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• 2022 (6) TMI 1283
  
  Reopening of assessment u/s 147 - Time limit for notice - maximum time limit for issuance of notice under section 148 - HELD THAT:- As the issuance of notice under section 149 is complete only when the same is issued in the manner as prescribed under section 282 r/w rule 127 of the Income Tax Rules prescribing the mode of service of notice under the Act. The signing of notice would not amount to issuance of notice as contemplated under section 149 - the requirement of issuance of notice under section 149 is not mere signing of the notice under section 148, but is sent to the proper person within the end of the relevant assessment year. Concededly, the notice dated 31.03.2018 issued by the respondent was served on the appellant through mail, only on 18.04.2018. Though the learned senior panel counsel appearing for the respondent produced t....... + More

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• 2022 (6) TMI 1282
  
  Reopening of assessment u/s 147 - Scope of amended Sections 148 and 148A - mandation of prior approval of specified authority - conducting of enquiries or issuance of show-cause notice or passing of order under section 148A - revenue submitted that by virtue of the order passed by the Apex Court [2022 (5) TMI 240 - SUPREME COURT], all such impugned notices under un-amended Section 148 of the Income Tax Act are deemed to have been issued u/s 148A as substituted by the Finance Act, 2021 and construed and treated to be show cause notices in terms of Section 148A (b) - HELD THAT:- The requirement of conducting any enquiry, if required with the prior approval of specified authority under Section 148A(a) has been dispensed with as a onetime measure vis-a-vis those notices which have been issued under Section 148 of the un-amended Act from 01.04....... + More

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• 2022 (6) TMI 1281
  
  Reopening of assessment u/s 147 - scope of new section u/s 148A - principles governing exercise of writ jurisdiction by the High Court - Surprisingly the petitioner has challenged the assessment on the ground that no documents have been provided to him before passing the impugned order but there is no prayer in the present petition seeking those documents - HELD THAT:- Admittedly, in the present case the petitioner was provided with reasons for issuing notice to which the petitioner failed to respond. Request was made for providing information qua certified copies of the documents w.r.t. notice under Section 148-A(b) of the Act even though the information already stands furnished as Annexure to notice under Section 148-A(b) of the Act. Once, the petitioner has opted not to respond to the reasons accompanying notice under Section 148-A(b) ....... + More

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• 2022 (6) TMI 1251
  
  TDS u/s 195 - application for 'Nil TDS Certificate' has been rejected and the petitioner has been directed to deduct tax at source at the applicable rate - Deduction u/s 195(2) on the 'sum chargeable under this Act' - Whether the petitioner is required to deduct TDS under Section 195(2) read with Article 12(4) of the convention between Government of United States of America and the Government of Republic of India for the avoidance of Double Taxation and the prevention of FISCAL evasion? - Whether the application of the petitioner dated 15.01.2020 filed under Section 195(2) of the Income Tax Act was not maintainable? - HELD THAT:- Keeping in mind that the determination under Section 195(2) or under Section 197 by grant of Certificate being tentative in nature, the assessee must be permitted to invoke such provision and seek....... + More

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• 2022 (6) TMI 1250
  
  Nature of receipts - Treatment to carbon credit receipt - Revenue or capital receipts - proceeds realized by the assessee on sale of certified emission reduction credit, which the assessee had earned on the clean development mechanism in its wind energy operations - HELD THAT:- As decided in S.P. SPINNING MILLS PVT. LTD.[2021 (1) TMI 1081 - MADRAS HIGH COURT] the receipts from sale of carbon credit is a capital receipt and cannot be included in the taxable income Technology Upgradation Fund (TUF) subsidy and compensation receivable on non performance of the energy generation - revenue or capital receipt - HELD THAT:- This substantial question of law is covered in favour of the assessee, by the decision of the Division Bench of the Punjab and Haryana High Court in the case of Commissioner of Income Tax v. Sham Lal Bansal [2011 (1) TMI 409 ....... + More

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• 2022 (6) TMI 1249
  
  Reopening of assessment u/s 147 - though the petitioner has filed return of income in response to the notice under Section 148 of the Act, the same could not be E-verified within the due date - HELD THAT:- As it is seen that the petitioner had attempted to send a reply through the Web Portal, which could not be transmitted due to some technical glitches. Thereafter, the petitioner had sent his explanation, which was not accepted and therefore, the petitioner was served with notice, for which, he had sent a reply on 17.03.2022, seeking 10 days' time to furnish further submissions and documents. The reason given by the Assessing Officer that the assessment was getting barred by limitation of time and further time cannot be given, is unjustifiable and improper. Hence, this Court finds that the action on the part of the authorities in ref....... + More

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• 2022 (6) TMI 1248
  
  Rectification application u/s 154 - Petitioner also seeks direction to refund along with applicable interest thereon, being the deposit of the Petitioner at the time of filing the appeal before the CIT(A) in respect of the Assessment Year 2009-10, which was allowed - as stated by petitioner the tax effect of all these six rectification applications taken together is in excess of Rs.3 crores. and the continued inaction in dealing with these rectification applications has resulted in huge financial resources of the Petitioner remaining locked-up - HELD THAT:- Issue notice. Mr.Sanjay Kumar, learned standing counsel accepts notice on behalf of the Respondent-Revenue. He states that he has no objection if the rectification application and the appeal effect orders are directed to be passed within a time period. Keeping in view the aforesaid as ....... + More

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• 2022 (6) TMI 1206
  
  Rectification u/s 154 - non issue of refund - Respondent sought to transfer the refund to a bank account of the Petitioner which had been closed and so the Petitioner informed the respondents regarding the details of an alternate bank account in which such refund could be transferred - HELD THAT:- Keeping in view the averments in the application, the Respondent- Revenue is directed to take on record the details of the Petitioner’s bank account, as mentioned in Para 6 of the present application, within four weeks from today and process the refund expeditiously in Petitioner’s bank account, in accordance with law. With the aforesaid directions, present application stands disposed of.

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• 2022 (6) TMI 1202
  
  Depreciation on ‘Geographical Report’ as intangible asset - whether the Geographical Report is only a document and not an asset and no deduction is permissible under Section 35E (2) ? - ITAT deleted the addition - HELD THAT:- Assessing Officer raised various queries on the Geographical Report for which the assessee offered certain explanation. The Tribunal elaborately considered the Geographical Report. To examine as to whether deduction can be claimed by the assessee on the said amount, the Tribunal noted that the Geographical Report is a fundamental document which was essential to assess the feasibility of the mine, to evaluate the economics of the mine and contains a mine-plan according to which the mining activity is to be carried on. Therefore, the Tribunal after appreciating the scope of the report held that the activity....... + More

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• 2022 (6) TMI 1125
  
  Nature of subsidy receipt - value of the MILIEV grant given by the Dutch government as a subsidy for purchase of wind turbine generator - transfer of right by the assessee to another company - Whether it could not be brought to tax in the hands of the assessee u/s.28(iv) when the assessee did not purchase the equipment, but transferred the right to another company? - HELD THAT:- ITAT deleted the addition made by the assessing officer, on the ground that the grant was given by the Dutch Government as a matter of policy and it had nexus with the equipment and not with the buyer and hence, it was not possible for the purchaser to transfer the grant and the same was directly disbursed to the manufacturer. It was also pointed out by the appellate authorities that the revenue failed to produce any cogent material to prove that the assessee rece....... + More

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• 2022 (6) TMI 1124
  
  Reopening of assessment u/s 147 - HELD THAT:- No scrutiny has taken place in the case of assessee for the relevant year. His case was processed u/s 143(1) - The intimation under Section 143(1) being not an assessment there is no question of Assessing Officer having formed an opinion thus the question of changing the same does not arise in the present case. So far as primary contention of the petitioner w.r.t. the jurisdictional issue is concerned, admittedly as per documents placed on record by the petitioner himself Income Tax Return for the Assessment Year 2019-20 carries the details of the Assessing Officer as Ward 5, Yamuna Nagar. Income Tax Returns for the Assessment Year 2020-21 and that for the year 2021-22 do not carry any details of the Assessing Officer. The petitioner is not in a position to controvert the findings recorded by ....... + More

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• 2022 (6) TMI 1123
  
  Direct Tax Vivad Se Vishwas Act 2020 - declaration rejected as Form 3, dated 27th January, 2021, which was issued, was stated to have been issued inadvertently and therefore cancelled - Correctness of revenue withdrawing the Form 3 declaration already issued in favour of the assessee - HELD THAT:- Very often we come across cases where the assessee comes to the court stating that they have not been permitted to make alterations or amendments to the declaration which they have filed and very often such requests are declined on flimsy, frivolous and hypertechnical ground. When such cases come before the Court, the revenue would contend that they are guided and bound by the terms and conditions of the VSV Act and until and unless there is a specific provision provided for under the Act or the Rules framed thereunder, the assessee has no right....... + More

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• 2022 (6) TMI 1122
  
  Stay of demand - stay prayer was rejected on the ground that petitioner has not paid 15% of the disputed demand and hence petitioner is not eligible for stay of demand - HELD THAT:- We are reluctant to interfere with the order dated 08.12.2021 passed by respondent no.1 rejecting the petition for stay filed by the petitioner. However, we are of the view that since appeal of the petitioner is pending before the respondent no.3, petitioner may file a fresh application for stay before the appellate authority hearing the appeal, and in the event of such an application being filed within a period of fifteen (15) days from to-day, the same shall be considered by respondent no.3 expeditiously within a period of two (02) months from the date of filing of the application and in accordance with law.

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• 2022 (6) TMI 1121
  
  Reopening of assessment u/s 147 - Notice after expiry period after four years - mandation of recording satisfaction by Commissioner - HELD THAT:- Commissioner endorses the satisfaction on the reasons recorded by the AO, the Commissioner has to apply his mind and he cannot pass order mechanically and without having read the reasons. In this case satisfaction has been endorsed, in our view without even reading the reasons, mechanically. Reason for us to make this observation is that reason recorded by the AO contain contradictions, which if the Commissioner had bothered to read would have come to his notice and he could have taken appropriate remedial measures. As contradictions/errors in the reasons are typographical errors. We do not agree with the same, it cannot be termed as typographical error. Even the assessing officer has not applie....... + More

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• 2022 (6) TMI 1120
  
  Valuation of the property under gift - Assessment u/s 15(2) of the Gift Tax Act determining the taxable gift - method and mode of valuation of property - HELD THAT:- The method and mode of valuation suggested by the assessee and/or documents relied on by the assessee are independently considered and rejected. The CIT(A) and the Tribunal have accepted the revised valuation given in the assessment order dated 04.03.2011. Except raising a bald allegation that the property has been excessively valued than what was prevailing at the time of execution of gift deed, hardly any material much less substantial material is placed before the Authorities under the Act, atleast to canvass the ground in this Court that the finding of fact is recorded without considering the material on the record. The ipse dixit contention does not carry the assessee an....... + More

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• 2022 (6) TMI 1081
  
  Undisclosed business income/profit - Unmatched gross profit figures as per tally software - as in survey proceedings hard disk of the computer containing Tally software details, was taken by the Income Tax Department - assessment proceedings have to be completed through e-proceeding - petitioner submits that the petitioner has clearly explained that the details that were obtained at the time of survey on 06.03.2018 were not audited and they are incomplete records - non providing personal hearing to assessee - HELD THAT:- The undisclosed business profit have been arrived from the net profit in the books of accounts as on the date of survey and the amounts declared in the income tax. This would have definitely required a proper assessment by calling the petitioner for a personal hearing. Therefore, the impugned order seems to indicate that ....... + More

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• 2022 (6) TMI 1074
  
  Validity of reopening of assessment u/s 147 - petitioners had voluntarily filed Corporate Insolvency Resolution Process (CIRP) under the provisions of the Insolvency and Bankruptcy Code before the "National Company Law Tribunal, Mumbai ("NCLT”) and were admitted on 12.03.2018/19.3.2018 and later ordered - HELD THAT:- Since the proceedings under the Code were initiated by the petitioners few days prior to the initiation of the proceedings under Section 148 it was incumbent for the petitioners to have ensured proper notice to the Income Tax Department and obtained appropriate concession in Corporate Insolvency Resolution Plan. That apart, claims of the Income Tax Department were not considered by the NCLT, Mumbai, while approving the Resolution Plan and therefore the question of abetment of such rights of the Income Tax Depa....... + More

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• 2022 (6) TMI 1025
  
  Deduction u/s 80HHC - Income from storage and handling and other receipts was to form part of total turnover or not? - HELD THAT:- As from the reading of the orders of the Assessing Officer, Commissioner of Income Tax (Appeals) and the Tribunal, what emerges is that the income from storage and handling which form major component was independent of the export of leather and molasses which the Appellant undertook as an export business. Further, in the appeal the Appellant has made a statement on oath, which is not controverted that it is engaged in the business of export of leather and molasses and storage and handling of liquid cargo at major ports. Not only that nothing contrary as regard this assertion is shown, in fact, the authorities have proceeded on the basis that the storage and handling of liquid cargo at major ports was a differe....... + More

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• 2022 (6) TMI 961
  
  Slump sale u/s 2(42C) - Scope of business transfer agreement - HELD THAT:- CIT (A) has minutely examined the business transfer agreement and noted that the unit was not sold as a going concern but the assets were sold as individual assets, the valuation has been done separately, the valuation of the land has been separately mentioned in the valuer’s report and that the assessee has not transferred the undertaking with all the assets and liabilities. Further, all financial assets available with the assessee up to the date of transaction, were not transferred but retained by the assessee. Further, the assessee had assumed all the liabilities including the statutory liabilities till the date of transfer and therefore, held that the transfer cannot be treated as a slump sale under Section 50E of the Act. The Tribunal re-examined the fac....... + More

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• 2022 (6) TMI 960
  
  Reopening of assessment u/s 147 - Allowability of Expenditure on account of freebies incurred in violation of the provisions of Indian Medical Council (Professional Conduct, Etiquette and Ethics) Regulations 2022 is not admissible under Section 37(1) - HELD THAT:- Petitioner had truly and fully disclosed all material facts necessary for the purpose of assessment. They were carefully scrutinized and figures of income as well as deduction were carefully reworked by the Assessing Officer at the time of original assessment. In fact, in the reasons for reopening, there is not even a whisper as to what was not disclosed. This is not a case where the assessment is sought to be reopened on the reasonable belief that income had escaped assessment on account of failure of assessee to disclose truly and fully all material facts that were necessary f....... + More

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