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• 2021 (1) TMI 580 - ITAT DELHI
  
  Assessment u/s 153A - Addition on account of interest on post-dated cheques (PDC) - HELD THAT:- This addition has already been made in the original assessment proceedings u/s 143(3) and subject to appeal before CIT (A) and Now pending before ITAT, same could not have been repeated once again in assessment proceedings under Section 153A - we direct the AO to delete the above addition on account of interest on PDC. Even otherwise this is a concluded assessment and same could have been tinkered only if any incriminating material found during the course of search. No such material was found during the course of search but the addition is made only for the reason that the ld. CIT (Appeals) has sustained the above addition in assessee’s appeal against order under Section 143(3) - In view of this we direct the Assessing Officer to delete t....... + More

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• 2021 (1) TMI 579 - ITAT KOLKATA
  
  Revision u/s 263 - low net profit or loss shown from large gross receipts - VAT liability tantamount to violation of provisions of section 43B and the same should have disallowed by the Auditor himself from the calculation of net profit of business of the assessee - HELD THAT:- It was the duty of the id. Pr. CIT to at least verify, prima facie as to whether the input and output entries have been routed through the profit and loss account or not, as certified by the tax auditor. Without doing so, he could not have come to the conclusion that there was an error in the assessment order passed by the AO and that this error is prejudicial to the interest of the revenue. When VAT is not routed through the profit and loss account, the assessee could not have claimed this amount it as a deduction. VAT is not debited to the profit and loss account....... + More

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• 2021 (1) TMI 578 - ITAT CHENNAI
  
  Loss on account of FC revaluation which was a marked to market (MTM) loss - Addition as such loss as a notional loss and contingent in nature - CIT (A), relying on the CBDT instruction dated 23.03.2010, held that the MTM losses on account of foreign derivatives were a difference between the purchase price and the value as on the valuation date, which is a notional loss and therefore, not an allowable expenditure and thus upheld the disallowance - HELD THAT:- In this case, the pending forward contracts were restated on the basis of foreign exchange rate as on 31.03.2013. There is no dispute on the details furnished by the assessee. The losses are booked by the assessee in compliance of mandatory accounting standard AS-11 from AY 2011-12 onwards and it admitted the corresponding profits as income in the respective year. Since, the facts of ....... + More

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• 2021 (1) TMI 577 - CESTAT NEW DELHI
  
  Levy of IGST on re-import of aircrafts and parts thereof after repairs - Availability of Integrated Goods and Service Tax exemption provided at serial no. 2 in the General Exemption Notification No. 45/2017 dated June 30, 2017, as amended by Corrigendum Notification dated July 22, 2017 - Validity of order that upholds the orders of assessment of Bills of Entry, as a result of which all the appeals have been dismissed by the Commissioner (Appeals) - HELD THAT:- There is no dispute that it is serial no. 2 of the Exemption Notification that is applicable to aircrafts/ parts re-imported into India after repairs. What would, therefore, be payable in terms of serial no. 2 would be the duty of customs on the fair cost of repairs carried out including cost of materials used in repairs, insurance and freight charges, both ways. The Exemption Notif....... + More

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• 2021 (1) TMI 576 - NATIONAL COMPANY LAW TRIBUNAL, NEW DELHI
  
  Approval of scheme of amalgamation - seeking directions for convening, holding and conducting of the meeting of the Equity Shareholders and dispensing with conducting of the meeting of Unsecured Creditors - Section 230-232 of The Companies Act, 2013 read with The Companies (Compromises, Arrangements and Amalgamations) Rules, 2016 - HELD THAT:- This Bench directs, in accordance to Section 230(5) of the Companies Act, 2013, the Applicant Companies shall individually serve the notices of this Petition to the following Authorities, namely : (a) Central Government through Regional Director (Northern region), Ministry of Corporate Affairs, (b) Registrar of Companies, NCT of Delhi & Haryana, Ministry of Corporate Affairs, (c) Official Liquidator, Delhi (d) The Income Tax Department, and (e) Such other Sectoral Regulatory Authorities, which g....... + More

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• 2021 (1) TMI 575 - NATIONAL COMPANY LAW TRIBUNAL, ALLAHABAD BENCH
  
  Seeking restoration of name in the Registrar of Companies - section 248 of the Companies Act, 2013 read with Companies (Removal of Names of Companies from the Register of Companies) Rules, 2016 - HELD THAT:- The provisions pertaining to restoration of the name of the company has been provided in Section 252 of the Companies Act 2013 which includes that, if it is just and equitable to restore the name of the company in the Registrar of Companies, it may direct the RoC to restore the name in its Register - The Appellant has been able to satisfy this bench that it has certain assets which necessitate and justify the restoration of its name in the Register of Companies. A step as stringent as what has been taken at least requires an opportunity to the appellant to take remedial measures. Merely to disallow restoration on grounds of its failur....... + More

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• 2021 (1) TMI 574 - NATIONAL COMPANY LAW TRIBUNAL — AHMEDABAD BENCH
  
  Reduction in share capital - cancellation/extinguishment of shares as approved by the share-holders at their annual general meeting - section 66 read with section 52 of the Companies Act, 2013 read with the National Company Law Tribunal (Procedure for reduction of share capital of Company) Rules, 2016 and the Rules framed thereunder - HELD THAT:- From the balance-sheets submitted by the company, it is noted that as on August 24, 2020 as per books, the company is having negative net worth/shareholders funds of ₹ 1,609.66 lakhs (share capital of ₹ 698.50 lakhs + other equity of Rs. (-) 2,308.16 lakhs) and borrowings and inter corporate loans are to the tune of ₹ 11,354.43 lakhs. Other equity consists of share premium account and accumulated losses. The book value per share as on August 24, 2020 is Rs. (-) 23.04. Further, f....... + More

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• 2021 (1) TMI 573 - NATIONAL COMPANY LAW TRIBUNAL — AMARAVATI BENCH
  
  Seeking sanction of the proposed scheme of amalgamation - section 232 read with section 230 of the Companies Act, 2013 read with the Companies (Compromises, Arrangements and Amalgamations) Rules, 2016 - HELD THAT:- On perusal of the scheme, the documents produced on record and the undertakings given by the petitioner-companies by way of affidavits, the scheme of amalgamation appears to be fair and reasonable and is not contrary to public policy and not violative of any provisions of law. All the statutory compliances have been made under sections 230 to 232 of the Companies Act, 2013. The scheme of amalgamation with appointed date as April 1, 2019 is hereby sanctioned. The same shall be binding on the petitioners and their respective shareholders, secured creditors, unsecured creditors/trade creditors, employees and all concerned - Petition allowed.

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• 2021 (1) TMI 571 - NATIONAL COMPANY LAW TRIBUNAL, AHMEDABAD BENCH
  
  Direction to Respondent to admit the claim of the applicant as Financial Creditor - direction to not to conduct any meeting in absence of the applicant - seeking declaration that any meeting of Committee of Creditors convened by the Respondent, in absence of the applicant herein as illegal and void apart from other prayer - Section13(1)(b) read with Section 15 of the Code and Regulations - HELD THAT:- It is a matter of record that the loan was not reflected in the Income Tax record of the Corporate Debtor that apart the RP has also raised objection with regard to the invalid agreement. In view of the fact that the stamp paper was issued in 2014 and the agreement was entered on 25.01.2017. Maharashtra and Gujarat are the two states which have provisions stating that if stamp is not used or surrendered back within 6 months of the date of is....... + More

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• 2021 (1) TMI 570 - NATIONAL COMPANY LAW TRIBUNAL , KOLKATA BENCH
  
  Non-cooperation by the directors of the suspended board, and the statutory auditor of the Corporate Debtor - Section 19(2) of I & B Code, 2016 - HELD THAT:- The documents produced on the side of the applicant satisfy that the respondents are not caring about her demands by providing the books of account, the information about the CD current status and the keys of various offices and factories. Physical possession of the Immovable Assets and vehicles, documents as well as other records pertaining to the Corporate Debtor are all retained with the Respondents without any legitimate excuse. The respondents are responsible for delaying the progress of CIRP even if works of all are disrupted due to Covid-19 pandemic. Only because the RP can exclude the unutilised period from the timeline to be completed by her, due to lockdown issued by the....... + More

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• 2021 (1) TMI 567 - CESTAT AHMEDABAD
  
  Rectification of mistake - error apparent on the face of record - case of Revenue is that in the impugned order different judgments which were submitted by other Authorised Representative at the time of Early Hearing Application were cited. Therefore, it is his submission that all the judgments cited in the submission have not been considered. Therefore, the order needs to be corrected and effect of the written submission dated 14/09/2020 and the judgments cited therein may be given and, accordingly, the order may be corrected. HELD THAT:- All the judgments are not relevant on the line of discussion and finding given in the final order dated 22.092020. Therefore, it cannot be said that submission of the learned Authorised Representative made at the time of hearing was not considered. The judgments cited in the order at para 5 may be replaced with the aforesaid judgments. With this the mistake apparent on record in the order dated 22/09/2020 stands corrected - Application allowed.

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• 2021 (1) TMI 562 - ITAT DELHI
  
  TDS u/s 194I - lease premium paid to Mumbai Metropolitan Regional Development Authority (“MMRD") - AO treated the assessee to be in default u/s 201(1)/201(1A) in respect of tax not deducted at source - HELD THAT:- As decided in Central Board of Direct Taxes (“CBDT”, for short) vide Circular No. 35/2016 [F. No. 275/29/2015-IT(B)], Dated 13-10-2016, in which CBDT has taken note of order of Hon’ble Delhi High Court in assessee’s own case [2015 (12) TMI 984 - DELHI HIGH COURT] lump sum lease premium or one-time upfront lease charges, which are not adjustable against periodic rent, paid or payable for acquisition of long-term leasehold rights over land or any other property are not payments in the nature of rent within the meaning of section 194-I of the Act. Therefore; such payments are not liable for TDS under section 194-1 of the Act. - Decided in favour of assessee.

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• 2021 (1) TMI 561 - ITAT ALLAHABAD
  
  Undisclosed income - Search proceedings - receipt in cash - Unaccounted sale - HELD THAT:- No enquiry whatsoever was made by Revenue even at first appellate stage. Further Hulash Sharma is seeking for receipt of ₹ 1 Lac paid by them in cash and name of ‘Mukesh’ is struck off in the said seized letterwhich also strengthen our view that this ₹ 1 Lac received by assessee is against the bill no. 126. There are other dealings of the assessee with the said party M/s Mukesh Kumar and Company during the year under consideration and even payments vide cheque was received hence we accept the contention of the assessee on the touchstone of preponderance of probabilities. The assessee has discharged its primary onus and it was for the Revenue to have brought evidence to demolish the story set up by assessee in order to unravel....... + More

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• 2021 (1) TMI 560 - ITAT RANCHI
  
  Capital gain - nature of land sold - whether the land sold by the assessee, by way of a registered sale deed is a capital asset as defined u/s 2 (14)? - HELD THAT:- The land in question is classified as Don in the revenue records and is thus wet land in which paddy is grown. Based on the documentary evidences it is clear that the land in question which is sold, is agricultural land. The AO or the ld. CIT(A) have no evidences to controvert the documentary evidences furnished by the assessee. The assessee has submitted a copy of Indian Village Directory where the village Lapra is located 12 km away from sub-district headquarter Khelari and 60km away from the district headquarter of Ranchi and that it is a gram panchayat that has a population of 3,559 people. No evidence controverting the above facts is brought on record by the AO or the ld........ + More

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• 2021 (1) TMI 559 - ITAT INDORE
  
  Revision u/s 263 - valuation of equity share - HELD THAT:- PCIT has mentioned that though the issue of valuation of equity share had come up before Ld. A.O during the assessment proceedings but he need to examine the issue in detail. PCIT should have made an enquiry and examination of the facts which would have certainly landed up in computing the same fair market value of equity share as was adopted by Ld. A.O. Here we would also like to mention that the proceedings initiated u/s 263 of the Act may not always result into outcome of setting aside the assessment order or giving direction to examine certain issues. It is fairly possible that once the show cause notice u/s 263 is issued to which the detailed reply is filed by the assessee and after indepth examination and if necessary after conducting any investigation or for calling relevan....... + More

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• 2021 (1) TMI 558 - ITAT MUMBAI
  
  Accrual of income in India - Taxation of ESOP benefit - CIT-A upholding the action of AO to tax Employee Stock Option as perquisite u/s 17 - HELD THAT:- The income, even if it was inchoate at the point of time when the options were granted, has accrued and has arisen in India. The assessee is a non-resident in the current assessment year, but quite clearly, the benefit, in respect of which the income is bring sought to be taxed now, had arisen at an earlier point of time in India. Viewed thus, the income in respect of ESOP grant benefit accrued and had arisen at the point of time when the ESOP rights were granted, even though the taxability in respect of the same, on account of the specific legal provisions under section 17(2)(vi), has arisen in the present in this year. If grant of stock option is the part of remuneration, as observed in....... + More

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• 2021 (1) TMI 557 - ITAT MUMBAI
  
  Revision u/s 263 - payments made by the Assessee to doctors disallowed u/s 37 - Disallowance u/s 14A read with rule 8D - allowability of expenses u/s 43B - HELD THAT:- We do not agree with the conclusion of the Ld. PCIT that he had concluded that the order was erroneous, but has not made further investigation to determine, whether the order passed by AO is prejudicial to the interest of revenue. Instead, he remitted this issue back to AO to verify and investigate the issue once again and finalize the assessment order. PCIT should have verified or investigated the issue afresh by asking the assessee to submit all relevant information. Assessee claims the payments were made to doctors on regular consultancy fees and not relating to freebees. It is the duty of Ld. PCIT to establish that these payments were in fact freebees and not regular co....... + More

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• 2021 (1) TMI 536 - ITAT DELHI
  
  Reopening of assessment - addition u/s 40(a)(ia) for non deduction of TDS - HELD THAT:- Assessee disclosed all the primary facts with regard to deduction claimed on account of interest paid on loans at the original assessment stage and is considered by the AO also at original assessment stage, therefore, there is no failure on the part of the assessee to disclose fully and truly all material facts necessary for that assessment. Assessee also filed return of income originally on dated 30.09.2008 u/s 139 of the Act and four years have expired from the relevant assessment order, therefore, first proviso to section 147 would apply in favour of the assessee and no assessment could have been reopened in such circumstances against the assessee. Reasons recorded u/s 148 clearly show that assessment already framed u/s 143(3) has been reopened beca....... + More

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• 2021 (1) TMI 535 - ITAT DELHI
  
  Addition u/s 37(1) - disallowing interest provided on loan - outstanding loan was coming up from the earlier year - unsecured loan was used to purchase shares - CIT(A) did not accept the contention of the assessee because assessee failed to establish the identity, creditworthiness and genuineness of the transaction with regard to these loans and, accordingly, dismissed the appeal of the assessee - CIT(A) also directed the AO u/s 150 of the Act to take necessary remedial action for obtaining the loans from the above two parties - Whether CIT(A) has exceeded his jurisdiction even in giving directions u/s 150 - HELD THAT:- AO did not accept explanation of the assessee because in earlier years no scrutiny assessments have been made u/s 143(3) of the IT Act. But it is a fact that impugned loan amounts were taken in earlier years on which inter....... + More

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• 2021 (1) TMI 534 - ITAT KOLKATA
  
  Disallowance of statutory expenses claimed - HELD THAT:- Such expenditure has to be allowed as deduction. The finding of the AO that this expenditure is levied on house property income is factually incorrect. Thus we allow this ground of the assessee and direct the AO to allow this deduction. Interest paid on income tax refund - assessee submits that he had not received any such interest and in support produced Form-26AS - Revenue submits that as per its record, interest has been paid by the Department to the assessee on the amount of income tax refund - HELD THAT:- As agreed to by both the parties, this issue is remanded back to the file of the AO for fresh adjudication in accordance with law. We direct the AO to serve on the assessee the document based on which, he comes to a conclusion that interest has been paid to the assessee on income tax refund. If such evidence is not handed over to the assessee, no addition can be made.

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