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Income Tax - Case Laws
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- 2021 (4) TMI 612 - CALCUTTA HIGH COURT
Reopening of assessment - Assessee has erroneously applied CBDT Circular No.09/2014 dated 23/04/2014 and claimed amortization expenses for the financial year 2014-15 - As submitted that since the assessee was entitled to deduction under Section 80IA of the Income Tax Act, 1961, there was no question of any escapement of tax as increase in income by not claiming amortization would not result in the assessee paying any further tax as the same was 100% deductible under Section 80IA - HELD THAT:- Commissioner of Income Tax should have looked into the fact as to whether there could not be an escapement of tax because of the fact of the deduction available to the petitioner under Section 80IA. It is to be noted that this was the last year of deduction that was available to the petitioner out of the ten consecutive years that is available. As th....... + More
- 2021 (4) TMI 610 - KERALA HIGH COURT
Stay of demand - pre deposits demand - Deduction u/s 80P - HELD THAT:- This Court by relying on the observation of the Honorable Supreme Court THE MAVILAYI SERVICE COOPERATIVE BANK LTD. & ORS. [2021 (1) TMI 488 - SUPREME COURT] has in several such matters have directed the appellate authority to decide the appeal without insisting for either pre- deposit or for payment of tax in pursuant to the Assessment Orders. In this view of the matter as the statutory appeal is pending for consideration before the 2nd respondent, the second respondent is directed to decide the appeal expeditiously and till disposal of the appeal, recovery in pursuant to the Assessment order at Exhibit P1 is deferred till disposal of the appeal by the 2nd respondent
- 2021 (4) TMI 609 - MADRAS HIGH COURT
Stay of demand - whether assessing officer can grant deposit orders of a lesser amount than 20% pending appeal without making reference to the administrative Pr.CIT/CIT? - HELD THAT:- As in M/S. LG ELECTRONICS INDIA PVT. LTD. [2018 (7) TMI 1905 - SC ORDER] clarified that in all cases arising under 220(6) of the Act, it will be open to the authorities on the facts of individual cases, to grant deposit orders of a lesser amount than 20% pending appeal. This was laid down by the Hon'ble Supreme Court since it was submitted that the administrative circular will not operate as a fetter on the Commissioner since he is a quasi-judicial authority. Since the Assessing Officer is exercising quasi-judicial power by virtue of Section 220(6) of the Act, the implication of the clarification of the legal position by the Hon'ble Supreme Court is ....... + More
- 2021 (4) TMI 605 - BOMBAY HIGH COURT
Assessment u/s 153C - compliance or non-compliance with the jurisdictional parameters necessary to initiate action under Section 153C - Jurisdiction to initiate proceedings under Section 153C - jurisdictional issue was not permitted to be raised before the ITAT, inter alia on the ground that there was a necessity of filing cross-objections expressly raising such a jurisdictional issue and because there was no sufficient cause shown for condoning the delay of 248 days in raising such jurisdictional issue by filing cross-objections - HELD THAT:- In the present case, it is not as if the issue of non-fulfillment of jurisdictional parameters of Section 153C was raised but rejected by the CIT (Appeals). Such an issue was not raised before the CIT (Appeals). Having regard to the provisions of Rule 27 of the Appellate Tribunal Rules, 1963 as also....... + More
- 2021 (4) TMI 596 - CALCUTTA HIGH COURT
Applications u/s 119(2)(b) for condoning the delay and accepting the return for the assessment years 2015-16 and 2016-17 - petitioner says that since the order passed under the provision of Section 119(2)(b) does not come within the ambit of the orders specified in Section 245 of the said Act, the said order is also not appealable - HELD THAT:- The department ought to have taken a justice-oriented approach instead of taking a highly pedantic approach in refusing to condone the delay on the part of the petitioner in filing the return for the assessment year 2015-16. The order dated 25th August, 2020 passed by the Principal Chief Commissioner of Income Tax (International Taxation), being the respondent no.1, in respect of the assessment year 2015-16 is set aside. The Principal Chief Commissioner of Income Tax (International Taxation), being....... + More
- 2021 (4) TMI 593 - ITAT AHMEDABAD
Reopening of assessment u/s 147 - Addition u/s 68 on Unexplained cash Credit - Whether jurisdiction to the AO would lie under s.153C of the Act, if any and invocation of jurisdiction under s.147 of the Act in the case of assessee, arising from search in Venus Group, is contrary to scheme of the Act and thus devoid of legitimacy? - HELD THAT:- The debate on scope of conferment of powers under S. 153C prior to its amendment by Finance Act, 2015 was subjected to judicial scrutiny. The Courts have consistently held that the expression ‘belongs to’ with reference to person other than searched person implies something more than idea of casual association and Section 153C of the Act could not be invoked in the pre amendment era unless the AO of the searched person is satisfied for cogent reason that the seized documents belong to the....... + More
- 2021 (4) TMI 592 - ITAT AHMEDABAD
Addition u/s 56(2)(viib) - difference of net asset value credited in the books - excess consideration received qua face value of shares issued on account of amalgamation - CIT-A deleted the addition - whether the shares received by the amalgamating company in consideration of vesting of its assets, liabilities and undertaking in the amalgamated company pursuant to scheme of amalgamation is hit by the deeming provisions of Section 56(2)(viib) of the Act in the facts of the present case? - HELD THAT:- It may be possibly argued that Section 56(2)(viib) does not oust its applicability in the event of shares issued pursuant to amalgamation. The amalgamation is a compromise or arrangement between the parties, which inter alia includes the amalgamated company issuing the shares and the shareholders of the amalgamating company, which is supervise....... + More
- 2021 (4) TMI 591 - ITAT DELHI
Addition u/s 68 - assessee-company engaged during the year in raising capital by way of share capital and premium on share capital - onus upon assessee to prove identity of the Creditors/Investors, their creditworthiness and genuineness of the transaction - HELD THAT:- A.O. on going through the bank statements of both the Investors found that there is receipt of funds from some source. Thus, even the A.O. did not doubt the creditworthiness of both the Investors in the assessment order. Thus the A.O. did not doubt their source at all. The A.O. did not make any enquiry from the income tax record of both the Investor Companies. It is well settled Law that A.O. cannot ask the assessee to prove source of the source. We rely upon Judgment of Hon’ble Delhi High Court in the case of CIT vs., Dwarakadhish Investment P. Ltd., [2010 (8) TMI 23....... + More
- 2021 (4) TMI 590 - ITAT DELHI
Penalty u/s 271(1)(c) - undisclosed interest income on the undisclosed deposits in HSBC Bank, Geneva - as per revenue assessee has deliberately concealed interest income in HSBC, Geneva - CIT-A deleted the addition - HELD THAT:- In assessee’s own case for Assessment Year 2014-15 . [2020 (10) TMI 1238 - ITAT DELHI] wherein an identical addition on account of interest has been deleted on the ground that the ITAT had earlier deleted the addition on account of investment in the bank accounts itself. Since, we have upheld the deletion of the quantum addition by the Ld. CIT(A) in the foregoing paragraphs, there is again no reason to deviate from the findings of the Ld. CIT(A) in deleting the penalty imposed against the quantum addition. We uphold the deletion of penalty by the Ld. CIT(A). - Decided against revenue.
- 2021 (4) TMI 587 - ITAT CHENNAI
Receipt on sale of carbon credit - Capital Receipt OR revenue receipt - HELD THAT:- CIT(A) has allowed claim of the assessee for exclusion of receipt from sale of CERs (carbon credit) as capital receipt by following the decision in the case of M/s. My Home Power Ltd. [2014 (6) TMI 82 - ANDHRA PRADESH HIGH COURT] held that carbon credit not being an offshoot of business, but an offshoot of environmental concern, amount received on transfer had no element of profit or gain. The Hon'ble Jurisdictional High Court of Madras in the case of Ambika Cotton Mills Vs ACIT [2014 (3) TMI 428 - ITAT CHENNAI] had considered an identical issue and held that sale of carbon credit is to be considered as capital receipt. The Hon'ble High Court of Madras in the case of M/s. S.P. Spinning Mills Pvt.Ltd. [2021 (1) TMI 1081 - MADRAS HIGH COURT] had once....... + More
- 2021 (4) TMI 586 - ITAT ALLAHABAD
Penalty u/s 271(1)(c) - failure on the part of legal heir of the deceased assessee to explain the source of part of the deposits - penalty levied for furnishing inaccurate particulars of income or for concealing particulars of income - as argued Assessing Officer has not initiated the penalty proceedings for a definite default or a correct charge against the assessee - HELD THAT:- Assessing Officer has recorded the satisfaction by citing a definite charged against assessee for concealment of particulars of income. In the show cause notice issued u/s 274 r.w.s. 271 dated 31.12.2010 the Assessing Officer has initiated penalty proceedings on the charge “you have concealed the particulars of your income or furnished inaccurate particulars of such income”. It is clear from the show cause notice that the Assessing Officer not specif....... + More
- 2021 (4) TMI 584 - ITAT DELHI
Disallowance of expenses u/s 40A(3) - assessee has made certain payments in excess of ₹ 20,000/- by cash other than by account payee cheque or bank draft or pay order and, therefore, has violated the provisions of section 40A(3) - CIT(A) upheld the action of the AO in respect of payment on account of freight charges, on account of purchase of coal and on account of machinery repairs - HELD THAT:- So far as the purchase of coal for ₹ 13,16,786/- is concerned, I find, out of the total purchase of ₹ 13,70,16,762/-, the cash purchases are only to the tune of ₹ 13,16,786/-. - we find merit in the submission of the ld. Counsel that at certain times the coal has to be purchased through the agents which was supplied through the truck drivers of the suppliers. The assessee was bound to procure the coal to keep the furnace g....... + More
- 2021 (4) TMI 581 - ITAT BANGALORE
TP Adjustment - assessee included voluntary addition for computing ALP of the transaction - HELD THAT:- Under section 92C of the Act, when assessee enters into an international transaction with its associated enterprise, the arms length price of the transaction is to be computed as per section 92C by the Ld.TPO, in the hands of assessee - section provides computation of income from international transaction having regards to the arm’s length price. Such income if any, so computed by the Ld.TPO in respect of the international transaction between assessee and the associated enterprise is notional income in the hands of assessee which is as per section 92C(4) of the Act. However in the present case, it is not the Ld.AO/TPO but the assessee who was offered voluntarily additional income for computing ALP of the transaction in the revised....... + More
- 2021 (4) TMI 580 - ITAT KOLKATA
Disallowance of commission - Non - appearance of the said commission agents in person before the Ld. AO - AO Disallowed the commission payments claimed by the assessee based on the assessment order for the Assessment Year 2011-12 - On appeal, the Ld. CIT(A) deleted the additions made in that year - HELD THAT:- CIT(A) had deleted the addition based on the findings of his predecessor for the Assessment Year 2011-12 [2018 (11) TMI 1843 - ITAT KOLKATA] wherein held is empowered under the law to take necessary action against these commission agents for non-compliance to the summons issued to Section 131 of the Act. The Statute provides for relevant remedial measures thereon. The Ld. AO without resorting to such measures, cannot proceed to disbelieve the claim of commission paid by the assessee when the same are supported by various documents a....... + More
- 2021 (4) TMI 576 - ITAT CHANDIGARH
Depreciation @ 60% on STBs - HELD THAT:- As decided in own case [2020 (5) TMI 190 - ITAT CHANDIGARH] wherein held that Transaction of acquiring of STBs by the assessee was a loan/financial transaction meaning thereby the STBs were purchased by the assessee to put to use in its business. STBs are further given to the consumers on hire purchase agreement which are deemed to be sold to the consumers after three years from the date of delivery/installation - assessee had put the STBs in its business from the date it acquired/purchased the same. In view of this, the assessee is entitled to deprecation irrespective of the date of installation of STBs in the premises of the consumers. This issue is accordingly allowed in favour of the assessee. Addition of the total interest claimed by the assessee - HELD THAT:- As decided in own case [2020 (5) ....... + More
- 2021 (4) TMI 573 - ITAT CUTTACK
Excess depreciation on plant and machinery - assessee company derives income from the business of Sea foods/Prawn culture/Production and export - HELD THAT:- As perused the observations of the coordinate bench of the Tribunal in the case of M/s Bikanervala Foods Pvt. Ltd [2018 (5) TMI 626 - ITAT DELHI] wherein the Tribunal observed that additional depreciation is allowable u/s.32(1)(iia) of the Act even if the assessee is engaged in processing of food products on items directly not linked to manufacturing activities. As per our considered opinion, prawn is a part of food. Respectfully following the above observations of the coordinate bench of the Tribunal, we held that the assessee is eligible for claiming addition depreciation. Accordingly, we allow the sole ground raised by the assessee. Consequently, appeal of the assessee is allowed.
- 2021 (4) TMI 572 - ITAT DELHI
Disallowance of interest u/s 14A - HELD THAT:- This issue is no longer res-integra and has already been decided in the earlier years in the assessee’s own case by the Tribunal as well as by the Hon’ble High Court of Uttarakhand [2013 (12) TMI 1711 - UTTARAKHAND HIGH COURT]. We have also perused the impugned order of the CIT(A), wherein the factual aspects of the dispute have been outlined. The submissions of the assessee, noted by the CIT(A) and which have not been controverted before us, clearly establish that the interest free funds available with the assessee bank were in excess of the investments in the tax free securities in question and, therefore, the disallowance out of interest made by the Assessing Officer has been rightly deleted by the CIT(A). In this view of the matter, we hereby affirm the order of CIT(A) and Rev....... + More
- 2021 (4) TMI 570 - ITAT DELHI
Disallowance being 35% of the remuneration paid to one of the director Ms. Pallavi Luthra of the assessee u/s 40A(2)(b) - HELD THAT:- Referring to submissions made by the assessee highlighting qualifications and work assigned to her, it is surprising to note that the Revenue has accepted working of Ms. Pallavi Luthura as a Director and allowed 65% of the amount paid to her but it is beyond comprehension as to how they had reached the conclusion that out of the 100% of the work assigned to Ms. Pallavi Luthura by the assessee company, 35% of the same was found ingenuine. The entire disallowance is on the basis of conjectures and surmises. AO also brought on record the fact that Ms. Pallavi Luthura was Director having 50% of the shareholding in another company called Cloud Cuckoo Farm during the year under assessment but assessee stated that....... + More
- 2021 (4) TMI 550 - BOMBAY HIGH COURT
Assessment against amalgamating company - assessment order passed in the name of non-existing entity - scheme of amalgamation - HELD THAT:- The Supreme Court in the case of Maruti Suzuki [2019 (7) TMI 1449 - SUPREME COURT] had considered that income, which was subject to be charged to tax for the assessment year 2012-13 was the income of erstwhile entity prior to amalgamation. Transferee had assumed liabilities of transferor company, including that of tax. The consequence of approved scheme of amalgamation was that amalgamating company had ceased to exist and on its ceasing to exist, it cannot be regarded as a person against whom assessment proceeding can be initiated. In said case before notice under Section 143(2) of the Act was issued on 26.9.2013, the scheme of amalgamation had been approved by the high court with effect from 1.4.2012....... + More
- 2021 (4) TMI 549 - BOMBAY HIGH COURT
Declaration filed under section 4(1) of the DTVSV Act - Petitioner seeking remedy of waiver of interest by way of an application under Section 264 of the Income Tax Act - HELD THAT:- Petitioner filed applications under the DTVSV Act and Rules vide declarations in Form-1 dated 18th November, 2020 and waiver undertakings in Form-2 for each of the 11 years for the period 1988-89 to 1998-99 to avail of beneficial tax payments to end the litigation with the Revenue-Authorities. Pursuant to the filing of these applications, on 3rd December, 2020, Respondent No.1 called upon the Petitioner to submit working of disputed tax in relation to undisputed income for A.Y 1987-88 to 1998-99, stating that, Petitioner had mentioned disputed tax in the Form-1 despite the disputed income shown as ‘Nil’ in the 154 proceedings, tax having been calc....... + More
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