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2024 (4) TMI 715
Validity of Faceless Assessment - demand notice was issued without furnishing a draft order to the Petitioners - violation of principles of natural justice in not furnishing a draft order to the assessee and affording the assessee an opportunity to file its objection to the same - HELD THAT:- An opportunity must be given to the Department to follow the correct procedure and proceed with the matter in accordance with the law. In short, the error on the part of the Department was corrected, but the Department was allowed to proceed after such co....... + More
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2024 (4) TMI 714
Rectification of mistake - period of limitation - To give appeal effect of orders passed by the ITAT and issue a refund. - whether the limitation period for the remand by the ITAT would have to be strictly construed to begin from the date when the order of the ITAT is received by the concerned authority through an appropriate mechanism, particularly in light of the provisions of Section 254 r.w.s.153(3) of the Act and the judgment rendered by this Court in Odeon Buildwell [ 2017 (3) TMI 1266 - DELHI HIGH COURT] ? HELD THAT:- The legal landscap....... + More
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2024 (4) TMI 713
Prosecution Proceedings - Offence u/s 276B and 278B - not depositing the TDS amount for the Financial Year 2019-20 within the statutory period prescribed under law and delay caused by them remained unexplained - petitioners have delayed in depositing the amount collected on behalf of the govt. ranging from 15 days to 394 days - HELD THAT:- The maximum delay of 394 days for depositing the TDS amount to the revenue account have been well explained by the petitioners, therefore, the authorities ought to have been taken into consideration same, pa....... + More
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2024 (4) TMI 712
Income tax proceedings against company dissolved / insolvent - Jurisdiction or authority to reopen or assess income for any period prior to the approval of the Resolution Plan - Distinction between voluntary and involuntary corporate insolvency - respondents chose to commence proceedings referable to Section 144B HELD THAT:- Resolution Plan once approved would bring the curtains down on any claims pertaining to a period prior to the approval of the RP is no longer res integra. We note that while dealing with an identical issue, we had in Ireo ....... + More
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2024 (4) TMI 711
Validity of Reopening of assessment - tangible material as may ever give rise to a reason to believe - Justice M.B. Shah Commission submitted its Report and only suggested possibility of under invoicing of Iron Ore extracted from mines and exported from the State of Goa - HELD THAT:- Undisputed between the parties that the present re-assessment proceeding has arisen under the unamended law i.e. the law that was in force upto 31.03.2021. Under the law as it then existed, no re-assessment proceedings could ever be initiated except against a vali....... + More
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2024 (4) TMI 710
Disallowance of ESIC contribution - delayed remittance - HELD THAT:- It an admitted fact that due ESIC contribution is remitted beyond the due date prescribed under the relevant law. As rightly submitted by the Ld. AR that, this issue of disallowance has been settled by the Hon ble Apex Court in Checkmate Services [ 2022 (10) TMI 617 - SUPREME COURT] wherein their Hon ble Lordship have held that the due date for depositing/remittance of PF/ESIC contribution etc., shall be governed by the respective PF/ESIC Act and assessee shall not be eligibl....... + More
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2024 (4) TMI 709
Deduction u/s 80P(2)(a)(i) - denial of deduction as no return had been filed within the time stipulated by the Assessing Officer in furtherance to his sec. 142(1) notice - HELD THAT:- As the amended provision herein i.e., sec. 80AC of the Act imposing such a stipulation of filing of sec. 139(1) return within the due date, has been substituted by the Finance Act, 2018 w.e.f. 01.04.2018 whereas the impugned assessment year herein is 2017-2018 only. There is no indication in the statute that this substituted sec. 80AC carries any retrospective ef....... + More
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2024 (4) TMI 708
Levy of penalty - Penal proceedings for misreporting of income u/s 270A - Excess exemption claimed on Gratuity u/s 10(10)(i) and Leave Encashment receipts u/s 10(10AA)(ii) - HELD THAT:- Levy of penalty in this case in our considered view was not warranted for the reasons that; (i) admittedly for part of the service the appellant was State Government employee whose employment by enforcement of electricity Act, 2003 and MSEGCL employee Service Regulation 2005 was converted into non-governmental service/employment. Therefore, the belief under whi....... + More
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2024 (4) TMI 707
Fees levied u/s 234E - delay in filing TDS statement for various quarters - HELD THAT:- Following the judicial precedents laid in Fatheraj Singhvi Vs UOI [ 2016 (9) TMI 964 - KARNATAKA HIGH COURT] NFAC has rightly allowed the appeal of the assessee and deleted the fees levied by the respondent u/s 234E of the Act wherein as held when the amendment made under Section 200A of the Act which has come into effect on 1.6.2015 is held to be having prospective effect, no computation of fee for the demand or the intimation for the fee under Section 234....... + More
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2024 (4) TMI 706
Levy of late fee u/s 234E for the delay in filing E-TDS return - contention of the assessee before the CIT (A) was that no late fee could be levied on the belated filing of the E-TDS return for the period prior to 01.06.2015, since the amendment to section 200A of the Act was made w.e.f. 01.06.2015 - HELD THAT:- With due respect to the judgement of Conceria International Ltd. Cited [ 2023 (12) TMI 281 - MADRAS HIGH COURT] the issue has been considered by the jurisdictional High Court in the judgement reported in Fatehraj Singhvi Vs. UOI [ 2016....... + More
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2024 (4) TMI 705
Delay in filling appeal before the Tribunal - appeal is time-barred by 24 days - The assessee failed to respond to notices issued u/s 143(2)/142(1) for scrutiny assessment, leading to the ld. Assessing Officer passing the assessment order ex-parte u/s 144(1) based on best judgment - HELD THAT:- Punishment in the shape of taxes and penalty could be disproportionate to the negligence of assessee for not appearing before the AO or before the ld. 1st and 2nd Appellate Authority, but failure of the assessee to plead its case on merit do exhibit tha....... + More
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2024 (4) TMI 666
Levy of penalty - Penal proceedings for misreporting of income u/s 270A - Excess exemption claimed on Gratuity u/s 10(10)(i) and Leave Encashment receipts u/s 10(10AA)(ii) - HELD THAT:- Levy of penalty in this case in our considered view was not warranted for the reasons that; (i) admittedly for part of the service the appellant was State Government employee whose employment by enforcement of electricity Act, 2003 and MSEDCL employee Service Regulation 2005 was converted into nongovernmental service/employment. Therefore, the belief under whic....... + More
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2024 (4) TMI 665
Reassessment proceedings against company dissolved / insolvent - Jurisdiction or authority to reopen or assess income for any period prior to the approval of the Resolution Plan - petitioner is the corporate debtor and the Resolution Plan in respect of which came to be approved by NCLT - HELD THAT:- The successful resolution applicant cannot be foisted with any liabilities other than those which are specified and factored in the Resolution Plan and which may pertain to a period prior to the resolution plan itself having been approved. See GHAN....... + More
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2024 (4) TMI 663
Validity of order passed by the ITSC - Settlement of a case - Bogus purchases and Accommodation entries - ITSC allowed certain amounts to be capitalized with depreciation - ITSC also granted immunity from penalties and prosecution - scope of intervention by a High court, in its jurisdiction u/Article 226 of the Constitution of India - HELD THAT:- As in Jyotendrasinhji [ 1993 (4) TMI 1 - SUPREME COURT] Hon ble Apex Court held that the High Court under Article 226 can interfere with an order of the ITSC only when the order is contrary to provisi....... + More
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2024 (4) TMI 662
Deduction u/s 10 B - New Undertaking or The units were formed by the transfer of previously used machinery - Assessee company is engaged in the business of garlic powder, ginger powder, madras curry powder including pickles and spices, etc. and also claimed deduction u/s 10B - Whether the assessee is entitled to deduction u/s 10 B of the income tax act with respect to the eligible profits of eligible units at the Nasik and Ratlam? - whether the assessee manufacturing pickles by purchasing raw fruits and vegetables, using masala and different p....... + More
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2024 (4) TMI 661
Denial of exemption u/s 11 12 - Assessment of trust - Rate of Tax - Maximum Marginal Rate (MMR) - Charging the assessee as per the provisions of section 164(1) or 164(2) - assessee argued that beneficiary are the general public so there is no share of beneficiaries whether known or unknown as the assessee is trust so charging the assessee as per the provisions of section 164(1) as held by the CIT(A) is incorrect and the relevant facts has not been appreciated - HELD THAT:- Section 13(1)(c) deals where the money spent for the related party and ....... + More
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2024 (4) TMI 651
Adjusting or attempting to adjust any portion of the refunds receivable by the petitioner against the stayed outstanding demand - condoned revised ITRs were submitted in respect of each of the Assessment years but refunds have not been received - petition may be disposed of directing respondent No. 4 to consider and decide his aforesaid representation expeditiously within the stipulated period fixed by this Court - HELD THAT:- Having considered the facts and circumstances of the case and considering the limited prayer made by the learned couns....... + More
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2024 (4) TMI 650
Reopening of assessment u/s 147 - as argued documents submitted by the petitioner were not taken into consideration while drawing up the assessment order - HELD THAT:- Findings were recorded that the assessee failed to submit export bills, proof of customs clearance, remittance proof, copy of purchase bills and confirmation of payment made to agriculturists. Out of these, export bills were certainly attached with the petitioner's reply on 15.02.2024. As regards purchase bills, the purchase ledger and the GSTR annual returns were filed. It ....... + More
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2024 (4) TMI 649
Rectification u/s 154 - disallowance of carrying forward of the loss - HELD THAT:- Since on account of disallowance of carrying forward of the loss for the financial year 2016-17 the petitioner would be denied to carry forward the said loss any further. By implication, the petitioner would suffer a loss and therefore, it is in that situation Sub-Section (3) of Section 154 stipulates issuance of notice and an opportunity of hearing. The said Sub-Section (3) otherwise has a mandatory force of law and it is this statutory requirement which has no....... + More
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2024 (4) TMI 648
Determining the jurisdiction of appellate forum - jurisdiction of this Tribunal - HELD THAT:- Although certain benches of the Tribunal exercise its jurisdiction over more than one state, the explanation 4 to Standing Order dt. 01/10/1197 issued under rule 4(1) of Income Tax Appellate Tribunal Rules, 1963 prescribes that; the ordinary jurisdiction of the Tribunal should be based on the location of the Assessing Officer. The Hon ble Supreme court s decision in PCIT Vs ABC Papers Ltd. [ 2022 (8) TMI 863 - SUPREME COURT] , has put the issue of jur....... + More
