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2011 (12) TMI 788
... ... ... ... ..... f the losses then when we allow the interest component which was part of the losses which is not allowable to the assessee to set off because the said loss return has been filed belatedly by assessee then this will be contrary to the provisions of the IT Act. Therefore we are unable to accept the contention of the assessee as well as the ld. CIT(A). In the result we concur with the view of AO and upheld the same by setting aside the orders of the ld. CIT(A). 9. In the result ground Nos. 2 to 4 of the revenue are allowed. 1....... + More
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2011 (12) TMI 787
... ... ... ... ..... r 2011 passed under Section 147 of the Income Tax Act, 1961, by the Assessing Officer and prays for leave to withdraw the Petition. In terms of the request made before the Court, the Petition is dismissed as withdrawn.
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2011 (12) TMI 786
... ... ... ... ..... duction in the Court and without any evidence to the effect that how the said alterations in the cheques were made, were absolutely void and the accused could not have been found guilty of the offence u/s 138 of the N.I. Act on the basis of the said void cheques. In view of this finding, the other arguments made by the learned counsel for the appellant now remain only of academic importance, which need no further discussion in the present case. 13. In view of the aforementioned discussions, I find and hold that the respond....... + More
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2011 (12) TMI 785
... ... ... ... ..... TICE, HON BLE MR. JUSTICE A.K. PATNAIK, HON BLE MR. JUSTICE SWATANTER KUMAR For the Appellant Mr. Shyam Divan,Sr.Adv., Ms. Sonal,Adv., Ms. Naheed Carimjee,Adv., Mr. Rishi Maheshwari,Adv., Ms. Adidi Prabhu,Adv., Mr. P.S.Sudheer,Adv. ORDER Delay condoned. The civil appeals are dismissed.
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2011 (12) TMI 784
... ... ... ... ..... . No such evidence was brought on record to justify the addition. The CIT(A) relying on the decision of Hon ble Supreme Court in the case of K.P. Varghese vs. ITO, 131 I.T.R. 597 and CIT vs. Shivakami Co. Pvt. Ltd., 159 I.T.R. 71 has held that addition merely on account of valuation report could not be made. 11. We have heard both the parties. Admittedly, there is no evidence on record brought by the Assessing Officer to suggest that any money over and above what is recorded in sale deed has been paid by the assessee. Ther....... + More
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2011 (12) TMI 783
... ... ... ... ..... o Rs.7.50 lakhs. Even with respect to some handful of customers, sales might have been made directly, but it cannot be stated that the LGDA was not entitled to commission qua the sales made to such agents. LGDA was the sole selling agent and was responsible for the promotion of sales. In the process, services rendered could not have been bifurcated as rightly done by the Tribunal vis-a-vis a handful of customers as against more than 2000 customers whose requirements the LGDA would be satisfying. In the result, we are of th....... + More
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2011 (12) TMI 782
... ... ... ... ..... ve no legs to stand as the consequential assessment made has become nonexistent. Accordingly, this appeal of the Revenue stands dismissed as having become infructuous. 3. As a result, the cross objection which has been filed in respect of the appeal filed by the Revenue will also not survive. But, it was yelled by the ld.AR that merits of the grounds taken in the cross objection should not be washed away permanently and the assessee should be given an opportunity to revive these issues as and when the proceedings, if rever....... + More
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2011 (12) TMI 781
... ... ... ... ..... unts by treating them as application of income. Therefore, it is argued that the assessee is entitled to the deduction of depreciation. We find that this issue has not been discussed by the AO in the assessment order. Therefore, we think it fit to restore the matter to his file for considering this submission of the assessee also and thereafter decide it de novo after hearing the assessee. Thus, this ground is treated as allowed for statistical purpose. 31. Incidentally, it may also be mentioned that the assessee had prefe....... + More
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2011 (12) TMI 780
... ... ... ... ..... ssee firm is governed by the provisions of section 40(b) of the Act in the hands of the firm and the same is includible as income in the hands of the partner in view of provisions of section 28 (v ) of the Act. We uphold the order of CIT(A) in this regard and dismiss the grounds of appeal raised by the Revenue. 6. We also find that similar findings have been given by the Tribunal in assessment year 2007-08 in the case of assessee in ITA No. 1210/Chd/2010 order dated 29.11.2010. While deciding the appeal for assessment year....... + More
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2011 (12) TMI 779
... ... ... ... ..... s, hence Revenue Receipt, cannot be sustained, being against the law laid down by Hon ble Supreme Court of India in Sahney Steel and Ponni Sugars cases (supra). 31) The finding of the Tribunal that the incentives were Revenue Receipt is, accordingly, set aside holding the incentives to be Capital Receipt in the hands of the assesses. 7. The aforesaid decision of the Hon ble Jammu Kashmi High Court in respect of the very same scheme with which we are concerned in the present appeal, we are of the view that the receipt in qu....... + More
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2011 (12) TMI 778
... ... ... ... ..... e debt / liability against the accused and the disputed cheque in question, was issued by the accused to the complainant towards the discharge of said legally enforceable debt / liability, partly or in whole. 22. In the circumstances, after scrutinizing and analyzing the evidence on record, the view adopted by the learned trial court, while acquitting the accused, for the offence punishable under Section 138 of the Negotiable Instruments Act, 1881, is a possible view and same does not appear to be perverse. Moreover, reaso....... + More
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2011 (12) TMI 777
... ... ... ... ..... e have noted that the amount in question was received in the year 2000, relevant to the assessment year 2001-02, and that nothing happened during the relevant previous year so as to provoke it s taxability u/s.28(iv). The year before us is neither the year of receipt nor a year in which any material development took place so as to alter the character of receipt. It is not the case of the revenue that liability has ceased in the relevant previous year, and, for the said reason, the amount became taxable. In any event, taxab....... + More
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2011 (12) TMI 776
... ... ... ... ..... Ltd. vs CIT, 257 ITR 235(M.P) Saipem S.P.A. vs Dy. CIT 276 ITR (AT) 055(ITAT Del) DLF Universal Ltd vs CIT 306 ITR 271 (Del) 5. The above decisions were not available before the Assessing Officer as well. We are unable to ascertain as to whether the facts involved in all these cases are identical or distinguishable. Therefore, we deem it fair and justifiable to remit back the issue involved in these appeals to the file of the Assessing Officer with a direction that he will decide the impugned issue afresh in the light of t....... + More
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2011 (12) TMI 775
... ... ... ... ..... nt Department. 5. The appellate orders were sought to be revised by the Joint Commissioner (CT) (Legal) but as noted above the said authority did not deal with the contention of the petitioners that the report of the Vigilance and Enforcement Department was not supplied to the petitioners and yet it was used against them. 6. Learned Special Counsel for the Commercial Taxes Department says that the petitioners will be supplied with the report of the Vigilance and Enforcement Department within one week and the matter will be....... + More
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2011 (12) TMI 774
... ... ... ... ..... court which proceeded ex-parte against the defendants under Order 9 Rule 6 of the Code. This being a position, the judgment of this court in Dhanwantrai R. Josh) ors, (1998(4) ALL MR 509 (supra) is not applicable to the facts of the case. 7. Since it is proved by the applicant - defendant No. 5 that the suit summons was not served upon her, the decree is liable to be set aside under Order 9 Rule 13 of the Code. Accordingly, ex-parte decree is set aside and notice of motion is allowed in terms of prayer clause (b) which rea....... + More
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2011 (12) TMI 773
... ... ... ... ..... routine transactions recorded in the books of accounts on day-to-day basis. In most of the cases, there were no opening balances and there were no transactions during the year. As discussed above that merely the notices issued by AO u/s.133(6) of the Act are not responded by the concerned parties. The assessee cannot be penalised by making addition in the hands of the assessee. We find that the sole reason for making addition by the AO was that some of the notices issues u/s.133(6) were not complied with. Contrary to that,....... + More
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2011 (12) TMI 772
... ... ... ... ..... FCI Ltd. to any other institution. The 'Company' was clearly told that Kotak Mahindra Bank Ltd. was keeping open the option and the right to bid for the assets of the 'Company' or when the debt was assigned by IFCI Ltd. Thus, it is not a case where it can be argued that IFCI Ltd. and Kotak Mahindra Bank Ltd. acted in concert; clothing their acts in the secrecy of darkness and not known to the 'Company'. The 'Company' was clearly told by Kotak Mahindra Bank Ltd. that notwithstanding it being ....... + More
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2011 (12) TMI 771
... ... ... ... ..... enior partners car expenses. 6.1. Apropos other car expenses also, they are claimed to be incurred on staff travel. No instances have been brought on record to suggest that any item of expenditure was incurred on the private visit of the partners or staff, disallowance is thus uncalled for. In view of above, we delete the disallowance out of depreciation on car also. 6.2. Apropos telephone expenses also, we find merit in the argument of the learned counsel that for a professional firm, it cannot be assumed that the partner....... + More
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2011 (12) TMI 770
... ... ... ... ..... to any Court. In the event the misuse is completely stopped in all respects, the orders passed by the authorities shall stand quashed and the property would stand restored to the lessees. 9. These orders shall apply to all cases, where the order of termination of lease has been passed by the Development Authority irrespective of whether the same has been quashed and/or writs of the lessees dismissed by any Court of competent jurisdiction and even if such judgment is in appeal before this Court. 10. The orders in terms of t....... + More
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2011 (12) TMI 769
... ... ... ... ..... al evidences. 4. We have considered rival submissions and perused the material on record and in the facts of the present case, we are satisfied that in order to decide the issue involved, admission of additional evidences filed by the assessee is necessary and hence, we admit the additional evidences. We feel that the matter should go back to the file of the AO for fresh decision in light of the additional evidences now submitted by the assessee and hence, we set aside the orders of the AO and the CIT(A) and restore the ma....... + More
