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2015 (12) TMI 1883
Exemption u/s 11 - benefit of certificate u/s 12(A) - conditions stipulated under the provisions of sub-section (3) of section 12AA which empowers the authority to cancel the registration - HELD THAT:- As appellants has fairly stated that the questions of law raised in this appeal are covered by the decision of this Court in the case of ‘The Director of Income Tax Exemption Vs. M/s. Karnataka Badminton Assn. [2015 (1) TMI 1202 - KARNATAKA HIGH COURT] wherein the questions have been answered in favour of the Assessee and against the Revenue. Accordingly, for the reasons given in the aforesaid Judgment in Karnataka Badminton Assn.’s case [supra], this appeal is dismissed and the questions of law raised are answered in favour of the Assessee and against the Revenue.
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2015 (12) TMI 1882
Validity of proceedings u/s 153A - as argued the premises which were searched u/s 132 were not of the Assessee - HELD THAT:- ITAT has noted as a matter of fact that the premises that was searched i.e. 3rd Floor, Global Arcade, M. G. Road, Gurgaon was not of the Assessee. There was nothing on record to connect the Assessee with the premises searched. Therefore, qua the Assessee, the proceedings u/s 153A was invalid. This being a factual aspect, no question of law arises.
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2015 (12) TMI 1881
Maintainability of appeal before HC - low tax effect - HELD THAT:- In the present case, the tax effect is Rs. 5.07 lakhs as mentioned in paragraph 10 of the Appeal Memo. Revenue does not press the present Appeal.
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2015 (12) TMI 1869
Disallowance u/s 40A(9) - Substantial question of fact or law - HELD THAT:- The said order was assailed by filing an appeal which was partly allowed and as such the department as well as the assessee approached the tribunal by preferring the second appeal and the tribunal by means of order and judgment [2011 (6) TMI 900 - ITAT KOLKATA] allowed the appeal so preferred by the assessee and at the same time dismissed the departmental appeal. The order so passed by the Income Tax Officer was assailed before us. Being aggrieved thereof, the instant appeal has been preferred. We have gone through the records and we are of the opinion that no substantial question of law arises out of the orders so passed tribunal.
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2015 (12) TMI 1865
Assessment in the name of company amalgamated - corporate death of an entity upon amalgamation - Amalgamation of two companies - Assessment to be made on which entity? - HELD THAT:- In view of the decision of this Court in Commissioner of Income Tax(Central-II) v. P.D. Associates (P) Ltd [2015 (7) TMI 1400 - DELHI HIGH COURT] no substantial question of law arises for determination by the Court in these appeals.
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2015 (12) TMI 1833
Accrual of income - Accrued interest on loans classified as “Non-performing Assets” - Tribunal deleted the addition - HELD THAT:- As in THE URBAN CO-OPERATIVE BANK LIMITED [2014 (10) TMI 740 - KARNATAKA HIGH COURT] a Division Bench of this Court has answered the substantial questions of law in favour of the Assessee by following the earlier judgment in the case CANFIN HOMES LTD. [2011 (8) TMI 178 - KARNATAKA HIGH COURT]. - Decided against revenue.
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2015 (12) TMI 1812
TDS provisions of section 194A(3)(v) - application to all co-operative societies including co-operative society engaged in the business of banking? - HELD THAT:- It is brought to the notice of this Court by the learned counsel appearing for the Assessee that vide Circular No.19/2015 in F.No.142/14/2015-TPL, the Ministry of Finance, Government of India, has clarified as under: “42.5 In view of this, the provisions of the section 194A(3)(v) of the Income-tax Act have been amended so as to expressly provide that the exemption provided from deduction of tax from payment of interest to members by a co-operative society under section 194A(3)(v) of the Income-tax Act shall not apply to the payment of interest on time deposits by the co-operative banks to its members. As this amendment is effective from the prospective date of 1st June, 201....... + More
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2015 (12) TMI 1810
Reopening of assessment u/s 147 - reopening after four years - HELD THAT:- Department has issued a notice dated 10.9.2015 under Section 148 of the Act proposing to re-assess the income for the assessment year 2011-12. The reasons to believe proposes that the petitioner has failed to disclose truly and fully all material facts which are necessary for making the assessment for the relevant assessment year. The petitioner has challenged the present reassessment proceeding contending that all the necessary material had been disclosed while filing the return for the assessment year 2011- 12. The proviso to Section 147 indicates that if reassessment proceedings are reopened after the expiry of four years, it is essential that an assertion is required to be made that the assessee has failed to disclose fully and truly all the material facts nece....... + More
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2015 (12) TMI 1809
TPA - Comparable selection - HELD THAT:- Merely stating that the issue of comparable is factual in nature and cannot be applied as a matter of general principle would not be sufficient to distinguish the reliance placed by the Appellant on the Tribunal's decision in M/s. Frost & Sullivan [2012 (4) TMI 120 - ITAT MUMBAI] . When according to the Tribunal, the facts are different in the case relied upon, it should be pointed out in the impugned order and not ignored on the basis of generality. The facts as demonstrated by the Appellant is that both in case of M/s. Frost & Sullivan (supra) and that of the Appellant, prima facie, appear to be identical. Tribunal in the impugned order ought to have considered the decision of the Tribunal in the case of M/s. Frost & Sullivan (supra) in some greater detail pointing out the distinc....... + More
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2015 (12) TMI 1798
Accrual of income - Interest received from banks on amounts of share capital temporarily deposited and on account of forfeiture of earnest money - CIT differed from that view and directed the deletion of the amount from the assessment also confirmed by ITAT - HELD THAT:- CIT differed from that view and directed the deletion of the amount from the assessment also confirmed by ITAT as followed the decision of this Court in Indian Oil Panipat Power Consortium Limited v. Income Tax Officer [2009 (2) TMI 32 - DELHI HIGH COURT] and the later decision of this Court in the case of NTPC Sail Power Company Private Limited v. CIT [2015 (7) TMI 193 - ITAT DELHI] .
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2015 (12) TMI 1787
Interest paid on borrowings disallowance - HELD THAT:- This question stands concluded against the revenue as decided in earlier AY 1999-00 Treatment to sales tax incentive subsidy - revenue or capital subsidy - HELD THAT:- As the entire issue for the A.Y.2000-01 is still at large to be decided by the Assessing Officer consequent to the impugned order of the Tribunal the question as proposed does not give rise to any substantial question of law. Hence not entertained. Transfer to Debenture Redemption Reserve to be excluded in computing book profits u/s 115JA - MAT - HELD THAT:- Issue covered against the revenue by the decision of this Court in CIT vs Raymond Ltd [2012 (4) TMI 127 - BOMBAY HIGH COURT]. In the above view, the question as proposed does not give rise to any substantial question of law Allowability of sum paid by the Assessee C....... + More
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2015 (12) TMI 1780
Depreciation on investments on government securities "held to maturity" - whether such securities were held as a investments and not as 'stock-in-trade'? - Held that:- Appearing for the parties agree that the point in issue is covered by the decision of this Court in KARNATAKA VIKAS GRAMEEN BANK [2015 (12) TMI 1420 - KARNATAKA HIGH COURT] as held assessee was following the method of accounting namely, "at cost or market value, whichever is lower". It is not in dispute that this practice was accepted by the Revenue throughout - notwithstanding the preparation of the balance sheet and describing the security under a particular nomenclature in compliance with the directions/instructions issued by the RBI, the assessee would be lawfully entitled to submit the tax returns on the real taxable income in accordance with the method of accounting consistently and regularly adopted.- Decided in favour of assessee.
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2015 (12) TMI 1771
Recovery of tax dues - income tax demand of ₹ 1468.64 crores - attachment of stock stocks of beer, foreign liquor (FL), and Indian made foreign liquor (foreign liquor), lying in the various godowns of APBCL. - Companies, which manufacture and supply beer, foreign liquor and Indian made foreign liquor to APBCL, invoked the jurisdiction of this court, under article 226 of the Constitution of India, contending that the stocks lying in the godowns of APBCL (which were attached by the Income-tax Department) belonged to them ; and any delay in the sale of the attached stock of beer would result in wastage of the entire stock. - The sale of the attached property (beer, foreign liquor and Indian made foreign liquor), in terms of the interim orders passed by this court, yielded ₹ 489.07 crores. Under the guise of deducting manufacturin....... + More
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2015 (12) TMI 1770
Assessment of income from the sale of 18 flats - selection of assessment year - “transfer” in terms of Section 2(47) - Held that:- Tribunal was justified in holding that the income from the sale of 18 flats to M/s Audi Constructions Pvt. Ltd., is not assessable in the year 2008-2009 as on the basis of the facts on record, the learned Tribunal found that the assessee had not delivered the possession of the flats to M/s Audi Constructions Pvt. Ltd. in the subject year. Tribunal also found that it is not the case of the appellant that the agreements executed by assessee are bogus or fictitious upon appreciating the evidence on record and as such, there is no substantial question of law which can arise in the above appeals as this Court in the present appeals cannot reappreciate the evidence on record. Tribunal also refused the contention of ....... + More
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2015 (12) TMI 1769
Claim of loss for the diminution in value of fertilizer bonds against the sale of fertilizers - Held that:- The assessment order itself shows that in its books, the Assessee categorised the bonds under the head ‘current investment assets’. In that view of the matter, the diminishing value of the bonds not being held as long term investment was in the nature of a revenue loss and could have been claimed as such by the Assessee. The stand of the Revenue that this was only a notional loss and not allowable, is not tenable since bonds held as stock-in-trade can be valued at market rate or cost whichever is less. Disallowance u/s 14A - claim of the Assessee that it incurred no expenditure, other than the administrative expenses, for earning dividend income - Held that:- Under Section 14A(2) of the Act read with Rule 8D of the Income Tax Rules,....... + More
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2015 (12) TMI 1764
Claim of assessee with respect to club charges (one time entry fees) - revenue v/s capital expenditure - Held that:- Revenue does not dispute that Issue (iv) concerning one time club entry charges has been held to be a revenue expenditure and is covered in favour of the Assessee by the decision of this Court in CIT v. Samtel Color Ltd. [2009 (1) TMI 26 - DELHI HIGH COURT]. Rate of depreciation on computers and peripherals is covered in favour of the Assessee by the decision of this Court in Commissioner of Income Tax v. BSES Yamuna [2010 (8) TMI 58 - DELHI HIGH COURT]. TPA - ITAT allowing the exclusion of Vapi and WAPCOS as comparables and holding that they are not functionally comparable - Held that:- Court finds that while the Assessee provides marketing support services, the first excluded company WASCOS, as a comparable, provides engi....... + More
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2015 (12) TMI 1763
Addition made on account of interest income from investment in Co-Operative Societies u/s. 80P(2)(d) - A.O. computed the disallowance u/s. 14A r.w.r. 8D - Held that:- The matter is no longer res integra. This Court in The Punjab State Cooperative Milk Producers Federation Limited vs. Commissioner of Income Tax II [2011 (3) TMI 615 - PUNJAB AND HARYANA HIGH COURT] as held as per the bye-laws of the appellant- Federation, deductions were admissible to it under section 80P(2)(a)(i) of the Act on the income derived by it from its members by way of interest on its investments as loan and advances for their working capital - assessee is entitled to deduction under section 80P(2)(d) of the Act after excluding the expenditure attributable to the earning of such income - It may be noticed that section 80P was inserted in place of section 81 which ....... + More
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2015 (12) TMI 1756
TDS u/s 194A - Co-operative Bank requirment to deduct tax while paying interest to its members on time deposits - Held that:- The Ministry of Finance, Government of India vide Circular No.19/2015 in F.No.142/14/2015- TPL, has held that the Co-operative Banks are not required to deduct tax at source on time deposits o f its members paid or credited on or before 1.7.2015.
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2015 (12) TMI 1732
Maintainability of appeal - monetary limit - Held that:- Since the tax effect in this appeal is ₹ 15,32,504/- and since the monetary limit of ₹ 20 lakhs is fixed for filing appeals before the High Court by the Department as per Circular which has been issued with retrospective effect and as Mr. Dudhoria submits that he has no written instruction from the Department for withdrawing this appeal, as the said Circular, in view of Section 119(1) is binding on the departmental authority, the appeal is treated to be dismissed as withdrawn.
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2015 (12) TMI 1729
Appeal admitted on the following reframed substantial question of law: “Whether on the facts and circumstances of the case and in law, the Tribunal has erred in law in holding that the assessee qualifies for deduction of profits u/s. 80IB(10) on prorata basis even though it has not fulfilled the provision of clause 'c' of section 80IB(10)?”
