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Income Tax - High Court - Case Laws
Showing 1 to 20 of 126 Records
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2023 (1) TMI 1230
Reopening of assessment u/s 147 - order issued u/s 148A(b) - high value shares transaction/activities - HELD THAT:- No information has been furnished to the petitioner as to how income chargeable to tax has escaped assessment, and since the order passed u/s 148A(d) of the Act only suggests that the assessee has not established his credit worthiness and failed to prove the source of investment, we are of the view that the best way forward would be to set aside the impugned order passed u/s 148A(d) with the following directions: Assessing Officer will carry out a de novo exercise from the stage at which notice under Section 148A(b) is positioned. Before proceeding further, the AO will furnish the relevant information concerning the petitioner, after redacting information which concerns third parties.
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2023 (1) TMI 1229
Jurisdiction to conduct search u/s 132 - Construction of Section 132 relating to search and seizure and Section 120 relating to jurisdiction of officers - powers to perform functions relating to search and seizure and corresponding penal and prosecution proceedings in respect of the territorial area of the whole of India and the preamble of the Notification - HELD THAT:- Section 132 contains specific situations where it applies, notwithstanding the requirement of territoriality under Section 120. These instances have been specifically noted and elaborated upon in the preceding paragraphs, per Section 132(1A) and the proviso to Section 132, both in the context of location only. Thus, the Notification relied upon by the revenue deals with extension of jurisdiction qua territory alone, and not with regard to an assessee. The Notification is ....... + More
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2023 (1) TMI 1221
Seeking no objection certificate from the Income Tax Department in order to leave India - no objection certificate is not being issued as the Petitioner does not have a PAN number - HELD THAT:- The company i.e., the Petitioner’s employer, has submitted Form 30A under the Income Tax Act, 1961 giving an undertaking to the Commissioner of Income Tax and applied for the issuance of the No-Objection Certificate (NOC) under Form 30B, on behalf of the Petitioner. The said Form 30B is to be issued by the Income Tax Department. However, the issuance of the same seems to have been delayed. The case of the Petitioner is that the company i.e, his employer has given an undertaking as per Form 30A of the Income Tax Act, 1961 to the Income Tax Department in respect of any income tax liability which may become due and payable. Accordingly, reliance....... + More
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2023 (1) TMI 1220
Stay of demand - petitioner granted stay subject to payment of 15% of the demand - pending the decision in the appeals, the demand raised against the petitioner - HELD THAT:- The issue involved in all the appeals pending consideration before the CIT (A) is common. Six (6) of eight (8) appeals are ripe for a decision. The decision in these appeals would also govern, even according to Mr Rai, the remaining two (2) appeals. Secondly, Mr Rai has been unable to point out any provision in the Act, wherein demand can be raised against the petitioner with regard to withholding tax, for the failure to deduct the same at source. Petitioner’s contention that the cost of free samples handed over to its vendors cannot be construed as commission or brokerage, is also required to be examined in the pending appeals. At worst, the petitioner is an a....... + More
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2023 (1) TMI 1176
Transfer of jurisdiction - Validity of notices issued u/s 142(1) by ACIT, Balasore Circle, Balasore - transfer of jurisdiction of the Income Tax Circle of the Petitioner for the said AY from Kolkata to Balesore was without complying with Section 124 (4) of the IT Act - HELD THAT:- The fact remains that merely because the Petitioner hapens to be a Director of M/s. Nabadurga Minerals, Rairangpur, Mayurbhanj which has been assessed in the Balasore Circle would not automatically transfer the jurisdiction as far as Petitioner is concerned from Kolkata to Balasore. What the counter affidavit, however, does not answer is how the transfer of jurisdiction could take place without complying with the mandatory requirement of Section 124(3) of the IT Act. See DEVIDAS VERSUS UNION OF INDIA AND OTHERS (AND OTHER PETITIONS) [1991 (9) TMI 18 - BOMBAY HIG....... + More
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2023 (1) TMI 1175
Reopening of assessment u/s 147 - income chargeable to tax accrues or arises in India - whether the investment in shares of Agile by the petitioner was a capital account transaction, given the fact that there is no allegation of round-tripping - HELD THAT:- We may note, that there is no reference to Section 115A of the Act, for whatever its worth, either in the show-cause notice or in the impugned order passed by the AO. As to whether the said provisions are, at all, applicable to a non-resident company is a moot point which the AO will have to decide. Having regard to the overall facts, we are of the view, that this writ petition can be disposed of with the following directions: (i) The impugned order passed u/s 148A(d) of the Act and the consequent notice of even date issued under Section 148 of the Act are set aside. (ii) The AO will c....... + More
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2023 (1) TMI 1161
Reopening of assessment u/s 147 - validity of order passed u/s 148A issued in the wrong name and PAN number - non consideration of reply sent by the petitioner - HELD THAT:- The respondents have accepted the mistake in the counter affidavit filed by them before this Court but however they had stated that there is typographical mistake. When a categorical stand has been taken by the petitioner that he is not the owner of the subject property which is also disclosed in his reply dated 24.03.2022, which was admittedly received by the second respondent on 30.03.2022 even prior to passing of the impugned order dated 31.03.2022 at 6.30 p.m., this Court is of the considered view that the second respondent ought to have given due consideration to the reply dated 24.03.2022 sent by the petitioner in the impugned order dated 30.03.2022, however sin....... + More
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2023 (1) TMI 1160
Reopening of assessment u/s 147 - notice has been issued in the name of Assessee who has passed away - curable u/s 292BB - HELD THAT:- As it is quite clear that any notice which has been issued in the name of the deceased person is bad and illegal and here notice u/s 148AB is issued in the name of the deceased. Therefore, even when this aspect has been brought to the notice of the department, subsequent issuance of notice u/s 148 to the legal heir suffers from the initial defect. The defect being fundamental and as it is not curable u/s 292BB of the Income Tax Act (the Act). Resultantly, petition stands allowed quashing and setting aside the notices. Decided in favour of assessee.
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2023 (1) TMI 1126
Proceedings u/s 43 of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 - penalty proceedings initiated by the concerned officer against the petitioner for alleged failure to disclose foreign income/assets - petitioner was in employment of Vodafone Idea Ltd. and claims that he received stock options from the parent company i.e., Vodafone Group PLC - as contented no undisclosed foreign income or assets and therefore, the provisions of the 2015 Act have been wrongly triggered. HELD THAT:- This inquiry vis-à-vis the petitioner, as per the record which is made available to us, has been going on since 27.02.2019, when summons under Section 131(1A) of the Income Tax Act, 1961 [in short, “1961 Act”] were issued. Petitioner claims that he has filed not one, but three responses, setting out ....... + More
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2023 (1) TMI 1091
Transfer of Case / jurisdiction passed u/s 127 - Validity of Reopening of assessment notice - mandatory procedure to be followed u/s 127 by which the assessee is entitled to an opportunity of being heard before the assessment jurisdiction is transferred to the file of a different assessing officer - HELD THAT:- The language of Section 127 is clear that the assessee should be given a reasonable opportunity of being heard in the matter before the power under Section 127 of the Act is invoked. The statute is also clear that such opportunity of being heard is to be given wherever it is possible to do so. If the authority proposes to dispense with the opportunity of hearing, the statute states that reasons have to be recorded for not providing such an opportunity. On perusal of the order impugned in the writ petition dated 29th June, 2021, we ....... + More
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2023 (1) TMI 1090
Condonation of delay in filling appeal before HC - present appeal filed after a delay of 109 days - only explanation provided for such delay that the delay of few days in filing the appeal is due to the administrative reasons beyond the control of the Appellant - HELD THAT:- We are unable to accept that the delay in filing the appeal can be condoned for the aforesaid reasons. It is settled law that each day of delay has to be explained. The appellant has not given sufficient explanation for the delay of 109 days. The fact that the appellant has casually termed the delay of 109 days as a delay of only of “few days” clearly indicates the lack of seriousness on the part of the Revenue in adhering to timeline stipulated under the Act. The application is accordingly dismissed. Revision u/s 263 - As per CIT provisions of Section 56(....... + More
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2023 (1) TMI 1089
TP Adjustment - comparable selection - exclusion of Motilal Oswal Advisors India Pvt. Ltd (MOIALP) and the inclusion of IDC India Limited (IDCL) and ICRA Management Consulting Services Ltd (ICRA) as comparables for benchmarking of Arms Length Price (ALP) of investment advisory services rendered by the Respondent - HELD THAT:- Admittedly, the Respondent-assessee is engaged in the business of non-binding investment advisory services as against Motilal Oswal Advisors India Pvt. Ltd, which is engaged in merchant banking, securities brokering and other IT-enabled services. DRP held that Motilal Oswal Advisors India Pvt. Ltd (MOIALP) be taken out from the list of valid comparables. In regard to ICRA Management Consultancy Services (ICRA) and IDC India Limited (IDCL), DRP held that the functions performed by ICRA were different from the function....... + More
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2023 (1) TMI 1088
Deduction u/s 80P - investments made in TIDCO and TNEB Bonds - case of the appellant that Section 80P(2)(a)(i) of the Act does not limit or confine the benefit of deduction only in respect of investments made in SLR - Non SLR investment would have to be tested on the basis of Section 80(2)(d) - whether the benefit under Section 80P(2)(a)(i) is available only in respect of SLR investments and not to non- SLR investments? - HELD THAT:- It has been consistently held by various Courts that as long as it is Banking Business, the investment, whether it is SLR or non SLR may not make a difference - We are informed that there is no contrary view expressed in respect of the above issue. Yet another reason why we would think that the assessee must succeed is in view of the fact that Income Tax Act, being a Central Enactment, though normally, decisi....... + More
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2023 (1) TMI 1034
Reopening of assessment u/s 147 - allocation of costs and the characterization thereafter has been deliberately camouflaged leading to a disclosure which is neither full nor true - characterization of the expenses to determine whether there has been a claim of ineligible pre-operative capital expenditures in respect of the years prior to 2015-16, when the Vizag unit of the petitioner commenced commercial production - HELD THAT:- Details in regard to the expenditures incurred in connection with the Vizag segment and the manner of characterization of the same have been provided before the officer and in my view, the assessee has made a full disclosure of primary as well as secondary materials before both the Assessing and the Transfer Pricing Officers. There are instances where re-assessments are initiated based on information obtained from....... + More
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2023 (1) TMI 1018
Compounding of an offence committed u/s 276B, r/w. Section 287B - company deducted income tax from the salaries of its employees, under the provisions of Section 192 but had failed to deposit the tax so deducted to the credit of the Central Government within the time prescribed under Section 200 r/w. Section 204 - As submitted petitioner no.1-company has deposited the TDS due, though beyond time-limit set down, but before any demand notice was raised - HELD THAT:- We find that this is a classic case for consideration by respondent no.3 for compounding of offence, inasmuch as petitioner no.1-company has deposited the TDS due, though beyond time-limit set down, but before any demand notice was raised or any show cause notice was issued. The Tax Deducted at Source was deposited along with penal interest thereon. A reply setting out detailed ....... + More
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2023 (1) TMI 974
Addition u/s 68 - unaccounted income Introduced in its books in the guise of “bogus Long Term Capital Gains” - AO has relied upon the details gathered by the Investigation Wing, to conclude that the respondent/assessee had introduced its unaccounted income to purchase and sell shares of REI - HELD THAT:- According to us, the appellant/revenue could not have bifurcated the purchase and sale transactions. Concededly, when the shares were purchased for trading purposes in earlier years, the profits so generated were accepted, and at the point in time, when these scrips were converted into investment and sold during the Assessment Years in issue, they could not be treated as bogus transactions. The fact that shares were traded on stock exchange after paying securities transaction tax, and that money had been received through banki....... + More
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2023 (1) TMI 873
Revision u/s 264 - income in question was exempted from tax and not liable to tax under The Income Tax Act, 1961, which according to the petitioner was included in her return as taxable income due to bonafide mistake - original return u/s 139 (5) was filed beyond the specified date - petitioner is an old lady of advancing age and being unaware of the technicalities of the income tax law, committed mistake in her return by including the exempted income in question relating to dividend and long term capital gain as income payable to tax and such mistake was realised by her only upon receipt of the orders passed under Section 143 (1) - Assessee case that since the filing of original return itself was delayed no revised return could be filed by her under Section 139 (5) for claiming deduction of the income exempted from income tax which was i....... + More
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2023 (1) TMI 872
Notice u/s 153C issued against deceased assessee - HELD THAT:- As decided in Alamelu Veerappan [2018 (6) TMI 760 - MADRAS HIGH COURT] the settled legal principle being that a notice issued in the name of the dead person is unenforceable in law. If such is the legal position, would the Revenue be justified in contending that they, having no knowledge about the death of the assessee, are entitled to plead that the notice is not defective. In my considered view, the answer to the question should be definitely against the Revenue.
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2023 (1) TMI 871
Penalty u/s 270AA - unabsorbed depreciation and business losses concerning earlier AYs - HELD THAT:- Our attention has been drawn to page 247 wherein the information with regard to the unabsorbed depreciation and business losses concerning earlier AYs is set forth. We are of the view that the best way forward would be to set aside the order and remand the matter to the concerned officer for carrying out a de novo exercise. It is ordered accordingly. This exercise will be completed by the concerned officer within the next eight weeks. Pending the exercise which we have directed the concerned officer to carry out, no precipitate steps will be taken against the petitioner.
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2023 (1) TMI 870
Assessment u/s 143(3) read with 144B - Penalty u/s 271AAC imposed - Denial of personal hearing was sought by the assessee - denial of principles of natural justice - HELD THAT:- In response to the notice dated 25.8.2022, the assessee filed its detailed reply on 2.9.2022 and also made a request of video conference hearing with reason that the matter requires explanation due to complexity of the facts. The screen shot of web portal indicates the video conference hearing sought for by the assessee. However, the record shows that the same was not acceded to, by the respondent and no opportunity of video conference hearing was provided to the assessee. The reply affidavit dated 22.12.2022 does not dispute the above factual aspect. In view of above facts, the order of assessment under section 143(3) read with 144B deserves to be quashed and set....... + More
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