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Income Tax - High Court - Case Laws
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- 2020 (11) TMI 953 - MADRAS HIGH COURT
Assessment u/s 153A - principles of natural justice has been violated by the respondent, while passing the impugned assessment orders - as per assessee no fair hearing was given to him by the Assessing Officer - whether the respondent has afforded a fair hearing to the petitioner in the assessment proceedings and whether the objections raised by the petitioner were considered by the respondent? - HELD THAT:- As seen from the impugned assessment orders, adequate opportunity of hearing was provided to the petitioner by the respondent and only thereafter, the impugned assessment orders for the seven assessment years have been passed. As seen from the impugned assessment orders, each and every objection raised by the petitioner has been considered by the respondent. As seen from the impugned assessment orders, each and every objection raised ....... + More
- 2020 (11) TMI 952 - KARNATAKA HIGH COURT
Levy and quantification of penalty and compounding fee - Addition of expenditure incurred as fee for minor deviation from the initially sanctioned plan and to bring the actually constructed structure in conformity with the modified plan as per building bye laws of the assessee on the ground that such payment amounted to penalty not falling under Section 37(1) - HELD THAT:- Admittedly, the first substantial question of law has been answered against the assessee by a Bench of this Court vide order [2013 (10) TMI 1545 - KARNATAKA HIGH COURT] It is also not in dispute that against the aforesaid order, an appeal has been filed which is pending before the Supreme Court. Therefore, in the facts and circumstances of the case, we deem it appropriate to direct the Assessing Officer to give effect to his order with regard to the issue involved in th....... + More
- 2020 (11) TMI 951 - KARNATAKA HIGH COURT
Nature of expenditure - Revenue expenditure u/s 37(1) or capital expenditure - royalty payment for user of technical know-how and intellectual property rights along with the right to manufacture for a temporary period - HELD THAT:- Distinction between capital and revenue expenditure with reference to acquisition of technical information and know-how has been spelled out in various cases and the primary test to ascertain whether a expenditure is a capital expenditure or revenue expenditure is the same viz., enduring nature test, which means where the expenditure is incurred which gives enduring benefit, it will be treated as capital expenditure.See HONDA SIEL CARS INDIA LTD. [2017 (6) TMI 524 - SUPREME COURT]. In the present case from perusal of the relevant clauses of the agreement, it is clear that the assessee is a joint venture company....... + More
- 2020 (11) TMI 950 - MADRAS HIGH COURT
Rectification u/s 254 - Addition u/s 68 - non-consideration of certain facts in Order of the Tribunal - HELD THAT:- Rectification of the earlier order dated 16.3.2016 passed by the Tribunal falls within the four corners of Section 254 and when once the learned Tribunal, particularly, the same Member of the Tribunal admitted that the record or Paper Book before the Tribunal already contained relevant material which was lost sight of and ignored by the learned Tribunal, there was a justifiable cause for recall and rectification of the earlier order and considering the materials which was already on record of the learned Tribunal and the learned Tribunal, therefore, rectified the order and granted the requisite relief by deleting the additions under Section 68 of the Act with respect to the said two Dealers. Contention of Revenue that the sa....... + More
- 2020 (11) TMI 949 - KARNATAKA HIGH COURT
Reopening of assessment u/s 147 - assessee has not disclosed the fact regarding handing over of possession of the property to the developer pursuant to JVA - tribunal holding that disclosure of JVA and advance receipt from JVA amounts to disclosure - whether handing over of possession which would amount to transfer under Section 2(47) liable for capital gains was not disclosed by the assessee? - HELD THAT:- From perusal of the reasons recorded by the Assessing Officer while re opening the assessment, it is evident that Assessing Officer has recorded a finding that due to non disclosure of transaction of joint development agreement entered into by the assessee with M/s Godrej Properties Ltd. on 22.01.2004, towards transfer of land, the income has escaped assessment. AO has recorded reasons for arriving at the conclusion that income has esc....... + More
- 2020 (11) TMI 948 - KARNATAKA HIGH COURT
Entitled to deduction u/s 10B - Tribunal held that the Appellant's Unit 1 was not entitled to deduction for the assessment year 2008-09, on the basis that the ten consecutive assessment years for the purposes of the said provision would begin from the assessment year 1997-98, when the Appellant commenced manufacture, and not from the assessment year 1999-00 when the Appellant actually started claiming the relief under Section 10B - HELD THAT:- Section 10B of the Act prior to amendment by Income Tax (second Amendment) Act, 1998 with effect from 01.04.1999 granted tax holiday for a period of five years falling within a period of eight years beginning with the Assessment Year in which the manufacture / production of article or things has begun. Once an assessee began manufacture, it could choose the year from which it would start claimin....... + More
- 2020 (11) TMI 947 - KARNATAKA HIGH COURT
Disallowance u/s.14A - Tribunal setting aside and remitting the issue to the file of the AO to reconsider in accordance with the guidelines laid down by the Bombay High Court in the case of M/s. Godrej & Boyce Manufacturing Co. Ltd. [2010 (8) TMI 77 - BOMBAY HIGH COURT] - HELD THAT:- Singular contention that the Tribunal while passing the impugned order has directed the Assessing Officer to decide the issue in view of the law laid down by the Bombay High Court in the case of ‘M/S. GODREJ & BOYCE MANUFACTURING CO. LTD.’, [2010 (8) TMI 77 - BOMBAY HIGH COURT] and there are several other judgments on the issue, which have been remitted for consideration before the Assessing Officer and the order of the Tribunal be modified and the Assessing Officer be directed to decide the issue remitted to him as per the extant position....... + More
- 2020 (11) TMI 946 - KARNATAKA HIGH COURT
Entitlement for prior period expenses and expenditure on excise transport fees - not claimed in original return and assessing authority has not made any addition in this regard or otherwise - whether the Tribunal is right in law in not remitting back the matter back to assessing authority to consider the issue as same was not adjudicated earlier? - HELD THAT:- It is well settled in law that Tribunal is the final fact finding authority and this Court in exercise of powers under Section 260A of the Act can interfere with the findings of fact only when the same are shown to be perverse - See ‘SUDARSHAN SILKS & SAREES VS. CIT’ [2008 (4) TMI 5 - SUPREME COURT] Rule 46A(3) of the Income Tax Rules, 1962 applies to the appellate authority namely Commissioner of Income Tax (Appeals) and not the Income Tax Appellate Tribunal. It is ....... + More
- 2020 (11) TMI 945 - MADRAS HIGH COURT
Amortisation and brokerage expenses with respect to securities of (held to maturity) HTM category - Allowable revenue expenses or not? - whether loss on sale of securities of (held to maturity) category is allowable as a deduction? - HELD THAT:- The finding of fact is to the effect that securities are held as stock-in-trade and that the income from sale there from is offered to tax as revenue. In the light of the admitted facts as seen from the order of the authorities, the expenditure incurred by the assessee towards broken 4 period is liable to be allowed as revenue expenditure. There is no infirmity in the order of the Tribunal in this regard. The question stands answered in favour of the assessee, following the judgment of the Bombay High Court in American Express International Banking Corporation Vs. CIT [2002 (9) TMI 96 - BOMBAY HIGH COURT] - Decided against revenue.
- 2020 (11) TMI 922 - KARNATAKA HIGH COURT
Deduction u/s 80IA(4)(iii) - conditions laid down by the Ministry of Commerce for the same have not been fulfilled by the assessee as noted by AO after physical verification of the premises - tribunal allowed deduction - Whether “unit” means separate floor - whether the appellate authorities were correct in holding that one of the lessee occupying more than 50% of the allocable area would not amount to occupation of 50% of the allocable area by an unit, admittedly when more than 50% of the allocable area was occupied by one lessee (unit) and the same was contrary to the conditions contemplated under the Industrial Park Scheme 2002 for claiming deduction under Section 80IA(4)(iii) of the Act under which the assessee has undertaken not to allow single unit to occupy more than 50% of the allocable industrial area and recorded per....... + More
- 2020 (11) TMI 913 - KARNATAKA HIGH COURT
Revision u/s 263 - out of provision made for depreciation on investment by the assessee AO has added only investments in India and excluded a sum pertaining to investments outside India - Also audit report in Form 3D sated that expenditure of capital nature were charged to profit and loss account and Assessing Officer did not take into account the aforesaid aspect of the matter - HELD THAT:- Tribunal by placing reliance on the order passed by it in the case of assessee for Assessment Year 1996-97 and 1997-98 inter alia held that the revenue as well as assessee are bound by the decision rendered by the tribunal and therefore, in the light of decision rendered by tribunal, CIT committed an error in holding that the order passed by the Assessing Officer was erroneous and prejudicial to the interest of the revenue. Accordingly, the order pass....... + More
- 2020 (11) TMI 912 - KARNATAKA HIGH COURT
Cash sales unaccounted - Peak negative cash balance -Interest income addition as it cannot adjusted and set off against other cost/business expenditure after setting up of business - turnover reflected as per cash book does not reflect the sales as per bill book and the assessee has not been able to reconcile the same with evidences during the course of assessment proceedings and appellate proceedings - Tribunal deleted the additions - HELD THAT:- From a perusal of paragraph No.10 of the Order passed by the Tribunal, it is evident that the Tribunal has not assigned any reasons worth naming for confirming the finding recorded by the Commissioner of Income-Tax (Appeals). From a perusal of paragraph No.6 of the Order passed by the Tribunal, it is evident that the Tribunal has remitted the matter to the Assessing Officer with regard to the su....... + More
- 2020 (11) TMI 911 - KARNATAKA HIGH COURT
Fringe benefit tax in respect of reimbursement of medical expenses to the employees - revenue submitted that the tribunal has set aside the disallowance in respect of reimbursement of medical expenses granted by the assessee to its employees by ignoring the fact that the same is excluded as per proviso to viii of Section 17(2) of the Act read with Rule 3 - HELD THAT:- Effect of Proviso (v) to Section 17(2) is that reimbursement of the amount in excess of ₹ 15,000/- would be taxable as part of the salary in the hands of the employee, whereas, amount less than ₹ 15,000/- would not be taxable in the hands of the employee. However, such reimbursement nevertheless would perquisite as defined under the Act but would remain untaxed in the hands of the employees and therefore, untaxed amount is taxed as fringed benefits in the hands o....... + More
- 2020 (11) TMI 910 - MADRAS HIGH COURT
Benefit of Vivad Se Vishwas Scheme ('VVS Scheme') - assessee has already filed the declaration under Section 4 of the Act on 14.10.2020 - HELD THAT:- The assessee has already availed the benefit under the Act, no useful purpose would be served in keeping this appeal pending. At the same time, safeguarding the interest of the assessee in the event the order to be passed by the Department under the Act is not in favour of the assessee. Accordingly, the Tax Case Appeal stands disposed of on the ground that the assessee has already filed a declaration and the Department shall process the application at the earliest in accordance with the said Act and communicate the decision to the assessee at the earliest. As observed, the assessee is given liberty to restore this appeal in the event the ultimate decision to be taken on the declarati....... + More
- 2020 (11) TMI 875 - DELHI HIGH COURT
Criminal complaint u/s 276-D - separate criminal complaints u/s 276-C (1) and Section 277 - Seeking clubbing of the three complaints and joint trial - information was received from the Government of France that petitioner is having an account in HSBC Bank, Zurich, Switzerland with the mala fide intention to evade tax and to hide money transactions - HELD THAT:- The petitioner is facing three separate trials in all the three complaints before the same Magistrate for allegedly not declaring the fact of having a foreign account to the Income Tax authorities, though the material and evidence relied upon by the respondent/department is similar in all the three complaints. Whether the petitioner is holding a foreign account or not is a matter of trial in the first complaint and the assumption that he holds an undisclosed foreign account, which ....... + More
- 2020 (11) TMI 874 - KARNATAKA HIGH COURT
Expenditure incurred toward payment of voluntary retirement compensation of the employees taken over - As per revenue Expenditure not incurred solely and exclusively for the purpose of business - assessee formulated the scheme wherrein sum was paid as retirement benefit to the employees who availed benefit of the scheme not only for past services but also for remaining years of service with the company - HELD THAT:-Scheme was admittedly sanctioned by the Chief Commissioner for the exemption under Section 10(10C) of the Act and it was a contractual obligation and was an ascertained liability. It is also pertinent to mention here that the genuineness of the scheme was not doubted by any of the authorities, rather the same was approved by Chief CIT. CIT(Appeals) as well as the tribunal held that payment of compensation under the scheme was t....... + More
- 2020 (11) TMI 873 - DELHI HIGH COURT
Treatment of sales as income from unexplained source - Allegation that, Assessee had created a false business with the objective of laundering its unaccounted income is based on the enquiries conducted by the AO under Section 133B - Assessee had failed to appear in person even after being summoned under Section 131(1) of the Act to clarify the position - HELD THAT:- Quantum figure and the opening stock which stood accepted in the earlier years had to be taken as actual stock available with the Respondent-Assessee - the sales made by the Respondent-Assessee out of its opening stock were not treated as unexplained income, to be taxed as income from other sources. It thus manifests that the learned ITAT has taken into consideration the entire material placed on record including the report of the AO. ITAT has applied the rule of consistency a....... + More
- 2020 (11) TMI 827 - KERALA HIGH COURT
Stay petition - grievance of the petitioner is that though Ext.P3 application for stay was heard on 31.10.2019, based on Ext.P4 notice dated 18.10.2019, the 2nd respondent is yet to pass orders on that application.HELD THAT:- This Court deem it appropriate to dispose of this writ petition by directing the 2nd respondent to conduct a re-hearing on Ext.P3 application for stay, with notice to the petitioner, within a period of two weeks from the date of receipt of a certified copy of this judgment, and pass orders on that application, within a further period of two weeks. The 2nd respondent shall also consider the request of the petitioner for early disposal of Ext.P2 appeal, considering the fact that he is a senior citizen aged 80 years.
- 2020 (11) TMI 781 - DELHI HIGH COURT
Seeking directions to the respondents to release the refund - HELD THAT:- As revenue states that as rectification orders have already been passed, even the refund of ₹ 97 lakhs for the Assessment Year 2011-2012 along with interest shall be paid to the petitioner within four weeks. The statement made by Mr. Raghvendra Singh, learned senior standing counsel is accepted by this Court and present writ petition is disposed of as satisfied.
- 2020 (11) TMI 780 - DELHI HIGH COURT
Refund claim delayed - respondents seeking extension of time for compliance of the order - concerned officer holding charge of ACIT HQ, CIT-3, posted on 4th Floor of E-2 Block of Civic Centre tested positive for COVID-19 on 28th October, 2020 and the office building was subsequently closed down for two days for deep sanitization - As stated that refunds have been due to petitioner since July, 2018. He emphasises that the refunds carry an element of interest and it is in the interest of the revenue to make early payment - HELD THAT:- Keeping in view of the aforesaid, the present application is allowed and the respondents are directed to ensure that refunds due to the petitioner are paid within eight weeks.
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