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Income Tax - Case Laws
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- 2021 (1) TMI 689 - UTTARAKHAND HIGH COURT
Extension of due date of filing the Tax Audit Report and Income Tax Return for the assessment year 2021-21 both for tax audit assessee and for non-tax audit assessee for a reasonable time, atleast till March 31, 2021 - COVID- 19 pandemic - HELD THAT:- Admittedly, the country continues to suffer and to reel under the COVID-19 pandemic. A large number of assesses still find it difficult to even meet their Chartered Accountants and to file their Income Tax Audit Reports and the Income Tax Returns. Therefore, this Court permits the petitioner to submit a fresh representation, voicing all their grievances, with regard to the consequences which would flow from different provisions of the Act. The CBDT is directed to leniently consider the said representation after giving an opportunity of hearing to the petitioner and to pass a reasoned order thereupon.
- 2021 (1) TMI 688 - BOMBAY HIGH COURT
Stay of demand - Recovery proceedings - HELD THAT:- Tribunal has substantially scaled down the condition imposed by respondent No. 2 by reducing the figure of ₹ 100 crores to ₹ 20 crores i.e. ₹ 5 crores for each assessment year to be paid in two installments, subject to which recovery of the balance outstanding demand would remain stayed. On perusal of the said order, it cannot be said that Tribunal did not consider or did not follow the guidelines laid down by this Court while passing the impugned order. Mr. Raichandani may be right in saying that petitioner being a government undertaking, revenue's demand is secured but we are also conscious of the fact that merely because the assessee is a government undertaking, it cannot be treated on a different footing or as a separate category of assessee. Mere fact that it i....... + More
- 2021 (1) TMI 687 - ITAT BANGALORE
Revision u/s 263 - As per 3CD report, TDS has not been deducted and the same has not been disallowed AND sum has been debited towards advances written off in P & L (Schedule 13, Operating and Other Expenses) but the same has not been considered in the assessment order - according to the CIT, the action of the AO in not disallowing the aforesaid 2 items of expenses for the reason that the first item of the expenditure ought to have been disallowed under section 40(a)(ia) and the second item of expenditure ought to have been disallowed as one not incurred for the purpose of business of the Assessee. HELD THAT:- As far as the first item of disallowance is concerned, assessee could not point out as to why the aforesaid sum cannot be disallowed under section 40(a)(ia) - Form 3CD report clearly mentioned a sum of ₹ 2,24,000/- as the s....... + More
- 2021 (1) TMI 686 - ITAT PUNE
Rectification of mistake u/s 254 - Eligibility of exemption u/s.54F - HELD THAT:- We are concerned with the initial year when the assessee deposited the amount in capital gain account scheme. A categorical finding has been recorded that the assessee did deposit capital gain in specified capital gain account scheme. In that view of the matter, the assessee becomes entitled to exemption u/s.54F of the Act for the year under consideration - It is for the AO to examine as to whether the assessee has constructed the house within period of three years or not. In case the house is not so constructed or the other relevant conditions are not satisfied, then the AO becomes free to charge the amount of exemption earlier allowed as income u/s.45 of the third year. We, therefore, modify paras nos. 10 and 11 as under : “10. We have found it as an....... + More
- 2021 (1) TMI 685 - ITAT MUMBAI
Estimation of income - Bogus purchases - CIT(A) upholding only 30% addition - HELD THAT:- The assessee had filed all relevant details like copies of bills, bank statements and delivery challans. Having considered the above, we are of the considered view that the Ld. CIT(A) has rightly brought to tax the profit element embedded in such disputed purchases by estimating @ 30%. In the case of CIT vs. Simit P. Sheth [2013 (10) TMI 1028 - GUJARAT HIGH COURT] has held that where purchases were not bogus but were made from parties other than those mentioned in the books of account, not entire purchase price but only profit element embedded in such purchases can be added to income of the assessee. That being the position, not the entire purchase price but only the profit element embedded in such purchases can be added to the income of the assessee. - Decided against revenue.
- 2021 (1) TMI 684 - ITAT MUMBAI
Rectification u/s 254 - Whether invoking section 50C was right? - both the CIT(A) and ITAT principally agreed with the view of the AO that invoking section 50C was right - HELD THAT:- In the instant case, the Ld. CIT(A) has directed the AO to make a reference to the Valuation Officer in accordance with provisions of section 50C(2) of the Act. As mentioned earlier, the Ld. CIT(A), in an appeal against an order of assessment, may confirm, reduce, enhance or annul the assessment. He has no power to set aside/restore the order to the file of the AO. In such a scenario, we have held that the order passed by the Ld. CIT(A) being not in conformity with section 251 of the Act is bad in law. Consequently, we annulled the order passed by the Ld. CIT(A) and allowed the appeal filed by the assessee. Thus the relevant provisions of the Act as mentione....... + More
- 2021 (1) TMI 683 - ITAT MUMBAI
Estimation of income - Bogus purchases - assessee failed to establish the genuineness of the purchases - AO estimated the profit @ 12.5% on the disputed purchases - HELD THAT:- The ratio laid down in Jakharia Fabric (P.) Ltd. [2020 (3) TMI 474 - BOMBAY HIGH COURT] observing that profit element embedded in such transaction has to be added to the total income of the assessee is applicable to the present case. The nature of business in the instant case is manufacturing and selling of agricultural equipments and implements. Considering the nature of business of the assessee, we set aside the order of the Ld. CIT(A) and direct the AO to estimate profit @ 4% on the disputed purchases and make an addition accordingly.
- 2021 (1) TMI 682 - ITAT DELHI
TP Adjustment - Selection of MAM - Resale Price Method Vs. Transactional Net Margin Method - TPO held that TNMM should be the most appropriate method AND selected 4 comparables whose margin was 4.70 % computed the margin of the assessee (-) 26.76% and proposed an adjustment u/section 92CA(3) - HELD THAT:- Admittedly in this case the assessee itself has adopted the transactional net margin method as the most appropriate method for benchmarking itself for international transaction by import of finished goods. As during the course of hearing before the ld TPO assessee submitted that RPM should be taken as the most appropriate method. In its TP Study report assessee itself submitted that assesses lacks information about the other companies, so that comparables are not available in public domain, so Resale Price method cannot be the most appro....... + More
- 2021 (1) TMI 681 - ITAT DELHI
Validity of order passed u/s 201(1)/201(1A) - As argued order u/s 201(1), 201(1A), passed beyond the period of limitation - HELD THAT:- An identical issue has been considered by the Hon’ble Gujarat High Court in Tata Teleservices Vs. Union of India[2016 (2) TMI 414 - GUJARAT HIGH COURT] wherein it has been held that prior to section 201 was amended by Finance Act No.2 of 2009, no time limit was provided for passing an order u/s 201(1). But w.e.f. 01.04.2010, a time limit has been provided specifying that such order was to be passed within two years from the end of the financial year in which statements of TDS are filed. If no statement is filed, the order could be passed up to four years from the end of the financial year in which the amount is credited or paid. This judgment of the Hon’ble Gujarat High Court has been followed....... + More
- 2021 (1) TMI 680 - ITAT AGRA
Exemption u/s 11 - entitlement of the assessee for registration under section 12 AA - applicability of second proviso to section 2 (15) - assessee under appeal is a body corporate constituted under Uttar Pradesh Urban Planning & Development Act, 1973 was filing return of income in the status of ‘Local Authority’ and claiming exemption u/s.10(20A) earlier - assessee (appellant) has been given registration u/s.12AA by the CIT-II, Agra w.e.f. 01.04.2003 vide order dated 21.10.2010 under the status of a charitable institution and thereafter, it has been filing its return of income claiming exemption u/s 11 and showing “Rs. Nil” income - HELD THAT:- Development of land and building , acquisition of land by the authority had consistently been considered to be falling within advancement of the general public purpose. ....... + More
- 2021 (1) TMI 679 - ITAT KOLKATA
Revision u/s 263 - Bogus LTCG - addition of the entire sale proceeds of the shares as income and rejection of claim of exemption made u/s 10(38) - HELD THAT:- Assessee furnished all the documents called for and after considering the same the AO accepted the claim of the assessee exemption u/s 10(38) of the Act as the profits earned from purchase and sale of transfer. Nothing adverse was found by the AO during the course of assessment proceedings. Even the ld. PCIT, except the alleged report of DIT(INV), Kolkata no fresh evidence was referred to. This report of DIT(INV), Kolkata vide Note No. 75A/12015-161257 dated 27.04.2015 is not brought on record. The PCIT similarly states that there is a report of the DIT(INV) Kolkata and hence the assessment order is erronerous. The issue is whether the assessment order so passed is erroneous insofar....... + More
- 2021 (1) TMI 678 - ITAT INDORE
Addition u/s 68 - whether the lender parties were making some paper formalities - loan from dummy/shell/bogus/paper/briefcase entities - CIT-A deleted the addition - HELD THAT:- Assessee had taken loans through banking channels from its own group entities in whose cases too, simultaneous survey proceedings were carried out u/s. 133A of the Act and during the course of such survey proceedings, the lender companies and their directors were duly found in existence. During the course of the search/survey operations, no incriminating material or evidence was found. In the entire body of the assessment order, as also, in the paper book filed by the Revenue before us, there is no reference of any incriminating document. Entire assessment order is based upon some statements recorded by the Investigation Wing or by some other authorities on some e....... + More
- 2021 (1) TMI 677 - ITAT CHENNAI
Assessment of Club as an association of person - principles of mutuality and taxation of revenue generated from non-voting associate members - assessee has claimed that the entrance fee collected from non-members is exempt from taxation - As per revenue entrance fees collected from members having no voting rights will be under the head income from business - claim of the assessee that the assessee company is an association of persons coming together for the benefit of all the participants because of which the activities falls under the principle of mutuality and therefore the surplus if any earned by the company is not chargeable to tax - HELD THAT:- As relying on CIT v. Willingdon Sports Club [2008 (3) TMI 134 - BOMBAY HIGH COURT] in which the judgement of the Hon’ble Supreme Court in the case of Chelmsford Club v. CIT [2000 (3) TM....... + More
- 2021 (1) TMI 676 - ITAT AHMEDABAD
Addition u/s 68 - addition of unsecured loan - unsecured loan as bogus - HELD THAT:- The assessee explained that during the course of survey no adverse material was found regarding unsecured loan allegedly received by assessee. On the basis of a statement of partner without any further evidence, it cannot be said that assessee received unsecured loan from bogus parties. During the course of assessment proceeding, copy of confirmation of all unsecured loan from lenders along with a return of income were furnished for verification by assessing officer. The loan amounts were received through banking channel through cheques. Thus, the assessee proved identity of lender, genuineness and creditworthiness of the transaction. There was no material evidence before the assessing officer for treating the loan as unaccounted received. Since the asses....... + More
- 2021 (1) TMI 675 - ITAT INDORE
Addition on account of short term capital gains - CIT-A Applying provisions of Section 50C and considering stamp duty value to be actual consideration - assessee argued that the authorities below have failed to appreciate the fact that the assessee was merely an agent who earned commission and the revenue authorities have failed to appreciate the fact that the assessee had not transferred the land as the owner of the property. He has merely transferred the land as the Power of Attorney holder - HELD THAT:- From the registered sale deed furnished by the assessee, it is noticed that the sale deed was executed by one Shri Tejpal Patidar who had entered into agreement to sale with the original land owners namely Shri Shankar Sadhwani S/o Shri Dharmprakash Sadhwani and Shri Bharat Keswani s/o S.K. Keswani. Thus find no mention in this fact in ....... + More
- 2021 (1) TMI 674 - ITAT AHMEDABAD
Validity of Reopening of assessment - legality of jurisdiction u/s 147 - addition as unaccounted income - AR contended that the reasons recorded by the AO do not meet the pre-requisites for assumption of jurisdiction - HELD THAT:- Revenue pointed out that the reasons were actually recorded on 19.03.2013 itself which is evident from the proposal sent by the AO to the Jt. CIT for his approval under s. 151 of the Act on 19.03.2013. The reasons recorded showing date of 26.03.2013 is merely a date on which the reasons recorded might have been reproduced and provided to the assessee and does not convey the date of recording of reasons per se. We find from the proposal memo under s. 151 of the Act dated 19.03.2013 that exact reasons were pre-existing on the date of issuance of the notice. Thus, we see no merit in this first line of argument. Cer....... + More
- 2021 (1) TMI 673 - ITAT AHMEDABAD
Delay in the deposit of employees contribution towards PF and ESIC - employees contribution is required to be deposited within the due date prescribed u/s. 36(1)(va) - HELD THAT:- The issue is covered against the assessee by the Hon'ble Gujarat High Court in the case of CIT vs. GSTRC [2014 (1) TMI 502 - GUJARAT HIGH COURT] - Decided in favour of revenue. Addition on account of the amount written off for non-recovery of security deposits - assessee during the year has written of security deposit made with the landlord - HELD THAT:- Issue decided in favour of assessee as relying on ow case [2020 (3) TMI 620 - ITAT AHMEDABAD]. Addition u/s 40(a)(ia) - non-deduction of TDS with respect to the expenses claimed on provisional basis - Addition u/s. 40(a)(ia) on account of disallowance of commission expenses - HELD THAT:- Cumulative effect of....... + More
- 2021 (1) TMI 672 - ITAT JABALPUR
Year of Taxability of LTCG / STCG - Sale of shares - Income Declaration Scheme, 2016 - penny stock company - As per revenue assessee has not sold any shares during the year under consideration, therefore, there is no question of any capital gain/capital loss arises for consideration - HELD THAT:- The source of investment was explained by the assessee before the Assessing Officer and the Assessing Officer accepted source and no addition was made. Therefore, as rightly submitted by the ld. Representative for the assessee it cannot be said that the source of investment to the extent of ₹ 50,31,000/- was not explained. Now the assessee claims that the total purchase of shares to the extent of ₹ 98,34,260/- was for two A.Ys.. This fact is admitted by the Assessing Officer. There was no capital gain arises for A.Y. 2014-15. For the ....... + More
- 2021 (1) TMI 671 - ITAT VISAKHAPATNAM
Voluntary admission u/s.132(4) - under invoicing of sales and unaccounted purchase of acid slurry - whether entry in books of account can be incriminating when the assessee failed to explain it with proof as in the instant case, the assessee failed to explain the variation in charging different rates in sale invoices and admitted the income on account of it - HELD THAT:- Hon’ble Supreme Court in Pullangode Rubber Produce Co. Ltd..v.State of Kerala, [1971 (9) TMI 64 - SUPREME COURT] held that an admission is an extremely important piece of evidence but it cannot be said that it is conclusive. It is open to the person who made the admission to show that it is incorrect. In the instant case there was no evidence found in the premises of the assessee to show that the assessee is under invoicing the sales. No other material was found and....... + More
- 2021 (1) TMI 670 - ITAT DELHI
Reopening of assessment u/s 147 - non furnishing of the reasons recorded by the AO to assessee - HELD THAT:- As gone through the letter dated 29.11.2016 wherein the objections of the assessee have been removed by the AO but the supply of reasons has not been mentioned there to. We have gone through the order sheets in assessment folder and could not find any noting pertaining to furnishing of reasons recorded to the assessee. As verified the records of the revenue and find that the letters filed by the assessee requesting for supply of reasons have been a part of the record. The revenue till the date of hearing could not furnish the evidence of supplying the reasons recorded to the assessee. The issue of vitiation of reassessment proceedings on account of the failure of the AO to furnish reasons for reopening the assessment u/s. 148 of th....... + More
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