|
Advanced Search Options
Income Tax - Case Laws
Showing 1 to 20 of 137473 Records
More information of case laws are visible to the Subscriber of a package i.e:-
Party Name, Court Name, Date of Decision, Full Text of Headnote & Decision etc.
- 2021 (7) TMI 1044 - DELHI HIGH COURT
Faceless Assessment u/s 144B - as argued no prior show cause notice as well as draft assessment order issued - HELD THAT:- As no prior show cause notice as well as draft assessment order had been issued and no hearing had been given before passing the impugned assessment order, there is a blatant violation of principles of natural justice as well as mandatory procedure prescribed in “Faceless Assessment Scheme” and stipulated in Section 144B of the Act. It is also settled law that an alternative statutory remedy does not operate as a bar to maintainability of a writ petition where the proceeding is carried out in violation of principles of nature justice - like in the present case. Thus matter is remanded back to the Assessing Officer, who shall issue a draft assessment order and grant an opportunity of hearing to the petitioner by way of Video Conferencing and thereafter pass a reasoned order.
- 2021 (7) TMI 1042 - DELHI HIGH COURT
Reopening of assessment u/s 147 - deduction of franchise fee paid by the respondent to M/s Satyam Cineplex Limited was wrongly allowed as it gave an enduring benefit to the respondent and was an expense of capital nature - HELD THAT:- The period of four years has to commence from the date of the decision in the appeal filed by the respondent against the earlier assessment order. For this purpose, he has placed reliance on the third proviso to Section 147 which has been reproduced hereinabove. In our opinion the said proviso does not in any manner extend the period within which action under Section 147 of the Act can be initiated by the Department. It merely empowers the AO to assess or reassess such income, which is not involved or is the subject matter of any appeal, reference or revision, and has escaped assessment. It does not grant an....... + More
- 2021 (7) TMI 1039 - KARNATAKA HIGH COURT
Revision u/s 264 - computation of income from capital gains - HELD THAT:- The expression ‘capital asset’ is defined under Section 2(14) of the Act. While defining capital asset under the said provision, agricultural land in India is not included. However, by way of exception, certain agricultural lands are included which are stated in Section 2(14)(iii)(a) or (b) of the Act. Before applying Section 48 of the Act, it is necessary to ascertain whether the subject matter of transfer, namely immovable property or land is agricultural land or not. If it is to be construed to be agricultural land, then the parameters as stipulated under Section 2(14) has to be applied. In the instant case, we find that the Assessing Officer has not applied the parameters as stipulated under Section 2(14)(iii), inasmuch as either sub-clause (a) or su....... + More
- 2021 (7) TMI 1036 - KARNATAKA HIGH COURT
Reopening of assessment u/s 147 - no original assessment order in the case of the assessee passed - HELD THAT:- Admittedly, there is no original assessment order in the case of the assessee and it was only an intimation under Section 143(1)of the Act, which cannot be treated to be an order in view of decision of the Supreme Court in Rajesh Jhaveri [2007 (5) TMI 197 - SUPREME COURT]. Therefore, the question of re-assessment of the income of the assessee by the Assessing Officer does not arise. In the proceeding under Section 148 of the Act, it was the first assessment and the same could have been done considering all the claims of the assessee. Therefore, the decision rendered by the Supreme Court in Sun Engineering Works (P.) Ltd [1992 (9) TMI 1 - SUPREME COURT]had no application to the fact situation of the case. Even assuming for the sa....... + More
- 2021 (7) TMI 1032 - MADRAS HIGH COURT
Reopening of assessment u/s 147 - reopening on two issues one in respect of retention money and the other in respect of difference in profits admitted in the P & L account - HELD THAT:- Reasons furnished for reopening of the assessment dated 18.12.2018 would clearly reveal that incorrect claim and reduced income were identified. As stated that the issue of retention money was not considered by the AO in the original assessment order. Thus, the reopening of assessment cannot be construed as change of opinion.. This Court is of the considered opinion that once the Department could able to establish that reopening of assessment is made based on the new materials or with reference to the information which were not truly and correctly provided by the assessee at the time of original assessment, then power under Section 147 of the IT Act ca....... + More
- 2021 (7) TMI 1025 - ITAT DELHI
Assessment u/s 153A - absence of any incriminating material found in search - HELD THAT:- Hon’ble Delhi High Court in case of CIT(A) vs. Kabul Chawla [2015 (9) TMI 80 - DELHI HIGH COURT] held that no additions to be made in assessment framed u/s 153A of the Act in the absence of any incriminating material, their assessment were not abated. In the present AY 2009-10, the return was filed on 12th November, 2009 and the due date of issuing of notice u/s 143(3) is 30th September, 2009 the date of search is 9/5/2012 and date of filing of return post search is 10/09/2013. It can be observed that no proceedings were pending on the date of search for Assessment Year 2010-11. The date of filing original returns u/s 139(1) was on 6/8/2010, the date of search was 9/5/2012. The return filed u/s 153A was on 10/9/2013 and due date of issuance of ....... + More
- 2021 (7) TMI 1024 - ITAT CHENNAI
Reopening of assessment u/s 147 - non-disclosure of loan given by the assessee to his wife Smt. Sulochana for purchase of agricultural land - whether the AO can limit his powers to assess income which is escaped from tax on the basis of reasons recorded for reopening of assessment or he could further proceed to any other income which is escaped from tax and which has subsequently came to his knowledge during the course of reassessment proceedings or not? - HELD THAT:- In this case, on perusal of facts available on record, it is abundantly clear that the AO has formed reasonable basis of escapement of income for taxing income escaped assessment on account of non-disclosure of money lent by the assessee to his wife for purchase of agricultural lands. However, in the reassessment proceedings, the AO has accepted the explanation of the assess....... + More
- 2021 (7) TMI 1023 - ITAT CHENNAI
Assessment of trust - depreciation on assets whose cost has been allowed as application of income to charitable purpose u/s.11(1)(a) - HELD THAT:- Hon’ble Supreme Court in the case of CIT v. Rajasthan and Gujarati Charitable Foundation [2017 (12) TMI 1067 - SUPREME COURT] where after considering the amendment in section 11(6) of the Act, by the Finance Act, 2014 held that the assessee is entitled to depreciation u/s. 32 of the Act on assets whose cost has been allowed as application to charitable purpose. The court further observed that once the assessee is allowed depreciation, it shall be entitled to carry forward depreciation as well. The Hon’ble Karnataka High Court in the case of Pr.CIT (Exemptions) vs. Shushrutha Educational Trust [2018 (12) TMI 329 - KARNATAKA HIGH COURT, had considered an identical issue and by followi....... + More
- 2021 (7) TMI 1022 - ITAT DELHI
Penalty u/s 271(1)(c) - Defective notice u/s 274 - non specification of charge - whether penalty proceedings had been initiated i.e., whether for concealment of particulars of income or for furnishing of inaccurate particulars ? - HELD THAT:- In PCIT vs. Sahara India Life Insurance Company Limited case [2019 (8) TMI 409 - DELHI HIGH COURT] upheld the view taken that the notice issued by the learned Assessing Officer would be bad in law if it did not specify under which limb of section 271(1)(c) of the Act the penalty proceedings had been initiated i.e., whether for concealment of particulars of income or for furnishing of inaccurate particulars thereof. AO to assume jurisdiction u/s 271(1)(c), proper notice is necessary and the defect in notice u/s 274 of the Act vitiates the assumption of jurisdiction by the learned Assessing Officer to ....... + More
- 2021 (7) TMI 1021 - ITAT DELHI
Unsecured creditors - Addition u/s 68 - Flow of funds inter se the group concerns - loans from directors - Money circulated from one concern to other - HELD THAT:- Why the assessee discharged its obligation to M/s. Modsal Frozen Foods Pvt. Ltd. and why the assessee accepted loan from one of its directors need not be enquired by the Assessing Officer. Suffice it to record that the amount is neither tainted nor unaccounted. It is only the accounted money of the assessee that is used for the purpose of discharge of obligation. Therefore, it cannot be said that the amount paid to M/s. Modsal Frozen Foods Pvt. Ltd. is unaccounted money and on the same analogy amounts in the hands of Mohd. Sayed which was given as loan to the assessee cannot be unaccounted money. In the same way, in so far as Mohd. Naeem is concerned, he is also having inter-ba....... + More
- 2021 (7) TMI 1020 - ITAT DELHI
Disallowance of the interest expenditure on the loan taken by the assessee - HELD THAT:- In this case, while the loan was granted to a third-party real estate developer M/S. ABW Infrastructure with strategic intent, the loan per se was for the purpose of earning interest income in terms of Agreement for effective and secured deployment of interest-bearing funds, which did not result in acquiring any controlling interest in M/S. ABW Infrastructure. In the absence of any finding that the loan from M/s. OIPL on which interest expense has been incurred, was used for personal purposes of the assessee, keeping in view the proximity of time in obtaining loan from OIPL for the immediate necessity of meeting the expenditure for conversion of land uses and also other business prospects, and in lending the idle funds to M/s M/S. ABW Infrastructure f....... + More
- 2021 (7) TMI 1019 - ITAT BANGALORE
Deduction u/s 80HHB when no separate books in respect of foreign project were maintained - HELD THAT:- As decided in own case [2021 (3) TMI 1230 - ITAT BANGALORE] Tribunal noticed that though separate books of accounts were not maintained separate accounts were maintained in respect of each foreign project and audit certificates in Form No.10CCAH have also been furnished in respect of each project. In these circumstances, we are of the view that the decision rendered by the Tribunal in assessee’s own case for the earlier Assessment Years on identical ground would apply and therefore the assessee cannot be denied the benefit of deduction under section 80HHA of the Act on the ground that separate books of accounts were not maintained for the foreign projects. Nature of expenses - claim of expenses towards entrance and the subscription....... + More
- 2021 (7) TMI 1018 - ITAT MUMBAI
Taxability of income received from re-insurance business in India - whether SRSIPL constitutes a PE of the assessee in India so as to bring the business profit of the assessee to tax in India in terms of India-Switzerland DTAA? - HELD THAT:- The issue, whether SRSIPL can be considered as a PE of the assessee in India has arisen time and again before the Tribunal and the Tribunal has consistently decided in favour of the assessee. In fact, the impugned direction of the learned DRP would reveal that though learned DRP was conscious of the fact that the Tribunal has decided the issue in favour of the assessee in assessment year 2010-11; however, since the revenue has filed an appeal against the decision of the Tribunal, learned DRP decided the issue against the assessee just for the sake of keeping it alive. We decide the issue in favour of ....... + More
- 2021 (7) TMI 1016 - ITAT DELHI
Ex parte order of CIT(A) - AO completed assessment in terms of section 144 - Addition u/s 68 - assessee has submitted that there was a change of address whereas the Ld. CIT(A) sent all the notices at the old address and therefore, no compliance could be made before the Learned CIT(A) - HELD THAT:- Looking to the reasonable cause in putting non-appearance before the Ld. CIT(A), we are of the opinion that assessee must be provided one opportunity to explain its affairs. In view of the above facts and circumstances and in the interest of the justice, we set aside the order of the Ld. CIT(A) and restore the matter back to him for deciding afresh. Both the assessee and the Assessing Officer shall be provided adequate opportunity of being heard. In the form No. 36 filed before the Tribunal, the assessee has provided its address as 203, Turab Na....... + More
- 2021 (7) TMI 1011 - ITAT BANGALORE
Disallowance of interest u/s 36(1)(iii) - HELD THAT:- We note that assessee does have its own fund to advance money to the sister concern. However in the interest of Justice we deem it fit to remand to the AO for verifying cash flow statement for relevant period. Assessee is directed to furnish the cash flow statement that would disclose the funds available as on the date of advance to the sister concern. AO shall take a pragmatic approach in accordance with law considering the business exigency in the hands of assessee.Accordingly this ground raised by assessee stands allowed for statistical purposes. Depreciation claimed on the equipments - AO did not allow sum claimed as depreciation against electrical installations and furniture’s and fixtures on the ground that deduction for electrical installation and furniture fixtures alread....... + More
- 2021 (7) TMI 1007 - ITAT DELHI
Disallowance u/s. 14A - HELD THAT:- As categorically mentioned by the AO that there is no exempt income and by the assessee during the year. In absence of any exempt income the disallowance u/s.14A of the act cannot be made as has been held by the honorable Delhi High Court income in Cheminvest Ltd 2015 (9) TMI 238 - DELHI HIGH COURT - We direct the AO to delete the disallowance u/s. 14A. Disallowance invoking the provisions of Section 40(a)(ia) - short deduction of tax or non-deduction of tax at source - tax deduction at source is deposited before the due date of filing of the return or not? - HELD THAT:- As given a correct direction if the tax deduction at source is deposited before the due date of filing of the return of income that no disallowance can be made. Otherwise, the disallowance is correctly made. We do not find any infirmity....... + More
- 2021 (7) TMI 1006 - ITAT JAIPUR
Unexplained cash deposits in bank account - HELD THAT:- Firstly, in respect of availability of cash from the retail business, the assessee has shown a figure of ₹ 242,110 whereas the AO has computed an amount of ₹ 179,500/- in respect of which no specific contention has been raised before us and hence, the figure of ₹ 179,500/- as so computed by the AO needs to be considered as against figure of ₹ 242,110/-. In respect of drawings, the assessee has shown a figure of ₹ 119500/-, however, no basis has been specified as to how the assessee has determined the said figure where as the AO has returned a finding that given that assessee has salary and other business income, the household withdrawals can be considered as met out of salary income which has not been disputed by the assessee. Drawings towards household ....... + More
- 2021 (7) TMI 1005 - ITAT AHMEDABAD
Addition u/s 69 on protective assessment - cash deposit was treated as unexplained investment in the hands of the assessee under the provisions of section 69 and therefore the same was added to the total income of the assessee on protective basis - HELD THAT:- There is no provision under the law for making the assessment on protective basis. It is well settled by the judicial precedent that in the interest of the revenue, the protective assessment can be framed. The circumstances arise for making the protective assessment in a situation where the revenue during the proceedings finds that a particular amount of income can be taxed in the hands of the different persons/assessee and the AO is not sure enough about such person in whose hands the income is chargeable to tax. Where the legal ownership of the income is under suspicion, the AO ca....... + More
- 2021 (7) TMI 1004 - ITAT HYDERABAD
Initiation of Section 158BC proceedings - entries made in assessee’s regular books of account could be made - HELD THAT:- We notice in this factual backdrop that the foregoing issue is no more resjudicata. It is not in dispute that the impugned search had also covered the case of assessee’s family/member Shri Kuldip Singh Bagga. This tribunal’s coordinate bench’s earlier order dt.14-10-2011 for the very block period and search had held that the credits in issue cannot be gone into in block assessment proceedings as the same would only form subject matter of regular assessment proceedings. Unexplained cash credit - HELD THAT:- Since the Assessing Officer’s remand report dt.02-05-2018 itself verified that assessee’s credits which are recorded in already maintained books of account which could form subject....... + More
- 2021 (7) TMI 1003 - ITAT AHMEDABAD
Revision u/s 263 - Framing the assessment u/s. 143(3) - addition on account of RA Bill receipts - HELD THAT:- As perused the observation in the case of CIT vs. Nirma Corporation Ltd. [2008 (2) TMI 373 - GUJARAT HIGH COURT] held that wherein AO adopted one view, merely because commissioner took a different view of matter, it would not be sufficient to permit commissioner to exercise power u/s. 263 unless the view taken by the Assessing Officer is unsustainable in law. As demonstrated from the detailed submission made by the assessee in the form of revised return of income, reply in respect of notice u/s. 142(1) of the act and other correspondence made during the course of assessment proceedings as elaborated above in this order that no tangible material has come in possession of the AO after framing the assessment u/s. 143(3) - On the othe....... + More
........
|
