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Income Tax - Supreme Court - Case Laws
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- 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
- 2019 (8) TMI 661
Binding effect of instruction of CBDT on AO - Instruction No.3/2003 dated 20.05.2003 regarding reference to TPO - AO made TP adjustment without making reference to TPO - ITAT deleted the addition due to non reference to TPO - whether matter was need to remanded by ITAT before AO to make further reference to TPO - HELD THAT:- In view of the guidelines issued by the CBDT in Instruction No.3/2003 the Tribunal was right in observing that by not making reference to the TPO, the AO had breached the mandatory instructions issued by the CBDT. We do not find the conclusion so arrived at by the Tribunal to be incorrect. However, the Tribunal ought to have accepted the submission made by the Departmental Representative as quoted in para 16.2 of its order and the matter ought to have been restored to the file of the Assessing Officer so that appropri....... + More
- 2019 (8) TMI 660
Service and issuance of notice u/s 143(2) - Scope of insertion of Section 292BB - assessment was completed u/s 143(3) read with Section 153A - HELD THAT:- The law on the point as regards applicability of the requirement of notice u/s 143(2) is quite clear from the decision in Blue Moon’s case [2010 (2) TMI 1 - SUPREME COURT] . The issue that however needs to be considered is the impact of Section 292BB According to Section 292BB, if the assessee had participated in the proceedings, by way of legal fiction, notice would be deemed to be valid even if there be infractions as detailed in said Section. The scope of the provision is to make service of notice having certain infirmities to be proper and valid if there was requisite participation on part of the assessee. It is, however, to be noted that the Section does not save complete abs....... + More
- 2019 (8) TMI 374
Purchase of property in auction conducted by the Income Tax Department - Auction / sale was challenged on the ground that no leave was obtained from the High Court of Calcutta - restraint from proceeding with any advertisement for sale of suit property - bar of filing suit in any civil court against the revenue/income tax authority - HELD THAT:- It reveals that the effect of Section 293 of the Income Tax Act has been mistakenly omitted under the judgment in review and that apart, the consequential effect of the order of the High Court on an application filed by the Union of India in Civil Suit No. 1451 of 1957 dated 8th September, 1965 was open to be examined in the writ proceedings and it was the defence of the Income Tax Department in the reply to the review application and also before this Court in their counter affidavit that in the a....... + More
- 2019 (7) TMI 1454
Preemptive purchase order - applicability of section 269 UD (1) of the Income tax act where the market value is more than purchase value of the property - whether the High Court (Single Judge, Division Bench and Review Bench) was justified in dismissing the appellants’ writ petition, intra court appeal and review petition and thereby was justified in upholding the pre-emptive order dated 30.03.1994 passed by the appropriate authority? - HELD THAT:- It is not in dispute that the appropriate authority laid a factual foundation in the show cause notice to prove the value of suit land, which, according to the authority, was 15% higher than the apparent consideration. It is also not in dispute that a categorical finding was recorded by the appropriate authority that the fair market value of the suit land was 15% more than the apparent co....... + More
- 2019 (7) TMI 1449
Assessment against amalgamating company - amalgamating company having ceased to exist - Principle of consistency - HELD THAT:- the notice under Section 143(2) under which jurisdiction was assumed by the assessing officer was issued to a non-existent company. The assessment order was issued against the amalgamating company. This is a substantive illegality and not a procedural violation of the nature adverted to in Section 292B. In the present case, despite the fact that the assessing officer was informed of the amalgamating company having ceased to exist as a result of the approved scheme of amalgamation, the jurisdictional notice was issued only in its name. The basis on which jurisdiction was invoked was fundamentally at odds with the legal principle that the amalgamating entity ceases to exist upon the approved scheme of amalgamation. ....... + More
- 2019 (7) TMI 1377
Constitutional validity of sub-section (7) of Section 35AC - principle of promissory estoppel - Whether once the Committee granted an approval to the appellant's hospital project for a period of three financial years, the same could not be withdrawn qua the appellant on the strength of insertion of subsection (7) in Section 35AC? - challenge was on the ground that subsection (7) of Section 35AC is essentially prospective in nature and, therefore, it will have no application to those projects which were approved by the Committee prior to insertion of subsection( 7), i.e., 01.04.2017 - HELD THAT:- It is not in dispute that 28 projects were approved by the Committee by notification dated 07.12.2015 but none of them (27) has come forward to question the constitutional validity of subsection (7) except the appellant herein. In other words,....... + More
- 2019 (7) TMI 1327
Jurisdiction of High Court u/s 260A - reversal of finding of facts - unexplained income - unexplained deposits - HELD THAT:- The impugned judgment has added as unexplained income basically on the ground that the assessee has been unable to present declaration forms that had been filled in by him at the time of his visits to India from abroad. Keeping in mind the fact that these declaration forms were asked for long after such expenditure had, in fact, been incurred, it cannot possibly be said that the Appellate Tribunal’s judgment and findings therein are perverse, which is the only entry on facts for the High Court [2006 (1) TMI 120 - MADHYA PRADESH HIGH COURT] exercising its appellate jurisdiction under Section 260-A of the Income Tax Act, 1961. Having heard learned counsel for both the parties, we are clearly of the view that the High Court ought not to have interfered with the Appellate Tribunal’s Judgment as no substantial question of law arose therefrom.
- 2019 (7) TMI 880
Characterization of income - subscriptions were received in the years in question from the public at large under a collective investment scheme - receipts of subscriptions in the hands of the assessee -NBFC Company to be treated as income OR capital receipts - assessee has in its books of accounts shown this sum as income - impact of forfeiture clauses of subscription - HELD THAT:- It is true that there was no direct focus of the Court on whether subscriptions so received are capital or revenue in nature, we may still advert to the fact that this Court has also, on general principles, held that such subscriptions would be capital receipts, and if they were treated to be income, this would violate the Companies Act. It is, therefore, incorrect to state, as has been stated by the High Court, that the decision in Peerless General Finance and....... + More
- 2019 (7) TMI 235
Stay of demand - present demand is to the tune of ₹ 9,33,16,434 - in last interim order court has held that petitioner is at liberty to deposit appropriate amount in cash by way of security and attachment in respect of one property was lifted as well as three accounts which were also under attachment were released - HELD THAT:- All this was done with the idea that the petitioner shall pay reasonable amount. It however, appears that no concrete steps have been taken by the petitioner. As a last opportunity, we grant to the petitioner time of six weeks within which he shall deposit a sum of ₹ 5 crores with Principal Commissioner, Income Tax, Chennai, failing which this petition may be dismissed.
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