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Income Tax - Supreme Court - Case Laws
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- 2020 (1) TMI 518
Validity of Reopening of assessment u/s 147 - tribunal held that the notice issued u/s 148 was not valid on ground that AO has not demonstrated the failure of the assessee in disclosing the material fact also confirmed by HC - HELD THAT:- No reason to interfere in the matter. The special leave petition is, accordingly, dismissed.
- 2020 (1) TMI 517
Assessment u/s 153A - allegation of generation of unaccounted money and also transfer of such money in exchange of share capital - proving any accommodation entry - reliance on third party statement - CIT(A) and ITAT deleted the additions - HELD THAT:- No reason to interfere in the matter. The special leave petition is, accordingly, dismissed.
- 2019 (12) TMI 991
Validity of Revision of Income Tax Returns (ITR) after the expiry of the due date prescribed under Section 139(5) on account of the pendency of proceedings for amalgamation of the assessee companies with other companies in the group under Sections 230-232 of the Companies Act, 2013 - Succession to business otherwise than on death - HELD THAT:- In the present case, the predecessor companies/transferor companies have been succeeded by the Appellants/transferee companies who have taken over their business along with all assets, liabilities, profits and losses etc. In view of the provisions of Section 170(1) of the Income Tax Act, the Department is required to assess the income of the Appellants after taking into account the revised Returns filed after amalgamation of the companies. We find that the learned Single Judge had rightly allowed th....... + More
- 2019 (12) TMI 702
LTCG - Transfer of a capital asset within the meaning of Section 2(47) - Power of Attorney (POA) for development of land - compromise deed - as per the deed, various amounts had to be paid by the Builder to the owner so that a complete extinguishment of the owner’s rights in the property would then take place - HELD THAT:- Section 53A of the T.P. Act be attracted, first and foremost, the transferee must, in part performance of the contract, have taken possession of the property or any part thereof. Secondly, the transferee must have performed or be willing to perform his part of the agreement. It is only if these two important conditions, among others, are satisfied that the provisions of Section 53A can be said to be attracted on the facts of a given case. On a reading of the agreement to sell dated 15.05.1998, what is clear is tha....... + More
- 2019 (12) TMI 324
Restraining the petition from transferring funds overseas - Offences under Section 277 of Income Tax Act,1961 - Trial court passed the order - HC [2018 (7) TMI 2075 - BOMBAY HIGH COURT] set aside the order and restored the matter before trial court to have given an opportunity to the respondent - Held that:- Having regard to the submissions made at the Bar, the special leave petition is disposed of giving liberty to the parties to raise all the contentions before the Additional Chief Metropolitan Magistrate, 38th Court, Ballard Pier, Mumbai.
- 2019 (12) TMI 268
Characterization of income - revenue or capital receipt - HELD THAT:- The substance of the admission is that the appellant was holding the post of Secretary of the Institution [Paramahamsa Foundation (R) Trust] until 1996 but he left the institution after new members were elected as the managing committee. That being the case, the question of appellant invoking the principle of capital asset does not arise. It may have been a different matter if it was a case of life time appointment of the appellant as Secretary of the concerned Institution. No such evidence was produced by the appellant before the assessing officer or before us. Taking over-all view of the matter, we uphold the conclusion reached by the High Court that the amount received in the hands of appellant-assessee cannot be treated as capital receipt. Thus, the order of the Assessing Officer is affirmed. Hence, no interference is warranted in this appeal.
- 2019 (12) TMI 84
Review petition - pre-emptive purchase passed by the appropriate authority u/s 269UD - HELD THAT:- In appeal before this Court, the appellants reiterated largely the same submissions which were addressed in the High Court and also put forward a few new submissions. However, this Court found no reason to accept those submissions while holding that the appropriate authority and the High Court were right in their respective approach, the reasoning and the conclusion. This Court found that a categorical finding was recorded by the appropriate authority that the fair market value of the property in question was 15% more than the apparent consideration mentioned by the parties in the agreement of sale. This Court found no reason to hold a fresh inquiry into the issues, which are largely of facts, particularly when the issues had already been ex....... + More
- 2019 (11) TMI 1118
Tax on distributed income to shareholders u/s 115QA - Buy back of shares - availability of appellate remedy - HC refused to exercise Jurisdiction under Article 226 because of availability of an alternate efficacious remedy - Dividend distribution tax (DDT) - HELD THAT:- The computation and extent of liability is determined under the provisions of Section 115QA of the Act. Such determination under the Act would squarely get covered under said expression. There is no reason why the scope of the such expression be restricted and confined to issues arising out of or touching upon assessment proceedings either under Section 143 or Section 144 of the Act. If the submission of the appellant is accepted and the concerned expression as stated hereinabove in Section 246(1)(a) or in Section 246A(1)(a) is to be considered as relatable to the liabilit....... + More
- 2019 (11) TMI 1081
Failed auctions - Property acquired by the Union of India in 1994 under Section 269UD(1) of the Income Tax Act, could only be sold in 2018 - appellant made an offer to the Central Board of Direct Taxes (hereinafter referred to as ‘CBDT’) to purchase the aforesaid property for a sum of ₹ 32.11 crores - HELD THAT:- As has been pointed out, several auctions were conducted from the year 1994, including an auction as recent as 27.03.2017 which failed to elicit a response from any buyer. Ultimately, the auction with the reserve price of ₹ 30 crores, on which the appellant bid was ₹ 30.21 crores, was kept in abeyance. The reason that is available from the record is in a Report dated 26.09.2017 in which it was pointed out that this figure was considerably lower than the figure offered by the appellant itself at ͅ....... + More
- 2019 (11) TMI 940
Condonation of delay - delay of 1754 days - HELD THAT:- The appellant(s) had asserted that they had no knowledge about passing of order dated 29.12.2003, until they were confronted with the auction notices in June 2008 issued by the competent authority. Soon thereafter, the appellant(s) filed appeal(s) accompanied by the subject application(s) on 19.07.2008. Notably, the respondent(s) did not expressly refute the stand taken by the appellant(s) - that they had no knowledge about passing of order dated 29.12.2003 until June, 2008. Unless that fact was to be refuted, the question of disbelieving the stand taken by the appellant(s) on affidavit, cannot arise and for which reason, the High Court should have shown indulgence to the appellant(s) by condoning the delay in filing the concerned appeal(s). This aspect has been glossed over by the H....... + More
- 2019 (11) TMI 315
Deduction of interest u/s 36(1)(iii) - Installation of cell site towers amounted to ‘extension of existing business’ as stipulated in proviso to Section 36(1)(iii) - warranting proportionate disallowance of interest under that provision - HELD THAT:- The appellant has a licence for extending telecom services in certain Circles and the present issue arises from its activities in relation to the Circle of Rajasthan, Haryana, U.P.(East). As a result of the view taken by the High Court, the decision of the Tribunal rejecting the claim of the appellant would be final with respect to said Circle. As regards its activities pertaining to Mumbai Circle, the very same issue was answered by the Dispute Resolution Panel in favour of the appellant’s group companies. The decision rendered by the Dispute Resolution Panel-2, Mumbai on 2....... + More
- 2019 (10) TMI 1178
Judgment passed exparte - Application filed for Recall of the Judgment on the ground that the Applicant-Company was not served with the Notice of the SLP at the registered office of the Company, nor was a copy of the SLP served on the Applicant - Company - HELD THAT:- The ground taken by Mr. Sanjeev Narayan that even though Notice was served on 13.12.2018, he assumed that they were “some Income Tax Return Documents” lacks credibility. It is difficult to accept that the envelope containing the dasti Notice from this Court was considered to be “some Income Tax Return documents”. The deponent does not at all disclose as to when the envelope containing the dasti Notice was ever opened. The ground urged that the Chartered Accountant was suffering from an advanced stage of cataract, and hence was constrained from informi....... + More
- 2019 (10) TMI 785
Validity of scrutiny assessment - Notices u/s 143(2) not issued on new address - HELD THAT:- In absence of any specific intimation to the Assessing Officer with respect to change in address and/or change in the name of the assessee, the Assessing Officer would be justified in sending the notice at the available address mentioned in the PAN database of the assessee, more particularly when the return has been filed under EModule scheme. It is required to be noted that notices under Section 143(2) of the 1961 Act are issued on selection of case generated under automated system of the Department which picks up the address of the assessee from the database of the PAN. Therefore, the change of address in the database of PAN is must, in case of change in the name of the company and/or any change in the registered office or the corporate office a....... + More
- 2019 (10) TMI 780
Undisclosed income of the Assessee as recorded by the Securities and Exchange Commission in USA - HC proceeded to reverse the finding of fact recorded by the Appellate Tribunal who deleted the addition - HELD THAT:- We have perused the two letters which had weighed with the High Court. Our analysis of the said letters is that, they had been in refutal of the allegations contained in the news items which were published around that time, when the communication was sent by the assessee to the Department with an explanation and a without-prejudice offer. Such communication(s) cannot be treated as admission of non-disclosure as such. What is significant to note is that in the present case, the disclosure is attributed to Goodyear Tyre & Rubber Co., USA, filed by it in the proceedings in USA; and not by the assessee as such. It is not the c....... + More
- 2019 (10) TMI 529
Restraint on appellants from taking and/or continuing any action against the writ petitioner - Section 55 of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 - whether the High Court was right in observing that while exercise of the powers under the provisions of Sections 85 and 86 of the Black Money Act, the Central Government has made the said Act retrospectively applicable from 01.07.2015 and passed a restraint order? HELD THAT:- The scheme of the Black Money Act is to provide stringent measures for curbing the menace of black money. Various offences have been defined and stringent punishments have also been provided. However, the scheme of the Black Money Act also provided one time opportunity to make a declaration in respect of any undisclosed asset located outside India and acquired from income....... + More
- 2019 (10) TMI 266
Monetary limit - low tax effect - HELD THAT:- As noticed by this Court that a letter has been sent from the Dy. Director of the Income Tax (SCC) on 10.12.2018 citing that the above cases do not fall within the ambit of Circular No.3/2018 of CBDT. Hence all the matters were listed again today i.e. 01.10.2019 for clarification and direction. Having regard to Letter dated 10.12.2018 we are of the view that the order dictated in the open Court on 25.09.2019 in the above matters shall not be given effect to. Though Mr. Arijit Prasad, learned senior counsel appearing for the Department and Mr. Ajay Vohra, learned senior counsel appearing for some of the assessees, have submitted that the above matters are squarely covered under the latest Circular dated 08.08.2019 in view of the tax effect, however, we deem it appropriate to list all the above matters for further hearing on merits.
- 2019 (9) TMI 738
Deduction u/s 80HHC - supporting manufacturers - whether the assessee being supporting manufacturers, are to be treated on par with the direct exporter for the purpose of deduction of export incentives under Section 80HHC? - HELD THAT:- So far as “supporting manufacturers” are concerned, under Section 80HHC(1A), where any Export House or Trading House has issued a certificate that the supporting manufacturer has, in fact, supplied such goods or merchandise for export, they shall also be allowed a deduction to the extent of profits referred to derived by the assessee from the sale of goods or merchandise to the Export House or Trading House. The manner of deduction, insofar as the exporter is concerned, is laid down in subsection (3) which when read together with its provisos make it clear that profits that are derived from suc....... + More
- 2019 (9) TMI 503
No notice served on the respondent in the appeal filed by the Department against the applicant (who was respondent in the appeal) - HELD THAT:- Taking into consideration the fact that the applicant was not served in the appeal, ends of justice be served in recalling judgment . We do so accordingly. The miscellaneous application is disposed of. Let the appeal be listed for consideration.
- 2019 (9) TMI 1
Permission for dispensation with his personal appearance before the trial Court - age of the petitioner is 70 years - Section 362 of Cr.P.C. - HC refused to interfere - The issue involved is, Whether prosecution can be launched where penalty has been reduced from 300% to 100% by the CIT(A) as per section 279(1A) - HELD THAT:- Issue notice, returnable within four weeks.
- 2019 (8) TMI 1072
Review of order - dismissed considering low tax effect - HELD THAT:- We have perused the review petition and find that the tax effect in this case is above ₹ 1 crore, that is, ₹ 6,59,27,298/-. Ordinarily, therefore, we would have recalled our order dated 17th September, 2018, since the order was passed only on the basis that the tax effect in this case is less than ₹ 1 crore. Disallowance based on third party information - addition based on third party information gathered by Investigation Wing of the Department - AO denied opportunity of cross examination - CIT(A) and ITAT deleted the disallowance stating that assessee has prima facie discharged the initial burden of substantiating the purchases through various documentation - HELD THAT:- We find that on merits a disallowance of ₹ 19,39,60,866/- was based solely o....... + More
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