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Income Tax - Case Laws
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- 2021 (8) TMI 48 - BOMBAY HIGH COURT
Faceless assessment u/s 144B - Need for personal hearing as provided - Whether any standards, procedures and processes have been framed by revenue in terms of sub-clause (h) of clause (xii) of Section 144B(7)? - HELD THAT:- Going by the provisions under section 144B, when hearing has been envisioned and incorporated, it is imperative to observe principles of natural justice as stipulated. In the present matter, it is not disputed that show-cause notice had been issued to the petitioner on 25/03/2021 to which the petitioner has responded to from time to time vide letters dated 26th March, 2021, 28th March, 2021 requesting for personal hearing and by sending responses dated 7th and 8th April, 2021. There is nothing to reflect upon that after receipt of response to show-cause-notice dated 26th March, 2021, 28th March, 2021, 7th and 8th April....... + More
- 2021 (8) TMI 46 - MADRAS HIGH COURT
Deduction u/s 80IA - lease rent income received from letting out modules of Software Technology park to various lessees - allowable income from business - HELD THAT:- Issue decided against the appellant/Revenue and in favour of the respondent/assessee in M/S. TIDAL PARK LTD. [2021 (7) TMI 302 - MADRAS HIGH COURT] wherein held that income derived from letting out of the property with all amenities and facilities would be income from business and cannot be assessed either as income from house property or as income from other sources.
- 2021 (8) TMI 35 - ITAT DELHI
Addition on account of cessation of Liability u/s 41(1)/28 - addition made on the ground that certain trade creditors/liabilities were appearing in the Balance Sheet for more than 3 years and have ceased to exist and represented remission of liability liable to be taxed u/s 41(1) - HELD THAT:- Admittedly, the liabilities/creditors continue to appear in the audited accounts of the assessee as on 31.03.2008 and assessee has not written back these amounts. Hon’ble Supreme Court in the case of CIT Vs. Singauli Sugar Works [1999 (2) TMI 5 - SUPREME COURT] have explained the provisions of section 41(1) and has held that so long liabilities are continuously shown and admitted in the audited accounts, the same do not cease to exist. CIT (A) has taken a correct legal view of the matter and has correctly deleted the addition. We uphold the ac....... + More
- 2021 (8) TMI 33 - ITAT DELHI
Addition on account of employee’s contribution to ESI and EPF - CPC while processing the return of the assessee disallowed the claim of employee’s contribution towards ESI and EPF on account of delay in depositing the amount as per the respective statutes - HELD THAT:- Respectfully following the binding precedents like case of Pr.CIT vs Pro Interactive Service (India) Pvt.Ltd [2018 (9) TMI 2009 - DELHI HIGH COURT] and Dee Development Engineers Ltd [2021 (4) TMI 393 - ITAT DELHI] therefore, direct the AO to allow the claim of the assessee and delete the addition. Thus, grounds of appeal raised by the assessee are allowed.
- 2021 (8) TMI 32 - ITAT DELHI
Addition on account of interest chargeable u/s 36(1)(iii) on interest free advances given to group companies - HELD THAT:- We find from the order of the Assessing Officer that most of the investments/advances are continued from last year i.e. assessment year 2012-13, wherein the Tribunal has deleted the disallowance under section 36(1)(iii) of the Act on the ground that advances/interest free loans have been given for business purposes in view of the commercial expediency. The facts of the year under consideration are also identical to facts of the case for assessment year 2011-12. In view of the above, respectfully following the decision of the Tribunal [2018 (6) TMI 1776 - ITAT DELHI] and decision of the Hon’ble Delhi High Court [2019 (1) TMI 1393 - DELHI HIGH COURT] we do not find any infirmity in the order of the Ld. CIT(A) on t....... + More
- 2021 (8) TMI 31 - ITAT AHMEDABAD
Assessment u/s 153A - Disallowance of interest paid in a search proceeding - HELD THAT:- CIT(A) in the earlier year on the identical facts and deleted the additions made by the Ld. AO in the unabated assessment since the same were not made on the basis of any incriminating material found during the course of search relying upon the principle laid down by the Jurisdictional High Court in the case of PCIT -Vs- Saumya Construction Pvt. Ltd., [2016 (7) TMI 911 - GUJARAT HIGH COURT], the judgments passed in the matter of CIT -vs- Kabul Chawla, [2015 (9) TMI 80 - DELHI HIGH COURT] and CIT -vs- Continental Warehousing Corporation Ltd [2015 (5) TMI 656 - BOMBAY HIGH COURT] The addition in the appeal in hand indeed has been made on the basis of the books of accounts and the details furnished to the Ld. AO and not on the basis of any incriminating ....... + More
- 2021 (8) TMI 30 - ITAT DELHI
Assessment of trust - assessee is registered under section 12AA - addition on the plea that Income Tax Department concerns only with the application of income and it is not significant how that income was earned - HELD THAT:- As only extra fee of ₹ 1,500/- was charged and that too was for examination fee. In such circumstances, it cannot be said that any capitation fee has been charged from the students. Moreover, there is no surplus has been generated in the year under consideration and the assessee cannot be alleged for engaged in profiteering also. The assessee has contested that no fee was fixed by the state level fee fixation committee for the year under consideration and, therefore, computation of the excess fee by the Assessing Officer, is based on presumption and without any documentary evidence in support. The decisions rel....... + More
- 2021 (8) TMI 29 - ITAT SURAT
Deduction u/s 10AA - assessee has not claimed interest on the capital of partners and their remuneration - HELD THAT:- AO relied on the decision of Rajkot Tribunal in Meridian Impex [2013 (9) TMI 605 - ITAT RAJKOT] and held that non-charging of interest and remuneration thereof has been done to enhance the profit of eligible exempt income. AO worked out the interest and remuneration and thereby restricted the claim of section 10AA. CIT(A) deleted the disallowance by following the decision of Jurisdictional high Court in Alidhara Taxspin Engineers [2017 (5) TMI 1684 - GUJARAT HIGH COURT] and also held that in the partnership deed it is clearly mentioned that no interest on capital or remuneration is payable to the partners. We find that the Hon'ble Gujarat High Court in Alidhara Taxspin Engineers (supra) held mere incorporation of inte....... + More
- 2021 (8) TMI 28 - ITAT INDORE
Revision u/s 263 - no source of cash deposited in the saving bank account held by the assessee - sale of agricultural land - HELD THAT:- Assessee had given specific reply along with copy of agreement and the details of transactions which took place in the course of sale of agricultural land held by the assessee at Village-Tigriya Sancha Dist. Dewas. AO on perusal of the bank statement, agreement of sale of agricultural land and other submissions and after making due application of mind accepted the submissions made by the assessee and assessed the income vide order dated 12.12.2016 framed u/s 143(2) r.w.s. 148. In the case of Ram Swaroop Bairagi & Others [2020 (11) TMI 822 - ITAT INDORE] and having dealt similar set of facts, are of the considered view that nexus of cash deposited in the bank account is on account of sale of agricultu....... + More
- 2021 (8) TMI 27 - ITAT BANGALORE
Addition of capital gain - cost of indexation - JDA property - Cost of the previous owner - agreement to sell the undivided share and also the agreement for determination of value of the property were executed on 09.06.2006 and the Appellant had constructive possession of the land from that date as contemplated u/s 53A of the Transfer of Property Act read with Section 2(47)(v) - contention of the assessee is that for the purpose of computation of capital gain, indexation of cost of acquisition is to be made from the date of incurring various payments for the purpose of acquisition of capital asset which is subject matter of charging of capital gain - lower authorities considered the date of registration of the property in favour of assessee i.e., 17.5.2010 and determined the capital gain - HELD THAT:- Section 49 deals with the cost with r....... + More
- 2021 (8) TMI 26 - ITAT DELHI
Disallowance u/s 14A - Assessee has made suo motu disallowance - CIT (A) deleted the addition on the ground that the AO has failed to record his satisfaction before invoking the provisions contained u/s 14A - HELD THAT:- AO except for making general observation that, “it cannot be ruled out that some expenditure would definitely be incurred towards such investments and keeping in view the huge investments of ₹ 45.67 crores out of total assets of assessee at ₹ 448.94 crores, it can be safely concluded that buying and selling of securities as well as maintaining a portfolio of large number of scrips leading to or capable of generating the dividend income is one of the main activities of the assessee”, has not recorded his satisfaction as to how and under what circumstances disallowance has been made by the assessee c....... + More
- 2021 (8) TMI 25 - ITAT DELHI
Disallowance u/s 14A r.w.r. 8D - CIT(A) deleted the addition on the ground that no dividend income was received by the assessee during the year and therefore, in view of the decision of Holcim India Pvt. Ltd [2014 (9) TMI 434 - DELHI HIGH COURT] - HELD THAT:- No infirmity in the order of the learned CIT(A) in deleting the addition made by the AO u/s 14A r.w.r. 8D of the Rules. It is an admitted fact that the assessee, during the year under consideration, has not earned any exempt or dividend income. It has been held in various decisions that in absence of any exempt or dividend income received during the year under consideration, no addition can be made u/s 14A r.w.r. 8D of the Rules. The Hon’ble Delhi High Court in the case of Chiminvest Ltd.2015 (9) TMI 238 - DELHI HIGH COURT] has held that in absence of any exempt income, disallo....... + More
- 2021 (8) TMI 24 - ITAT SURAT
Penalty levied u/s 271(1)(c) - assessee failed to explain the excess liability and no further appeal was filed by the assessee against the additions - HELD THAT:- We find that the lower authorities while considering the reply of the assessee, filed in response to the show cause notice for levying the penalty, has not held that the reply of the assessee is false. On independent consideration of the reply of assessee, filed in response to the show cause notice under section 274 read with section 271(1)(c). We find that the assessee has given reasonable and plausible explanation that the accountant has committed mistake while preparing the accounts as the credit note sent by the sundry creditor was not came to his notice and there was attempt for tax evasion as the assessee suffered loss. In our view it was sufficient explanation and reasona....... + More
- 2021 (8) TMI 23 - ITAT PUNE
Allowability of sugarcane price paid over and above FRP price - AO disallowed the excess price so paid by holding it to be the appropriation of profits - HELD THAT:- It is bounding duty of the Assessing Officer to examine the facts and circumstances under which the harvesting and transport expenses was paid to the farmers whether the payments were made over and above FRP exclusively for the purpose of business. The Assessing Officer cannot jump to a conclusion that the payments are in the nature of appropriation of profits without examining the facts and circumstances under which the said excess payments were made. The Hon'ble Bombay High Court in the case of CIT vs. Manjara Shetkari Sahakari Sakar Karkhana Ltd. [2007 (8) TMI 260 - BOMBAY HIGH COURT] held that the differential price cannot be disallowed merely on the ground that it is....... + More
- 2021 (8) TMI 22 - ITAT MUMBAI
Rectification of mistake u/s 254 - Inadvertent Mistake in not adjudicating the issue of allowance of depreciation - HELD THAT:- Miscellaneous Application was already raised in an earlier Miscellaneous Application which has been duly dealt with and disposed by the ITAT [2020 (2) TMI 1535 - ITAT MUMBAI]. There is no provision in the act for review of the order under section 254(2). By repeatedly filing Miscellaneous Applications on the same issue the prescription of the Act cannot be changed. Thus as ITAT has already disposed off the Miscellaneous Application on the same issue this Miscellaneous Application is liable to be dismissed.
- 2021 (8) TMI 21 - ITAT MUMBAI
Revision u/s 263 - disallowance u/s 40(a)(ia) - HELD THAT:- Accounts of the assessee had made the assessment in the manner provided in Sec. 144, and thus, after rejecting the book results had applied the ‘average of the net profit rate’ of 8.17% to the gross receipts and assessed his income at an estimated figure. We, thus, are of the considered view, that as the A.O while assessing the income on an estimate basis had at no stage considered the assessee’s claim for deduction of the impugned expenses on which TDS is alleged by the Pr. CIT to have not been deducted, thus, no disallowance u/s 40(a)(ia) even otherwise could have been made. As the A.O vide his order passed u/s 143(3) r.w.s 147, dated 25.03.2015 had after estimating the assesee’s income not separately disallowed the aforementioned expenses u/s 40(a)(ia),....... + More
- 2021 (8) TMI 16 - ITAT SURAT
Admission of additional ground of appeal by CIT-A in absence of revised return of income - HELD THAT:- It is settled law that the Assessing Officer is not entitled to consider the revised claim in absence of revised return of income under section 139(5) of the Act. However, these powers are not restricted to the appellate authorities as held in the case of Goetez India Ltd.[2006 (3) TMI 75 - SUPREME COURT] and the decision of Mitex Impex, [2017 (3) TMI 233 - GUJARAT HIGH COURT]. Considering the factual matrix of the case, that assessee has raised additional claim of excess claim of exemption under section 54B, which has not been examined by the lower authorities. Therefore, we admit the additional ground of appeal and remit the issue back to the Assessing Officer to examine the claim and pass the order in accordance with law. Appeal of the assessee is allowed for statistical purposes.
- 2021 (8) TMI 13 - ITAT MUMBAI
Disallowance u/s 14A - Suo moto disallowance made by assessee - HELD THAT:- On the facts as narrated above it is clear that ITAT in assessee's own case for earlier years has restricted the disallowance to the suo moto disallowance made by the assessee. There is no change in the facts and circumstances of the case. No reason whatsoever has been attributed by the assessing officer or CIT(A) as to why the suomoto disallowance by the assessee is not appropriate. CIT(Appeals) has referred to the decision of Supreme Court in Maxopp [2018 (3) TMI 805 - SUPREME COURT] for the proposition referred above. From the reference to the honourable Supreme Court by the learned CIT(Appeals), we fail to understand how the same supports the case of the revenue here that without assigning any reason whatsoever as to why the suomoto disallowance proposed b....... + More
- 2021 (8) TMI 8 - ITAT MUMBAI
Estimated Disallowance of Revenue Expenditure - CIT(A) has sustained the disallowances partly on adhoc basis - HELD THAT:- It is settled law that disallowances cannot be made on surmises and conjectures The power of Ld.CIT(A) are co-terminus. with that of.AO. CIT(A) has grossly erred in not making the enquiry, he was of the opinion should have been conducted. Moreover, the reasoning that the expenditure incurred on building repair, repair & maintenance and labour charges, in this regard bring about an expenditure of capital nature on an adhoc basis is not sustainable on the basis of material brought on record. This is more so, when assessee has already capitalized ₹ 59,22,000/- in this regard. Hence, we set aside the order of authorities below and allow the assessee’s ground.
- 2021 (8) TMI 6 - ITAT BANGALORE
Disallowance of depreciation claimed under the block “furniture & fittings” - assessee had claimed depreciation @ 100% claiming that they are temporary constructions - A.O. disallowed the same holding that the assessee could not prove the expenditure as could not produce bills & vouchers in support of purchase of furniture and fixtures - HELD THAT:- It is an admitted fact that the assessee has not produced any bills/vouchers in support of these payments. The assessee could furnish details of cheque numbers relating to these payments, but could not establish the nature of expenses for which these payments have been made. Since the assessee could produce rental agreements, the ld. CIT(A) has allowed capitalization of payments related to building. It is a settled proposition that the onus to prove the expenditure lies upo....... + More