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Income Tax - Case Laws
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- 2021 (10) TMI 690 - ITAT DELHI
Undisclosed interest income on amount deposited with HSBC, Geneva - HELD THAT:- Coordinate Bench of the Tribunal in assessee's own case for AY 2006-07 [2018 (2) TMI 1731 - ITAT DELHI] qua this foreign bank account maintained by the assessee with HSBC Bank, Geneva has partly allowed the appeal for statistical purposes by remitting the case back to the AO with direction to adjudicate afresh in accordance with law after obtaining the verificatory report from the bank Since the present assessment framed u/s 153A read with section 143(3) of the Act is an offshoot of initial assessment framed in AY 2006-07 qua the foreign bank account maintained with HSBC Bank, Geneva on account of interest income in the subsequent years, we are of the considered view that this case is also required to be remitted back to the AO to decide accordingly as per....... + More
- 2021 (10) TMI 689 - ITAT JABALPUR
Best judgement assessment u/s 144 - estimation of income - assessee had filed ITR declaring loss and the AO has estimated profit by estimating the net profit of 2% on sales turnover - HELD THAT:- First observation in the matter is that the assessee has not, at any stage, including before the Tribunal, disputed the invocation of sec. 144, and for which reference is also made to the assessee's submissions. As regards sec. 145(3), a sale bill is a primary document of any business entity selling goods or services, also having legal implications. It is the sale bill that evidences the sale, raising a charge on the buyer, and on the basis of which the sale consideration can be correlated with the good sold there-against, including the quantity thereof. Yielding thus its sale price, excess of which over the cost thereof is profit by definiti....... + More
- 2021 (10) TMI 686 - MADRAS HIGH COURT
Claim of interest expenditure on loan obtained for the purchase of land in MRC Nagar - Significance of term “put to use” - as per AO assessee, having not commenced the project in MRC Nagar and had not offered any income from the project, all the expenditures, which are specifically attributable to the project, have to be accounted as 'Work-in-Progress' and only when the income is generated and offered from the project, the expenditure can be claimed - HELD THAT:- When the appeal was being heard by the CIT(A), the assessee furnished an Abstract of Expenses pertaining to MRC Nagar project and the expenses were in the nature of advertisement expenses, architect fees, CMDA charges, consultancy charges, electricity charges, legal fees, rent, security charges, site expenses, various labour charges and purchase of materials. ....... + More
- 2021 (10) TMI 685 - BOMBAY HIGH COURT
Non providing of personal hearing - Respondent No.2 without granting a personal hearing passed an assessment order on 23.09.2021 - HELD THAT:- Even if we accept what Respondent No.2 say that there was extreme urgency as scrutiny assessment was getting time barred by limitation on 30.09.2021, he still had one week to grant a personal hearing and there was no tearing urgency to pass the assessment order impugned in this petition.. We set aside the assessment order dated 23.09.2021 and remand the matter to the Assessment Officer to pass a fresh assessment order, within six weeks from this order getting uploaded in the High Court website, in accordance with law. Assessing Officer, however, shall grant a personal hearing to petitioner in accordance with the rules prescribed. We clarify that we have not made any observation on merits.
- 2021 (10) TMI 684 - MADRAS HIGH COURT
Addition u/s 68 - unsecured loan - violation of principles of natural justice - HELD THAT:- Here in the case in hand, as pointed out a huge sum has been added in the income of the Assessee for the concerned assessment year. Whether such a huge sum is a taxable income or not, is a major question to be decided in the issue, however, before going into the merits of that issue, whether complete opportunity had been given to the petitioner/Assessee, which includes the personal hearing. Very fairly, the learned Senior counsel has submitted that, specifically that chance of personal hearing, though was not asked by the petitioner/Assessee, that become incumbent on the part of the petitioner/Assessee to seek such a chance of personal hearing, in view of the peculiar facts of the case, where, the petitioner has been placed to explain with the docu....... + More
- 2021 (10) TMI 683 - ITAT DELHI
Addition on account of difference of stock value - CIT-A deleted the addition as no valid basis of making the addition further, the alleged difference will also cannot be said to be undisclosed income - HELD THAT:- We do not find any infirmity in the order of the Ld. CIT(A) on this issue. We find an identical issue had come up before the Tribunal in assessee’s own case in the immediately succeeding A.Y. 2014-2015 [2019 (8) TMI 292 - ITAT DELHI] - We uphold the order of the Ld. CIT(A) on this issue and the ground of appeal number.1 raised by the Revenue on this issue is dismissed. Addition on account of difference in cash statement given to the bank and as per books of account - CIT(A) deleted the addition on the ground that addition made by the A.O. is not based on any valid evidence and merely based on the statement given to the ba....... + More
- 2021 (10) TMI 682 - ITAT JAIPUR
Reopening of assessment u/s 147 - undisclosed sale of immovable property - Non appearance of assessee before AO - assessee submitted additional evidences as ignored - denial of natural justice - HELD THAT:- Since the assessee could not appear before the A.O. as the notice could not be served upon the assessee as the assessee had already charged the old address, therefore, in absence of the assessee, the matter was decided by the A.O - in order to put forth all his defence, the assessee had filed an application before the erstwhile CIT(A) under Rule 46A of the Income Tax Rules, 1962 for leading additional evidence and in this respect had placed on record bunch of documents. CIT(A) had not touched or considered the facts of documents placed on record and relied upon by the assessee but had dismissed the appeal filed by the assessee merely o....... + More
- 2021 (10) TMI 681 - ITAT JAIPUR
Reopening of assessment u/s 147 - Scope of conditions as envisaged as per provisions of Section 151 - mandation of recording satisfaction by the Commissioner - assessee had made deposit during the year under consideration in SBBJ Bank - HELD THAT:- While drawing strength from the decision of Hon’ble Rajasthan High court in the case of CIT Vs Uttam Chand Nahar [2006 (4) TMI 56 - HIGH COURT, RAJASTHAN] we are of the view that in the present case, the conditions U/s 151 of the Act for recording satisfaction by the Commissioner has been validly done as the said satisfaction was on the basis of reasons recorded by the A.O. and not de hors it and thus according to us, the satisfaction independent of reason recorded by the A.O. is not envisaged any way in Section 151 of the Act. Therefore, considering the totality of facts and circumstance....... + More
- 2021 (10) TMI 680 - ITAT INDORE
Excess stock of gram pulses not recorded in the books of account - As per assessee stock taking was not done either in the presence of the assessee or his Authorized Representative - assessee also submitted that the basis of calculation of excess stock and short stock and the inventory sheet prepared during the course of survey should be provided - CIT-A deleted the addition - HELD THAT:- We observe that the search was conducted on Dudani Group on 05.10.2015 u/s 132 - A survey action was also conducted on the assessee firm premises. Physical stock was done by the survey team. Additions were made by the ld. AO on the basis of inventories of stock and trading account prepared by survey team which were allegedly different from the amounts as per books of accounts maintained by the assessee. Assessee has submitted a summary of stock as on the....... + More
- 2021 (10) TMI 679 - ITAT PUNE
Dismissing the appeal of the assessee against the draft order as not maintainable - Whethe draft order cannot be assailed before CIT(A)? - HELD THAT:- As the assessee preferred appeal against the draft order, in our considered opinion, the ld. CIT(A) was fully justified in dismissing the same as not maintainable. It is an altogether different matter that there was a mistake on the part of the AO in passing draft order by wrongly mentioning it as the completion of assessment u/s.144C(13), which gave an impression to assessee that the order passed by the AO was not a draft order but final appealable order. The consequences flowing from the wrong mentioning of section 144C(13) in the draft order, including the assessee later on unsuccessfully attempting to file appeal against the final order u/s.143(3) r.w.s. 144C(3) during the pendency of a....... + More
- 2021 (10) TMI 678 - ITAT JAIPUR
Delayed employees’ contribution to ESI and PF - Disallowing the PF and ESI payments as deposited before the due date of filing of the return during the year - HELD THAT:- In the instant case, admittedly and undisputedly, the employees’ contribution to ESI and PF collected by the assessee from its employees have been deposited well before the due date of filing of return of income u/s 139(1) of the Act - As noted that the ld CIT(A) has referred to the explanation to section 36(1)(va) and section 43B introduced by the Finance Act, 2021 and has also referred to the rationale of the amendment as explained by the Memorandum in the Finance bill, 2021, however, he has simply failed to consider the express wordings in the said memorandum which says “these amendments will take effect from 1st April, 2021 and will accordingly appl....... + More
- 2021 (10) TMI 677 - ITAT LUCKNOW
Exemption u/s 11 - rejection of application made u/s. 12AA - genuineness of activities including the proposed activities - Whether charitable activities includes the proposed activities also? - CIT-A discussed the original trust deed and held that the irrevocability clause is not there - HELD THAT:- As assessee are charitable in nature and though assessee had undertaken small expenditures towards charitable activities but the fact remains that such activities are genuine activities when considered in the context of objects clause of the trust deed. Therefore, keeping in view the spirit of judgment of the Hon'ble Supreme Court in the case of Ananda Social & Educational Trust [2020 (2) TMI 1293 - SUPREME COURT] where yours lordships have held that activities includes proposed activities also. We hold that assessee’s activities....... + More
- 2021 (10) TMI 676 - ITAT JAIPUR
Disallowance u/s 36(1)(iii) - interest payment by the assessee on notional basis - HELD THAT:- In this case, the assessee had made advances/loans by expecting to establish business connections with the above entities. There is no compulsion under the Income Tax Act that interest should always be charged on any lending, nor there is any requirement that income must be earned by utilizing the capital borrowed with interest so as to be entitled to the deduction u/s 36(1)(iii) - keeping in view the relations of the assessee with the above entities, we found that all the above three entities were having direct nexus with the business activities/operations and all these entities also help in the business of the assessee either directly or indirectly by way of procuring/securing orders or selling goods, exploring new markets etc., therefore, we ....... + More
- 2021 (10) TMI 675 - ITAT MUMBAI
Income accrued in India - Addition being reimbursement of expenses - FTS - Non offering to tax of travel cost - assessee is a company incorporated in the United States of America (USA) and is a tax resident of that country - as per assessee travel cost not being in the nature of fees for technical services (FTS) and purely reimbursement of expenditure incurred, is not taxable either under the provisions of the Act or under the India-USA Double Taxation Avoidance Agreement (DTAA) - Whether travel cost received by the assessee by way of reimbursement can be regarded as FTS? - HELD THAT:- While ignoring the decisions of the Tribunal has relied upon the observations of the higher departmental authorities. This, in our view, is most undesirable - though,DRP has acknowledged that in assessment years 2009-10 and 2010-11, the Tribunal has decided....... + More
- 2021 (10) TMI 674 - ITAT DELHI
Penalty u/s 271(1)(c) - defective notice u/s 274 - whether notice issued by the ld. A.O. was 'vague' and also because the 'charge' was not specified? - HELD THAT:- We are of the view that penalty u/s 271(1)(c) of I.T Act levied by AO has no legs to stand at present, when the corresponding Assessment Order has already been quashed by Ld. CIT(A) holding that the additions made in the assessment order cannot survive. When the assessment order has been quashed, and the additions made therein do not survive; the penalty levied u/s 271(1)(C) of I.T. Act on the corresponding quantum additions also cannot survive. We take support from judicial precedent in the case of K.C. Builders [2004 (1) TMI 7 - SUPREME COURT] wherein as held that where the additions made in the Assessment Order, on the basis of which penalty for concealment was levied, are deleted, by ITAT or otherwise, the penalty cannot stand by itself and is liable to be cancelled - Decided in favour of assessee.
- 2021 (10) TMI 673 - ITAT MUMBAI
Revision u/s 263 by CIT - validity of the revision order passed beyond the period of limitation prescribed u/s 263(2) - reopening of assessment u/s 147 commenced in the case of assessee - HELD THAT:- As reopening of assessment as contemplated under section 147 of the Act is for the specific purpose of assessing the escaped income - in a reassessment proceeding, the assessing officer can only assess that income which has escaped assessment. The income which is subject matter of assessment in the original assessment proceedings or which was in the domain of the assessing officer in course of original assessment proceedings certainly cannot be considered in the re-assessment proceedings - If at all, any order which can be considered to be erroneous and prejudicial to the interest of revenue for non consideration of the issues raised by learn....... + More
- 2021 (10) TMI 672 - ITAT RAIPUR
Revision u/s 263 - denial of natural justice - non providing the reasonable opportunity of being heard to the person - HELD THAT:- As it is not in dispute that notice dated 25/03/2021 was signed and issued only on 25/03/2021 by the Ld. PCIT, while fixing the date of hearing on next day i.e. 26/03/2021 at 1.00 PM and the impugned order was passed on the very next day i.e. 27/03/2021 while sidelining the adjournment application dated 26/03/2021 filed by the Assessee which clearly reflects that the notice issued on dated 25/03/2021 fixing the date of hearing on 26/03/2021 was illusory and farce in nature and had no essence of principles of natural justice, thus goes to show that no reasonable opportunity of being heard was afforded to the Assessee before passing the adverse order against it. On the aforesaid analyzations and considerations a....... + More
- 2021 (10) TMI 671 - ITAT DELHI
Revision u/s 263 by CIT - Non enquiry by AO on claim of expenses submitted by the assessee in its books and statements of accounts submitted along with return - HELD THAT:- We are inclined to hold that the present case is squarely covered in favour of the revenue by the decisions of Hon’ble Jurisdictional High Court of Delhi in the case of Gee Vee Enterprises [1974 (10) TMI 29 - DELHI HIGH COURT] and CIT vs. Nagesh Knitwears P. Ltd. [2012 (6) TMI 65 - DELHI HIGH COURT] as in the present case, the AO did not raise any query of make any inquiry pertaining to the claim of expenses submitted by the assessee in its books and statements of accounts submitted along with return and this is a clear case of “lack of inquiry”. We may also point out that if the AO fails to conduct the said investigation, he commits the error and the....... + More
- 2021 (10) TMI 670 - ITAT HYDERABAD
Revision u/s 263 by CIT - assessee had derived interest income on the fixed deposits made with the Karur Vysya Bank, Hyderabad followed by its claim of administrative expenditure, financial costs and depreciation etc. - PCIT holds that the said three heads of expenses are in the nature of pre-operative expenditure which could not be set-off against the assessee's foregoing interest income and AO's action allowing the assessee's claim in a very casual and mechanical manner deserves to be revised for want of proper enquiry rendering the impugned assessment as both erroneous as well as prejudicial to interest of the Revenue - HELD THAT:- As assessee's administrative expenses are in the nature of compulsorily office expenditure which have been held eligible for intra-head set-off against income from other sources than u/s. 57(....... + More
- 2021 (10) TMI 669 - ITAT DELHI
TP Adjustment - TPO considered royalty payment as a separate international transaction and proceeded to test the royalty transaction separately by applying comparable uncontrolled transaction - HELD THAT:- Rejection of the two comparables by the TPO, are based on conjectures and surmises. It is pertinent to note that the filters used by the TPO does not indicate that the high rates in respect of determination of ALP of royalty is one of the criteria of the rejection while confronting the assessee. The ratio laid down by the Hon'ble High Court in case of ChrysCapital Investment [2015 (4) TMI 949 - DELHI HIGH COURT] is applicable in the present case. Hence there is no need to interfere with the findings of the CIT(A). The appeal of the Revenue is dismissed.
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