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Income Tax - High Court - Case Laws
Showing 1 to 20 of 59611 Records
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2023 (11) TMI 1151
Estimation of income - bogus purchases - CIT(A) restricted the disallowance to the extent of 12.5% impugned purchase / disputed purchase - ITAT taking the consistent the disallowance of purchase in the present case restricted to 6% of the disputed purchases - HELD THAT:- On an identical question of law [ 2023 (1) TMI 835 - GUJARAT HIGH COURT ] and held with the case of Shri Bhanwarlal Jain and others involved therein, if addition directed of 6% of the disputed purchases by noting that the profit margin in the said industry is 5% to 7% without even going by the estimation of the possible profit margin in the industry, suffice to note that in all cases relating to Shri Bhanwarlal Jain, both, the Assessing Officer and the CIT (Appeals), Mumbai, have chosen to make addition @ 3% to 5% of the bogus purchases. That view of the matter, no pur....... + More
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2023 (11) TMI 1111
Ceasure of income tax settlement commission - restriction to the filing of the application before the Interim Board for Settlement - by Finance Act, 2021, which was notified on 01.04.2021, the ITSC was abolished and an Interim Board was constituted only to deal with applications pending as of 01.02.2023 - revenue restricted the filing of the application before the Interim Board for Settlement only by the assesses who were eligible to file the application for settlement on 31.01.2021 - case of the Writ Petitioners that their statutory remedy of approaching the ITSC , cannot be taken away retrospectively - as argued Department is entitled to prescribe the last date even beyond the original cut-off date as prescribed by the legislation. Accordingly, when it has extended the last date from 01.02.2021 to 30.09.2021, it can only ....... + More
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2023 (11) TMI 1110
Compounding of offences - period of limitation - application rejected for the reason that the same was filed beyond the prescribed time limit, i.e., a period of 12 months from the date of launching of prosecution fixed fixed vide circular F.No. 285/08/2014-IT(Inv.V)/147 dated 14.06.2019 - petitioner contend that as per Section 279(2) of the IT Act, there is no provision with regard to the fixation of time limit for filing the application for compounding of offences HELD THAT:- Since the idea of the Legislation was that the compounding of offences is permissible either before or after the institution of the proceedings, the CBDT cannot issue a circular contrary to the object of the said provisions. The explanation, which empowers the CBDT to issue circular, is only for the purpose of implementation of the provisions of the Act with r....... + More
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2023 (11) TMI 1109
Validity of Reopening of assessment - petitioner was selected for scrutiny assessment under CASS for limited scrutiny to verify the low income compare to high loans/advances/investment in shares and high interest expenses relatable to exempt income u/s 14A during the previous year - HELD THAT:- It appears that the respondent has recorded the reasons for reopening only on the basis of the material available during the course of the original assessment and there is no fresh material to form a reason to believe that income has escaped assessment. The assessee has disclosed all material facts during the course of the original assessment and even in response to the notices issued u/s 143(2) and 142(1) of the Act. The assessment order is passed after considering the details provided by the assessee and therefore it cannot be said that ....... + More
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2023 (11) TMI 1005
Maintainability of writ petition - validity of reopening of assessment on Non-service of notice u/s 143(2) - non-mentioning of the provision of Section 142(3) in the notice - as per revenue once the petitioner has challenged the assessment orders in appeals before the CIT(A) u/s 246 of the Act, there was no occasion for him to approach this Court challenging the very same assessment orders - HELD THAT:- This Court had permitted only to cure the technical defects, if any, and to file writ petitions afresh. However, this Court had not granted any liberty to the petitioner to withdraw the appeals filed before the CIT(A). Withdrawal of the appeals by the petitioner filed before the CIT(A) against the assessment orders, was not because of the liberty granted by this Court, but on his own volition. The petitioner could have challenged the ....... + More
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2023 (11) TMI 1004
Validity of Reopening of assessment - income in respect of the transfer of the petitioner s shares while acquiring National Woods Products had escaped assessment u/s 56(2)(viib) - whether the re-assessment proceedings initiated are vitiated in any manner inasmuch as the same is said to be based on a change of opinion? - HELD THAT:- The petitioner had not filed the return of his income under Section 56(2)(viib) of the IT Act. Considering the provisions of Explanation 1 to Section 147 of the IT Act, the mere submission of books of accounts and other material would not discharge an assessee from the obligation of disclosing fully and truly all material facts necessary for the assessment of the income. The reasons recorded by the AO would disclose that the AO has formed an opinion and has the belief that the income in respect of the t....... + More
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2023 (11) TMI 1003
Penalty u/s 271(1)(c) - determination of correct head of income - debatable issue - Allegation that, assessee had deliberately claimed the income received from sale of shares as Long Term Capital Gain instead of Profit and Gains of Business - bonafide of the contention raised by the assessee to protect levy of penalty - ITAT deleted penalty levy - HELD THAT:- Merely making incorrect claim under a particular head of income, while furnishing full information about the transactions in question, would not amount to furnishing inaccurate particulars. This is because no statement made or detail supplied was found to be factually incorrect. See Reliance Petroproducts Private Limited [ 2010 (3) TMI 80 - SUPREME COURT] . This is also the view taken in M/s Anant Overseas P Ltd [ 2014 (9) TMI 432 - DELHI HIGH COURT] reiterated therei....... + More
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2023 (11) TMI 1002
Validity on assessment order u/s 153C r.w.s. 143(3) in the absence of notice u/s 143(2) - defective assessment order - whether curable defect u/s 292BB? - whether the absence of notice u/s 143(2), before framing the assessment order would render the assessment order defective, having regard to the provisions of Section 292BB? HELD THAT:- The argument advanced on behalf of the appellant/revenue that the absence of notice u/s 143(2) would not render the assessment order u/s 143(3) defective does not impress us as the import of Section 292BB is to remedy infirmities that arise in the service of notice under the Act. However, this is a case, where no notice under Section 143(2) was issued, as noted by the CIT(A) and affirmed by the Tribunal; which is different from saying that a notice was issued which was deficient. This issue is ....... + More
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2023 (11) TMI 1001
Maintainability of appeal before HC - Exemption u/s 10(38) - Tax evasion activities through bogus LTCG/STCL on penny stocks - ITAT dismissed the appeal of the Revenue on the ground that tax effect does not exceed the monetary limit, i.e. tax effect of Rs. 50 lakhs as per Circular No.3/2018 dated 20.08.2018 and Circular No.17/2019 dated 08.08.2019 -HELD THAT:- Coming to the merits of the case and on perusal of the orders passed by the Assessing Officer, CIT (A) and the ITAT, this Court finds that the claim for the benefit under Section 10 (38) of the Act had not been considered in its proper perspective and the ITAT is justified in accepting the plea of the respondent-assessee. Therefore, the ITAT has rightly denied to interfere with the same. CBDT circular that permitted to the assessee to file revised returns if he omitted to ....... + More
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2023 (11) TMI 1000
Benefit of Foreign Tax Credit (FTC) u/s 90/91 - delay in filing Form-67 - Scope of procedure under Rule 128 - mandatory or directory - petitioner initially worked at Kenya and subsequently, he became the resident of Indian from the assessment year 2018-2019 and 2019-2020 - HELD THAT:- The petitioner has filed his return including his Kenya income along with his Indian Income tax and claimed the benefits of FTC. However, the petitioner would submit that it is not mandatory. The Rule cannot make anything mandatory and it can be directory in nature, that too before the Assessment, the claim to avail the benefits of FTC is filed. Therefore, it would be the amounts to due compliance under the Act. As decided in the case of Commissioner of Income-Tax, Maharashtra v. G.M.Knitting Industries (P) Limited in Civil [ 2015 (11) TMI 397 - SC....... + More
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2023 (11) TMI 999
Reopening of assessment u/s 147 - reasons to believe - scope of roving enquiry - accommodation entries in the form of unsecured loan given to the assessee company - HELD THAT:- Perusal of the record would indicate that the petitioner s case was selected for scrutiny and the issue as to unsecured loans was considered threadbare. The statement of audit produced in Form 3CA and 3CD together with the petition indicated that the company accepted unsecured loan from Directors / Shareholders of the company and relatives, names thereof were listed in their statement of accounts. Perusal of the notice would indicate that the revenue had sought for details and supporting material to establish the genuineness of source and creditworthiness in respect of receipt and refund of unsecured loans during the year. Even while responding to the noti....... + More
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2023 (11) TMI 948
Short deduction of TDS - TDS u/s 194C OR 194J - testing and commissioning of technical works - primary/dominant object of the contract - To set up that thermal power plant, the assessee entered into two sets of contracts - admissibility of divide an otherwise indivisible/composite contracts executed by the assessee with the BHEL and CIPL - principle of indivisibility of a composite contract - contracts for the works done under the head of services of Transportation, Insurance, Erection, Installation, Testing and Commissioning of BTG , awarded to BHEL and also the work done under the head of Erection, Installation and Commissioning of BOP , awarded to CIPL - HELD THAT:- Essence the contract involved in the present case and that involved in the case of The Senior Manager (Finance), Bharat Heavy Electricals Ltd., Jhajjar [ 2016 (12) T....... + More
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2023 (11) TMI 947
Assessment of trust - corpus donation receipts - addition u/s 68 - corpus donation had been received by the petitioner-Company from entities as struck off the record of the registered companies and therefore, they had to be treated as shell companies - as donors identity was doubtful and the provisions of Section 115BBC of the Act were invoked - Tribunal, is justified in concurring with the findings of CIT (A) and in confirming the impugned income under the provisions of 115BBC, section 68 read with section 115BBE being perverse and against the statutory provisions. HELD THAT:- As the companies at West Bengal had sought to give the details of the donations from Mumbai and it was in such circumstances the Assessing Officer came to the conclusion that the explanation given was not bona fide. Opportunity was given to produce the Direc....... + More
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2023 (11) TMI 946
Offence u/s 276CC - Assessee not submitting the return for the assessment year 2009-2010 even after the expiry of the assessment year by 31.03.2010 - petitioner submits that before initiating criminal prosecution, the authority ought to have rejected the reply of the petitioner but without considering and rejecting the reply of the petitioner, launching of the criminal prosecution cannot be countenanced for the reason that the petitioner had taken a stand in his reply that on account of ill health, lack of knowledge, the return could not be filed on time and non-filing of the return was not willful. HELD THAT:- The Court concurs with the submission of the learned counsel for the petitioner. The order dated 31.03.2011 though records that the reply of the assessee is not satisfactory but then does not assign any reason for arriving a....... + More
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2023 (11) TMI 945
Delay in filing the appeal u/s 260A - condonation of delay of 79 days - exclusion of certain period while computing period of limitation - whether Sufficient cause of delay proved? - revenue pleaded that the actual delay in filing the appeal is of 1471 days and not 79 days, for which the appellant has failed to set up a sufficient cause - HELD THAT:- Broadly speaking, the applicant/assessee has explained that the delay in filing the appeal occurred because firstly, the applicant was never informed about the fate of its appeal before the Tribunal after conclusion of final arguments, till the appellant sent a written communication and secondly, the applicant/assessee under good faith initiated and continued to prosecute the review remedy but met failure in view of the judgement of the Supreme Court in the case of Reliance Telecom. [ 2021....... + More
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2023 (11) TMI 944
Assessment u/s 153A - Difference in scope of proceedings for abated assessment and for a completed assessment - Jurisdiction u/s 153A to make additions in case of completed assessment if no incriminating material found during search - unexplained share application money received in the books of the assessee and being unexplained share money received had been added back to the returned income of the assessee - HELD THAT:- Keeping in view the fact that no incriminating material had been found during the search, the Revenue had been precluded from considering any other material derived from any other source. See Abhisar Buildwell P. Ltd [ 2023 (4) TMI 1056 - SUPREME COURT] as held if no assessment proceeding is pending on the date of initiation of the search, the AO may consider only the incriminating material found during the search ....... + More
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2023 (11) TMI 943
Disallowances of unsecured loans obtained from 8 parties and certain unverifiable purchases - rationale on the part of the AO in accepting the purchase and sale but rejecting the outstandings of such purchase - ITAT deleted addition - HELD THAT:- AO had taken the shorter route of considering the purchase creditors to be bogus merely on the basis of their non-response verification letters issued under the provisions of Section 133(6). Resultantly, he set aside the action of the AO since there was already specific material adduced by the company and came to the conclusion that there is no rationale in accepting the purchases and the sale, but rejecting the outstandings of such purchases. In such circumstances, the addition was directed to be deleted. A perusal of the order of the assessment would also go on to show that in his comm....... + More
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2023 (11) TMI 942
Proceedings against Agents(representative assessee) u/s 163(1) - violation of principle of natural justice - petitioners have challenged the orders passed by the respondent on the principle ground that no opportunity of personal hearing has been provided to the petitioner before passing the impugned orders - HELD THAT:- When the respondent-Department had initiated proceedings u/s 163 (1) of I.T. Act, by treating the petitioners as Agents of WBC, they ought to have provided an opportunity of personal hearing to the petitioners, since, in terms of Section 163 (2), provision of personal hearing is mandatory. As rightly pointed out by petitioner, the show cause notices issued by the respondent-Department requiring the petitioners to appear in person and file their replies could be deemed to be a notice providing an opportunity of person....... + More
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2023 (11) TMI 868
Validity of Reopening of assessment u/s 147 - allowability of Deductions u/s 32AC questioned - reasons to believe or suspect - HELD THAT:- There is not even a hint in the reasons to reopen, that there has been a failure to truly and fully disclose. The reason itself indicates that everything has been disclosed because it reads on perusal of the records it was observed that the assessee was allowed the deduction u/s 32AC. The assessee contended that for the purpose of calculation of allowance - it was seen that the addition to fixed assets in Note 11 of the annual account for the relevant period - the allowance of deduction was not in order. During the course of assessment proceedings, Petitioner was told to provide detailed break-up of various plants and machinery installed and commissioned pursuant to Section 32AC duly weighted ....... + More
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2023 (11) TMI 867
Penalty u/s 271(1)(c) - Defective notice u/s 274 - non specification of clear charge - HELD THAT:- The record shows, and something that is not in dispute, is that the Assessing officer (AO) had not indicated, with clarity, the ground on which penalty had been levied i.e., on account of concealment of income or furnishing inaccurate particulars. Thus, according to the Tribunal, this issue already stood covered against the appellant/revenue in several judgments. No substantial question of law.
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