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Income Tax - High Court - Case Laws
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- 2020 (9) TMI 1024 - MADRAS HIGH COURT
Reopening of assessment u/s 147 - No notice issued u/s 148 - alternate remedy - as per revenue that the notice was dispatched to the appellant - writ petitioner from Teynampet Post Office through speed post and also produced the proof before the learned Single Judge - HELD THAT:- Learned Single Judge was fully justified in dismissing the said writ petition, as the appellant has got an effective alternate remedy by way of an appeal before the Commissioner of Income Tax (Appeals) concerned. The Income Tax Act, 1961, being a physical Statute, has provided for hierarchy of remedies under that and there is no justification for the assessee to bypass such an appellate remedy. The point canvassed before us as well as before the learned Single Judge is not a pure question of law, but a pure question of fact with the limits of law involved in it. ....... + More
- 2020 (9) TMI 1023 - DELHI HIGH COURT
Withholding of the refund u/s 241A - HELD THAT:- Having heard learned counsel appearing on behalf of the parties and in view of the guidelines in Mapel Logistics [2019 (11) TMI 340 - DELHI HIGH COURT] as well as, the directions contained in the said order dated 03.03.2020 rendered by the Coordinate Bench [2020 (3) TMI 1243 - DELHI HIGH COURT] we allow the present petition and remit the matter back to the Assessing Officer to pass a fresh speaking order, after affording an opportunity of being heard to the petitioner and further permitting them to place on record the additional affidavit dated 01.06.2020, filed before this Court, in accordance with law, within a period of six weeks from today.
- 2020 (9) TMI 1022 - MADRAS HIGH COURT
Disallowance u/s 14A r.w.r. 8D - Whether no exempt income received by assessee? - non recording of satisfaction - HELD THAT:- To apply the provisions of Section 14A AO should have recorded a finding as to how Sub-Section (1) of Section 14A would stand attracted. In the absence of any such finding, the disallowance made was not justifiable. AO straightaway proceeded to the second limb of Section 14(2) which is impermissible. The Tribunal rightly took note of the decision in the case of Redington India Ltd. [2017 (1) TMI 318 - MADRAS HIGH COURT] wherein it was held that the provisions of Section 14A r.w.r 8D cannot be made applicable in vacuum i.e in the absence of exempt income. Therefore, we find that the Tribunal was right in deciding the issue against the Revenue and in favour of the assessee. Disallowance of foreign exchange fluctuatio....... + More
- 2020 (9) TMI 1021 - MADRAS HIGH COURT
Income from other sources u/s 56(2)(viib) - determining the share value of the premium - Method of valuation of shares - variation in value of shares to the extent of ten times between value adopted by the assessee company as against its actual value of underlying assets - assessee has adopted a method prescribed by the Income Tax Act, without considering the fact that the value of shares adopted by the assessee (under discounted case flow method) does not reflect the true market value of the shares on that date - assessee adopted the DCF method as available under Rule 11UA of the Rules for arriving at the value of the shares allotted and the share premium received - ao adopted the NAV method and re-valued the land owned by the assessee company for the purpose of determining the share value of the premium thereof - HELD THAT:- Noting that....... + More
- 2020 (9) TMI 1020 - MADRAS HIGH COURT
Maintainability of appeal - low tax effect - whether case is covered by exceptions provided under clause (10)(c) of Circular No.3 of 2018 wherein it has been clearly stated that the cases involving revenue audit objection which had been accepted by the department are to be disposed off on merits? - deduction u/s 10A - HELD THAT:- The reason being that the assessee had omitted to adjust the business loss and unobserved depreciation of the assessment years 2007-08 & 2008-09 and he had failed to comply with the provisions of Section 10A(2)(ii) and (iii) - assessee vide letter dated 04.11.2015 stated that the return originally filed under Section 139 of the Act may be treated as a return filed pursuant to the notice issued under Section 148. The assessee after obtaining reasons for reopening had objected to the same, which was rejected by....... + More
- 2020 (9) TMI 1019 - KARNATAKA HIGH COURT
Entitlement for deduction u/s.10A - when the new STP unit was not in existence and no activities are carried out from the STP unit - assessee is a Design Engineering Company - question of law involving in the case - HELD THAT:- Newly established undertaking is an undertaking of the assessee independent of all the undertakings that he is already possessing. In the instant case, the assessee was engaged on site development of software program. The programs were delivered at the premises of the client at the work site in South Korea. The activities of the assessee finally culminated at the work site of the clients at South Korea and there was no need for full fledged infrastructure facilities in India. Thus, the industrial undertaking of the assessee was independent of all the undertakings which it was already possessing. Therefore, the asse....... + More
- 2020 (9) TMI 1018 - KARNATAKA HIGH COURT
Allowing set off of losses of amalgamating company against the profits of assessee amalgamated company - HELD THAT:- In order to claim benefit of set off, of accumulated loss, the amalgamated company has to satisfy the conditions laid down in 71A(2)(a)(b) and (c). It is pertinent to note that Sub-Section (2) starts with a non obstante clause. In other words, it shall have effect notwithstanding other provisions of the Act. Thus, the compliance with the conditions prescribed in Section 71A(2) of the Act is mandatory. Tribunal has not adverted to the aforesaid aspect of the issue and has not satisfied itself whether the assessee has complied with the conditions laid down in Section 71A(2) of the Act is sine qua non, to enable the assessee to claim the benefit of the set off under Section 71A of the Act. Since, the aforesaid aspect requires ....... + More
- 2020 (9) TMI 1017 - MADRAS HIGH COURT
Reopening of assessment u/s 147 - reopening beyond the period of four years - differences between charges received as per TDS Certificate and charges offered in the P&L A/c - whether mere production of records and account books before the Assessing Officer would not necessarily amount to disclosure within the meaning of 'Disclosure' as mentioned under 1st proviso to Section 147 ? - HELD THAT:- We find none to be available on record as is evident from the AO dated 30.11.2016, wherein the AO himself states that after the assessment was completed u/s 143(3) on perusal of the records, it was seen from the P&L A/c that there is differences between charges received as per TDS Certificate and charges offered in the P&L A/c. When the assessment was completed under Section 143(3) of the Act, this aspect, was noted by the Assess....... + More
- 2020 (9) TMI 1016 - MADRAS HIGH COURT
Reopening of assessment u/s 147 - notice beyond the period of four years from the end of the relevant assessment year - whether the business loss claimed by the assessee can be treated as a Speculative Loss - HELD THAT:- The decision in the case of Kelvinator of India Private Limited [2010 (1) TMI 11 - SUPREME COURT] fully supports the case of the assessee, wherein the Hon'ble Supreme Court held that after 01.04.1989, the Assessing Officer has power to reopen, provided there is tangible material to come to a conclusion that there is escapement of income from assessment, reasons must have a live link with formation of belief. As already pointed out the finding rendered by the AO stating that the expression 'or' occurring in between Clause (a) to (d) of Section 43(5) should be read as 'and' as no such interpretation coul....... + More
- 2020 (9) TMI 977 - MADRAS HIGH COURT
Deemed dividend u/s 2(22) (e) - to be assessed in the hands of the share holder or in the hands of the firm - share holder of the company had substantial interest in the firm - HELD THAT:- Section 2(22)(e) provision would stand attracted when a payment is made by a company, in which public are not substantial interested by way of advance or loan to a share holder, being a person who is the beneficial owner of the shares. On facts, it is clear that the payment has been made to the assessee, a partnership firm. The partnership firm is not a share holder in the company. If such is the factual position, the decision in the case of National Travel Services relied on by the revenue cannot be applied, nor the case of Gopal and Sons, as they are factually distinguishable. The records placed before the assessing officer clearly shows the nature of....... + More
- 2020 (9) TMI 976 - MADRAS HIGH COURT
Disallowance u/s 40(a)(ia) - Whether provision of section u/s.40(a)(ia) cover only amounts which are payable as on 31st March of a previous year relevant to the assessment year under consideration and not amounts which are payable at any time during the relevant previous year? - HELD THAT:- Tax effect is said to be less than the monetary limit imposed and therefore, the Appeal filed by the Revenue is dismissed, as withdrawn, keeping open the substantial questions of law for determination in appropriate cases.
- 2020 (9) TMI 975 - MADRAS HIGH COURT
Expenditure as “Scientific Research Expenditure” u/s 35 - neither the project was approved by the Competent Authority, as required u/s 35 nor the payment in question was made to any approved organization for research purposes - whether Assessee was entitled to claim the said expenditure in the “Residuary Provisions” of Section 37? - HELD THAT:- The conditions required for claiming the same under Section 35 was not satisfied by the Assessee. Nonetheless, the Assessee was entitled to claim the said expenditure in the “Residuary Provisions” of Section 37. Section 37 permits such allowance of “Business Expenditure” incurred in the ordinary course of business, if they are not allowable otherwise by Section 30 to 36. Unless the expenditure is of the capital in nature, resulting in creation of asse....... + More
- 2020 (9) TMI 974 - MADRAS HIGH COURT
Deduction u/s 10B - Whether expenditure incurred in foreign exchange for providing technical services outside India could not be excluded from the export turnover for the purpose of computing deduction? - HELD THAT:- As decided in own case [2020 (3) TMI 181 - MADRAS HIGH COURT] when the statute prescribes a formula and in the said formula, 'export turnover' is defined, and when the 'total turnover' includes export turnover, the very same meaning given to the export turnover by the legislature is to be adopted while understanding the meaning of the total turnover, when the total turnover includes export turnover. If what is excluded in computing the export turnover is included while arriving at the total turnover, when the export turnover is a component of total turnover, such an interpretation would run counter to the legi....... + More
- 2020 (9) TMI 973 - GUJARAT HIGH COURT
Business income receipt of On Money received out of books of account - Addition on the basis of the extrapolation of the clinching evidences seized/impounded which has the part of cash and cheque payments receipts in respect of Anupam Square project of the Assessee Group - statement on oath u/s.132(4 ) - HELD THAT:- Question are no longer res integra in view of the order passed in PANNA CORPORATION [2014 (11) TMI 797 - GUJARAT HIGH COURT] held Tribunal was justified in considering that the respondent- assessee ought to have spent reasonable amount for the purpose of receiving such gross receipt. As seen consistently, this Court and some other Courts have been following the principle that even upon detection of on money receipt or unaccounted cash receipt, what can be brought to tax is the profit embedded in such receipts and not the entir....... + More
- 2020 (9) TMI 972 - KARNATAKA HIGH COURT
Eligibility of deduction u/s 10A - Whether the services of the assessee were limited to drafting of patent application and their submission to the US patent office and as such the assessee was not entitled to claim deduction? - HELD THAT:- Notification No.890 dated 26.09.2008 specifies that information and technology enabled products or services mentioned in the Notification shall be treated as Information Technology enabled products or services for the purposes of Explanation 2(i)(b) of Section 10A of the Act, which includes Back Office Operations and Data processing as well. The activities of the assessee can be classified as Data Processing, Legal Databases and remote maintenance under the Notification issued by the CBDT. The assessee is transmitting the patent application and related data, which is stored in electronic form and theref....... + More
- 2020 (9) TMI 971 - MADRAS HIGH COURT
Penalty u/s. 271(1)(c) - advances shown as purchases - furnishing inaccurate particulars of income - gross negligence in not making necessary adjustments, additions and disallowance in the accounts which resulted in incorrect income being shown - CIT(A) and the Tribunal held in favour of the assessee by examining his conduct - HELD THAT: -Assessment was completed and the case on hand is not the case where the assessment was re-opened under Section 147 - On taking note of the factual position, the CIT(A) exercised its discretion and granted relief to the assessee. The factual situation was examined by the Tribunal and it came to a conclusion that the CIT(A) was right in deleting the penalty. With regard to the non-inclusion of ₹ 22 lakhs in the closing stock, the Tribunal remanded the matter to the Assessing Officer for proper verifi....... + More
- 2020 (9) TMI 970 - KARNATAKA HIGH COURT
Disallowance of business loss written off on account of loss arising out of business investment from WOS in USA - HELD THAT:- It is well settled legal proposition that while deciding the question whether a receipt is a capital or income, it is not possible to lay down any single test as infallible or any single criteria as decisive. The question must ultimately depend on fact of particular case and authorities bearing on the question are valuable only as indicating the matters that have to be taken into account in reaching a decision - for determining the question of capital and incomes, trading profit or non trading profit are questions do involve a question of law to be drawn from the facts. In the instant case, the assessee made investment in the shares of WOS for the business purpose i.e., for the enhancement of business activity of t....... + More
- 2020 (9) TMI 969 - KARNATAKA HIGH COURT
Computation of deduction u/s 10B - Whether expenditure towards telecommunication charges and expenditure incurred in foreign currency reduced from export turnover has to be reduced from total turnover for computing deduction? - ITAT held that the expenditure excluded from the export turnover has to be excluded from total turnover. It was further held that the other income included in the total turnover has to be included in export turnover - HELD THAT:- The issue involved in this appeal, is covered by a decision of the Supreme Court in ‘COMMISSIONER OF INCOME-TAX, CENTRAL-III Vs. HCL TECHNOLOGIES LTD. [2018 (5) TMI 357 - SUPREME COURT]. The aforesaid contention cannot be reputed by the learned counsel for the revenue. Therefore, the first substantial question of law is answered against the revenue and in favour of the assessee. Inco....... + More
- 2020 (9) TMI 968 - KARNATAKA HIGH COURT
Non setting off the losses from Export Oriented Unit (Section 10B unit) against the income earned in the Domestic Tariff Area Unit - return which was filed beyond the prescribed time limit - assessee has neither claimed any deduction under Section 10B of the Act in respect of any of the three units of the assessee nor has filed any audit report in Form 56G in accordance with Section 10B(5) of the Act read with Rule 16E for the Assessment year 2008-09, which is a mandatory requirement - HELD THAT:- The business income can be computed only after set off of business loss against the business income in the year as per provisions of Section 70 of the Act. Section 10A of the Act is a code by itself and it is pertinent to note that Section 10A(6)(ii) does not preclude the operation of Sections 70 and 71 of the Act. Para 5.2 of the Circular issue....... + More
- 2020 (9) TMI 928 - BOMBAY HIGH COURT
Depreciation on Floor Space Index (FSI) - @ 10% or 25% - depreciation on intangible assets - as per AO grant of FSI was not in the nature of any asset and only a payment made to the government for increasing the size of the building - Whether grant of additional FSI is not in the nature of any kind of assets until and unless the additional flooring/building is constructed, therefore, not eligible for depreciation in this case? - Tribunal held that the assessee would be eligible for depreciation for the entire amount of premium debited to the account of the asset - Tribunal held that the assessee would be entitled to depreciation @ 10% on the whole of the consideration towards FSI and not @ 25% HELD THAT:- View taken by the Tribunal is a reasonable one, having regard to the provisions contained in sections 32 (1)(ii) and 43(6)(c) - revenue....... + More
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