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2024 (4) TMI 543
Assessment u/s 153A - addition made in respect of completed assessment in absence of any incriminating material - HELD THAT:- Hon ble Gujarat High Court in the very recent judgement in the case of Kaushik Devjibhai Patel [ 2023 (5) TMI 1318 - GUJARAT HIGH COURT] and after considering Hon ble Supreme Court judgement in the case of Abhisar Buildwell (P.) Ltd. [ 2023 (4) TMI 1056 - SUPREME COURT] as held no addition can be made in respect of completed assessment in absence of any incriminating material will not permit making of addition by the AO....... + More
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2024 (4) TMI 542
Receipt of rental income from first floor - assessee has not rented the property on the ground floor and observed that the lease deed mentioned property let out in respect of basement and first floor - assessee submitted that there is no first floor constructed on the subject mentioned property at all as it contains only basement, ground floor and open terrace as basement and ground floor had been duly given on rent to the aforesaid tenant and rental income derived thereon had been duly offered to tax, assessee also placed evidence of the sche....... + More
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2024 (4) TMI 530
Rejection of DTVsV application - Scope of the DTVSV scheme - Requirement to settle all or part of the pending appeals - revenue has rejected the Forms filed by the petitioner/assessee on the ground that the petitioner/assessee sought to settle only one of the matters pending adjudication - Can an applicant, under the VSV Act, choose to settle one or more of the appeals, while continuing to contest others? HELD THAT:- As decided in MUFG Bank Ltd [ 2022 (11) TMI 1304 - DELHI HIGH COURT ] after examining the provisions of the VSV Act, has, inter ....... + More
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2024 (4) TMI 529
Bogus LTCG - Addition u/s 68 - Exemption u/s 10(38) denied - price manipulation or in providing entry of penny stock - HELD THAT:- We find that in the case of Himani M. Vakil [ 2012 (9) TMI 1099 - GUJARAT HIGH COURT] held that where assessee duly proved genuineness of sale transaction by bringing on record contract notes of sale and purchase, bank statement of broker and demat account showing transfer in and out of shares, Assessing Officer was not justified in bringing to tax capital gain arising from sale of shares as unexplained cash credit....... + More
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2024 (4) TMI 507
Delay in filling appeal before SC - Claim of long-term capital gains on shares in terms of Section 10(38) - Assessee not claiming exemption u/s 10(38) at the stage of the assessment proceedings but turned around and make such claim of wanting to cross-examine persons - Denial of principles of natural justice - denial of an opportunity to cross examine the entry providers - As decided by HC [ 2023 (2) TMI 392 - ORISSA HIGH COURT] ITAT was justified in accepting the plea of the Assessee that the failure to adhere the principles of natural justic....... + More
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2024 (4) TMI 506
TP Adjustment - comparable selection - non-availability of segmental data - HELD THAT:- In view of the order passed by this Court in Microsoft India (R and D) Pvt Ltd [ 2023 (7) TMI 935 - SC ORDER] the Special Leave Petition is dismissed wherein held in the absence of segmental information provided by the companies in respect of the software services, comparables be deselected.
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2024 (4) TMI 505
Nature of expenditure - Commission paid to the Managing Director - Tribunal held that the expenditure incurred can be treated as Revenue expenditure and not as capital expenditure - as decided by HC [ 2022 (9) TMI 1576 - MADRAS HIGH COURT] methodology adopted by the Revenue is perfectly correct for the simple reason that it is not disputed that the amount has been shown as expenditure and that the payment has been made to the Managing Director and the amount has been received by the beneficiary only for the subsequent Assessment Year, which do....... + More
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2024 (4) TMI 504
Nature of receipts - subsidies - revenue or capital receipts - Whether Tribunal erred by not considering that subsides which may be used freely, are operational subsidies and not capital subsides and thus the same are taxable as revenue income? - HC [ 2024 (1) TMI 972 - CALCUTTA HIGH COURT] decided issue in favour of the revenue and against the assessee HELD THAT:- As petitioner Birla Corporation Limited submits that the issue regarding exemption granted under the Uttar Pradesh Trade Tax, 1948, and the effect thereof is pending consideration b....... + More
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2024 (4) TMI 503
Exemption u/s 11 - denial of claim as Assessee-Trust had not furnished proper information to the Charity Commissioner and there was shortfall in making provision of Indigent Patients Fund ( IPF ) with huge generation of surplus as running a canteen in the hospital with profit motive and was not providing free meals - CIT(A) followed the orders of his predecessor for Assessment Years 2008-2009 and 2009-2010 and decided the issue in favour of Assessee which was upheld by ITAT and HC - HELD THAT:- Delay condoned. No case for interference is made ....... + More
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2024 (4) TMI 502
Demand raised during the pendency of appeal before this court - denial of Exemption u/s 13A to Political party registered as such under Section 29A of the Representation of People Act, 1951 - whether Assessee INC is a political party registered under the RP Act and satisfies the description of a 'political party' for the purpose of Section 13A of the Income Tax Act, 1961? - HC [ 2016 (3) TMI 879 - DELHI HIGH COURT ] held that ITAT was correct in law in holding that the audited accounts filed by the INC before the CIT (A) could not be a....... + More
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2024 (4) TMI 501
Settlement applications u/s 245C (1) - statutory requirement of full and true disclosure under Section 245C of the Income Tax Act, 1961, pre-conditions associated with an application under Chapter XIX-A of the Act and effect of violation of the said pre-conditions on the jurisdiction of the Income Tax Settlement Commission [ ITSC ] as well as the fate of the application - ITSC accepted the Revenue s contention that unaccounted money was introduced as bogus share capital by the respondent-assessee group and thus, it proceeded to make the afores....... + More
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2024 (4) TMI 500
Condonation of delay in filing the revised return of income claiming refund - application filed u/s 119(2)(b) rejected - genuine hardship of the petitioner rejected - HELD THAT:- On perusal of the provisions contained in Section 119(2)(b) of the Income Tax Act read with circular no.09/2015 dated 09.06.2015 issued by CBDT, it appears that genuine hardship which the petitioner is required to establish is the hardship that would be caused to the petitioner if the delay is not condoned or the time limit is not extended. The petitioner has clearly ....... + More
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2024 (4) TMI 499
Regular Approval u/s 80G(5) - application for approval denied as even within the extended time, the petitioner did not file Form No.10AB and applied belatedly - hardship faced by the trusts in digital filing of the respective forms - genuine hardship faced by new v/s old/existing trust - petitioner was granted provisional approval on 06.10.2021 and petitioner commenced its activities from 09.09.2021 and therefore, had to apply for regular approval/registration in Form No.10AB within six months from the date of commencement i.e., within six mon....... + More
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2024 (4) TMI 498
Validity of revision u/s 263 against order u/s 143(3) r/w section 153A - authority of PCIT (Central), Bhopal challenged on the ground that the assessment order was passed u/s 143(3) r/w section 153A upon taking prior approval from the Assistant Commissioner, Income Tax (Central) 1, Indore under Section 153D of the Act - ITAT held that the order passed by the PCIT is unsustainable due to lack of jurisdiction in invoking Section 263 - In this appeal, the tax effect is below than Rs. 1,00,00,000/-. HELD THAT:- As decided in Ramamoorthy Vasudevan ....... + More
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2024 (4) TMI 497
Validity of Show Cause Notice and the consequential order of assessment as it suffers from the vice of pre-determination - SCN says as noticed from the database of the department there exist an amount of Rs. 4,22,83,715 and sale of equity share is Rs. 37,000/- since there is no explanation offered why the same should not treated unexplained investment for the relevant period under consideration and taxed accordingly. HELD THAT:- Though titled as Show Cause Notice the submission of the learned counsel for the petitioner that it is really not in....... + More
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2024 (4) TMI 496
Unexplained cash credit u/s 68 - onus to prove source of cash - Addition made on account of cash deposit made in the bank account - HELD THAT:- AO had only doubted the business model of the assessee and had resorted to make addition towards cash deposits as not properly explained by the assessee with sources. Hence arithmetically, the assessee is bound to explain the sources of cash deposits in the bank account. The ld. AR before us placed on record the extract of the cash book already forming part of the records and submitted the availability....... + More
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2024 (4) TMI 495
Deduction u/s 80IA - handling and cargo handling services provided by the assessee - claim denied as assessee was incorporated in the manner that it is only an reorganized business set up and assessee company has not entered into direct agreement with the Government of India - HELD THAT:- Perusal of the order of the Tribunal in assessee s own case for the AY 2011-12 [ 2023 (11) TMI 859 - ITAT DELHI] issue decided in favour of assessee as held AO has fallen in error in considering Airport as a facility standing in isolation and giving a very re....... + More
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2024 (4) TMI 493
Penalty u/s 271(1)(b) imposed on minor - Clubbing of minor's income in parents hands - penalty imposed on Non-compliance of two notices issued by AO u/s 142(1) - assessee argued that assessee under consideration is a minor and assessment order was framed on the minor person without the consent of his guardian, which is not sustained in law, hence penalty sustained by ld CIT(A) is not sustainable in the hands of minor because minor does not have capacity to make contract. HELD THAT:- We note that ld Counsel for the assessee argued that asse....... + More
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2024 (4) TMI 492
Validity of 263 proceeding issued in the name of non-existing entities which got amalgamated during the assessment proceeding - HELD THAT:- Cause title itself speaks about the change of name of the Company. It is the fact that amalgamation though destroys outer shell of the corporate entity, the Corporate venture continues enfolded within the new or the existing transferee entity. The business and the adventure lives on but within a new corporate residence, i.e., the transferee company. Therefore, at this juncture, it is essential to look beyo....... + More
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2024 (4) TMI 491
Revision u/s 263 by CIT - cash deposit in the bank questioned - assessment in this case was completed u/s 143(3) r.w.s 147 - HELD THAT:- As relying on SHRI PARAMJIT SINGH VERSUS THE P.C.I.T., ROHTAK [ 2023 (12) TMI 1292 - ITAT DELHI] for exercise of power u/s 263 of the Act, it is mandatory that the order passed by the Assessing Officer should be erroneous and prejudicial to the interest of the Revenue. In the present case, the Assessing Officer did not make any addition for the reasons recorded at the time of issue of notice u/s 148 of the Ac....... + More
