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2012 (4) TMI 827
... ... ... ... ..... rporation of India and others 5. 46 of 2012 M/s R.V. Co. and another v. Food Corporation of India and others 6. 47 of 2012 M/s Walia Goods Carrier and another v. Food Corporation of India and others 7. 131 of 2012 Vinod Kumar v. Food Corporation of India and others 8. 183 of 2012 Akash Mahajan v. Food Corporation of India and others 9. 215 of 2012 V.K. Transport Company, Gurdaspur v. Food Corporation of India and others 10. 328 of 2012 M/s Suresh Kumar Mahesh Kumar v. Food Corporation of India and others 11. 354 of 2012 M/....... + More
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2012 (4) TMI 826
... ... ... ... ..... .2 of the appeal reads as under - 2. That assessment order is against law and facts on the file in as much as Ld. JCIT / Addl. CIT did not provide an opportunity to assessee to be heard before giving directions u/s 144A to Ld. ITO, Ward-2, which are prejudicial to the interest of the assessee. 10. After hearing both the parties and perusing the material on record, we do not find any merit in this ground of appeal. In our view, the CIT(A) has correctly observed that the plea of the assessee that additions were made as per t....... + More
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2012 (4) TMI 825
... ... ... ... ..... t case, that is not the position and in fact that is not even alleged. Furthermore, the Tribunal has also found that the assessee had been able to establish existence of a reasonable cause, even if the finding of the Tribunal that there was no violation is not accepted. In the circumstances, there is no reason to take a different view of the matter. The Tribunal has found that on the facts and in the light of the evidence on record there was no violation of either the provisions of section 269SS or section 269T of the Act........ + More
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2012 (4) TMI 824
... ... ... ... ..... lopers vs. ITO bearing ITA No.3165/Ahd/2009 for A.Y. 2006-07 order dated 07/06/2011 and in that order also, it was held that the amendment in section 40(a)(ia) by the Finance Act, 2001 is remedial in nature and should not cause undue hardship to the taxpayers. It was concluded that in respect of payment for which TDS was deposited before the due date of filing of return, then no disallowance was to be made u/s.40(a)(ia) of the I.T.Act. Following these decisions, we are of the view that the issue is directly covered in favo....... + More
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2012 (4) TMI 822
... ... ... ... ..... ng, the learned AR submitted that in the similar circumstances in the case of Ms. Shirin Bagga in ITA No.2453/Del/2011 for Assessment Year 2002-03, the matter has been restored by the ITAT, Delhi Bench I to the file of Assessing Officer to be decided de novo. It was pleaded by the learned AR that the issue in the appeal may also be restored to the file of Assessing Officer. Ld. DR was also not having any objection to this proposal. 5. After hearing both the sides and keeping in view the facts of the case and in the interes....... + More
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2012 (4) TMI 820
... ... ... ... ..... um Rehabilitation Projects were not completed in A.Y. 2006-07 and the TDR in question has direct nexus with the two Slum Rehabilitation Projects undertaken by the assessee. The contention of the assessee is supported by the decision of the Hon'ble jurisdictional High Court in the case of M/s. Chembur Trade Corporation (supra). In this case the assessee has offered the TDR amount in the A.Y. 2008-09 when the projects were completed. We, accordingly, allow the contention of the assessee and restore the matter back to the....... + More
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2012 (4) TMI 819
... ... ... ... ..... ound of appeal No. 4 taken by the assessee. 4. An inadvertent mistake apparent from record, as such, has crept into our order(supra). 5. Accordingly, our order dated 31.08.2010(supra) is hereby recalled. The appeal shall now be heard on the merits of Ground No. 4, the submissions made by the assessee and the case law cited. To come up for hearing on 5.7.2012, a date announced in the open court in the presence of both the parties. Since the date has been announced in the open court in the presence of both the parties, no fr....... + More
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2012 (4) TMI 818
... ... ... ... ..... High Court in the case of CIT vs. GP International Ltd. (2010) 229 CTR (P H) 86, wherein the Hon ble High Court has decided the issue in favour of the assessee by observing that the Tribunal has rightly come to the conclusion that the aforesaid liability of the assessee cannot be said to have ceased to exist and the provisions of section 41(1) and Explanation to this provision are not applicable, because the assessee is still showing it as a liability in its books and has not written off the same. In the present case also,....... + More
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2012 (4) TMI 817
... ... ... ... ..... ore him are cancelled. 13. So far as ITA No.147/M/2012 and 48/M/2012, there are one more strong reason to cancel all the assessments u/s.143 r.w.s.147. In both these assessment orders the A.O. initiated the proceedings u/s.147 beyond the period of the four years from the end of the respective assessment orders. In both these cases the additions made by the A.O. are ₹ 80,000/- and ₹ 50,000/- respectively. As per the provisions of sec.149(1)(b,) the A.O. has jurisdiction to issue notice u/s.148 beyond the period ....... + More
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2012 (4) TMI 816
... ... ... ... ..... 3. We have considered the rival submissions and perused the relevant material on record. The ld. AR has placed on record a copy of the order passed by the Mumbai Bench of the Tribunal in ADIT(IT) vs. Neo Sports Broadcast Pvt. Ltd. in ITA No.99/Mum/2009. Vide this order dated 09-11- 2011, the Tribunal has held that consideration for live broadcasting does not fall u/s.9(1)(vi) of the Act and hence there is no question of deduction of tax at source. Both the sides are in agreement that the facts and circumstances of the inst....... + More
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2012 (4) TMI 815
... ... ... ... ..... annexed any evidence indicating true state of affairs of his business, along with the return of income. The assessee is showing cash in hand, in the vicinity of 6-7 lakhs, as carry forward from Assessment Year 2002-03 to 2004-05, which was neither used by the assessee nor it was deposited, in the saving bank account. In view of this, explanation filed by the assessee, in respect of such cash in hand, cannot be accepted. Therefore, the findings of the ld. CIT(A) which are founded merely on the acceptance of the assessee s s....... + More
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2012 (4) TMI 813
... ... ... ... ..... interest income in return as taxable on fixed deposit with bank however, it was admitted that no outsider had provided the services of the company but the AO is directed to verify the claim of the assessee whether any outsider is getting services or not from non-members, has to be taxed accordingly after giving full opportunity to the assessee. The assessee is also directed to cooperate with the A.O. and give all the evidences as required by the A.O. for his satisfaction. The revenue appeal on allowance of depreciation by ....... + More
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2012 (4) TMI 809
... ... ... ... ..... 000/- whereas the non filing of the evidence same was relatable to the reasoning of not locatable in the office. 19. We have heard the rival submissions and have also perused the materials available on record. Both the authorities below have categorically stated that no Certificate / evidence of payment to Red Cross qualifying for 100% deduction was brought on record. At this stage also, the assessee has not submitted any application under Rule 29 of Appellate Tribunal Rules, 1962 for production of additional evidence of p....... + More
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2012 (4) TMI 807
... ... ... ... ..... o. 2 that the date of issuance of certificate has not been mentioned in paragraph 17 as the certificate has not been issued. He, however, undertakes to issue the aforesaid certificate within a week. In view of the aforesaid statement of the learned counsel for the respondent No.2 and the submissions made by them in paragraphs 16 and 17 of their additional parawise reply and in view of the prayer made by the learned counsel for the petitioner, the petition filed by the petitioner is disposed of with a direction that a certi....... + More
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2012 (4) TMI 806
... ... ... ... ..... nsent Terms are taken on record and marked 'X' for identification. The Consent Terms are signed by the Partner of the Plaintiff, Partner of the Defendant and also by the Advocate for the Plaintiff and the Advocate for the Defendant. The undertakings recorded in the Consent Terms are accepted. The suit is disposed of in terms of the Consent Terms.
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2012 (4) TMI 805
... ... ... ... ..... ny good and justifiable reason to interfere with the finding of the ld.CIT(A). It is confirmed and the grounds of appeal of the Revenue are dismissed. 7. The only other ground taken by the Revenue in this appeal is directed against the deletion of Rs. 1,04,85,088/- which was disallowed by invoking the provisions of section 43B of the Act by the Assessing Officer. The ld.CIT(A) deleted this disallowance by observing that interest in question was payable to an institution which is not covered by the provisions of section 43B....... + More
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2012 (4) TMI 804
... ... ... ... ..... before the passing of the original assessment order. Further, it is not the case of the respondent that the petitioner had suppressed certain material facts, due to which the original assessment order, passed by the respondent is liable to be re-assessed. In such circumstances, in the absence of the failure on the part of the petitioner to disclose fully and truly all material facts necessary for the assessment year under consideration, the assumption of jurisdiction, by the respondent, under section 147 of the Income Tax ....... + More
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2012 (4) TMI 803
... ... ... ... ..... allowed in respect of expenditure incurred by an assessee in relation to income which does not form part of the total income under this Act. According to us, the operative words which require interpretation are income which does not form part of the total income. Having considered this matter, we are of the view that the provision speaks of positive exclusion of the income from the total income and not theoretical exclusion of the income from the total income by deeming that gross total income is a positive figure. In this....... + More
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2012 (4) TMI 802
... ... ... ... ..... v. CIT 1978 113 ITR 84 (SC). Therefore, while attributable to as used in some other sections of the Act, may cover sources of income beyond the first degree, derived from as used in section 80-IB of the Act is not intended to cover sources beyond the first degree. It is keeping this distinction in mind that it must be held that transport subsidy and interest subsidy cannot be said to be derived from the industrial undertaking of the assessee. At best, it can only be ancillary to the profits and gains relatable to or attrib....... + More
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2012 (4) TMI 801
... ... ... ... ..... Corporation, 182 ITR 216 held that the liability to pay damages on account of breach of contract is an allowable deduction u/s.37(1) of the Act. Similar view has been taken by Hon ble apex Court in the case Commissioner of Income-tax v. Shantilal P. Ltd.,144 ITR 57, wherein, it was held that any amount incurred by the assessee on account of non-fulfillment of business contract for reasons beyond his control is incidental to business and is an allowable deduction. 20. Since the said amount has been made by the assessee on a....... + More
