- 2015 (8) TMI 1509 - DELHI HIGH COURT
Addition u/s 68 - unexplained cash credits - HELD THAT:- As concurrently held by both the CIT(A) as well as ITAT that the creditors in question were having running accounts with the Assessee and that the balance belonged to the earlier years. There was no fresh credit during the year in question. The Court finds no substantial question of law arises in the above facts as far as this issue is concerned. Addition on account of notional interest on interest free loans/advances - HELD THAT:- ITAT has rightly observed that there is no provision for taxing notional income as explained by the Supreme Court in Excel Industries [2013 (10) TMI 324 - SUPREME COURT].
- 2015 (8) TMI 1483 - MADHYA PRADESH HIGH COURT
Deduction u/s 80IB(10)(a) - whether issuance of completion certificate, after the cut off date by the Local Authority but, mentioning the date of completion of project before the cut off date, fulfil the condition specified in clause (a) of Section 80IB (10) read with Explanation (ii) thereunder - HELD THAT:- In the leading case [2015 (10) TMI 2384 - MADHYA PRADESH HIGH COURT] and connected cases decided today by a separate Judgment holding that if housing project approved on or after 1st April, 2004, the assessee can avail of the benefit provided completion certificate issued by the Local Authority is within four years from the end of the financial year in which the concerned housing project was approved by the Local Authority. If this condition is not fulfilled, the assessee who maintains work in progress accounting method and has claim....... + More
- 2015 (8) TMI 1480 - KARNATAKA HIGH COURT
Reopening of assessment u/s 148 - whether the reason given in the assessment order for the assessment year 2001-2002 could constitute to be a valid reason for reopening, even when the said order itself has been set aside on 20.03.2005 by the Tribunal, which was seven months prior to the issuance of the notice u/s 148? - HELD THAT:- No reasonable person can form an opinion to reopen an already concluded assessment on the basis of an assessment order of a subsequent year, which has already been set aside by the Tribunal and attained finality. In the present case, as the assessment order for the year 2001-02 had itself been set-aside by the Tribunal much prior to the issuance of notice under Section 148, which was issued on the basis of the assessment order for the year 2001-02, in our considered opinion, there existed no reason for issuance....... + More
- 2015 (8) TMI 1460 - RAJASTHAN HIGH COURT
Entitled for deduction u/S 80G - Held that:- No deduction was allowed in respect of any donation unless such donation is a sum of money and since the assessee made donation in the form of equipments and not as a sum of money, such deduction was not permissible in law and which came to be challenged by the assessee in appeal before the Tribunal and after perusal of the records the Tribunal arrived to a conclusion that the money was paid to the manufacturer of those machines which were installed at the SMS Hospital with the prior consent and such machines were installed to provide medical assistance to the poor people and also observed that if the money would have been paid directly to the SMS Hospital donation u/S 80G was permissible but there was a confirmation in regard to machines being installed and paid by cheque to the manufacturer a....... + More
- 2015 (8) TMI 1451 - CALCUTTA HIGH COURT
Additions u/s 43B - Employee’s Contribution to Provident Fund - deposit of the contribution beyond the due date of filing of return - Held that:- the issues stand covered by the judgment of the jurisdictional Court in C.I.T. vs. Vijay Shree [2011 (4) TMI 63 - ITAT KOLKATA] and [2011 (9) TMI 30 - CALCUTTA HIGH COURT] - Decided in favor of assessee.
- 2015 (8) TMI 1438 - DELHI HIGH COURT
Validity of re-opening of assessment u/s 147 - eligible reasons to believe - Held that:- As pointed out rightly by the ITAT in the impugned order, there was no application of mind by the AO when he issued notice under Section 148 - AO was also not aware that the Assessee had filed a return for the AY in question. No satisfaction was also been recorded by the ACIT. In the circumstances, the conclusion of the ITAT suffers from no legal infirmity. No substantial question of law arises.
- 2015 (8) TMI 1424 - DELHI HIGH COURT
Bogus transactions - loan was converted into OCPS - Held that:- The court finds that the Income-tax Appellate Tribunal has given cogent reasons why in the facts and circumstances the transaction in question cannot be held to be bogus as Tribunal pointed out that with no significant event having taken place, except redemption of the 2 per cent. RCPS, there was no basis for the Assessing Officer to have concluded that the entire transaction to be bogus. The Income-tax Appellate Tribunal further noted that the Assessing Officer called for information from JPL under section 133(6) of the Act but was unable to find any material to conclude that the transaction between the respondent-assessee and the JPL was bogus. - Decided against revenue.
- 2015 (8) TMI 1399 - DELHI HIGH COURT
Depreciation - World Trade Centre and the World Trade Tower buildings - Held that:- Claim being allowed to the Assessee in respect of the World Trade Centre and the World Trade Tower buildings under Section 32 - the question stands answered against the Revenue by an order passed in CIT v. Bharat Hotels Ltd. (2015 (7) TMI 875 - DELHI HIGH COURT ). Addition u/s 14A - Held that:- The ITAT has rightly followed the decision of this Court in CIT v. Holcim India Pvt. Ltd. (2014 (9) TMI 434 - DELHI HIGH COURT) and held that since no exempt dividend income was earned the question of invoking Section 14 A of the Act read with Rule 8D did not arise.
- 2015 (8) TMI 1398 - BOMBAY HIGH COURT
TDS u/s 195 - TDS liability - nature of expenditure - Held that:- The obligation to deduct tax under Section 195 can only arise if the sum paid is chargeable to tax under the Act. Reimbursement of expenses can never be subjected to tax as income. This is clear from the plain reading of the Section 195 of the Act. Besides it is also settled by the decision of this Court in CIT v. Siemens Aktiongesellschaft [2008 (11) TMI 74 - BOMBAY HIGH COURT]. So far as Mr.Pinto's submission on behalf of the Revenue is concerned that the reimbursement of expenses is of estimated expenses. We find that the impugned order of the Tribunal on facts has held that the payment is only reimbursement of expenses. This finding of fact has not been shown to be perverse and / or arbitrary.
- 2015 (8) TMI 1394 - DELHI HIGH COURT
The following question is framed for determination: “Whether the ITAT has erred in deleting the disallowances of ₹ 1143,32,82,361 made by Assessing Officer under section 40(a)(i) for non deduction of TDS on business profits?”
- 2015 (8) TMI 1391 - DELHI HIGH COURT
Transfer of cases from one Standing Counsel of the Revenue to the other - Held that:- The court had in its order already expressed its concern about the manner in which the Revenue’s cases has been handled. The Court had, in fact, called the concerned Additional CIT, Mr. Vivek Kumar and conveyed to him its concern. Mr. Vivek Kumar had assured the Court that there would be a proper coordination and it would be ensured that the Revenue is effectively represented in its cases before the Court. It is disappointing to note that the Revenue has been unable to make good the above. The Court is constrained, therefore, to require the Secretary Revenue, Ministry of Finance, Government of India to be present in person in the Court on 20th August, 2015. We request him to submit to the Court in writing the steps that he proposes to take to put in plac....... + More
- 2015 (8) TMI 1390 - DELHI HIGH COURT
Delay in filing and re-filing of the appeals - Held that:- There should be a system devised for the Deputy CIT, under supervision of the Additional CIT to monitor on a constant (if not daily) basis the adherence to time lines in various matters entrusted to standing counsel. If there is delay beyond the acceptable limit, for any reason whatsoever, it should be possible for the case to be re-assigned to another standing counsel with specific instructions to complete the further steps within the stipulated time frame. The defects pointed out by the Court are accessible on the net, and the Deputy and Additional CIT will keep themselves apprised of these on a regular basis case-wise to facilitate effective monitoring. The Court would like the ITD to ensure that in none of the matters there is a situation where (a) there is no one appearing fo....... + More
- 2015 (8) TMI 1352 - KARNATAKA HIGH COURT
TDS u/s 194C - payment made against the supply of materials included in composite contracts for executing Turn Key Projects - Held that:- The contract for supply of material being a separate and distinct contract, no division is permissible under Section 194C of the Act. Section 194C has suffered an amendment also with effect from October 1, 2009 and the provision has been made very clear without any ambiguity. Thus, we can conclude safely that if a person executing the work, purchases the materials from a person other than the customer, the same would not fall within the definition of ‘work’ under Section 194C of the Act. See Commissioner of Income-tax Versus Karnataka Power Transmission Corporation Ltd. (KTPCL) [2012 (6) TMI 204 - Karnataka High Court ] TDS u/s 194J or 194C - payments made by an assessee towards Bill Management Services....... + More
- 2015 (8) TMI 1286 - DELHI HIGH COURT
Assessment u/s 153C - Whether the hard disc found in the premises of the searched entity i.e. GLOBAL HERITAGE VENTURE PVT. LTD belonged to the Assessee for the purposes of Section 153 C of the Act as it stood prior to its amendment with effect from 1st June 2015? - Held that:- Assessing Officer failed to record his satisfaction in that regard in terms of the law as explained by the Court in Pepsico India Holdings (P) Ltd. v. ACIT [2014 (8) TMI 898 - DELHI HIGH COURT] The finding of photocopies in the possession of a searched person does not necessarily mean and imply that they “belong” to the person who holds the originals - Possession of documents and possession of photocopies of documents are two separate things. The AO should not confuse the expression “belongs to” with the expressions “relates to” or “refers to” - Decided in favour of assessee.
- 2015 (8) TMI 1285 - KARNATAKA HIGH COURT
Estimating the profit at 8% of the sale consideration - Appellate Authorities directing the Assessing Officer to allow the expenditure incurred towards 8 acres for development, when the Assessing Officer has taken into consideration the land developed in respect of 6 acres - Held that:- The Assessing Officer having accepted the fact that the agreement entered with S.N.Krishnaiah Setty is only in respect of 6 acres of land, while assessing the undisclosed income, had taken into consideration the entire 8 acres of land , which is contrary to law. In the real estate business the department had accepted the net profit of 8% on the turnover for the last so many years in respect of the M/s.Skytop Builders Pvt.Ltd. The same benefit was extended in case of assessee also. Section 44-AD of the Act contemplates that in the case of an eligible assess....... + More
- 2015 (8) TMI 1279 - ANDHRA PRADESH HIGH COURT
Grant of stay of collection of demanded tax - Held that:- Considering all these aspects and in the interest of justice, we are of the opinion that the 1st respondent- Deputy Commissioner ought to have exercised discretion as enjoined on him under Section 220(6) of the Act and granted stay. Inasmuch as the matter is ripe for hearing before the Supreme Court on 10.09.2015, this Court, instead of setting aside the impugned order and remanding the matter back for fresh consideration, deems it appropriate to dispose of the writ petitions with the following direction: “The 1st respondent – Deputy Commissioner of Income-tax, TDS Circle, is directed not to take any coercive steps for recovery of the total disputed tax demand of ₹ 17,42,97,709/- for the assessment years from 2010-2011 to 2014-2015 subject to the condition that the petitioner....... + More
- 2015 (8) TMI 1277 - PUNJAB AND HARYANA HIGH COURT
Disallowance of proportionate interest under section 36(i)(iii) - existence of commercial expediency - ITAT deleted the disallowance - Held that:- The Commissioner of Income-tax (Appeals) and the Tribunal found as a matter of fact that the company had interest-free advances from its directors/shareholders and the members of their families amounting to ₹ 315.11 lakhs as against the interest-free advances made by the company aggregating to ₹ 219.72 lakhs as on March 31, 2008, In view thereof, it was rightly inferred that the respondent/assessee had enough interest- free funds which would cover the advances also made interest-free. - Decided in favour of assessee. Disallowance on account of investments in shops and pent-houses - assessee could not give any proof that such immovable assets would be used for business purpose - ITAT....... + More
- 2015 (8) TMI 1253 - UTTARAKHAND HIGH COURT
Assessability of the amounts under Section 44BB - Held that:- In the light of the judgment of the Hon’ble Apex Court in Oil & Natural Gas Corporation Limited vs. Commissioner of Income Tax & another (2015 (7) TMI 91 - SUPREME COURT) the substantial questions of law relating to the assessability of the amounts under Section 44BB have to be answered against the appellant / revenue. Liability to pay interest under Section 234B - Held that:- In relation to the substantial questions of law relating to Section 234B, we remit the matter back to the Assessing Officer to consider whether there is any liability under Section 234B on the basis that the amounts in question would fall to be assessed under Section 44BB of the Act.
- 2015 (8) TMI 1219 - PUNJAB AND HARYANA HIGH COURT
Taxation of income from dividents and capital gains under the Indo-Mauritius Double Tax Avoidance Convention - Application for advance ruling - Whether the capital gains arising in the hands of Blackstone GPV Capital Partners Mauritius V-B Ltd. (‘Blackstone Mauritius’) and Barclays (H&B) Mauritius Limited (‘Barclays Mauritius’) (Collectively referred to as the ‘Sellers’) on account of the sale of shares of SKR BPO Services Private Limited is not chargeable to tax having regard Article 13(4) of the Agreement for the Double Taxation and Prevention of Fiscal Evasion with Mauritius (‘India Mauritius DTAA’) read with Section 90(2)? - Held that:- Capital gains arising from the sale of the said shares can only be brought to tax in Mauritius. This is also clear from Article 13. Clause-4 of Article 13 provides that the gains derived by a resident ....... + More
- 2015 (8) TMI 1218 - GUJARAT HIGH COURT
Agricultural income - assessee has shown income of ₹ 12,12,220/- being income from agriculture activities but A.O. has considered income of ₹ 7,50,000/- to be as business income - Tribunal reversing the well reasoned order of C.I.T. (Appeals) and in sending the matter back to the Assessing Officer - Held that:- No basis has been spelled out by the A.O. to arrive at the conclusion that out of total income declared by assessee, part of income was business income. We also find that no enquiry was made by the A.O. either by himself or through the Inspector to verify and examine the land holding of the assessee, the nature of crops cultivated on the land, whether the land was irrigated or what were the facilities available for irrigating the land, the yield of the land during the relevant period. We also find that no enquiry with S....... + More