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Income Tax - Case Laws
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2023 (2) TMI 59
Exemption u/s 11 - denying the Registration u/s 12AA of the Act and also rejected the exemption u/s 80G - RGG - Charitable activity u/s 2(15) - HELD THAT:- A plain reading of the object of the Company reveals that the assessee is having the object to carry out the activities of ‘education’ and there is a specific bar/Clause that ‘none of the object of the Company will be carried out on commercial basis’. As also found that the assessee Company is engaging in imparting education in the field of mountaineering, rafting high attitude trekking, wilderness medicines and wilderness first aid. The assessee has produced the materials to show that the assessee company since from its existence from the year 2010 trained so many students including para military forces, BSF Officers. While disposing the application u/s 12AA of....... + More
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2023 (2) TMI 58
TDS u/s 194C or 194I - account of CAM charges - Commissioner affirmed the action of the AO in holding that CAM charges paid by the Assessee are part of rent, liable for TDS u/s 194-I however, held that if the deductee has paid tax on the CAM charges received from the Assessee, then the Assessee cannot be treated as Assessee in default - HELD THAT:- In the instant case it is an admitted fact, as not refuted by the learned DR, that the Assessee has deducted TDS u/s 194C of the Act, and the facts are not distinguishable to the facts involved in Yum Restaurants India case [2022 (10) TMI 256 - ITAT DELHI] consequently we are inclined to direct the AO to recompute the tax liability accordingly.
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2023 (2) TMI 57
Deduction u/s 80P(2)(a)(i) - assessee received interest from Sardar Sarovar Narmada Nigam Limited (SSNL Ltd.) - HELD THAT:- Assessee received interest from Sardar Sarovaor Narmada Nigam Limited which is not co-operative society. The Interest earned on investment in SSNL Limited deposits though claimed as from the operational funds of the assessee society, the same is from surplus funds of the assessee society. The decisions cited by the Ld. AR in respect of Hon’ble Apex Court in the case of Mavilayi Service Co-operative Bank Limited and others [2021 (1) TMI 488 - SUPREME COURT]has categorically mentioned in paragraph no.35 that interest or dividend income derived from Co-operative Society from investments with other Co-operative Society are entitled to deduct the whole of such income, but in earlier paragraph i.e. paragraph no.33 it....... + More
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2023 (2) TMI 56
Bogus LTCG - Addition u/s 68 - treating the purchase of shares as non-genuine and consequently sale of shares and LTCG as unexplained income of the assessee - HELD THAT:- The assessee,submitted before us that on 21.11.2014 the assessee sold 5000 shares in Bombay Stock Exchange at different dates and gained Rs.675 per share within 24 months. Thus, there was exorbitant scrip increase from 20.04.2012 to 27.12.2014. AO also made observations in the Assessment Order that the assessee bought shares at Rs.20./- when the market price was of Rs.17.45 on 02.04.2012 in fact. There was no basis from the analysis of the company that Kappac Pharma Limited scrip price shares. These objections are separate objections by the AO from the investigation report. The assessment order is not solely based on investigation but the AO has verified each aspect abou....... + More
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2023 (2) TMI 55
Revision u/s 263 - AO did not verify interest income offered and income as per Form 26AS - limited scrutiny case - assessee case was selected for scrutiny through CASS in the limited scrutiny to verify “Large other expenses claimed in the profit & loss A/c and mismatch in sales turnover reported in audit report & ITR” - HELD THAT:- We find in the case of Balvinderkumar [2021 (3) TMI 649 - ITAT DELHI] as quashed the 263 proceedings by holding that in case of limited scrutiny, the Assessing Officer cannot go beyond the reasons for which the matter was selected for limited scrutiny and therefore, it would not be open to pass a revisionary order u/s 263 by the CIT on other aspects. Since the case of the assessee in the instant case was selected for limited scrutiny to verify “Large Other Expense claimed in the Profit....... + More
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2023 (2) TMI 54
Addition u/s 68 - Addition of agricultural income as unexplained cash credit - main grievance of the lower authorities in the instant case is that the agricultural income is earned by the assessee in the distant location at Beed whereas the cash deposits were made by the assessee in a bank account maintained at Dadar - HELD THAT:- It is not in dispute that assessee had furnished entire cash book containing the cash inflows from various sources and cash outflows. Hence, what is to be seen is availability of positive cash balance with the assessee on each date of making cash deposits. In the instant case, the same has been duly complied with by the assessee as she is having sufficient cash balances in her books to make cash deposits in the bank account. It is not the case of the Revenue that the agricultural income earned by the assessee to....... + More
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2023 (2) TMI 53
Correct head of income - treatment of surplus fund out of the sale of properties - business income as treated by the Assessing Authority or the capital gain as claimed by the assessee - whether the Assessing Authority justified to treat the transaction under the different head of income? - HELD THAT:- The assessee claimed it as gain arising out of transfer of capital asset. On the other hand, the AO treated it as business receipts arising from real estate business. Assessee laid great stress on intent of the assessee. Considering the fact that the properties in quantum were held for considerable longer period of time, it is not the case where the properties have been sold within a short span of time after their acquisition. Coupled with the fact that the assessee is not engaged into any systematic real estate business activity. Thus hold ....... + More
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2023 (2) TMI 52
Taxability of rental income - CIT-A held income of the appellant is chargeable under the head “Income from Profits and Gains of Business and Profession” as against the income offered to tax under the head “Income from House Property” by the appellant - Deduction of Interest paid on loan to acquire the property - disallowance u/s. 40(a)(ia) HELD THAT:- The undisputed fact is that the ratio laid down in the case of Chennai Properties and Investments [2015 (5) TMI 46 - SUPREME COURT] squarely apply on the facts of the case, therefore, there is no error or infirmity in the decision of the CIT(A) wherein rental income has been taxed under the head profits and gains of business or profession. Once the income has been held to be taxed under the head profits and gains of business or profession the same has to be computed a....... + More
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2023 (2) TMI 51
Delayed deposit of Employees Contribution to ESI/PF - assessment u/s 143(3) - Delay in depositing the employees’ contribution and the contribution has been deposited beyond the date stipulated under the relevant Fund Act - As argued disallowance made by the CPC Bengaluru while processing the return u/s 143(1) of the Act is beyond the scope of provisions of section 143(1(a) of the Act and, therefore, cannot be sustained - HELD THAT:- We have carefully perused the decision of the co-ordinate bench in the case of M/s P R Packaging Services [2022 (12) TMI 841 - ITAT MUMBAI] as not given any independent finding but has simply relied upon another decision of Kalpesh Synthetics Pvt Ltd [2022 (5) TMI 461 - ITAT MUMBAI] wherein the co-ordinate bench has based its decision on the interpretation and binding decision of the Hon'ble Jurisdic....... + More
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2023 (2) TMI 50
Rectification of mistake u/s 154 - rectify the charge of interest income under the head Income from Other Sources[IOS]- contention of the assessee firm that the said amount of interest was wrongly added while filing ITR - HELD THAT:- The appellant’s retuned income, after due examination and verification was accepted by an order dt. 07/12/2017 u/s 143(3) - Subsequently, on the receipt of demand intimation from CPC, the appellant finding fault with the tax liability determined u/s 143(3) of the Act, filed a rectification application dt. 14/05/2019 u/s 154 seeking thereby deletion of interest income charged to tax under IOS, alleging it as erroneously crept-in while filing the ITR, which both the Ld. TAB rejected as falling outside the jurisdiction of section 154 of the Act. In our considered view, no error can be said to be apparent o....... + More
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2023 (2) TMI 49
Unexplained expenditure - payment of interest in cash which has not been recorded in the books of accounts - AR submitted that this enhancement of the assessment by the Ld. CIT (A) was made without providing any proper opportunity to the assessee - HELD THAT:- In this case, we find that no such opportunity was provided to the assessee. Therefore, following the principles of natural justice, we are of the considered view that the assessee shall be provided a reasonable opportunity with respect to enhancement of disallowance of interest - Accordingly, in order to provide a reasonable opportunity, we remit the issue back to the Ld. CIT(A) for deciding the issue afresh - Ground raised by the assessee is allowed for statistical purposes. Addition u/s 56(2) - allotment of shares - allegation that, appellant had received shares for a sum less th....... + More
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2023 (2) TMI 48
Disallowance of employees’ contribution to Provident Fund as well as ESIC - Disallowance u/s 36(1)(va) - employees’ contribution towards PF though the same were paid before the due date for filing of return - HELD THAT:- In the present case, it is an admitted fact that the payment of employees’ contribution to the provident fund was made before the due date of filing of return of income u/s 139(1) of the Act but beyond the due date as provided in the respective Statutes. Essentially the condition precedent for deduction is that therefore, such amounts which are held in trust for the employees should be deposited by the employer on or before the due date as prescribed under the relevant Statutes - if this approach and reasoning is adopted then the non-obstante clause u/s 43B or anything contained in that provision would n....... + More
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2023 (2) TMI 35
Reopening of assessment u/s 147 - Unexplained gain on sale of shares of company abroad - assessee claimed gains earned by it on sale of Agile shares were not taxable in India by virtue of Article 13(4) the Double Tax Avoidance Agreement entered into and subsisting between India and Singapore (“India-Singapore DTAA”) based on the Tax Residency Certificate (‘TRC’) - Relevance of information from a third party - borrowed satisfaction - AO got information about the petitioner’s income from the TDS officer of Igarashi, as all the details were available in the petitioner’s return which had been processed under Section 143(1) - whether the respondent-revenue can go behind the tax residency certificate issued by the other tax jurisdiction and issue re-assessment notice under Section 147 to determine issues of r....... + More
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2023 (2) TMI 34
Revision u/s 264 - Addition of income twice - seeking refund with interest - HELD THAT:- Section 264 of Act enables the Principal Commissioner or Commissioner, on its own motion or on an application made by the assessee, to call for records of any proceedings under the Act or to cause such inquiry to be made and, subject to the provisions of the Act, pass such order thereon as the Commissioner thinks fit. The only condition being that such order cannot be prejudicial to the assessee. Undisputedly, if the records for the AY 2014-15 are recalled, it would reveal that the sum received on account of interest on income tax, was assessed as income for the Previous Year 2013-14 relevant to the Assessment Year 2014-15. However, as stated above, the said amount was brought to tax by the Income Tax Authority in the Assessment Year 2012-13. Clearly,....... + More
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2023 (2) TMI 33
Constitutional validity of Section 115 BBE - Deposits cash in bank account during the demonetization period - Section 115 BBE as substituted by the Taxation Laws (Second Amendment) Act, 2016 w.e.f. 01.04.2017 pursuant to which the income determined by AO u/s 68, 69, 69A, 69B, 69C and 69D shall attract tax rate at 60% along with the application surcharge penalty - petitioner herein is saddled with the huge tax liability for the assessment year 2017-18 - action of the AO of issuing the notice for recovery of demand raised pursuant to the assessment under Section 143(3) of the Act. Assessee relied on the decision of Pragati Cooperative Bank Ltd [2005 (6) TMI 26 - GUJARAT HIGH COURT] to urge that the addition cannot be made in the account of the assessee Bank, which has already furnished the requisite KYC documents for the amount which has be....... + More
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2023 (2) TMI 32
Revision u/s 263 by CIT - Depreciation on road and toll bridge constructed by the assessee - contention of the Income Tax Department that they are not entitled to claim deprecation at all as roads and bridges are neither plant nor buildings - When the assessee had only undertaken the construction of bridges for the Government and the Government is the owner of the land and the bridges, whether the Tribunal was right in setting aside the order of revision passed under Section 263 ? - HELD THAT:- Assessing Officer had accepted the contention of the assessee that the assessee was entitled to depreciation at 25% by treating the “Toll Road” as a “Plant” even though, neither the “Toll Road” belongs to assessee nor it is a “Plant”. Tribunal allowed the assessees’ appeals for the Assessment Ye....... + More
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2023 (2) TMI 31
Reopening of assessment against trust - rejection of the objections to re-opening of assessment - alternative efficacious remedy available - undervaluation of land purchased by the Trustee - HELD THAT:- Writ petitions filed by the Trustees cannot be entertained at this stage as case of the petitioners / Trustees is that the re-opening of assessment is based on change of opinion. There appears to be lack of clarity, if there was application of mind by the assessing officer while making the original assessment with regard to the above issues i.e., undervaluation of land and source of fund for construction of building. This Court has no doubt that reassessment on the basis of change of opinion is bad for want of jurisdiction. There is merit in the submission of the learned counsel for the Revenue, inasmuch as for challenging the initiation o....... + More
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2023 (2) TMI 30
Stay of demand - order Proceeded on the lone erroneous basis that Instruction No.1914 dated 02.12.1993 as modified by two office memoranda dated 29.02.2016 and 31.07.2017 does not apply to the writ petitioner - AO had come to the conclusion that there is unaccounted capital drawings and unexplained interest credit both under Section 56 - this Court is informed that the appeal is under Section 246A of IT Act; that pending appeal, writ petitioner moved the first respondent (Assessing Officer) under Section 220(6) of IT Act with an interim prayer - HELD THAT:- The impugned order has been made on one basis and that lone basis is that the writ petitioner's case is not covered under 'Instruction No.1914 dated 02.12.1993 as modified by two Office Memoranda dated 29.02.2016 and 31.07.2017' [hereinafter collectively 'said instructi....... + More
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2023 (2) TMI 29
Proceedings u/s 144B - best judgment assessment on the count that the petitioner did not file the return of income in response to the notice u/s 148 - as argued variation be not made without availing an opportunity or replying to the request of the petitioner - HELD THAT:- It is not being disputed that the opportunity of hearing is not granted. On the basis of the information received in respect of assessee, verification of material received from DDIT (Inv.) Unit-1(3), assessing officer has finalized the assessment order dated 12.3.2022, which is impugned in the instance case. This being a clear violation of procedure laid down under Section 144B (9), the order is non-est in the eyes of law and hence, the petition is allowed quashing and setting aside the order of assessment. The officer concerned shall take up the matters from the stage ....... + More
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2023 (2) TMI 28
Validity of reopening of assessment u/s 147 - addition u/s 68 on account of cash deposited which remained unexplained - HELD THAT:- As correctly held by CIT-A Prima facie there was material available with the AO in the form of information from the from ADIT(lnv.)-02, Kanpur that that huge cash deposits has been credited in the various banks that income had escaped assessment. In spite of number of opportunities afforded, the appellant has not substantiated its assertions raised in the grounds of appeal. Since the appellant has chosen not to attend proceedings before the undersigned or furnished any submission to substantiate the grounds taken, it is held that the AO had validly initiated proceedings by way of issue of notice u/s 148. Commissioner not only considered the factual aspects of the case, while deciding the validity of the initi....... + More
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