting. However, under section 145(2) where the Income-tax Officer is not satisfied about the 'correctness' or 'completeness' of the accounts of the assessee or where no method of accounting has been regularly employed by the assessee then the Income-tax Officer...

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Tippers, vibrator & vibrator soil compactor are commercial vehicle

Commissioner of Income Tax Vs Rakesh Jain, (Punjab and Hariyana High Court at Chandigarh)

Commercial vehicle is to include heavy goods vehicle, heavy passenger motor vehicle, light motor vehicle, medium goods vehicle but is not to include maxi-cab, motor-cab, tractor and road-roller. Therefore, the question which falls for consideration is whether Tippers, Vibrator and Vibrator Soil Compactor would be covered by the expression...

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S.154 – A.O. Can rectify Assessment order

The Commissioner of Income Tax- III Vs. M/s Varindra Construction Company (Punjab & Haryana High Court)

Whether assessing Officer has jurisdiction to rectify the original assessment u/s 154 of the Act, as it was change of opinion and the review of order passed by his predecessor was not permissible under law. Held - That assessing officer has a power to rectify the assessment by invoking the provisions of Section 154 of the Act. The rate o...

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Settlement by company amounts to compounding with principal debtor & results in discharge of surety

Kundanmal Dabriwala Vs Haryana Financial Corporation (Punjab and Hariyana High Court)

'Whether the revival scheme submitted by the petitioner under sections 391 and 394 of the Companies Act, 1956 and accepted by Court amounts to compounding with the principal debtor leading to the discharge of the surety within the meaning of sections 134 and 135 of the Indian Contract Act, 1872? ...

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February 2023