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2024 (4) TMI 808
Assessment barred by limitation - delay of 340 days in filing the present special leave petition - HC held provisions of Section 153(3)(ii) of the Act are not attracted in the facts and circumstances of the case on hand - HELD THAT:- We are not satisfied with the reasons given for the delay. Accordingly, the application for condonation of delay, as well as, the special leave petition are dismissed.
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2024 (4) TMI 807
Condonation of delay - gross delay of 597 days in filing the special leave petition - Exemption u/s 11 allowed on activity of the assessee of letting out gallery frequently for a price as merely because a small percentage of the income of the Assessee is from letting out of its premises and sale of paintings, the essential activity of the Assessee would not cease to be charitable for the purposes of Sections 11 and 12 HELD THAT:- The explanation offered is not to our satisfaction as no sufficient cause to condone the delay has been made out. H....... + More
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2024 (4) TMI 806
Allowable expenditure of Education Cess - HELD THAT:- As respondent very fairly states that in view of the subsequent amendments in the Income Tax Act, 1961, Education Cess cannot be allowed as an expenditure. In view of the statement made, the impugned judgment is set aside and the appeal is allowed, holding that the Education Cess cannot be allowed as an expenditure. However, the assessing officer while implementing and giving effect to this order, will examine the question of the quantum/amount of Education Cess , if any, claimed by the res....... + More
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2024 (4) TMI 805
Waiver of interest u/s 234A, 234B and 234C - marginal delay in filing the returns - HELD THAT:- The stand of the petitioner that the petitioner was entitled for waiver of interest u/s 234A for the AY 2008-2009 and 2009-2010 on similar for the AY 2005-2006 and 2007-2008 deserves to be accepted, as there is only marginal delay in filing the returns after the Audit Report was received by the petitioner from the Office of Joint Director of Cooperative Audit on 22.03.2011 for the AY 2008-2009 and on 31.01.2012 for the AY 2009-2010. The returns for ....... + More
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2024 (4) TMI 804
Validity of assessment order - as argued without giving the petitioner an opportunity to reply by granting adjournment, the second respondent has now passed the assessment order by adding a further sum towards addition u/s 68 - petitioner requested for adjournment in response to the earlier show cause notice which was denied - HELD THAT:- Without giving the petitioner an opportunity to reply by granting adjournment, the second respondent has now passed the assessment order by adding a further sum towards addition u/s 68 of the Income Tax Act, ....... + More
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2024 (4) TMI 803
Estimation of income - bogus purchases - quantification of profit - Rejection of books of accounts - HELD THAT:- Admittedly the addition in the hands of the assessee is liable to be restricted only to the extent of the profit which he would have made by procuring the goods at a discounted value from the open/grey market as against the inflated value at which he had recorded the same on the basis of bogus bills in his books of account. In so far the issue of quantification of profit which the assessee would have made by procuring the goods in q....... + More
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2024 (4) TMI 802
Reopening of assessment - scope of new regime of reopening of assessment after introduction of provisions of section 148/148A - notices issued for assessment years 2013-14 to 2015-16 - Limitation provided in section 149 - where the escaped income is less than Rs. 50 lakhs - HELD THAT:- We noted that admittedly the notice issued u/s. 148 of the Act either on 19.03.2021 or 13.04.2021, whether these are issued on 19.03.2021 i.e., extended, that falls in extended period or fresh notice issued on 13.04.2021 is of no relevance for adjudication on th....... + More
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2024 (4) TMI 801
Levying penalty u/s. 271(1)(c) - as assessee has concealed the income by declaring the remuneration and interest on capital as gross receipts and declared the same u/s. 44AD and claimed to have been earned profit @ 8% - AO noted that the assessee ought to have declared the same as business income instead declared u/s. 44AD of the Act, which he did only to evade tax on interest and remuneration from the firm - AO noted that this issue was detected during assessment proceedings and he has not declared the income on his own but after detection it....... + More
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2024 (4) TMI 800
Validity of notice issued u/s 143(2) by the Non-Jurisdictional AO - No objection were filed within one month u/s 124 - Unexplained credits addition u/s 68 r.w.s. 115BBE as amount received on sale of shares unexplained - HELD THAT:- It is nowhere disputed by the Revenue that the notices issued in this regard were from non-jurisdiction AO. Only defence made out by the Revenue is that there was no objection within one month as per section 124 made by the assessee during assessment proceedings, thus section 292BB supports the case of the Revenue. ....... + More
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2024 (4) TMI 799
Addition u/s 40A(3) - Cash expenditure - assessee has made payments to the land owners exceeding INR 20,000/- - HELD THAT:- Only 20% of the expenditure would be disallowed in the event of any payment of such expenditure made in cash which exceeded INR 20,000/-. The contention of the assessee is that the payments were made out of business expediency, is not supported by any evidences. Therefore, the case laws relied by assessee, do not help him under the facts of the present case. However, we are in agreement with assessee that the expenditure ....... + More
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2024 (4) TMI 798
Income taxable in India or not - Salary income - incomes deemed to accrue or arise in India as assessee is a non-resident - income earned under head Salaries for services rendered in Australia employment - HELD THAT:- In the instant case the assessee neither had any rest period nor leave period which is preceded and succeeded by the services rendered outside India. Since, the assessee has rendered services outside India, the salary cannot be taxable in India. As per the definition the salary paid or the advances received are to be included in ....... + More
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2024 (4) TMI 797
Unexplained cash receipt u/s 69A - Unexplained income found in search - during the course of search, a digital evidence under ID marked was seized which is the mobile data backup of one of the employees of the assessee concern - HELD THAT:- It remains admitted facts that the ld. AO did not make any independent third party enquiry. It prima facie seems to be a transaction for which the assessee may have received advances but finally transaction did not materialize and the accounts may have been settled. There is no evidence to show that the all....... + More
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2024 (4) TMI 796
Taxability of income in India - Addition of receipt emanating from offshore supplies of escalators and elevators - assessee has claimed that the aforesaid receipt was not taxable in India on the ground that they pertained to off-shore supplies of equipment to DMRCL and MMRCL - AO was of the view that the contract with DMRCL and MMRCL was composite and indivisible and could not be split up into supply and commissioning parts as stated by the assessee and that the said consortium was liable to be assessed as an Associate of Person (AOP) and the ....... + More
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2024 (4) TMI 795
Eligibility of Deduction u/s 80P - bank interest earned from cooperative banks - Assessee is a co-operative society primarily engaged into arranging for prompt payment to beneficiaries of diseased employees - HELD THAT:- The income earned by a co-operative society by way of interest derived by from its investment with any other cooperative society, then the whole of such income is deductible. Further the amount of interest received by the assessee from the different cooperative banks; it is not the claim that those banks are also not cooperati....... + More
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2024 (4) TMI 753
Correct head of income - True character of the income - Income from leasing or letting out the properties in shopping-cum-entertainment Mall - income from business or income from house property - ITAT held that where the letting out the property is the main object of a company, its income is to be computed under the head income from business and it cannot be treated as income from house property , affirmed the order passed by the CIT (A) HELD THAT:- AO did not find any material against the assessee to come to the conclusion that sub-leasing of....... + More
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2024 (4) TMI 752
Validity of reopening of assessment - appeals for Assessment Years 2011-2012, 2013-2014 and 2014-2015 were pending before the ITAT and as the assessment was getting time barred and to safeguard the interest of the Revenue, the assessment was reopened on 3 issues i.e., 8% profit treating contractor, Proportionate income and Capital gain - HELD THAT:- Admittedly, the ITAT has now held against the Revenue. Therefore, the entire basis for reopening has collapsed. The Revenue s case that an appeal has been filed in this Court challenging the orders....... + More
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2024 (4) TMI 751
Addition u/s 68 on account of share capital and premium - addition made on absence of identity of the creditors, genuineness and creditworthiness of the entire transaction - ITAT deleted addition - HELD THAT:- Findings recorded by the Tribunal, is not supported by facts. AO has held that the assessee was a Private Limited company which cannot issue shares in the same manner in which Public Limited company does and in so far as creditworthiness of the share subscribers is concerned, there must be positive evidence to show the nature and source ....... + More
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2024 (4) TMI 750
Revision u/s 263 - CSR expenses admissibility as the deduction u/s 37(1) - assessee is public sector undertaking - Tribunal on fact concluded that it is not a case of no enquiry and nor it is a case of non-application of mind - HELD THAT:- ITAT's factual finding cannot be dislodged in an appeal filed u/s 260A where we are required to answer substantial questions of law for consideration. With regard to the admissibility of the expenses u/s 37(1) Tribunal has taken note of the decision in the case of Hindustan Copper Limited. [ 2020 (1) TMI....... + More
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2024 (4) TMI 749
Acquittal of charge u/s 276CC - respondent has failed to comply with the provisions contained u/s 139(1) and he has submitted the income tax returns after a delay of 28 months - intention , motive and knowledge - culpable mental state on the part of the accused - HELD THAT:- Apex Court in the case of Prem Das [ 1999 (2) TMI 6 - SUPREME COURT] held that for holding an accused guilty u/s 276CC mens rea is a necessary ingredient. Hence, in absence of proof of mens rea and on the basis of mere presumption u/s 132(4-A), the conviction cannot be sus....... + More
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2024 (4) TMI 748
Denial of specific request for personal hearing - petitioner expressing his difficulty in availing the opportunity of personal hearing through video conference, personal hearing was not granted, on the premise that the petitioner had not clicked on the Assessee Request Button/Icon and also not filled up the Box of agenda of VC - HELD THAT:- We find there is merit in the submissions of the learned counsel for the petitioner, since under identical circumstances, this Court has already held that personal hearing ought to have been extended, thoug....... + More