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2022 (11) TMI 1464
Correct head of income - rental income from letting out of properties - Categorizing the income derived from the activities of the Shopping Mall - income from business or income from house property - HELD THAT:- Main object of carrying out of business of the assessee is of constructing, owning, acquiring, developing, managing, running, hiring, letting out, selling or leasing multiplex, cineplex, cinema halls, theatres, shops, shopping malls, etc. as per the Memorandum of Articles and Associations. The above facilities and amenities provided by....... + More
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2022 (11) TMI 1463
Revision u/s 263 - revision was done with a view to withdraw excess deduction allowed to the assessee u/s 36(1)(viia) and to examine the assessee s claim on issue of OTS-interest waiver with reference to the records of the assessee - HELD THAT:- We are of the considered opinion that the order passed by Ld. AO was an appealable order before Ld. CIT(A). Accordingly, as first appellate authority, independent findings should have been rendered by Ld. CIT(A) by way of speaking order considering all the aspects. However, Ld. CIT(A) has chosen to fol....... + More
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2022 (11) TMI 1459
Revision u/s 263 - estimation of value of asset - case of the assessee for the year under consideration was reopened on the basis of information received by assessing officer from sub-registrar concerned that the assessee has sold her land during the relevant financial year - as per AO assessee has shown the cost of acquisition on higher side to reduce the capital gain and made a reference to DVO under section 55A for estimation of value of the land as on 01.04.1981 - HELD THAT:- We find that the AO while passing the assessment order which was....... + More
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2022 (11) TMI 1455
Disallowance of various expenses and disallowance u/s 40A(3) and Section 40(a)(ia) of the Act - HELD THAT:- AO did not point out any defects in the books of accounts of the assessee. It is also an undisputed fact that payment towards most of these expenses was made by the assessee through banking channels after deduction of TDS, wherever applicable. Further, all the expenses have been incurred by the assessee for the purpose of business. Merely because increase in turnover from 19.15 crores in the preceding year to 23.55 crores during the year....... + More
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2022 (11) TMI 1454
Bogus LTCG - undisclosed income in the garb of Long Term Capital Gain [LTGC] to claim exemption u/s 10[38] - off line transaction of purchase and sale of shares of penny stock companies - ITAT deleted addition - HELD THAT:- Tribunal that the assessee s appeal had allowed following the decision of the Coordinate Bench of the learned Tribunal in the case of Ritin Lakhmani Ors. [ 2020 (11) TMI 768 - ITAT KOLKATA] and allowed the appeal filed by the assessee. The revenue had preferred the appeal against the said order before this court in [ 2022 (....... + More
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2022 (11) TMI 1448
Revision u/s 263 set aside by ITAT - computation of capital gain - findings recorded by the PCIT that no enquiry was conducted by AO - Tribunal deciding the appeal against the Revenue by holding that the Assessment Order is neither erroneous nor prejudicial to the interest of the Revenue HELD THAT:- After considering the submission made by the assessee to all the notices issued by the AO the computation of capital gain as done by the assessee was accepted by the AO That apart the assessee has also reckoned the findings recorded by the PCIT all....... + More
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2022 (11) TMI 1447
Disallowance being amortization of lease payment - HELD THAT:- Finding parity on facts, respectfully following the findings of the co-ordinate bench, amortization portion of the lease taken from Noida authority is decided against the assessee and the challenge in respect of land at Vishakapatnam and Tuticorn is restored to the file of the Assessing Officer to be decided as per directions given in Assessment Year 2012-13. Disallowance u/s 14A - Assessee has not earned any tax free income which may trigger application of provisions of section 14....... + More
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2022 (11) TMI 1446
Disallowance of deduction claimed u/s 80IA - six projects executed by the contractee companies are neither Central Government nor State Government or a local authority nor any other statutory body and therefore, the assessee is not entitled for deduction u/s 80IA - HELD THAT:- Assessee filed all the agreements entered into by it in respect of various projects with various undertakings for developing the infrastructural projects and made elaborate submissions as to why the assessee fulfills the conditions specified in Section 80IA(4) of the Act....... + More
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2022 (11) TMI 1445
Taxability of interest on income tax refund received - CIT(A) upholding the assessment order taxing the interest on income tax refund as business income u/A 7 of the India- Malaysia DTAA @40% + surcharge @ 5% + cess @ 3% - contention of the assessee is that such interest is taxable under Article -11(2) of the DTAA @10%. HELD THAT:- We find that issue of taxability of interest on income tax refund was considered by the Special Bench in the case of Clough Engineering Ltd. [ 2011 (5) TMI 562 - ITAT, DELHI] held that interest on income tax refund ....... + More
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2022 (11) TMI 1443
Reopening of assessment u/s 148 - Period of limitation - review application has been filed praying for review of the judgment and order dated [ 2022 (5) TMI 1614 - ALLAHABAD HIGH COURT] on the ground that the Assessing Officer has also put signature on the notice under Section 148 of the Income Tax Act, 1961 - HELD THAT:- We have perused our judgment and order above we find that it was passed after affording opportunity of hearing to the applicants, i.e. the Department. Departmental counsel argued the matter after obtaining instructions dated ....... + More
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2022 (11) TMI 1441
Validity or reassessment order u/s 148A(d) passed without considering the reply filed by the assessee - Petitioner further states that the impugned notice u/s 148 has been issued beyond the limitation period of six years stipulated in erstwhile Section 149 and the additional timeline prescribed under The Taxation and Other Laws Act, 2020 i.e., till 31st March, 2021 - HELD THAT:- As revenue states that as the impugned order has been passed without considering the reply dated 1st June, 2022, he has no objection if the impugned order u/s 148A(d) ....... + More
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2022 (11) TMI 1440
Application of enhanced GP rate - correctness of the application of the GP rate of 3.25% by the AO - HELD THAT:- Generally the result of the subsequent year cannot be applied in the preceding (current) year. Interestingly, whereas Rellan Motors declared GP of 3.92% in that year, the assessee declared (revised) GP rate of around 4%. Secondly a perusal of the orders does not show that the assessee was ever confronted with the material used against him. Hence no reliance can be placed on so called comparable case. Before the CIT(A), we find that ....... + More
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2022 (11) TMI 1439
TDS u/s 194C - Assessee in default u/s 201(1) 201(1 A) for not deducting tax at source on payment made as External Development Charges to Greater Mohali Development Authority (GMADA) - HELD THAT:- We find that an identical issue has been decided by the Coordinate Chandigarh Benches in the case of M/s Sukham Infrastructure Pvt Ld. Chandigarh [ 2018 (6) TMI 1847 - ITAT CHANDIGARH] held that GMADA has been authorized to collect the EDC charges as per the policy decision of the Government and not out of free consent of the parties to the contract ....... + More
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2022 (11) TMI 1432
Revision u/s 263 - Tribunal setting aside an order passed by the Commissioner u/s 263 which is a second proceedings initiated under the said provision - addition u/s 68 - HELD THAT:- After the first order was passed u/s 263 of the Act, AO has conducted a de novo reassessment proceedings, issued summons to the directors and the shareholders as well as the assessee and examined the books of accounts, bank statement and the other documents produced by them to discharge the onus on them about the identity, creditworthiness and genuineness of the t....... + More
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2022 (11) TMI 1431
Addition u/s 68 - addition of investment made in share capital of SBQ Steels Ltd - CIT(A) also confirmed the action of the AO - HELD THAT:- Nothing was produced to prove that the investments in shares of SBQ Steels Ltd., by the assessees are out of the explained investment. Since the assessees could not produce anything before us, we dismiss this issue of the assessees and the orders of the lower authorities are confirmed.
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2022 (11) TMI 1429
Accrual of income - Addition on account of receipt under MAP[Marketing Assistance Programmed] agreement - basis of assessment was that the agreement are silent in what manner the assessee is legally obliged to utilize these funds - CIT(A) deleted addition - HELD THAT:- Regarding profit from the Marketing Assistance Programme (MAP) is squarely covered in favour of the assessee and against Revenue by the aforesaid orders [ 2021 (4) TMI 734 - ITAT DELHI] and [ 2018 (10) TMI 1888 - ITAT DELHI] on identical issue, and on identical facts and circums....... + More
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2022 (11) TMI 1428
Delayed Employees contribution to PF and ESI - payment beyond the time prescribed under the relevant PF Act - HELD THAT:- Admittedly, the Hon ble Supreme Court in the case of Checkmate Services Pvt Ltd ( 2022 (10) TMI 617 - SUPREME COURT ) has categorically held that the employees contribution to PF and ESI to the extent it is not paid within due date prescribed under the PF Act, is not allowable u/s. 36(1)(va) of the Act. The Hon ble Supreme Court has also admittedly held that the provisions of section 43B would not apply to the provisions of....... + More
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2022 (11) TMI 1427
Revision u/s 263 - Addition u/s 68 on amount surrendered during the survey operation - tax rate should have been 60% instead of 30% - As per CIT as amount shown in the return of income as income from other sources be taxed as per provisions of section 115BBE, the order of the AO is erroneous and prejudicial to the interest of the Revenue - whether the amendment is prospective or retrospective as on the date of survey he amended provisions were not there in the statute? - HELD THAT:- This is clearly a debatable issue which cannot be subject mat....... + More
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2022 (11) TMI 1426
Inordinate delay of 339 days in filing appeal before ITAT - appeal as barred by limitation - HELD THAT:- Law of limitation has to be construed strictly as it has an effect of vesting on one and taking away the right from the other party. The delay in filing the appeal cannot be condoned in a mechanical or a routine manner, since that would undoubtedly jeopardize the legislative intent behind Section 5 of the Limitation Act. As the assessee appellant in the present case is habitually acting in defiance of law, therefore, there can be no reason ....... + More
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2022 (11) TMI 1422
Validity of assessment framed u/s 153C - differential treatments for abated assessments and unabated assessments - Allowability of disallowances and additions without the existence of incriminating material for the year under consideration received from the AO of the searched person - Whether the addition could be framed u/s 153A of the Act in respect of a concluded proceeding without the existence of any incriminating materials found in the course of search is permissible? HELD THAT:- The provisions of section 132 relied upon by the revenue w....... + More
