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Income Tax - High Court - Case Laws
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- 2022 (1) TMI 848 - DELHI HIGH COURT
Addition u/s 68 - investment in the form of share capital/share premium in the assessee had no resources of their own - whether the statement made by Mr Arpesh Garg, Managing Director of the assessee under Section 132(4) of the Act and the photocopies of the documents found during the search and seizure action constituted incriminating material? - HELD THAT:- In this case, insofar as the assessee is concerned, it placed the evidence on record, which established the trail of the money, the mode through which the money had travelled from the assessee to the investor entities and back to the assessee, and the fact that each of the investor entities was in existence. Therefore, once the assessee claimed (and it was found as a fact) that it was its own money which was routed back to it in the form of share capital/share premium, the traditiona....... + More
- 2022 (1) TMI 847 - MADRAS HIGH COURT
Rectification of mistake u/s 154 - debatable issue - apparent mistake for the assessing officer to exercise the jurisdiction u/s 154 - jurisdiction of AO u/s 154 to adjust the unabsorbed depreciation loss of earlier assessment years against the current year's business income, while computing deduction u/s 80HHC - HELD THAT:- Though appellant would agree that the issue, as to whether it is permissible to adjust unabsorbed depreciation loss of the earlier assessment year, while computing deduction under section 80HHC, stands decided against the appellant/assessee, he attempted to suggest that the said issue was debatable, when the assessing officer sought to invoke his power under section 15 on the premise that the said issue was finally resolved in favour of the Revenue in the case of Commissioner of Income Tax v. Shirke Construction E....... + More
- 2022 (1) TMI 846 - MADRAS HIGH COURT
Assessment solely on the basis of the statement recorded u/s 132(4) - admissibility, relevance and evidentiary value of the statement recorded at the time of search under Section 132(4) - HELD THAT:- On a careful reading of the findings rendered by the Tribunal, it could be seen that the assessing officer did not make assessment solely on the basis of the statement recorded u/s 132(4) but also placed reliance on the material evidence seized during the course of search as well as at the time of assessment. After having found that the appellant gave different explanations at different stages, none of which was supported by any cogent material evidence to dislodge the presumption u/s 132(4) and 132(4A)Tribunal rightly set aside the order of the First Appellate Authority and restored the order of the assessing officer. Therefore, the plea of ....... + More
- 2022 (1) TMI 845 - MADRAS HIGH COURT
Undisclosed income as assessable u/s 158 BC - Assessee submitted the amount was not received and waived as bad debts, accordingly should be excluded from income - Reliance on the documents seized during the search - Computation of undisclosed income of the block period - whether the plea of waiver raised by the appellant with respect to the amount as justified or it has to be added by treating it as undisclosed income, as contemplated u/s 158BC? - Tribunal confirming the addition as undisclosed income assessable under Section 158 BC - HELD THAT:- Undisclosed amount determined by the Assessing Officer has a direct nexus with the incriminating materials seized during the search. We also agree with the findings of the Tribunal that the three agreements that had been entered into by the assessee with the distributors clearly indicate that the....... + More
- 2022 (1) TMI 844 - DELHI HIGH COURT
Validity of reopening of assessment u/s 147 - notices and proceedings initiated against a person who had died prior to the issuance of notice - HELD THAT:- The issue of validity of a notice and proceedings held subsequent thereto against a dead person is no longer res integra.See Savita Kapila case [2020 (7) TMI 441 - DELHI HIGH COURT] In the present case also, as the notice under Section 148 of the Act was issued against a dead person, the same is null and void and all consequent proceedings/orders, including the assessment order and the subsequent notices, being equally tainted, are liable to be set aside. - Decided in favour of assessee.
- 2022 (1) TMI 843 - CALCUTTA HIGH COURT
Exemption u/s 11 - cancellation of registration granted to the appellant trust u/s 12AA - anonymous donation within the meaning of Section 115BBC - Tribunal justification in holding that no proper opportunity was afforded to the assessee as required under section 12AA[3] of the Act ? - Whether the Commissioner of Income Tax, Central-III, Kolkata could have cancelled the registration granted to the appellant trust u/s 12AA on 31.10.2005 on grounds which were not contained in the show cause notice dated 30.12.2008? - HELD THAT:- The assessee stated that all the activities of the trust are in accordance with the objects of the trust as mentioned in the deed of trust dated 05.08.1999. The Commissioner while proceeding to pass the order dated 31.12.2008 and cancelling the registration took into account certain issues which were not subject mat....... + More
- 2022 (1) TMI 842 - DELHI HIGH COURT
Validity of reopening of assessment u/s 147 - scope of mandatory procedure prescribed u/s 148A - relation between Relaxation Act, 2020 and Finance Act, 2021 - enhanced/reduced time limit specified in Section 149 - initiation of reassessment proceedings prior to coming into force of the Finance Act, 2021 - onset of Covid-19 pandemic followed by nationwide lockdown in March, 2020 - Relaxation of certain provision of specified Act - scope of declaration declaring Explanations A(a)(ii)/A(b) to the Notification No.20 [S.O.1432(E)] dated 31st March, 2021 and Notification No.38 [S.O.1703(E)] dated 27th April, 2021 to the extent that the same extend the applicability of the “provisions of Section 148, Section 149 and Section 151 of the Act, as the case may be, as they stood as on the 31st day of March, 2021, before the commencement of the F....... + More
- 2022 (1) TMI 841 - KARNATAKA HIGH COURT
TDS u/s 194H - Disallowing u/s 40(a)(ia) - amount of collection charges retained by the airlines on collection of passenger service fees amongst other disallowance - HELD THAT:- In the case of Additional Commissioner of Income Tax, Mumbai v. Mumbai International Airport (P) Ltd., [2017 (2) TMI 640 - ITAT MUMBAI] on which heavy reliance was placed by the learned counsel appearing for the appellant, the question that fell for consideration was with regard to PSF-(SC) which could not be characterized as income under Section 2(24) of the Act as the assessee merely acted in a fiduciary capacity for collection and disposal of the amount of PSF-(SC). The dispute herein is in a narrow compass with reference to 2.5% of PSF withheld by the Airlines Operators in terms of clause 1.4 of SOP. It is trite that no denial of allowance claimed under Sectio....... + More
- 2022 (1) TMI 840 - KARNATAKA HIGH COURT
TDS u/s 194C - Disallowance u/s 40(a)(ia) - payment of transportation contracts - whether the Tribunal was right in law in aggregating the payments on the basis of truck numbers for the purpose of determining the limit of ₹ 50,000/- under Section 194C (3) of the IT Act? - HELD THAT:- The action of the revenue in denying the deduction under Section 40 (a) (ia) of the Act on the premise that the aggregate of the truck amount paid by the assessee with the different truck drivers was exceeding ₹ 50,000/- cannot be countenanced as the contract cannot be with the trucks, it is with the personnel/driver of the truck/truck operators. The whole attempt made by the revenue to bring the assessee under the ambit of Section 194C to deny the deduction under Section 40(a) (ia) is not supported by the material evidence. The truck operators if....... + More
- 2022 (1) TMI 796 - CALCUTTA HIGH COURT
Revision u/s 263 by CIT - deemed dividend addition u/s 2(22) - HELD THAT:- We find on facts that the relevant documentary evidence was called for by the AO during the course of assessment proceeding and the same were furnished by the assessee. The details of shareholders holding more than 10% shares in the assessee-company was also called for by the AO, which was furnished by the assessee. In the tax audit report filed by the assessee along with the return of income, the unsecured loan of ₹ 40 lakhs received by the assessee during the year under consideration from M/s. Vijayshree Industries Pvt. Ltd. and squared off in the year itself was recorded and even interest paid thereon was shown in the tax audit report in the details of payments made to related persons as specified u/s 40A(2)(b). The assessee was able to demonstrate before ....... + More
- 2022 (1) TMI 795 - CALCUTTA HIGH COURT
Short term capital gain - capital gain arose from transfer of land to the partnership firm by way of capital contribution as the assets was converted to Fixed Capital Asset by the partnership firm - CIT-A deleted the addition as upheld by ITAT - HELD THAT:- What was transferred by the partners was a current asset and not a capital asset. Section 45(3) of the Act did not come into operation for the assessment year 2008-09 by reason of conversion of the developed land and building into fixed assets by the said firm or due to revaluation by the said firm of the asset so converted during the previous year ended March 31, 2008. Section 45(3) of the Act is applicable in the year of transfer by the partner of his capital asset to the partnership firm by way of capital contribution. In the instant case, the year of transfer was the financial year....... + More
- 2022 (1) TMI 794 - CALCUTTA HIGH COURT
Exemption under Section 10B - Denial of exemption as assessee was not approved by the concerned statutory Board as Export Oriented Undertaking as is required in terms of clause IV of Explanation 2 of section 10 B - Tribunal allowed benefit holding assessee as 100% Export Oriented Undertaking - HELD THAT:- Tribunal considered the submission on behalf of the assessee that CBDT has issued a clarification dated 9.3.2009 to the effect that power to grant approval under Section 14 of the Industrial (Development & Regulation) Act, 1951 has been delegated to the Development Commissioner and the approval granted by the Development Commissioner shall be considered valid for the purpose of exemption under Section 10B Whether the assessee would be entitled to relief under Section 10A? - Tribunal pointed out the similarities between Section 10A an....... + More
- 2022 (1) TMI 793 - BOMBAY HIGH COURT
Reopening of assessment u/s 147 - eligibility of reason to believe - change of opinion to commence proceedings for re-assessment - claim of expenses made without establishing the nature of expenses with respect to work done and documentary evidences. ad there is no brought forward losses whereas assessee claimed set off of brought forward losses - HELD THAT:- As regards point (a) and point (b), petitioner had received notice dated 15th October 2015 under Section 142(1). Item 9 in the Annexure to the notice calls upon petitioner to furnish break-up of head-wise expenses where amount paid was above ₹ 5 lakhs in the format mentioned therein and item 11 calls upon petitioner to furnish details of brought forward losses and assessed losses, if any, along with proof, i.e., assessment orders / order giving effect to CIT(A)’s order / ....... + More
- 2022 (1) TMI 792 - MADRAS HIGH COURT
Computation of deduction u/s 80HHC - HELD THAT:- The first question of law raised in this appeal has already been considered and decided by the Supreme Court in favour of the Assessee in the case of ACG Associated Capsules (P) Ltd. [2012 (2) TMI 101 - SUPREME COURT] wherein Ninety per cent of not the gross interest/rent but only the net interest/rent, which has been included in the profits of the business of the assessee as computed under the heads ‘PGBP’ is to be deducted under clause (1) of Explanation (baa) to Section 80HHC for determining the profits of the business - Decided in favour of assessee
- 2022 (1) TMI 791 - MADRAS HIGH COURT
Order passed by invoking Section 144 read with Section 69A - as submitted that the petitioner has an alternate remedy by way of an appeal under Section 246A - HELD THAT:- The impugned order has not discussed the records furnished by the petitioner to distance himself from the entire liability. Therefore, to that extent, the impugned order can be interfered by remitting the case back to the respondent to pass a proper assessment order. However, it is noticed that the petitioner has himself offered to pay the tax under Section 44AD of the Income Tax Act, 1961 on the undiscussed income. Considering the above, the impugned order is set aside subject to the petitioner paying tax as per the computation under Section 44AD of the Income Tax Act, 1961 within a period of six weeks from the date of receipt of a copy of this order. After the petition....... + More
- 2022 (1) TMI 790 - KARNATAKA HIGH COURT
Disallowance u/s 14A r.w.r. 8D in rectification proceedings under Section 154 - Mandation of recording satisfaction - expenditure incurred for earning income exempt - HELD THAT:- Assessee has to make a claim with regard to expenditure incurred for earning income which is not chargeable to tax, which requires to be examined by the AO and satisfaction has to be recorded, more particularly, when the Assessing Officer has not agreed with the disallowance claim under Section 14A of the Act. For disagreeing with such disallowance, deduction of the expenditure is not to be allowed which has been incurred by the assessee in relation to the income which does not form part of the total income under the Act as per Section 14A(1) of the Act. Such expenditure which has been incurred in respect of other income which has to be treated as part of the tot....... + More
- 2022 (1) TMI 742 - CALCUTTA HIGH COURT
Validity of reopening of assessment u/s 147 - re-assessment notice issued under the erstwhile section147/148 after 1.4.2001 without following the mandate of new section 148A - Notice as barred by limitation - enforcement of the Enabling Act and the Finance Act, 2021 - scope of provisions of Section 148 read with Section 148A as substituted by Finance Act, 2021 - substituting the provisions of the Act by means of the Finance Act, 2021 with effect from 01.04.2021, the old provisions were omitted from the statute book and replaced by fresh provisions with effect from 01.04.2021 - time limitation existing under the Act had been extended under the Ordinance - relaxation of limitation granted on account of general hardship existing upon the spread of pandemic COVID -19 - as argued respondent Income Tax Authority concerned, before issuing the im....... + More
- 2022 (1) TMI 741 - CALCUTTA HIGH COURT
Validity of reopening of assessment u/s 147 - re-assessment notice issued under the erstwhile section147/148 after 1.4.2001 without following the mandate of new section 148A - Notice as barred by limitation - enforcement of the Enabling Act and the Finance Act, 2021 - scope of provisions of Section 148 read with Section 148A as substituted by Finance Act, 2021 - substituting the provisions of the Act by means of the Finance Act, 2021 with effect from 01.04.2021, the old provisions were omitted from the statute book and replaced by fresh provisions with effect from 01.04.2021 - time limitation existing under the Act had been extended under the Ordinance - relaxation of limitation granted on account of general hardship existing upon the spread of pandemic COVID -19 - as argued respondent Income Tax Authority concerned, before issuing the im....... + More
- 2022 (1) TMI 740 - BOMBAY HIGH COURT
Disallowance of expenses u/s 37(1) - Pharmaceutical Companies - proportionate expenditure incurred on medical practitioners - Disallowance in view of Circular No.5 of 2012 as well as regulations framed by the Medical Council of India - applicability of the Medical Council of India Regulations dated 10.12.2009 and the C.B.D.T. Circular No.5 of 2012 to pharmaceutical companies like the assessee - ITAT deleted the addition - HELD THAT:- In the present case, the Assessment Year is 2010-11. If it is found that the Circular cannot be given retrospective effect it would not be necessary to then go into the question of its applicability to pharmaceutical companies from 01.08.2012 onwards. It is seen that the Tribunal through its various benches has consistently held that C.B.D.T. Circular No.5 of 2012 would not have any retrospective effect but w....... + More
- 2022 (1) TMI 739 - BOMBAY HIGH COURT
Reopening of assessment u/s 147 - Eligibility of reasons to believe - Change of opinion - provision for sales return as the expenditure was not incurred during the previous year (as also the amortization of other operating expenses) - HELD THAT:- Reasons recorded only indicate a change of opinion by the Jurisdictional Assessing Officer (JAO) based on the same set of facts and documents. Moreover, the JAO has proceeded on the incorrect premise that the amount of provision for sales return as the expenditure incurred was not incurred during the relevant year but the following year. Infact this has been accepted in the order dated 16th November 2019 rejecting petitioner's objections, which order is also impugned in this petition. The JAO, though he admits that he has erred, states that that issue of difference is not of prime relevance o....... + More
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