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2023 (6) TMI 50
Validity of approval u/s 153D - sanctity of the approval obtained by the AO from Additional Commissioner under Section 153D - As argued approval sought by AO in almost 35 cases (including that of the Petitioner) was granted instantaneously without following the rules - as per HC petitioner has an alternative and effective remedy by way of an appeal before the ITAT, thus writ petition is disposed of with liberty to the petitioner to urge all his contentions and submissions before the ITAT. HELD THAT:- Against the order passed by the Commissioner of Appeals, the petitioner has a remedy available to approach the ITAT. The High Court has rightly relegated the petitioner to avail such remedy. No interference of this Court is called for. The Special Leave Petition stands dismissed. Pending application(s) shall stand disposed of.
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2023 (5) TMI 1143
Reopening notice u/s 148A(b) - validity of order passed u/s 148A(d) and u/s 148 - HC set aside the notice u/s 148 and order u/s 148(b) and directed AO to furnish the documents/material to the petitioner in support of the notice issued u/s 148A(b) within two weeks to enable the petition to file the reply accordingly - HELD THAT:- Special leave petition is dismissed as withdrawn. The pending applications, if any, are disposed of.
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2023 (5) TMI 1142
Reopening of assessment u/s 147 - Reason to believe - genuineness of claim of assessee company about compensation payable - As per HC it is a clear case of change of opinion, Change of opinion does not constitute justification and/or reasons to believe that income chargeable to tax has escaped assessment as in survey operation u/s 133-A and in the survey report it was specifically commented to examine in detail genuineness of claim of assessee company about compensation payable - HELD THAT:- We are not inclined to interfere with the impugned judgment and order of the High Court. The special leave petition is dismissed on the ground of delay.
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2023 (5) TMI 1141
Delay in filing return of income - Petitioner is admittedly a foreign citizen having OCI status since 2009 and he cannot be reasonably expected to keep himself aware and updated about the due date for filing return in India especially when he did not have any income taxable in India since the financial year 2010-11 - As per HC ignorance of law is not an excuse - Also Assessee had filed his ITR for the assessment year 2011-12 within the time limit proves that the Assessee was aware of the process of filing the ITR and no genuine hardship or reasonable cause for late filing of the return - HELD THAT:- No good ground and reason to interfere with the impugned judgment and hence, the special leave petition is dismissed.
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2023 (5) TMI 1120
Reopening of assessment u/s 147 - scope of enactment of Section 148A - benefit of relaxation/extension under the Taxation and Other Laws (Relaxation And Amendment of Certain Provisions) Act' (TOLA) 2020 - As directed by HC[2023 (2) TMI 1081 - ALLAHABAD HIGH COURT]reassessment proceedings initiated with the notice u/s148 (deemed to be notice u/s148-A), issued between 01.04.2021 and 30.06.2021, cannot be conducted by giving benefit of relaxation/extension under TOLA 2020 upto 30.03.2021, and the time limit prescribed in Section 149 (1)(b) (as substituted w.e.f. 01.04.2021) cannot be counted by giving such relaxation from 30.03.2020 onwards to the revenue. Also proceedings where the first proviso to Section 149(1)(b) is attracted, benefit of TOLA' 2020 will not be available to the revenue. HELD THAT:- Issue notice returnable on 10.07.2023. In the meantime, the impugned judgment and order passed by the High Court is ordered to be stayed.
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2023 (5) TMI 1119
Exemption/ deduction u/s 54 - Purchase of land with superstructure - After demolishing the existing superstructure, the appellant assessee constructed a residential house - as per HC [2018 (8) TMI 864 - MADRAS HIGH COURT] it is not a requisite of Section 54 that construction could not have commenced prior to the date of transfer of the asset resulting in capital gain. If the amount of capital gain is greater than the cost of the new house, the difference between the amount of capital gain and the cost of the new asset is to be charged u/s 45 as the income of the previous year - HELD THAT:- As stated that the tax amount involved in the present case is less than Rs. 2 crores and in view of the Circular No. 17 of 2019 dated 08.08.2019, the present petition need not be decided due to low tax effect. We dispose of the present Special Leave Petition, leaving the question of law open. Pending application(s), if any, shall stand disposed of.
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2023 (5) TMI 1065
TDS u/s 195 - Royalty - taxability of software receipts - Whether constitutes as taxable income deemed to accrue in India u/s 9(1)(vi) - income deemed to accrue or arise in India - HELD THAT:- The issue raised by the Revenue in the present special leave petitions is covered against them vide judgment in the case of “Engineering Analysis Centre of Excellence Private Limited [2021 (3) TMI 138 - SUPREME COURT] Learned Additional Solicitor General states that a Review Petition has been filed against this judgment, which is currently pending and the right of the Revenue to revive the present special leave petitions may be reserved, in case the Review Petition is allowed. Special leave petitions are dismissed, as the same is covered by the said decision of this Court. In case the review petition on the issue raised in the present special leave petitions is allowed, it will be open to the petitioner(s) to get the present special leave petitions revived.
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2023 (5) TMI 1015
Assessment of trust - Deduction u/s 11 - ITAT held that receipt of fee in the nature of capitation fee by the Appellant Trust in excess of the permissible fee would rendered the Appellant Trust ineligible for deduction under Section 11 - whether whole of the income of the Appellant Trust was liable to be taxed at the maximum marginal rate contrary to Section 164(2)? - HELD THAT:- We are not inclined to interfere with the impugned judgment and hence, the special leave petition is dismissed. At the request of the learned counsel for the petitioner, we grant time to the petitioner for payment of arrears by way of eight equal monthly installments, beginning from 01.05.2023 till 01.12.2023.
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2023 (5) TMI 1014
TP Adjustment - HELD THAT:- By passing the impugned judgment and order, the High Court has relied upon its earlier decision in the case of Principal Commissioner of Income Tax and Another vs. M/s Softbrands India Pvt. Ltd. [2018 (6) TMI 1327 - KARNATAKA HIGH COURT] As required to be noted that the decision of the Karnataka High Court in the case of Softbrands India Pvt. Ltd., (supra) fell for consideration before this Court in the recent decision of this Court in the case of SAP Labs India Private Limited [2023 (4) TMI 859 - SUPREME COURT] - Therefore, the matter is now required to be remitted back to the High Court to decide the Appeal afresh in accordance with law and on its own merits and in light of the observations made by this Court in the case of Sap Labs India Private Limited (supra). The impugned judgment and order passed by the ....... + More
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2023 (5) TMI 1013
Revision u/s 263 - as per HC [2019 (10) TMI 927 - BOMBAY HIGH COURT] basis to invoke section 263 factually did not exist as there was due enquiry by the AO during the assessment proceedings leading to the assessment order the issues resolved by the High Court are pure questions of fact HELD THAT:- The issues resolved by the High Court are pure questions of fact and in the absence of any question of law being involved, no case to interfere with the impugned order passed by the High Court of Judicature at Bombay, is made out. Special Leave Petition dismissed.
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2023 (5) TMI 919
Reopening of assessment - Deemed dividend - addition u/s 2(22)(e) - change of opinion - information received from the Deputy Commissioner of Income Tax, Company Circle V(1) constituted new information - HC [2018 (10) TMI 373 - MADRAS HIGH COURT] decided substantial question of law in favour of revenue - HELD THAT:- Appeal admitted - List immediately after summer vacations. Deemed dividend addition u/s 2(22)(e) - Addition on account of income from house property as per the provisions of Section 22 read with Section 23 and Addition u/s 40A - HC [2019 (1) TMI 1017 - MADHYA PRADESH HIGH COURT] held assessee being not a member/shareholder of the concerned company the loan/advance received from such company is not deemed dividend u/s 2(22)(e) - payments made to specified persons on rates more that fair market rates - As per HC no substantial qu....... + More
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2023 (5) TMI 641
Validity of Reopening of assessment - order passed u/s 148A(d) as it stood amended - Period of limitation to issue notice issued under Section 148A(b) - validity of notices issued by the Income Tax Department (Department) u/s 148 in light of the amendment by the Finance Act 2021, which introduced the new amended provisions i.e., Sections 147 to 151 with effect from 1st April, 2021 - HC held notice u/s 148 pertaining to AY 2015-16 was issued on 30th March 2021, i.e., prior to 1st April 2021. Also, it was beyond the period of six years after the expiry of the AY in question, thus notice is hereby quashed - HELD THAT:- We are not inclined to interfere with the judgment(s) and order(s) passed by the High Court. The Special Leave Petitions are dismissed.
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2023 (5) TMI 640
Reopening of assessment - Validity of approval granted by the CIT u/s 151 - earlier Revision u/s 263 dropped - Subsequently Reopening of assessment u/s 147 initiated - HC held to grant or not to grant approval under Section 151 of the said Act to re-open an assessment is coupled with a duty and the Commissioner was duty bound to apply his mind to the proposal put up to him for approval in the light of the material relied upon by the AO. Such power cannot be exercised casually, in a routine and perfunctory manner. We have to observe that if only the PCIT had read the file, he would not have been satisfied with the reasons. Petition allowed - HELD THAT:- We are not inclined to interfere with the judgment and order impugned in this petition. SLP dismissed.
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2023 (5) TMI 639
Reopening of assessment u/s 147 - reopening beyond period of four years - change of opinion - HELD THAT:- In the peculiar facts and circumstances of the present case and considering the fact that a similar Special Leave Petition in Assistant Commissioner of Income Tax, Circle 6 (2) (1), Mumbai & Ors. vs. CEAT Ltd. [2023 (1) TMI 73 - SC ORDER] having found that all the conditions required for re-assessment of the assessment of four years are not satisfied, we see no reason to interfere with the impugned judgment and order passed by the High Court in exercise of powers under Article 136 of the Constitution of India. The Special Leave Petition stands dismissed.
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2023 (5) TMI 638
TP adjustment - adjustment of Corporate Guarantee - write off of loss on account of investment made in equity shares of one of its subsidiary - write off of investment for the purpose of computing “book profit” u/s. 115JB - ITAT justified to remit back the issue of disallowance out of provision for doubtful loans and disallowance out of bad debts provision claimed in MAT to the file of the Assessing Officer for verification - asper HC no question of law arises - HELD THAT:- As gone through order passed by the High Court, no interference of this Court is called for. SLP dismissed.
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2023 (5) TMI 586
TDS u/s 195 - Deduction of tax at source - assessee, a company incorporated in India, was a wholly owned subsidiary of a company incorporated in the Netherlands - HELD THAT:- In view of the fact that it has been specifically found that the assessee in the present case (company in India) is held to be not liable to deduct the tax at source, no interference of this Court is called for against the impugned judgment and order passed by the High Court. However, the question of law, if any, on interpretation of Section 195 is kept open. High Court has observed that as the assessment proceedings in the case of foreign company are reopened and therefore if the final view taken is that the VOAMC is assessable to tax, the assessees herein would also be treated as assessee in default, which would attract the consequences provided under Section 40(a)....... + More
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2023 (5) TMI 585
Validity of reopening of assessment u/s 147 - reopening beyond period of four years - computation of capital gain - HELD THAT:- We are not inclined to interfere with the impugned judgment for the reason that in this case the reopening is after four years and it is apparent that the assessee had made discloser of payment and deduction of Rs.3.6 crores while computing capital gains in the regular assessment proceedings. SLP dismissed.
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2023 (5) TMI 558
Disallowance of business loss and unabsorbed depreciation of amalgamated company (Dolphin Laboratories) - Scheme of amalgamation conceived - “cut off date” OR “appointed date” OR “date of amalgamation” - HELD THAT:- High Court has heavily relied upon the earlier decision of the High Court in the case of IRM Limited [2016 (7) TMI 972 - GUJARAT HIGH COURT] which was rendered after following the decision of this Court in Marshall Sons & Co. (India) Ltd. [1996 (11) TMI 6 - SUPREME COURT] as held once the scheme is sanctioned, the same would relate back to the appointed date of amalgamation. Revenue is not in a position to point out any contrary decision of this Court taking a contrary view than the view taken in the case of Marshall Sons & Co. (India) Ltd. (supra). No interference of this Court in High court decision - SLP dismissed.
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2023 (5) TMI 557
TP adjustment - Comparable selection - functional similarity between the Assessee and Li and Fung - HC confirmed lack of functional similarity between Li & Fung India and the Assessee HELD THAT:- No interference of this Court is called for. The Special Leave Petition stands dismissed.
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2023 (5) TMI 556
Sale of the chemical unit of the assessee company - itemised sale OR slump sale - addition under section 50B read with section 2(42C) and explanation 1 to section 2(19AA) - HELD THAT:- Having examined the agreement to sale, we do not find this a case of Slump Sale. Recording the aforesaid, the special leave petition is dismissed.
