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Income Tax - Case Laws
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2012 (11) TMI 1292 - SC ORDER
... ... ... ... ..... thil Jagadeesan,Adv., For the Respondent None ORDER No ground is made out for our interference with the impugned judgment. The Special Leave Petition is dismissed accordingly.
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2012 (11) TMI 1291 - ITAT MUMBAI
... ... ... ... ..... -04 to 2005-06 on accrual basis. In these circumstances, in our opinion, the appellant has fulfilled all the requirements of clause (vii) of sub-section (1) of section 36 of the Act. In a recent judgment of T.R.F. Limited (323 ITR 397), the Hon’ble Supreme Court has held that for Bad debts to be claimed u/s 36(1)(vii), it is not necessary for the assessee should establish that the debt, in fact, has become irrecoverable. It is enough if the bad debt were written off as irrecoverable in the accounts of the assessee (323ITR397). We find that assessee has written of the accrued interest amounts in his book of accounts and his action was in accordance with the guidelines issued by the RBI with regard to NPAs. Hence, reversing the order of the FAA, we decide ground No.2 in favour of the assessee. Ground No.2 is decided in favour of the assessee-company. Resultantly, appeal filed by the assessee stands partly allowed. Order pronounced in the open court on 21st November, 2012.
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2012 (11) TMI 1290 - ITAT CUTTACK
... ... ... ... ..... t at all. It was never the case of the assessee not to deduct tax provided he was not ignorant of the fact that Form 15-I ought to have been obtained only in respect of the truck owners. The Assessing Officer appreciated the incurring of expenditure for lorry freight. This in itself should have led to the learned CIT(A) to give a finding that non-deduction of tax could only have been rectified u/s.201 and not because the assessee after having obtained Permanent Account Number would have been considered for disallowance u/s.40(a)(ia). In this view of the matter, the order of the learned CIT(A) is set aside insofar as the facts as have been brought on record are to be considered as narrated by the learned Counsel of the assessee as of now when the plethora of judgments cited by him are applicable do not require further deliberation. The Assessing Officer is directed to delete the disallowance of 1,66,97,428 u/s.40(a)(ia). 7. In the result, the appeal of the assessee is allowed.
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2012 (11) TMI 1289 - ITAT MUMBAI
... ... ... ... ..... f the Act. The department has not brought any facts that assessee has incurred directly any expenditure in earning the dividend income which is exempt from tax under the provisions of the Act. We agree with the assessee that the facts of the case for the year under consideration are identical to the facts for the assessment year 2006-07. Respectfully following the earlier order of the Tribunal dated 8.12.2010(supra), we hold that the disallowance of ₹ 50,000/- on account of some time devoted by assessee for monitoring the accounts tracking the investment as well as reinvestments during the year will be sufficient and reasonable considering the volume of dividend income and investment made by the assessee. Hence, we restrict the disallowance to ₹ 50,000 as against ₹ 18,81,658 sustained by ld CIT(A). therefore, Ground Nos.15 to 18 are allowed in part. 27. In the result, appeal of assessee is allowed in part. Pronounced in the open court on 16th November, 2012.
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2012 (11) TMI 1288 - KARNATAKA HIGH COURT
... ... ... ... ..... Court has no territorial jurisdiction to decide the correctness and legality of the order. 8. Secondly, if the case of the petitioner that it is a different entity and they have nothing to do with respondent No.5, the order passed in respect of respondent No.5 will not bind them to any extent whatsoever. Now it is submitted that the civil court has disposed the suit against which an appeal was preferred before this Court and it is already disposed. The matter is pending before the Apex Court. The apprehension was that the Civil Courts will feel that the order is passed by the Income Tax Authorities and that would be binding on them as they have no clear picture of the law. Now that the Supreme Court is seized of the matter their apprehension is misconceived. Their appeal would be decided according to law, without in any way being influence by the order passed by the income tax authorities. Therefore we do not see any merit in this appeal. Accordingly, the appeal is dismissed.
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2012 (11) TMI 1287 - ITAT AHMEDABAD
... ... ... ... ..... the A.O. and partly confirmed by us. The 2nd disallowance is confirmed by us u/s 43B and there is no concealment by the assessee in this regard because all the material facts were available on record and considering all these facts, we feel that even for these two disallowances confirmed by us, penalty is not justified. Regarding the addition of ₹ 942 lacs u/s 68 and consequential interest of ₹ 52,58,983/- being interest on the said alleged unexplained cash credit, this issue has been restored back by us to the file of the A.O. for a fresh decision and hence, even for these two additions/disallowances, penalty cannot survive. If the A.O. makes addition again, he is at liberty to initiate penalty proceedings again if he feels so. 3.3 In the result, appeal of the revenue is dismissed. 4. In the combined result, appeal of the assessee is partly allowed and the appeal of the revenue is dismissed. 5. Order pronounced in the open court on the date mentioned hereinabove.
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2012 (11) TMI 1286 - ITAT VISAKHAPATNAM
... ... ... ... ..... f sales proceeds pertaining to other years, etc. Accordingly, the Ld D.R suggested that the issue of determination of correct amount of sales pertaining to the relevant years may be set aside to the file of the AO. 20. The foregoing discussions show that the impugned issue requires fresh examination at the end of the AO in the light of discussions made supra. Accordingly, we set aside the common order passed by Ld CIT(A) on this issue and restore the same to the file of the AO with the direction to examine the same afresh after affording necessary opportunity of being heard to the assessee. The assessee is also directed to furnish the documents which bring out the intention of the Government in categorization of the Government lands in two categories and offer its explanation in that regard. The AO is directed to decide the issue in accordance with the law. 21. In the result, both the appeals of the assessee are treated as partly allowed. Pronounced accordingly on 09.11.2012.
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2012 (11) TMI 1285 - ITAT CHENNAI
... ... ... ... ..... m the relief in question. Hence, we uphold the findings of the CIT(A) and decide the ground against the Revenue and in favour of the assessee. Ground No. 3.1 and 4.1 10. In these grounds, the grievance of the Revenue is mainly that after holding that the assessee is a ‘sick’ unit, the CIT(A) has wrongly granted it benefit of profits reduced under section 115JB and OTS principle amount due. After deciding the ground of legality of assessee’s relief claimed under section 115JB (2) explanation 1 (vii), we find that these grounds deal with merits of the case. Accordingly, we hold that since the main ground itself has been decided in favour of the assessee hereinabove, in our opinion, these pleadings only carry academic significance. Accordingly, these grounds are also decided against the Revenue and the CIT(A)’s order is upheld. 11. Accordingly, we dismiss the appeal filed by the Revenue. Order pronounced on Thursday, the 22nd of November, 2012 at Chennai.
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2012 (11) TMI 1284 - ITAT DELHI
... ... ... ... ..... is concerned, after looking into page 87 of the paper book, wherein details of surrender income of ₹ 9 crores, how it is allocated to the stock and assets and details of unrecorded sales, we are of the opinion that a sum of ₹ 19 lacs was still available with the assessee for allocation. Benefit of set off of this amount has been given to the assessee by the Learned CIT(Appeals), otherwise in principle Learned CIT(Appeals) has confirmed the addition of ₹ 21,06,777 in the findings extracted supra. Taking into consideration the findings of the Learned CIT(Appeals), we are of the view that only telescoping benefit has been granted by the Learned CIT(Appeals) after treating the assessee as owner to the extent of 75% of the profit of Mount Fragrances. There is no error in the order of the Learned CIT(Appeals). Accordingly, the appeal of the revenue is dismissed. 18. In the result, both the appeals are dismissed. Decision pronounced in the open court on 23.11.2012.
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2012 (11) TMI 1283 - PUNJAB AND HARYANA HIGH COURT
... ... ... ... ..... the said P&L account admittedly is ₹ 1,01,37,664/-. The way assessee has claimed deduction based on the P&L appropriation account is detailed in the order of the CIT(A). What is clear from the said order is that the assessee made a further deduction from the profit available under P&L account prepared under the Companies Act. Obviously unless the deduction made by the assessee is permissible in terms of Clauses (i) to (ix) of Explanation to Section 115JA above stated, the same is inadmissible. Assessee has no case that the prior period expenses is an item that could be deducted from the profit in terms of any of the clauses covered by Explanation to section 115JA. So much so, the claim is not a deduction allowable from the profit taken from the P&L account prepared under the Companies Act...” 8. In view of the above, the substantial question of law is answered in favour of the revenue and against the assessee. 9. Accordingly, the appeal is allowed.
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2012 (11) TMI 1282 - ITAT PUNE
Deduction for Co-operative Society u/s 80P(2)(a)(i) - Co-operative Bank or not - Assessee, a cooperative society derives income from providing credit facilities to its members only. They claimed deduction u/s 80P(2)(a)(i). Referring to the Banking Regulation Act, 1949 the AO held that the assessee fulfils all the criteria laid down in s. 5(ccv) and is consequently a primary cooperative bank, thus is not eligible for deduction u/s 80P(2)(a)(i). - HELD THAT:- Cooperative society is distinct and separate from the cooperative bank and cannot be said as a primary cooperative bank within the meaning of Banking Regulation Act, 1949. Therefore, the assessee, cooperative society is entitled to deduction u/s 80P(2)(a)(i) of the IT Act.
Decision in the case of INCOME TAX OFFICER, WARD -2 (4) , BEED VERSUS JAIN NAGARI SAHAKARI PAT SANSTHA LTD. [2012 (9) TMI 1174 - ITAT PUNE], relied upon.
Decision in favour of Assessee.
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2012 (11) TMI 1280 - ITAT AHMEDABAD
... ... ... ... ..... he case of Ramlinga Choodambikai Mils Ltd. vs. CIT (1955) 281 ITR 952 and that of Gujarat High Court in the case of CIT Vs. Keshavlal Chandulal (1996) 59 ITR 120 and held as under - "In absence of evidence to show either that the sales were sham transaction or that the market price were in fact paid by the purchasers, the mere fact that goods were sold at a concessional rate to benefit to purchaser at the expenses of the company would not entitled to income-tax department to assess the difference between market price and price paid by the purchaser as profit of the company." 11. In view of the above and since no contrary decision was cited by the Revenue, we are not inclined to interfere with the order passed by ld. CIT(A) deleting the addition of ₹ 14,14,06,326/- and the same is hereby upheld. This ground of the Revenue is dismissed. 12. In the result, Revenue's appeal is partly allowed for statistical purpose. Order pronounced in open Court on 09.11.2012
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2012 (11) TMI 1279 - ITAT DELHI
... ... ... ... ..... rupees, the element of income on the contribution made by the depositor is involved. To our mind, the net income generated to the assessee is only from its members. On the deposits, it will pay interest which would be its expenses and would be set off against the total income generated from the credit facility. It has not income on the deposits from the non-members rather it must have paid interest on such deposits. This issue has elaborately been discussed by the ITAT in assessment year 2008-09 in the case of Palhawas Primary Agriculture Co-op Society. Respectfully following the order of the ITAT, we do not find any error in the impugned order of the Learned CIT(Appeals).” 9. In the background of the aforesaid discussion and precedent, we do not find any infirmity in the order of the Ld. Commissioner of Income Tax (A). Accordingly, we uphold the same. 10. In the result, the appeal filed by the Revenue stands dismissed. Order pronounced in the open court on 09/11/2012.
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2012 (11) TMI 1278 - GUJARAT HIGH COURT
... ... ... ... ..... arious expenses. Tribunal was also of the opinion that no disallowance u/s. 40A(3) could be made without showing that the cash payment on single day to a particular person is more than of ₹ 20,000/- In absence of any such material on record, although both petty cash book and petty cash vouchers were destroyed in the flood with there being substantial evidence in the form of books of account and the bills and the vouchers reflected in the tax audit report. It concluded that there was no justification in disallowance of any item u/s. 40A(3) of the Act. We find no error in the reasonings and the conclusions given by the Tribunal in deciding the said issue which is essentially and pre-dominantely based on the facts made available to it and moreover, there appears to be substantive documents for the Tribunal to reach to such conclusion. No question of law arises thus. This question therefore,also does not require any consideration . Resultantly, this Tax Appeal is dismissed.
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2012 (11) TMI 1277 - ITAT CHENNAI
... ... ... ... ..... t. Here, there is no finding by the DIT(E) that the religious purpose mentioned in the Trust deed was private in nature and not ensuing public at large. Hon’ble jurisdictional High Court in the case of CIT v. MISPTA Pentacostal Mission TC(A) No.648 of 2011 dated 6.2.2012 has held that registration under Section 12AA would be available even if the objectives of the Trust are an admixture of both charity as well as religion. Their Lordship held that merely because the objectives of the Trust are both religion and charity, would not be a ground for denying registration. There is no finding by the DIT(E) that the Trust was not genuine or its activities were not genuine. In our opinion, the registration was unjustly denied. Order of DIT(E) is quashed and he is directed to grant assessee the registration under Section 12AA of the Act. 6. In the result, appeal filed by the assessee is allowed. The order was pronounced in the Court on Wednesday, the 7th of November, at Chennai.
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2012 (11) TMI 1275 - ITAT BANGALORE
... ... ... ... ..... sofar as the assessee’s submission that circular No.2 of 2001 is applicable to the facts of the case before us and is binding on the revenue, we find that the said circular is issued in relation to the effect of publication of accounting standards on allowability of depreciation and it has been observed by the CBDT that under the IT Act, in all leasing transactions, the owner of the asset is entitled to the depreciation if the same is used in the business u/s 32 of the Act and that the ownership of the asset is determined by the terms of contract between the lessor and lessee and that by itself the accounting standard will have no implication on the allowance of depreciation of asset under the provisions of the Act. Therefore, in our opinion, the revenue has not contravened the circular as it has examined the terms of the contract to determine the owner. 8. In the result, the assessee’s appeal is dismissed. Order pronounced in the open court on 9th November, 2012.
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2012 (11) TMI 1272 - ITAT AGRA
... ... ... ... ..... s of the expenses claimed, it was reasonable and appropriate for the ld. CIT(A) to hold that profit rate of 6% is fair and reasonable for the purpose of computing business income of the assessee. We, therefore, do not find any infirmity in the order of the ld. CIT(A) in so holding. The AO has applied exorbitant and unreasonable profit rate of 12.5% without considering the history of the assessee and similarly profit rate of 6% applied by the ld. CIT(A) against 5.18% shown by the assessee could not be said to be unreasonable and exorbitant. Considering the above discussion, we do not find any infirmity in the order of the ld. CIT(A) in computing the business income of assessee by applying the profit rte of 6%. In the result, ground No. 2 of the departmental appeal and both the grounds of cross-objection of the assessee are dismissed. 7. In the result, the departmental appeal is partly allowed and cross objection of the assessee is dismissed. Order pronounced in the open court.
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2012 (11) TMI 1271 - ITAT AHMEDABAD
... ... ... ... ..... fore us, decisions cited by ld.AR are as follows - (i) Asst.CIT vs. Gebilal Kanhaialal HUF 2012 210 210 Taxmannn 244/25 214 (SC) (ii) CIT vs. Mahendra C.Shah (299 ITR 305) 5. On hearing both the sides and considering the totality of the facts of these cases, we are of the considered view that the issue is covered by the aforecited decision of Hon’ble Gujarat High Court, wherein it was held that having made a declaration u/s.132(4) of IT Act and having paid the taxes thereon and then the returned income was accepted by the AO, resultantly the assessee had fulfilled all the conditions for availing the benefit of immunity against levy of penalty as prescribed under Explanation-5 to section 271(1)(c) of IT Act. We therefore hold that the cancellation of penalty by ld.CIT(A) was a correct view, hence the same is hereby approved. Ground(s) raised in this regard by the Revenue Department is hereby dismissed. 6. In the result, all the three appeals of the Revenue are dismissed.
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2012 (11) TMI 1270 - ITAT MUMBAI
... ... ... ... ..... ith the method that may be prescribed. The circular, however, reiterates that the Assessing Officer has to follow the prescribed method if he is not satisfied with the correctness of the claim of the assessee having regard to the accounts of the assessee.” On perusing the arguments of the AR and reading the same alongside the decision of Godrej & Boyce (supra), we are of the considered opinion, that the revenue authorities have erred in not recording a specific dissatisfaction, on the working of the assessee and for this reason, we feel necessary that the order of the CIT(A) be set aside on this issue and the AO must compute the disallowance, not only by applying the prescribed Rule 8D but also following the spirit of the judgment of Hon’ble Bombay High court in the case of Godrej & Boyce (supra). 10. In the result, the appeal filed by the assessee is treated as allowed for statistical purposes. Order pronounced in the open Court on this day of 29/11/2012.
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2012 (11) TMI 1269 - ITAT MUMBAI
... ... ... ... ..... to the deduction in respect of the amount received towards car parking space. The finding of fact recorded by the Commissioner of Income Tax (Appeals) and approved by the Income Tax Appellate Tribunal is that the car parking space forms part and parcel of the housing project, without which even approval for the housing project could not have been obtained from the competent authority Therefore, the decision of the Tribunal in holding that the assessee is entitled to Section 801B deduction in respect of housing project inclusive of the amount received on account of car parking cannot be faulted. 3. In this view of the matter, we see no merit in this appeal. The appeal is accordingly dismissed with no order as to costs." Respectfully following the decision of the Hon'ble Jurisdictional High Court, ground No. 6 is dismissed. 15. In the result, the appeals filed by the Revenue are partly allowed for statistical purposes. Order pronounced in the open court on 7.11.2012 .
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