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- 2020 (7) TMI 103 - DELHI HIGH COURT
Time limit for making assessment order - lockdown as well as COVID-19 pandemic - HELD THAT:- This Court finds that the orders dated 19th December, 2019 were passed on the premise that the time limit for making assessment order in the present cases was (as stated by learned counsel for the respondent) 31st December, 2020. However, now it transpires that the time limit for making the assessment orders is 31st March, 2022. Consequently, the orders dated 19th December, 2019 are modified to the effect that the Assessing Officer would expedite the assessment proceedings and would pass the assessment orders at the earliest, but not later than 31st December, 2020. Accordingly, present applications stand disposed of.
- 2020 (7) TMI 102 - ITAT DELHI
Disallowance of excess depreciation - depreciation on software @60% - HELD THAT:- No infirmity in the order of the ld CIT (A) in upholding that depreciation on software is allowable @60%. However, for working out actual block of asset on which depreciation is to be allowed, he directed the ld AO to verify the same. We find no infirmity in the decision the ld CIT (A), therefore, ground No. 1 of the appeal is dismissed. Deduction of ESOP expenses - Additional claim before the AO by way of letter and did not made a claim by filing revised return - HELD THAT:- As carefully looking to the claim of the assessee it was found that the assessee has claimed deduction at ₹ 1,79,19,730/- whereas the amount of expenditure pertaining to the FY 2011-12 was only ₹ 10,45,671/-. Balance claim was of earlier years. CIT(A) directed the ld AO to r....... + More
- 2020 (7) TMI 101 - ITAT DELHI
Disallowance of business promotion expenditure - AO observed that the explanation of the assessee was not found acceptable as the assessee was unable to establish that these business promotion expenses has helped in promoting business - assessee has neither submitted the details of customers to whom these gifts were given and against which what was the quantum of the sales - HELD THAT:- It is the opinion of the lower authorities that the assessee could not establish a link between the gifts given and the sales orders received. It may not be practically possible for all businesses to maintain a complete list of the gifts given to their various customers and demonstrate that a particular sales order was received as a result of a particular gift. Act also does not prescribe demonstrating such live linkage. There is no denial b the department....... + More
- 2020 (7) TMI 100 - ITAT DELHI
Treatment to loss from the unit in Trump Hotel International under ‘income from other sources' - HELD THAT:- As evident from the conduct of the assessee that the assessee was not intending to run a unit in Trump Hotel International himself but rather he had purchased the unit while he was employed with an Oil Exploration Company in USA and he has given this unit for being run under the ‘Hotel Operations and Maintenance Agreement’ to be run by the managing company. At no point of time has the assessee ever been engaged in running the Hotel Unit on his own. It is also evident that the control of the affairs of the assessee’s unit like to whom the unit is to be let out, what kind amenities are to be provided within the unit, what tariff has to be charged from the unit etc. are beyond the control and decision makin....... + More
- 2020 (7) TMI 99 - ITAT MUMBAI
Taxability of receipt from sale of 'off-the shelf' software as 'Royalty' - India-Finland Tax Treaty - whether the payments received by the assessee from its distributor for sale of specialized software and maintenance and support services (including upgrades) could be held as ‘royalty’ as per Article 12 of the India-Finland tax treaty, and also as per the Explanation 2 to Sec. 9(1)(vi)? - HELD THAT:- As decided in own case [2019 (12) TMI 1315 - ITAT MUMBAI] amount received by the assessee from its distributor for sale of specialized software and maintenance and support services (including upgrades) cannot be held as being in the nature of ‘royalty’ as per Article 12 of the India-Finland tax treaty. Levy of interest u/ss. 234A and 234B - HELD THAT:- As the calculation of the interest liabilities would be consequential to the determining of the tax liability of the assessee, therefore, the same is being restored to the file of the A.O.
- 2020 (7) TMI 98 - ITAT MUMBAI
Revision u/s 263 - denial of the tax-holiday benefit - CIT holding a conviction that as per the ‘proviso’ to Sec. 92C(4), the suo motto addition made by the assessee towards deemed mark-up having regard to the ALP of the international transactions would not qualify for deductions u/ss. 10A and 10B of the Act? - HELD THAT:- We are unable to comprehend as to how the view of the A.O as regards allowing of the assessee’s claim for deductions u/ss. 10A and 10B of the Act, which as observed by us hereinabove is found to be in conformity with the view taken in the case of CIT Vs. I-Gate Global Solutions Ltd. [2014 (6) TMI 1007 - KARNATAKA HIGH COURT] could be held to be erroneous. In fact, we find that the aforesaid order of the High Court of Karnataka in the case of I-Gate Global Solutions Ltd. (supra),was available on the dat....... + More
- 2020 (7) TMI 97 - ITAT MUMBAI
Treating the sale receipts of shrink-wrap software as ‘royalty’ - 'sale of copyrighted article' OR 'transfer of copyright right' - whether nature of royalty under the provisions of section 9(l)(vi) of the Act as well as Article 12(3) of the Double Taxation Avoidance Agreement ("DTAA") between India and USA? - HELD THAT:- As decided in own case [2020 (1) TMI 611 - ITAT MUMBAI] we herein conclude that the addition made by the A.O by treating the sale receipts of shrink-wrap software as ‘royalty’ cannot be sustained, and is hereby vacated. - Decided in favour of assessee.
- 2020 (7) TMI 96 - ITAT COCHIN
Late filing fee u/s 234E - intimation u/s 200A - HELD THAT:- This appeal is covered in favour of the assessee by the judgment of M/s.Sarala Memorial Hospital v. ITO (TDS) [2018 (12) TMI 1818 - KERALA HIGH COURT] as held that fees u/s 234E could not have been computed for assessment prior to 01.06.2015. In the instant case, the assessment year being 2013- 2014, there cannot be any levy of fees u/s 234E - Decided in favour of assessee.
- 2020 (7) TMI 95 - ITAT DELHI
Allowable expenses - Liability as ascertained liability or not - assessee has itself shown the amount as provision for discount not debited to accounts of respective parties - CIT (A) relying the order of his predecessors and by treating the liability as ascertained liability without appreciating the fact that the assessee has itself shown the amount as provision for discount not debited to accounts of respective parties - HELD THAT:- The assessee company gave various schemes to its advertiser like consumption incentive, series discount etc. In case of consumption incentive, the advertisers are given an offer that in case if it consumes particular amount of time during the given period for broadcasting and advertising then it will be entitled to the consumption incentive. During the year, assessee has passed on this consumption incentive ....... + More
- 2020 (7) TMI 94 - ITAT AHMEDABAD
Addition of outstanding sundry creditors u/s 68 - HELD THAT:- Assessee has furnished the copy of sale invoice pertaining to Kankane Oil Mill and copy of contract note, copy of challan, copy of receipt of the agricultural production of marketing committee, copy of form no. 403 of the commercial sales tax department certifying that goods were distributed from Kankane Oil Mill to place of the assessee Assessee has placed in the paper book copy of transporter receipt along with payment of transport charges for delivering the goods from the consigner to the assessee, copy of bank account statement showing that payment was made by the assesee to Kankane Oil Mill. Party namely Kankane Oil Mill was based in Uttar Pradesh and for any further verification the assessing officer should have issued commission u/s.131(i)(d) of the act after keeping int....... + More
- 2020 (7) TMI 73 - BOMBAY HIGH COURT
Withholding of Refund - as per respondents since huge outstanding demand has been pending against the petitioner, the AO has initiated proceedings u/s 241A against the petitioner to withheld the refund after following prescribed procedure laid down in the Act - HELD THAT:- It is not in dispute that as on today, there is no determination of any further tax liability for any other assessment year which liability can be adjusted against the admitted refundable amount determined by the respondent No.1 assuming Section 241A is applicable or otherwise. Even otherwise no approval is granted by the Principal Commissioner or Commissioner as the case may be to withhold the refund up to the date on which the assessment is made. In this case, the assessment order under Section 143(1) for the assessment year 2014-2015 has already attained finality res....... + More
- 2020 (7) TMI 72 - ITAT BANGALORE
Addition u/s 40(a)(ia) - default under the first proviso of section 201(1) - Scope of amendment - HELD THAT:- We find that various submissions were made by the assessee before CIT(A) regarding section 201 amended by Finance Act, 2012. Reliance was also placed on the Tribunal order rendered in the case of Bharti Shipyard Ltd., Vs. DCIT [2011 (9) TMI 258 - ITAT MUMBAI] wherein it was held that this amendment is retrospective. As per the relevant paras reproduced from the order of CIT(A) as above, it is seen that there is no discussion or decision about these arguments made by the assessee in the written submissions filed by the assessee before CIT(A). Hence, we feel it proper to set aside the order of CIT(A) in both these cases and restore this matter back to the file of AO in both the cases for a fresh decision - Appeals of the assessee are allowed for statistical purposes.
- 2020 (7) TMI 71 - ITAT BANGALORE
Addition u/s 56(2)(viib) - taxing the share premium received during the previous year as income of the Assessee - DCF Method of Valuation - HELD THAT:- AO has erred in considering the actuals of revenue and profits declared in the future years as a basis to dispute the projections. At the time of valuing the shares as on 16.04.2012, the actual results of the later years would not be available. What is required for arriving at the fair market value by following the DCF method are the expected and projected revenues. Accordingly the valuation is on the basis of estimates of future income contemplated at the point of time when the valuation was made. It has been clarified by the Assessee that the product which was being developed by the Assessee has substantial value and the Assessee was able to raise funds to the tune of ₹ 50.13 crore....... + More
- 2020 (7) TMI 70 - ITAT INDORE
Validity of assessment proceedings u/s 153A - unexplained foreign expenditure u/s 69C - HELD THAT:- We find that for Assessment Year 2011-12 assessee has not requested for any relief in the written submission filed before Ld. CIT(A). The relief claimed for other years was only regard to wrong application of package rates for preceding years. Since for Assessment Year 2011-12 no relief has been requested by the assessee himself as there is no difference in the expenditure incurred at the time of visit and the package rates. We thus find no merit in Ground raised by the assessee and the same deserves to be dismissed. Undisclosed cash investment u/s 69B - HELD THAT:- Two plots were purchased by the assessee’s wife and his father in law by registered deed dated 13.6.2010. The mutation was pending for these two plots and the two cheques ....... + More
- 2020 (7) TMI 69 - ITAT JAIPUR
Unexplained cash deposit in the NRO bank account - Additions u/s 69 - not accepting the explanation of the assessee - whether the assessee has provided reasonable explanation explaining the source and nature of cash deposit of ₹ 9 lacs in his NRO account maintained with ICICI Bank? - whether the AO is correct in invoking the provisions of section 69 and bringing such receipts to tax in the hands of the assessee for the impugned assessment year? - HELD THAT:- We find the explanation of the assessee as a plausible explanation given the facts and circumstances of the present case. Where the source of such foreign currency and the fact of bringing such foreign currency in the country has not been disputed by the Revenue, the explanation of the assessee that out of such funds, he has deposited ₹ 8 lacs in his NRO bank account withi....... + More
- 2020 (7) TMI 68 - ITAT INDORE
TDS u/s 194A - Non deduction of TDS on rent paid to Krishi Upaj Mandi Samiti - whether recipient Krishi Upaj Mandi Samiti is exempt under 10(26AAB)? - HELD THAT:- A certificate of the Chartered Accountant under first proviso to section 201(1) of the Act dated 3rd June, 2016 states about the amount of rent paid by the assessee to the payee and certifies that the rental income received from the assessee has been accounted for in the financial statements and the taxable income of the 'payee' is nil. This fact proves that there was no liability to pay income tax on the payee as taxable income was nil. Also decided in BRANCH MANAGER, STATE BANK OF BIKANER & JAIPUR [2012 (4) TMI 210 - ITAT JAIPUR] it was held that "there was no question of deducting TDS by the assessee under section 194A of the Act on the interest paid to Rajas....... + More
- 2020 (7) TMI 67 - ITAT DEHRADUN
Assessment of trust - ‘anonymous donation' - AO noted that assessee has not maintained the record of identity of the donors indicating the complete address of such donors hence, above donation is an ‘anonymous donation’ therefore same is required to be taxed under section 115BBC - only reason for addition is that addition in the books of the trust in the fixed assets as well as its disclosure as introduction of capital fund was made merely by a book entry - HELD THAT:- In the present case, the donors are identified, the assets are identified as it has been received by the assessee trust, the only issue that remains to be verified is the valuation of such assets. Before AO the donors confirmed by way of an affidavit that they have donated their identified land and building as well as plant and machinery to the assesse....... + More
- 2020 (7) TMI 66 - ITAT DEHRADUN
Loss from house property on account of loan borrowed on capital for construction of house.- disallowance of interest amount paid on housing loan and claimed as a deduction under section 24 (b) - assessee explained that that renovation in respect of a residential house was made by parents of the assessee - Assessee is merely a co-borrower of the loan granted by the bank - as per assessee family settlement amongst the family members of the assessee and because of this the appellant is the de facto owner of a portion of the property for which home loan was utilized for renovation and repair - HELD THAT:- According to us the property west in the assessee with effect from 8 April 2014. The assessee has taken a liability to pay the amount borrowed for the purpose of renovation of that house property to the banker. He was also one of the borrowe....... + More
- 2020 (7) TMI 65 - ITAT DELHI
Reopening of assessment u/s 147 - validity of reason to believe - reopening on the basis of information available on ITBA database - non application of mind by AO - HELD THAT:- As per reasons of reopening case of the assessee was reopened on account of cash deposits in the savings bank account amounting to ₹ 25,78,850/-, however, the AO had made the addition of ₹ 13,78,850/- meaning thereby the AO has not applied his mind and therefore, set aside the orders of the authorities below and quash reopening of assessment. Resultantly the addition made in the reassessment order would stand deleted and need not be adjudicated on merit. Aforesaid view is fortified by the following decision of Tajendra Kumar Ghai vs. ITO [2017 (6) TMI 491 - ITAT DELHI] wherein held belief of the AO should be based upon some specific and tangible materia....... + More
- 2020 (7) TMI 64 - ITAT DELHI
Assessment u/s 153A - Whether any incriminating material was found with regard to the addition made ? - HELD THAT:- Once a search takes place u/s 132 of the Act, the assessee is obliged to file returns for the six assessment years immediately proceeding the previous year relevant to the assessment year in which the search took place. In so far as the completed assessment as on the date of the search are concerned, the same are to be repeated as increased by additions, only if, based on incriminating material found during the course of search. If no incriminating material is found during the course of search, then, the amount of total income determined under the earlier completed assessments is to be adopted in a fresh assessments u/s 153A without making any further addition. Juxtaposing these principles to the facts of the instant case, w....... + More