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Income Tax - High Court - Case Laws
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- 2019 (11) TMI 657
Income earned by the club from deposits made in banks - claimed to be exempt, applying the principal of mutuality - HELD THAT:- The taxability of income earned by similarly placed clubs was the subject matter of challenge before the Supreme Court in the case of Bangalore Club V. Commissioner of Income Tax and others [2013 (1) TMI 343 - SUPREME COURT] and the Supreme Court held that interest earned by clubs from banks would not fall within the ambit of the principles of mutuality and would thus be liable to tax in the hands of the clubs. Even in this case, the exemption is sought on identical facts, that is, on income that has been earned by the petitioner club from its investments made with banks. Thus the judgment and the ratio thereof as extracted above will cover the facts and circumstances of the present case on all fours. These Writ Petitions are thus dismissed.
- 2019 (11) TMI 656
Reopening of assessment u/s 148 - Assistant Commissioner of Income Tax, Circle-I (2), New Delhi, rejecting the Petitioner’s objections to the reopening of the case - HELD THAT:- Having heard the learned counsel for the Petitioner at some length, the Court is not persuaded that at this stage the impugned notice and the order rejecting the objections require to be interfered with. However, it is clarified that all the points urged by the Petitioner in the present writ petition are left open to be urged before the Assessing Officer (‘AO’) in the reassessment proceedings. Any request by the Petitioner for inspection of the file or copies of documents will be considered by the AO in accordance with law. It is made clear that no observation in this order should be construed as an expression on the merits of the contentions of the parties.
- 2019 (11) TMI 605
Registration u/s 80G - CIT(E) rejected the application u/s 80G stating it can not be ascertained as to whether the society is applying its funds or not on its proposed activities - ITAT allowed the registration - HELD THAT:- Tribunal noticed that during the pendency of the application under Section 12AA of the Act, detailed investigation was conducted by the Income Tax Officer (Exemptions) into all factors as are required to be considered under Section 12AA and it was only after the assessee had satisfied all the conditions that the application under Section 12AA allowed. It is also not in dispute that the conditions numerated under Section 12AA are in parimeteria with the conditions as enumerated under Section 80G. The Tribunal rightly relied upon CIT Vs. Thangadagi Trust [2016 (3) TMI 595 - KARNATAKA HIGH COURT] and Vinayaka Vidyaniketa....... + More
- 2019 (11) TMI 604
Mandatory for depreciation to be granted while determining the deduction u/s 80IB - Appellant had not claimed such depreciation - HELD THAT:- There is really no conflict as such in the decisions of this Court in the cases of Grasim Industries Limited [2000 (4) TMI 28 - BOMBAY HIGH COURT] and Indian Rayon Corporation Ltd. vs. CIT [2003 (1) TMI 58 - BOMBAY HIGH COURT] which is in fact the decision followed in Scoop Industries Pvt. Ltd. [2006 (10) TMI 75 - HIGH COURT, BOMBAY] . The Full Bench has held that the ratio laid down in both the cases, is in consonance with the ratio laid down by the Hon'ble Apex Court in the case of Distributors (Baroda) P. Ltd. vs. Union of India [1985 (7) TMI 1 - SUPREME COURT]. Upon analysis of the legal position, the Full Bench concluded that for the purposes of deduction under Chapter VIA, the gross total ....... + More
- 2019 (11) TMI 603
Deduction u/s 80IB - Whether process undertaken by its industrial undertakings during the Assessment Year 2002-03 was not manufacturing process but only a process of testing optical fiber cable or trial production? - HELD THAT:- ITAT upon appreciation of entire material on record has noted that the finished products manufactured and sold by the Appellant during the AY 2002-03 were in fact manufactured on the basis of purchase orders already received. Admittedly, the price at which the Appellant procured the material and the price at which the Appellant sold the material after value additions to the purchasers on the basis of purchase orders is almost double. ITAT has also noted that absolutely there is no evidence was produced on record that the processes undertaken in AY 2002-03 were in the nature of testing or trial production. No conte....... + More
- 2019 (11) TMI 602
Notice u/s 179(1) - there were no steps taken for recovery of the dues from the Company - HELD THAT:- The petitioner did not ask for the details of the steps taken to recover the dues from the Company. The only defence was that the petitioner was not the director of the Company at the relevant time and it was also not the defence raised that the non recovery can not be attributed to any gross neglect, misfeasance or breach of duty on his part in relation to the affairs of the Company. All these points were vaguely raised in the appeal before Commissioner, which the Commissioner has turned down. - Writ petition dismissed.
- 2019 (11) TMI 601
Income Tax Settlement Commission (ITSC) power to invoke Section 154 dealing with rectification of mistakes - HELD THAT:- In the light of the categoric pronouncement of the Supreme Court in Brij Lal [2010 (10) TMI 8 - SUPREME COURT] , the question of applicability of section 154 to proceedings before the Settlement Commission except if it had been resorted to in the original proceedings, stands settled against the Revenue.
- 2019 (11) TMI 591
Computation of Book Profit for the purpose of 115JB - claim of the assessee that the amortized amount of exchange difference arising out of foreign currency borrowings are not contingent liability - HELD THAT:- Tribunal and the Commissioner (Appeals) held that the forward foreign exchange contract entered into by the assessee to buy or sell foreign currency at an agreed price at a a future date cannot be considered as a contingent in nature as it creates a continuing binding obligation on the date of the contract against the assessee. We find no error in the view taken by the Tribunal that in the present case where an obligation was undertaken to meet a liability and only consequential effect was to be determined, it could not be said that the amount in question was in a nature of contingent liability. Nothing is shown to us how the view ....... + More
- 2019 (11) TMI 590
Addition u/s 68 - unexplained cash credit - HELD THAT:- As far as the amount of ₹ 5,18,44,700/- is concerned, both the Commissioner (Appeals) and the Tribunal have, after considering the records, categorically held that this amount was relevant for the Assessment Year 2006-07. In fact the Assessing Officer in his remand report dated 16 September 2010 has accepted this position. As regard the amount of ₹ 2.94 crores is concerned, the Tribunal has sent the same for verification by the Assessing Officer. The contentions of the parties regarding this amount about its genuineness, etc. would be considered on remand.
- 2019 (11) TMI 589
Addition u/s 68 - unexplained cash credit - Tribunal confirming the decision of the CIT(A) in deleting the addition - HELD THAT:- In the report, AO indicates that notices sent to some of the companies came back un-served, yet thereafter, the companies appeared before him through a representative and made submissions in support of their investments. The impugned order records that change of address was given to the Assessing Officer and yet it appears that notice was served on an incorrect address. Tribunal also records that in fact, one of the Director of the Company which has subscribed the shares, had given also an affidavit, stating that, the Company has paid ₹ 30 lakhs to 30,000 equity shares of ₹ 10/- each at a premium of ₹ 90/- to the Assessee Company. CIT(A) and the Tribunal have both come to a finding of fact tha....... + More
- 2019 (11) TMI 588
Waiver of interest u/s 220(2A) - payment of tax in arrears - whether the petitioner has satisfied the three conditions provided u/s 220 (2A) - HELD THAT:- It is seen that the Appellate Authority has reduced the tax liability of the petitioner. The said order of the Appellate Authority was given effect to by the Assessing Officer on 04.09.2017 by raising a demand of arrears of tax of ₹ 97,22,499/- and interest under Section 220(2) of ₹ 26,82,187/-. It is claimed by the petitioner that the entire tax liability has been paid within 30 days from the date of receipt of the giving effect order. Their dispute is with regard to the interest claimed. Therefore, the petitioner filed the Waiver Petition dated 13.12.2017 under Section 220 (2A). While considering the application for waiver of interest, the first respondent should apply his....... + More
- 2019 (11) TMI 549
Addition u/s 40A - Disallowance of reimbursed by the company to an institute established for running a school at Satna - Whether running of school is not a business activity of the company and that the payment is hit by the provisions of section 40A(9)? - HELD THAT:- As held that the amount paid to an institute for running a school at Satna in Madhya Pradesh, was not hit by Section 40A(9) as it was in the nature of reimbursement of expenditure. This by following the decision of this Court in CIT vs. Glaxo Smithkline Pharmaceuticals Ltd. [2012 (3) TMI 565 - BOMBAY HIGH COURT] and Apex Court’s decision in Kennametal (I) Ltd., v/s. CIT [1990 (11) TMI 11 - CALCUTTA HIGH COURT] Thus, the question (b) as proposed does not give rise to any substantial question of law. Thus, not entertained. Appeal admitted on the substantial question of la....... + More
- 2019 (11) TMI 523
Release the Jewellery as seized during the course of search and recorded in Panchanama - whether the petitioner is entitled for issue of Mandamus, as sought for in this writ petition? - HELD THAT:- As on date, there is no tax arrears payable by the petitioner. However, the revenue seeks to rely upon Section 132B for retaining the seized assets. Perusal of Section 132B indicates that the same is applicable only in the case where an amount of any existing liability is arrived by the Revenue. It is also to be noted that sub-section (i) of Section 132B(1) also reads that such existing liability can be derived only on completion of the assessment under Section 153A. In this case, it is an admitted fact that the assessment has not been completed in respect of Assessment Year 2013-14. Therefore, in my considered view the Revenue is not justified....... + More
- 2019 (11) TMI 465
Disallowance of legal expenses - Allowable revenue expenses u/s 37 - HELD THAT:- Legal expenses incurred by the appellant company was not for the purpose of carrying out its business and, therefore, was not allowable as expenditure under Section 37 . It held that these legal expenses were incurred so as to protect the Directors / Shareholders of the company in respect of the complaints filed against them in their individual capacity and not in respect of their conduct in the course of carrying on the business of the appellant company. In fact, the complaint filed before the Chief Metropolitan Magistrate Court has been made against the Directors / Shareholders in individual capacities. The entire dispute between the various group of shareholders was only to acquire the management and control of the appellant company and, therefore, these e....... + More
- 2019 (11) TMI 464
Reopening of assessment - assessment reopened on the basis of ‘change of opinion’ - one time settlement by the Petitioner with its bankers - HELD THAT:- We find that both the CIT(A) and the Tribunal have found on facts that during the regular assessment proceedings, the Assessing Officer had occasion to consider the one time settlement by the Petitioner with its bankers. It found that during the scrutiny assessment proceedings, queries were raised and the Petitioner filed a detailed response on 11th November, 2008, giving complete details to Assessing Officer of the one time settlement and manner in which it was treated. This finding of fact is not shown to be perverse in any manner. The re-opening notice is not based on any fresh tangible material but proceeds on the material already on record with the Assessing Officer and a....... + More
- 2019 (11) TMI 463
Condonation of delay - delay in filing the petition for refund of amount - according to the petitioner, his mother was undergoing medical treatment for uncontrolled hypertension and cardio myopathy for a long period and she died on 18.05.2016 and thereafter, he submitted the application, for return of refund of money - HELD THAT:- In the present case, the authority has failed to pass such orders, within the specified period and only on the complaint made by the petitioner, the order of rejection came to be passed on technical grounds rejecting refund of the amount, instead of deciding the issue on merits. The reason for not condoning delay is not supported by any material and it may not cause any genuine hardship. Insofar as the authorities are concerned, the amount of ₹ 1,89,153/- (Rupees One Lakh and Eighty Nine Thousand and One H....... + More
- 2019 (11) TMI 416
Deduction u/s 54 - enhancement of the deduction as the additional cost of construction under Section 54 - only objection raised by the Revenue is that the disputed sum has not been deposited in the capital gain account - HELD THAT:- Mere non compliance of a procedural requirement under Section 54(2) itself cannot stand in the way of the assessee in getting the benefit under Section 54, if he is, otherwise, in a position to satisfy that the mandatory requirement under Section 54 (1) is fully complied with within the time limit prescribed therein. The claim of the assessee for deduction of the disputed sum towards the additional construction cost was rejected only on the ground that the said sum was not deposited in the capital gain account. In view of findings Revenue is not justified in making such objection. On the other hand, it has to ....... + More
- 2019 (11) TMI 413
Revision u/s 263 - case of assessee was selected for scrutiny and assessment was completed under Section 143(3) of the Act - Disallowance of genuineness of salary and other expenses - payment of huge salary in cash - HELD THAT:- AO while making assessment had considered the Tax Audit Report filed in Form 3CB enclosed with the return. AO disallowed six expenses claimed under the heads electricity and water expenses, miscellaneous expenses, staff welfare expenses, telephone expenses, travelling expenses and wage and freight expenses. CIT while exercising power under Section 263 of the Act had remanded the matter back to AO on the ground that necessary enquiries were not conducted and he failed to apply his mind in all perspective on the issues mentioned in Paras 3(I), 3(II), 3(III) and 3(IV) of the show-cause notice dated 17.03.2008, as suc....... + More
- 2019 (11) TMI 369
Reopening of assessment u/s 147 - Deputy Commissioner's jurisdiction to issue notices - HELD THAT:- Perusal of the last portion of the communication shows that the petitioner's right has not been affected. What has been stated is that the petitioner would be afforded adequate opportunity to explain his case. Therefore, one has to draw an inference that it is not an order and it is only a communication wherein it is specifically stated that during the course of reassessment proceedings, the petitioner has an opportunity to explain his version. The contention of the petitioner that objections stated in para-21.2 have not been appraised by the concerned authority. If it is not considered, it is an advantage to the petitioner in future to take the contention that his grievance/objections have not been addressed, which would be non-app....... + More
- 2019 (11) TMI 342
Disallowance of contribution made to the Employees Provident Fund Trust - legitimate business expenditure - HELD THAT:- Principal Commissioner of Income Tax -07 vs. Punjab and Sind Bank [2017 (9) TMI 1528 - DELHI HIGH COURT] although contributions to the pension funds may not be allowable under Section 36 (1) (iv) of the Act, the same is allowable under Section 37 Disallowance of expenditure u/s 14A - HELD THAT:- As decided in Maxopp Investment Ltd vs. CIT [2018 (3) TMI 805 - SUPREME COURT] whenever dividend is declared by the investee company that would necessarily be earned by the assessee and the assessee alone. Therefore, even at the time of investing into those shares, the assessee knows that it may generate dividend income as well and as and when such dividend income is generated that would be earned by the assessee. In contrast, wh....... + More
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