- 2020 (11) TMI 460 - SC ORDER
Refunds along with interest u/s 244A - initiation of proceedings pursuant to notice under sub-section (2) of Section 143 - exercise of power of withholding of refund - initiation of proceedings pursuant to notice under sub-section (2) of Section 143 of the Act processing of return in terms of sub-section (1) of Section 143 - HELD THAT:- As gone through the Review Petition and do not find any error apparent on record to justify interference in Review Jurisdiction. Review Petition is dismissed.
- 2020 (11) TMI 71 - SC ORDER
Reopening of assessment u/s 147 - reasons recorded by DCIT whereas notice issued by ITO - Notice issued by an officer other than the officer who recorded the reasons for reopening - curable defect u/s 292B - HELD THAT:- Special leave petition is dismissed. However, the question of law is left open.
- 2020 (10) TMI 1213 - SC ORDER
TP Adjustment - ALP of the guarantee commission charges provided by the Respondent Co. - Disallowance u/s 36(1)(iii) - acquisition of business by way of investing into shares of that company through either Special Purpose Vehicle or directly cannot be considered to be ordinary event of the business and therefore, cannot be termed as expenditure incurred for the purpose of assessee’s business, which is providing ITES services - HELD THAT: Special Leave Petitions are dismissed on the ground of delay.
- 2020 (10) TMI 668 - SC ORDER
Power to transfer cases u/s 127 - Stay on transfer of case - Period of limitation for passing an assessment - intra-Court appeal - This is a case where the assessment files are being transferred from one city to a neighbouring city hardly 158 kms. away, in the same State. What inconvenience can this cause to V.V. Minerals No.2, especially when they have business and offices in several cities? - HELD THAT:- SLP dismissed.
- 2020 (10) TMI 667 - SC ORDER
Reopening of assessment - validity of reasons to believe - petitioner's claim for expenses in respect of “Colour Idea Store” as a part of its advertisement and sales promotion expenses - Review petition -HELD THAT:- There is a delay of 299 days in filing this Review Petition and we find no justifiable reason to condone this huge delay. Even on merits, we have perused the Review Petition and record of the Special Leave Petition and are convinced that the order, of which review has been sought, does not suffer from any error apparent warranting its reconsideration. Review Petition is, accordingly, dismissed on the ground of delay as well as on merits.
- 2020 (10) TMI 43 - SC ORDER
Reopening of assessment u/s 147 - original order u/s 143(3) - change of opinion - disallowance made of loss on sale of stores treating them to be revenue in nature - HELD THAT:- No reason to interfere in the matter. The special leave petition is dismissed, leaving all the questions of law open.
- 2020 (10) TMI 42 - SC ORDER
Assessment u/s 153A - absence of any incriminating material in search - Low tax effect - HELD THAT:- Learned counsel for the petitioner, on instructions issued by the Department of Revenue, Ministry of Finance vide F. No. 390/Misc./116/2017-JC dated 22-8-2019, seeks permission to withdraw this special leave petition along with pending applications therein due to low tax effect. Permission granted, subject to just exceptions. SLP and pending applications are dismissed as withdrawn, leaving question(s) of law open.
- 2020 (9) TMI 581 - SC ORDER
Rejection of books of account - AO adopted G.P. Rate @15% instead of 14.52% as disclosed - enhanced the addition by estimating the G.P. @23.01%, after considering the past history by ITAT - HELD THAT:- No merit in the review petition and the same stands dismissed.
- 2020 (9) TMI 97 - SC ORDER
Addition u/s 41 - cessation or remission of liability - Written back of excess provision made in earlier years - Disallowance of business expenditure Additional expenditure relating to aircrafts taken on finance lease - HELD THAT:- Non availability of the court fee during the lock down period, the same could not be deposited within the time granted by the court on 06.03.2020 but will be deposited now within two weeks. In the circumstances, the order for depositing cost of ₹ 4,000/- in default of payment within four weeks, should be recalled. Considering the above, the appellant(s) are granted two weeks time to do the needful, in terms of the office report dated 25.8.2020. Having regard to the circumstances for which the amount was not paid, the order for cost of ₹ 4,000/- in default of payment, stands recalled. It is ordered accordingly.
- 2020 (8) TMI 479 - SC ORDER
Income Tax Settlement Commission order u/s 245D(4) - undisclosed foreign income and assets - whether the Settlement Commission lacked the jurisdiction to decide the applications under section 245C? - HELD THAT:- The counter affidavit be filed within a period of four weeks from today. Rejoinder affidavit be filed within a period of four weeks from the date of service of the counter affidavit on the petitioners. Counsel for the parties have agreed that the petition can be disposed of at this stage. In order to facilitate the Court in doing so, counsel shall file notes of their written submissions at least two weeks before the next date of listing. List the Special Leave Petition after eight weeks.
- 2020 (8) TMI 245 - SC ORDER
Allowable deduction under Section 43B - Disallowance of the amount deposited by the Appellant in its Central Excise Personal Ledger Account (PLA) before 31st March 2000, i.e. the end of the relevant accounting year - Disallowance represented MODVAT credit of excise duty that remained unutilized by 31st March 1999, i.e., the end of the relevant accounting year - Disallowance in respect of Sales Tax Recoverable account u/s 43B - Consumption of raw materials by the Assessee - Nature of software expenditure - revenue expenditure allowance - HELD THAT:- This application has been filed merely on apprehension, we see no reason to entertain this application. The miscellaneous application is accordingly dismissed.
- 2020 (8) TMI 244 - SC ORDER
Revision u/s 263 - PCIT requiring AO to revisit the assessment made earlier of the Assessee u/s 147/143 (3) - addition u/s 68 - ITAT setting aside the order passed by the Principal Commissioner of Income Tax (PCIT) under Section 263 - as per HC interpretation placed by the ITAT on Section 68 of the Act, its reasoning and conclusions in the impugned order are consistent with the legal position and cannot be said to be suffering from any legal infirmity - HELD THAT:- SLP dismissed.
- 2020 (8) TMI 133 - SC ORDER
Assessment u/s 153C - cogent materials between the documents seized and the assessee satisfaction - Tribunal interpreting the term 'belongs to' as 'ownership' in Section 153C - whether intention of the legislature is always that section 153C is applicable when documents seized in a searched premise belongs to or its content thereof pertains to some other person in view of amendment by Finance Act, 2015 - as per HC in the documents, which were seized during the course of search, there may be some reference of the assessee, but that itself would not be sufficient. It is necessary to show some nexus on the basis of some cogent materials between the documents seized and the assessee - HELD THAT:- SLP is dismissed. However, question of law is kept open.
- 2020 (7) TMI 694 - SC ORDER
Withholding of Refund - as per respondents since huge outstanding demand has been pending against the petitioner, the AO has initiated proceedings u/s 241A against the petitioner to withheld the refund after following prescribed procedure laid down in the Act - As per HC respondents are directed to refund to the petitioner within two weeks from the date of uploading of this order without fail - HELD THAT:- SLP dismissed.
- 2020 (7) TMI 224 - SC ORDER
Addition u/s 14A r/w Rule 8D - no investment is made by the assessee in shares and securities (Mutual funds) out of interest bearing funds - HELD THAT:- Petitioner, on instructions, issued by the Department of Revenue, Ministry of Finance vide F. No. 390/Misc./116/2017-JC dated 22-8-2019, seeks permission to withdraw this Special Leave Petition along with pending applications therein due to low tax effect. Permission granted, subject to just exceptions. Special leave petition and pending applications dismissed as withdrawn, leaving question of law open.
- 2020 (6) TMI 537 - SC ORDER
Assessment u/s 153A - no incriminating material unearthed during the course of search or requisition of documents or undisclosed income or property discovered in the course of search - HELD THAT:- Delay condoned. Leave granted.
- 2020 (6) TMI 438 - SC ORDER
Liability of directors of private company in liquidation u/s 179 - Recovery proceedings - argument is that instead of recovering the aforesaid amount in tune with the provisions of Section 179 the Department proceeded to put the immovable properties to auction - HELD THAT:- Application for extension of time is allowed till 31.07.2020. However, if for any reason whatsoever, the entire amount is not deposited, the Special Leave Petition will stand dismissed without further reference to the Court.
- 2020 (6) TMI 437 - SC ORDER
Exemption u/s 11 - Registration u/s 12AA denied - Tribunal was right OR not in overlooking the fact that in the absence of “Dissolution Clause” in the Trust Deed, the net assets of the Trust on its dissolution would be transferred to any entity / distributed among the trustees - as per HC partial expenditure which is not authorized by the Trust would not be itself lead to the Trust becoming nongenuine - HELD THAT:- SLP dismissed.
- 2020 (6) TMI 436 - SC ORDER
Reopening of assessment u/s 147 - validity of reasons to believe - HC set aside the notice for reopening - HELD THAT:- Reasons in support of the impugned notice is the very issue in respect of which the Assessing Officer has raised the query dated 25 September 2017 during the assessment proceedings and the Petitioner had responded to the same by its letters dated 10 December 2017 and 21 December 2017 justifying its stand. The non-rejection of the explanation in the Assessment Order would amount to the Assessing Officer accepting the view of the assessee, thus taking a view/forming an opinion. Therefore, in these circumstances, the reasons in support of the impugned notice proceed on a mere change of opinion and therefore would be completely without jurisdiction in the present facts. No reason to interfere in the matter. This special leave petition is, accordingly, dismissed.
- 2020 (6) TMI 435 - SC ORDER
Approval u/s 80(G)(5) - ITAT Lucknow remanded the instant matter to CIT (E) Lucknow - main contention raised by the assessee in this appeal is, the matter could not have been remanded back as the entire material was available before the ITAT to come to subjective satisfaction as to whether in the given circumstances the assessee was eligible for being granted a certificate u/s 80(G)(5), or not? - As per HC ITAT rightly remanded the matter back to the CIT (E) for fresh consideration and decision on the basis of the evidence available on record regarding genuineness of the documents and to pass a speaking order - HELD THAT:- Special Leave Petition is dismissed.