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Income Tax - Case Laws
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- 2019 (11) TMI 764
Best judgment assessment - Admission of additional evidence - HELD THAT:- Application for oral hearing in Court is rejected. We have carefully gone through the review petitions and the connected papers. We find no merit in the review petitions and the same are accordingly dismissed.
- 2019 (11) TMI 763
Disallowance under section 40A(3) - whether fall within the ambit of undisclosed income within the meaning of Section 158B(b) - HELD THAT:- Leave granted.
- 2019 (11) TMI 762
Presumption u/s 132(4A) raised in the assessment proceeding - Whether apart from from section 132(4A) the burden to explain the documents seized from the possession of the assessee during search is upon him and if it so, then has he discharge the burden ? - HELD THAT:- Section 132(4A) of the Act provides that any books of account, documents, money, bullion, jewellary or other valuable articles or things found in possession or in control of any person in course of search may be presumed to be belonging to such person, and further, contents of such books of account and documents are true. But this presumption is not provided in absolute terms and the word used is “may” and not “shall”, as such the revenue has to corroborate the entries made in the seized documents before presuming that transactions so entered were ma....... + More
- 2019 (11) TMI 761
Reopening of assessment u/s 147 - HELD THAT:- This Court is inclined to dispose the present writ petition without touching upon the merits of the claim made by the petitioner against reopening only with a direction to the Assessing Officer to pass appropriate orders on merits and in accordance with law on the request made by the petitioner dated 27.08.2019 within a period of three weeks from the date of receipt of a copy of this order. Based on the communication received from the AO, the petitioner shall work out their remedy in the manner known to law. With the above observation, this Writ Petition is disposed of, accordingly. Since this Court has directed the Assessing Officer to dispose of the representation dated 27.08.2019 within a period of three weeks from the date of receipt of a copy of this order, the Assessing Officer is direct....... + More
- 2019 (11) TMI 760
Reopening of assessment u/s 147 - assessee is not being supplied with information/ documents by the AO - third party confidential information - HELD THAT:- So far as the petitioner’s challenge to the reopening of the proceedings is concerned, this Court has already rejected the same by observing that it shall be open to the petitioner to raise all its pleas before the AO. AO is now carrying on further investigation, for which purpose notices u/s 142(1) have been issued to the petitioner. It is for the petitioner to comply with the said investigation. AO has already given an assurance to the petitioner that the petitioner would be confronted with whatever material is sought to be relied upon during the course of re-assessment, and that the petitioner would be granted ample opportunity in the matter. No reason to assume, at this stage....... + More
- 2019 (11) TMI 759
Withholding of TDS at the rate of 0.5% - Order u/s 197 - grievance of the Petitioner is that the impugned certificate dated 29.05.2019 has arbitrarily fixed the rate of deduction of tax at source at 0.5% even though under the DTAA, the Petitioner’s income is not liable to be taxed in India - Indo- German DTAA - HELD THAT:- Court quashed the order under Section 197 of the Act allowing deduction of the tax at source @ of 5% from the payments made to the Petitioner by its Indian Customers. We may note that the situation in the present case is, in fact, even better for the Petitioner inasmuch as the total income of the Petitioner has been assessed in the return filed by the Petitioner Assessee as NIL. In this regard, the Petitioner has placed on record the assessment orders for the Assessment Years 2013-14 to 2015-16. A perusal of the f....... + More
- 2019 (11) TMI 758
Treatment to person as a Principal Officer of the company - Key Management Personnel - HELD THAT:- No person can be treated as a 'Principal Officer' of the company recognising him as the Key Management Personnel of the company. The details of such information on the basis of which the Key Management Personnel tag is made, has to be explicitly expressed in the notice of the intention of treating any person as a Principal Officer by the Assessing Officer. Neither in the show cause notice nor in the order impugned, such connection of the petitioner with the management or administration of the company M/s Kingfisher Airlines Limited is established. The phrase 'Key Management Personnel' of the company has a wide connotation and the same has to be supported with certain material unless such connection is established, no notice s....... + More
- 2019 (11) TMI 757
Exemption u/s 11 - building fund receipts received on capital account - tribunal restored the registration granted to the assessee under section 12AA - assessee contended that development fund is charged from the students for development of the infrastructure of the society/college/institution for construction of the building and purchase of capital asset and submitted that this fund is part of the corpus fund of the society and has been shown as part of the capital fund of the society - whether the contribution received for construction of building etc. from the student falls under the voluntary contribution for corpus of the trust as per section 11(1)(d) of the Act or not? - HELD THAT:- It is evident from section 11(1)(d) of the Act that there is no condition of prescribed amount of application of the income received in the form of volu....... + More
- 2019 (11) TMI 756
Unexplained cash credit u/s 68 - violation of the principle of the natural justice - notices u/s 133(6) were issued by the AO at the wrong address to various share subscribers, which had returned back undelivered - HELD THAT:- In the facts of the case, we are of the opinion that whatever may be the reasons, it is evident that those parties could not respond to the notices issued u/s 133(6) and the assessee also failed to produce them before the AO. Now, before us, the assessee has given undertaking that if matter is restored back to the AO, the assessee shall produce all the share applicant parties along with all the required documents to discharge its onus of proving the identity & creditworthiness of the share applicant parties and genuineness of the transaction as required under section 68. In view of the facts and circumstances of....... + More
- 2019 (11) TMI 755
Revision u/s 263 - applicability of provisions of section 115JB - appellant which is established under Banking (Companies Transfer Of Undertakings) Act, 1970 - the said issue was not in the show cause notice sent to appellant u/s 263 - whether CIT erred in invoking jurisdiction u/s 263 and directing AO to add back amounts in respect of bad and doubtful debts and investments which were written off and staff welfare expenses which were examined by AO and allowed in assessment? - HELD THAT:- If the assessment order was found to be erroneous as well as prejudicial to the interest of the revenue, the same would certainly become subject matter of revision u/s 263 as held by Hon’ble Supreme Court in Malabar Industrial Co. Ltd. [2000 (2) TMI 10 - SUPREME COURT] . The omissions on the part of AO, to carry out certain adjustments, as pointed ....... + More
- 2019 (11) TMI 754
Addition emanating from the provisions of Sec.50C - difference in agreed sale consideration reflected by the assessee and stamp duty valuation - HELD THAT:- It is undisputed fact the sole project being carried out by the assessee was substantially completed which is evidenced by the inspection carried out by the department at the project site. In fact, the assessee has not even contested the same before us. There would be no quarrel on the point that the income from the project was rightly brought to tax by AO during the year under consideration and no interference, in this regard, would be required from our side. So far as the difference in agreed sale consideration reflected by the assessee and stamp duty valuation is concerned, we find that nothing has been brought on record by Ld. AO that the assessee was in receipt of higher sale con....... + More
- 2019 (11) TMI 753
Addition u/s 41(1) - utilization of working capital towards capital expenditure in respect of waiver of loans stated to be working capital loan/term loan - HELD THAT:- Upon perusal of impugned order, we find that learned first appellate authority failed to clinch the issue in the correct perspective since it was the observation in the impugned order that discretionary payment on compassionate grounds would be capital in nature and therefore, not taxable in the hands of the assessee, which was not the case of revenue. It was also observed that the purpose of utilization of the funds were not, at all, relevant for the determination of the taxability of the waiver. Rather it is the prime argument of assessee that since working capital loan was utilized for the purpose of capital expansion and therefore, the same would not constitute trading ....... + More
- 2019 (11) TMI 752
Surplus on sale of property u/s 50 - HELD THAT:- Upon due consideration, we find that the fact that the immovable property,which was sold by the assessee during the year under consideration, was part of block of asset Building remain uncontroverted before us. The assessee during assessment proceedings as well as appellate proceedings could not establish that the said property was not part of block of asset and depreciation against the same was never claimed in earlier years. As rightly noted by learned first appellate authority, the assessee could not brought on record the factual position, in this regard, for the year ending 31/03/2011 as well as for the year ending 31/03/2012. Similar is the position before us since despite being specifically directed, the assessee could not demonstrate this fact and bring on record sufficient material ....... + More
- 2019 (11) TMI 751
Levying the late fees u/s 234E - processing the statement of tax deducted at source u/s 200A before the amendment was brought in w.e.f. 01.06.2015 in the provisions of section 200A - HELD THAT:- We, therefore, in the given facts and circumstances of the case as well as following the decisions rendered by the Tribunal in the case of State Bank of India, Genda Chowk and others [ 2018 (11) TMI 1714 - ITAT INDORE] , M/s. Madhya Pradesh Power Transmission Ltd. and others Vs. DCIT (TDS) [2018 (12) TMI 1323 - ITAT INDORE] are of the view that Ld. CIT(A) erred in confirming the levy of late fees u/s 234E by the assessing officer. Accordingly findings of Ld. CIT(A) in all these 5 appeals are set aside and revenue is directed to delete the levy of fees u/s 234E - Decided in favour of the assessee.
- 2019 (11) TMI 750
Addition on account of repairs and maintenance - HELD THAT:- After considering the rival submissions, we do not find any infirmity to interfere with the Orders of the Ld. CIT(A) in deleting the addition. Since the existing unit of assessee have been repaired and no new asset has come into existence, therefore, the Ld. CIT(A) on verification of bills and vouchers, correctly held that same are revenue expenditure in nature. This Ground of appeal of Revenue is dismissed. Capital receipt - Subsidy in the form of excise duty refund - HELD THAT:- The assessee has referred to Notification issued for New Industrial Policy in which the Government of Jammu & Kashmir has requested for special package for development of industries in the State. On the lines the industrial policy of the State Government was also notified by the Central Government........ + More
- 2019 (11) TMI 749
Non service of notice under section 143(2) - scrutiny assessment - CIT(A) dismissed the appeal on the ground of delay in filing of appeal - HELD THAT:- We observe that the undisputed facts are that the notice under section 143(2) was not served on the assessee as is apparent from the reply of the AO in response to the RTI application dated 05.10.2018, we observe from the perusal of the said application that the notice has not been served on the assessee. In our opinion, the non service of notice is factual and serous defects in the framing of the assessment and renders the assessment proceedings as well as the consequent assessment order as null and void. CIT(A) instead of finding the truth chose to dismiss the appeal even without verifying the facts from assessment records. In the present case before us the AO admitted to have not served....... + More
- 2019 (11) TMI 748
Validity of reopening of assessment - non-genuine unsecured loans - HELD THAT:- The authorities below have simply brushed aside the documents furnished by the assessee, which inter-alia, includes confirmation from the lending parties, copy of bank statement of the assessee, copy of acknowledgement of return of income of lenders, etc. furnished by the assessee during the assessment proceedings. The authorities below have made addition merely on the basis of statement of Bhanwarilal Jain without there being any corroborative evidence. Even the said statement was retracted by Bhanwarlal Jain. In our considered view, the addition on account of unsecured loans from M/s. Navkar Diamond is unsustainable. As regards unsecured loans from M/s. Surya Diam is concerned, the assessee has filed confirmation from the lender, the same is at page-20 of th....... + More
- 2019 (11) TMI 747
Undisclosed interest income - ownership of deposits in the hands of Developer of society - Co-operative society had not come into existence - Deduction u/s 80 IB(10) in respect of its residential project - AO disallowed assessee’s entire claim of deduction u/s 80 IB(10) on account of certain violations and further made additions on account of undisclosed interest income - AO while disallowing assessee’s claim of deduction u/s 80 IB (10) observed that the assessee is not eligible for claiming deduction in respect of sale of car parking and also on resale of flat - HELD THAT:- From the reading of meaning of fiduciary relationship as defined in legal dictionaries referred above, it can be safely construed that it is a relationship between the two parties . Thus, existence of two parties whether real or juristic is a pre-condition....... + More
- 2019 (11) TMI 746
Computing deduction u/s 80HHD - AO concluded that the receipts transferred to other hoteliers should have been included in the total business receipt - HELD THAT:- The relevant observations of the Tribunal on the issue were also brought to the notice of the Bench. Having considered rival submissions, we have noted that deduction u/s 80HHD is calculated as a percentage of profit derived from services provided to foreign tourists. The mode and manner of computing such deduction has also been provided in the said provision. It is the specific case of the assessee that the receipts transferred to other hoteliers and tour operators by issuing certificate in Form no. 10CCAC should not form part of tourist receipts to compute deduction u/s 80HHD as per the formula prescribed under the said provision. While deciding identical issue in A.Y. 2002-0....... + More
- 2019 (11) TMI 745
Disallowance u/s. 14A r.w. Rule 8D - assessee has claimed before the ld. CIT(A) that he was engaged in the business of trading in shares and securities and the provisions of the section 14A were not applicable to it - HELD THAT:- After considering the decision of the Hon’ble Supreme Court in the Maxopp case [2018 (3) TMI 805 - SUPREME COURT], it is clear that the principle of apportionment of the expenditure was applicable and the expenditure apportioned to the exempt income or income not eligible to tax was not allowable as a deduction. Provision of section 14A is applicable even when the shares are held ‘stock in trade’ though incidentally certain dividend income is earned, therefore, the contention of the ld. counsel about the applicability of ACIT Vs. Punjab National Bank [1764562] is not acceptable. We consider that....... + More
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