| Case ID |
3b0d6e28-7cd0-4a60-beb0-c3fb1f01703b |
| Body |
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| Case Number |
IT APPEAL No. 2 OF 2001 |
| Decision Date |
Feb 07, 2005 |
| Hearing Date |
|
| Decision |
The appeal filed under section 260A of the Income-tax Act, 1961 was dismissed. The court held that additional tax can be levied even if the assessee files a return showing a net loss in the particular assessment year. The applicability of section 143(1A) was confirmed, and the amendments made by the Finance Act, 1993, were deemed applicable to the assessment year in question. The tribunal's ruling regarding the leviability of additional tax was upheld, emphasizing that the law in force at the time of filing the return governs the assessment. |
| Summary |
In the case of Haryana Co-operative Sugar Mill Ltd. v. Commissioner of Income Tax, the Punjab and Haryana High Court addressed the issue of additional tax under section 143(1A) of the Income-tax Act, 1961. The court examined whether additional tax could be levied when the assessee declared a net loss in their return for the assessment year 1989-90. The court concluded that the provisions of section 143(1A), effective from 1-4-1989, applied to the appellant's case. The decision reaffirmed the principle that the law in force at the time of filing the return governs the assessment. The ruling emphasized the importance of accurate reporting by taxpayers and the role of the amended provisions in ensuring compliance. This case highlights critical aspects of tax law, including assessment procedures and the implications of amendments, making it a significant reference for tax practitioners and entities involved in similar disputes. |
| Court |
Punjab and Haryana High Court
|
| Entities Involved |
Not available
|
| Judges |
G.S. Singhvi,
Viney Mittal
|
| Lawyers |
Akshay Bhan,
Rajesh Bindal
|
| Petitioners |
Haryana Co-operative Sugar Mill Ltd.
|
| Respondents |
Commissioner of Income Tax
|
| Citations |
2005 SLD 2514,
(2005) 277 ITR 80
|
| Other Citations |
Modi Cement Ltd. v. Union of India [1992] 193 ITR 91,
CIT v. Hindustan Electro Graphites Ltd. [2000] 243 ITR 48,
J.K. Synthetics Ltd. v. Asstt. CIT [1993] 200 ITR 584,
Sati Oil Udyog Ltd. v. CIT [1998] 232 ITR 502,
Asstt. CIT v. J.K. Synthetics Ltd. [2001] 251 ITR 200,
CIT v. Isthmian Steamship Lines [1951] 20 ITR 572,
Karimtharuvi Tea Estate Ltd. v. State of Kerala [1966] 60 ITR 262,
M.K. Venkatachalam, ITO v. Bombay Dyeing and Mfg. Co. Ltd. [1958] 34 ITR 143,
Reliance Jute and Industries Ltd. v. CIT [1979] 120 ITR 921,
CIT v. M.P. Electricity Board [1994] 210 ITR 425,
Banwari Paper Mills (P.) Ltd. v. Deputy CIT [1997] 228 ITR 320
|
| Laws Involved |
Income-tax Act, 1961
|
| Sections |
143,
143(1A)
|