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Income Tax - Case Laws
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- 2020 (9) TMI 826 - MADRAS HIGH COURT
Unexplained income u/s 69A - cash deposited during the demonetization period made out of cash in hand (which was more than four months) - penalty proceedings u/s.271AAC - HELD THAT:- In the case on hand, the Income Tax Officer/Respondent, taking into account the fact that the explanation given by the assessee that the cash deposited during the demonetization period made out of cash in hand (which was more than four months) of ₹ 11,10,000/- was against human probability and that there is no explanation for the source and nature of cash deposits in the Savings Bank Account, brought the above unexplained income to tax under Section 69A of the Income Tax Act, 1961. Single Judge, after considering the facts and circumstances of the case, without expressing any view on the merits of the matter, disposed of the writ petition, by granting l....... + More
- 2020 (9) TMI 825 - GUJARAT HIGH COURT
Revision u/s 263 - As per CIT AO has categorically failed to verify the deduction u/s 54 - ITAT quashing the revision order - HELD THAT:- Essential condition for the exercise of power u/s 263 that the Commissioner of Income Tax must find an error which is found in the assessment order of the Income Tax Officer prejudicial to the interest of the Revenue and conclusion of the Commissioner that the order is erroneous and prejudicial to the Revenue must be based on materials and contentions raised by the assessee on opportunity of hearing being afforded to him. The findings of facts recorded by the Appellate Tribunal is that one of the requisite conditions for the exercise of power under Section 263 of the Act that the Commissioner should consider the assessment order to be erroneous and prejudicial to the interest of the Revenue is not satisfied in the present case. In arriving at such conclusion, the appellate Tribunal has assigned cogent reasons. - Decided against revenue.
- 2020 (9) TMI 824 - UTTARAKHAND HIGH COURT
Addition u/s 68 - genuineness of the transactions - HELD THAT:- AO should have considered the material produced before him, which have also been enclosed herein. On a specific question being asked to the learned counsel for the revenue - whether the bills referred to hereinabove have been produced before the assessing officer, it is submitted that he does not have complete information with regard to the same. On considering these four bills, we are of the view that if the same were placed for consideration before the assessing officer, then he may have come to a different conclusion than what he has arrived at. We also do not notice that the assessing officer has referred to any of these bills, as produced by the appellant. We are of the view that it would be just and appropriate to direct the assessing officer to reconsider the matter af....... + More
- 2020 (9) TMI 823 - MADRAS HIGH COURT
Exemption u/s 11(1)(a) - activity of letting out of halls is covered by the residuary limb of definition u/s.2(15) of the Act and hit by the proviso to Section 2(15) and exempted u/s.11 and 12 of the Act - Whether the entire income derived from Kalyana Mandapam, is utilized for the primary object of the Society? - HELD THAT:- In view of the objects of the trust to be fulfilled, which is for a charitable purpose, the income there from would be entitled to exemption u/s.11(1) of the Act. Whether the income derived from letting out of Kalyana Mandapam, Community Hall and Gnanavapi owned by the appellant/assessee is the income from the House property or business income and whether the same is liable to be taxed or exempted is the other question. The contention of the assessee is that since utilization of the surplus income from the running of....... + More
- 2020 (9) TMI 822 - KARNATAKA HIGH COURT
Validity of demand in respect of firm raised in the name of Partner - TDS u/s 194A - interest paid - failure of the "payee-assessee" to pay the tax directly as per section 191 - fixing of liability on the assessee and its partners as assessee-in-default - Fix the liability to pay the tax on the correct person - HELD THAT:- The burden to prove that the payee-assessee had paid the tax, which the assessee-deductor failed to deduct was placed on the latter ; by production of a certificate from the accountant. The questions are thus answered against the assessee and in favour of the Revenue. It is settled law that a partnership is neither a natural person nor a juris tic person. It has no separate existence than its partners. The liability of a partnership firm is the liability of its partners. As such, fixing the liability of the fi....... + More
- 2020 (9) TMI 821 - ITAT KOLKATA
Computation of capital gains -Treating ‘Government Securities’ as Bonds or Debentures for the purpose of the third proviso (now fourth proviso) to section 48 - HELD THAT:- Issue decided in favour of assessee as relying on own case [2019 (12) TMI 958 - ITAT KOLKATA]. Appellate forum against the orders of the coordinate bench of this Tribunal - Proposition that, when fixed return is assured on a capital asset, indexation should not be granted, is not correct. Even on buildings or land fixed rental income is earned. Just because there is fixed returning income, it cannot be concluded that on sale of such asset no indexation would be granted of the asset is a long term capital asset. This bench has not been informed as to whether the department has accepted the earlier order of the Tribunal on this issue for A.Y. 2010-11 and A.Y. ....... + More
- 2020 (9) TMI 820 - ITAT COCHIN
Reopening of assessment u/s 147 - denial of natural justice - whether the assessee has been granted the opportunity to cross examine Sri.Moideen Koya and his brother Sri.Valiyil Moosa and such persons whose statements have been used to draw adverse inference against the assessee? - HELD THAT:- The order of the learned CIT(A) records that the seller Sri.Moideen Koya has not filed any return of income admitting the income in his sworn statement. The Revenue has not produced any evidence to show whether Sri.Valiyil Moosa has admitted any income from the said transaction. This stand of the Revenue as to whether the said on-money which has been allegedly admitted by Sri.Valiyil Moosa has led to an assessment of higher capital gain tax or whether the said amount has been assessed under any other heads is also not known. These are evidences whic....... + More
- 2020 (9) TMI 819 - ITAT MUMBAI
TP Adjustment - comparable selection - HELD THAT:- Companies functionally dissimilar with that of assessee need to be deselected which provides IT services such as maintenance of software, management of servers, provision of technical support, documentation of software code and ITES service and Back Office services such as quality assurance, vendor management and investor relationship, etc. Disallowance of employee contribution of PF and ESI - HELD THAT:- We notice that in favour of assessee in Hindustan Organics Chemical Ltd. [2014 (7) TMI 477 - BOMBAY HIGH COURT] AND CIT vrs. Ghatge Patil Transports Ltd. [2014 (10) TMI 402 - BOMBAY HIGH COURT] Following the Vegetable product [1973 (1) TMI 1 - SUPREME COURT] we are inclined to follow the jurisdictional High Court decision. Accordingly, the grounds raised by the assessee are allowed. Appl....... + More
- 2020 (9) TMI 818 - ITAT JAIPUR
Assessment u/s 153A - Addition on account of scrap trading - HELD THAT:- As gone through the orders of the authorities below and found from the record that during the course of regular assessment, the A.O. has not brought on record any evidence to the effect that the assessee has sold any capital asset nor any finding was recorded to the effect that when such asset was acquired to whom it is sold and for what consideration, in absence of any material describing nature of asset, year of acquisition, year of transfer consideration accruing as a result of transfer, the provisions of Section 45 of the Act cannot be applied. A detailed finding has been recorded by the ld. CIT(A) to this effect in para 8 of his appellate order which has not been controverted by the ld. DR by bringing any positive material on record. Accordingly, we do not find ....... + More
- 2020 (9) TMI 817 - ITAT JAIPUR
Disallowing claim of deduction u/s 54F - plot purchased was of the commercial nature - HELD THAT:- The only condition has been laid in the Sec. 54F is that either a residential house is purchased or constructed a house for residential purposes in stipulated time, meaning thereby of 'construction of a house for residential purpose' is that some construction should be made by the assessee on the plot, whether assessee is physically residing or not in that house, or whether plot on which house has been constructed is of commercial or agricultural nature, is all immaterial. The said condition was fulfilled by the assessee by constructing a house for residential purpose on the plot purchased by her from JDA on auction and said house was consisted of two rooms, boundary wall with iron gate, electricity connection etc. and house was cons....... + More
- 2020 (9) TMI 816 - ITAT JAIPUR
Revision u/s 263 - survey u/s 133A on 19/02/2015 wherein the assessee company has surrendered amount - addition u/s 40A (3) - HELD THAT:- Karnataka High Court after considering various judicial pronouncement in the case of CIT Vs. Gokul Das Exports [2008 (7) TMI 595 - KARNATAKA HIGH COURT] has held that assessing officer taking one out of two views the assessment order is not prejudicial to interest of revenue. In view of the above judicial pronouncements and various other judgements on the issue the assessment order passed by A.O. cannot be treated as an erroneous and prejudicial to the interest of revenue. In the case of CIT Vs. Vodafone Essar South Ltd. ( [2012 (12) TMI 70 - DELHI HIGH COURT] held that assessing officer before passing assessment order made an enquiry and directed his mind on all aspects. View adopted by him was clearly....... + More
- 2020 (9) TMI 815 - ITAT JAIPUR
Enhancement of Capital Gain - Initially the value was taken as determined by the Sub-Registrar - Later, on objection raised by asessee, matter was referred to DVO - Application of section 50C, since the land is in Dark Zone - HELD THAT:- As during the course of assessment proceedings u/s 143(3)/148 of the Act, the A.O. has enhanced capital gain by taking value as determined by the Sub-Registrar. However, the assessee has filed objection then the matter was referred to the DVO. DVO done valuation without considering the facts that land is in Ecological Area exists in Dark Zone as declared by Geological Survey of India and Central Ground Water Authority, no construction activities are allowed on that land as well as comparable case of adjacent land was also not considered. DVO has taken excessive rate without considering the average rate i........ + More
- 2020 (9) TMI 814 - ITAT BANGALORE
Disallowance of claim of interest payable on sales tax, excise duty and customs duty - HELD THAT:- We notice that an identical issue has been considered by the coordinate bench in the assessee’s own case [2017 (12) TMI 570 - ITAT BANGALORE]and it was decided against the assessee. Disallowance of interest payable to micro, small and medium enterprises by invoking section 23 of MSMED Act - A.R submitted that the Income tax Act does not provide for any such disallowance - HELD THAT:- We notice that an identical issue has been considered by the coordinate bench in the assessee’s own case and it was decided against the assessee in assessment year 2008-09 [2017 (12) TMI 570 - ITAT BANGALORE] Weighted deduction made by the assessee u/s 35(2AB) - assessee had claimed weighted deduction on the gross amount of expenditure incurred by it....... + More
- 2020 (9) TMI 813 - ITAT DELHI
Reopening of assessment - Addition u/s 68 - client code modification - HELD THAT:- Client code modification has been carried out by the broker in the case of the assessee. According to the information available in the reasons recorded, client code modification is allowed to the brokers by the stock exchange, within a limited window of time after business hours, for rectification of any mistakes in punching of the client code while carrying out transaction of purchase and sale on behalf of the customers. AO has alleged in the reasons recorded that client code modification has been done for shifting of the profit or loss by the assessee. But there is no material to infer that such client code modification has been done with malafide purpose of shifting of the profit or evasion of the tax. There is no material before the Assessing Officer to....... + More
- 2020 (9) TMI 812 - ITAT HYDERABAD
Netting off of the interest income against interest expenditure - taxing interest received during pre-construction period under the head "Income from other sources" - contention that where the fixed deposits are inextricably linked with the business of the assessee, the interest income therefrom has to be set off against the preoperative expenses of the assessee - HELD THAT:- We find that the assessee has deposited the funds which were not immediately required for the assessee’s business and as and when required, they were immediately withdrawn and used for business purposes. Therefore, there is a distinction in facts between earlier years where the Tribunal decided the issue against the assessee, and the AYs before us. Thus following the decision of the coordinate bench of ITAT, Mumbai in the case of Kamat Hotels (India) ....... + More
- 2020 (9) TMI 774 - MADRAS HIGH COURT
Royalty payment - extraordinary jurisdiction of this Court - HELD THAT:- Royalty payment for one company was only for the 'technology' component like in Maruti Suzuki India Ltd., while the royalty payment was for 'technology and the use of brand' as in assessee / appellant company. Such inherent deficiencies were pointed out thereby making the entire system faulty and fraught with loopholes. Now, it is revealed, during the course of the arguments that the TPO's order was accepted by the AO and the final order of assessment was passed in November 2019. It is not clear whether the assessee / appellant approached the DRT with objections against the draft assessment order. The assessee / appellant ought to have approached the ITAT against this final order of assessment. In such circumstances, this Court opines that the rem....... + More
- 2020 (9) TMI 773 - MADRAS HIGH COURT
TDS u/s 195 - payments made to Opportunity International as Fees for Technical Services - disallowance under Section 40(a)(ia) - provisions of Section 90 of the Income Tax Act read with the Double Taxation Avoidance Agreement between India and USA - HELD THAT:- Admittedly, the issue relating to Section 90 of the Income Tax Act read with Double Taxation Avoidance Agreement between India and United States of America has not been raised before the Assessing Officer or before the CIT (Appeals) or before the ITAT. But for the first time, the appellant/assessee has raised the issue before this Court and the said issue has also been raised in the substantial questions of law - There is no occasion to decide this issue viz., as to whether the disallowance under Section 40(a)(ia) without considering the provisions of Section 90 of the Income Tax A....... + More
- 2020 (9) TMI 772 - MADRAS HIGH COURT
Assessement framed u/s.143(3) based on a non-est return filed - Whether the return filed on 31/03/2014 for the Assessment Year 2012-13 is a non-est return and not a return u/s.139(5)? - Before the Income Tax Appellate Tribunal, the learned counsel who appeared on behalf of the assessee, contended that an opportunity of cross examination of Shri. Stephen John was not provided to the assessee by the CIT (Appeals) that too even after raising the said issue before the CIT(Appeals) - HELD THAT:- Since the appellant/assessee has raised the issue of opportunity of cross examination of Stephen John and the same was given to the assessee and for the same, the matter is remitted back to the CIT (Appeals), we are of the view that there is no infirmity in the order of the Income Tax Appellate Tribunal and thus, we find no merit in the Tax Case appeal....... + More
- 2020 (9) TMI 771 - MADRAS HIGH COURT
Jurisdiction of Court entertaining this appeal - whether situs of the Settlement Commission was within the jurisdiction of this Court? - HELD THAT:- Doctrine of dominus litis or doctrine of situs of the appellate Tribunal do not go together; and a dominus litis indicates that the suitor has more than one option, whereas the situs of an Appellate Tribunal refers to only one High Court wherein the appeal can be preferred. As pointed out that situs of a Tribunal may vary from time to time and it could be Delhi or some other place or Chennai as in the case on hand and the determination of jurisdiction of the High Court should be based on the relevant Statute and that the Parliament never contemplated to have a situation of this nature and if the cause of action doctrine is given effect to, invariably more than one High Court may have jurisdic....... + More
- 2020 (9) TMI 770 - MADRAS HIGH COURT
Carry forward of the depreciation loss - beyond the eight year period mandated under the provisions of Section 32 - HELD THAT:- The restriction of 8 years for carry forward and set off of unabsorbed depreciation was dispensed with, with a view to enable the industries to conserve sufficient funds to replace plant and machinery. Standing Counsel appearing for the Revenue would point out that those amendments took place with effect from 01.4.2002 and would accordingly apply in relation to the assessment year 2002-03 and the subsequent years whereas in the assessee's case, the depreciation loss, which they sought to carry forward is for the assessment year 1997-98. The proper manner, in which, the modification has to be understood, is to the effect that from the assessment year 2002-03, if the eight years' period was not lapsed, then....... + More
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