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2024 (4) TMI 585
Addition u/s 56(2)(vii)(b) - transfer under gift deed - execution of the gift deed in pursuant to the family settlement / arrangement - HELD THAT:- As it is settled proposition of law that to understand the terms of a document one has to look to the substance rather than the form of it if mere formal description is not conclusive, unless the context shows the intention of the parties. In the case in hand as evident from the relevant record the gift deed in question was executed in the process of family settlement arrangement and distribution o....... + More
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2024 (4) TMI 584
Royalty receipt - transfer of right to use a computer software - taxation @ 10% as per 115A(1)(b)(A) or @ 20% as per section 206AA - HELD THAT:- Assessee has developed a data base cloud Indix which enable the customers to structure crawled product data and a data-as-a-service business model for most consumer retail product categories. As per agreement between the assessee and M/s.Samsung R D Institute India Bangalore Pvt. Ltd., the assessee had agreed to categories and integrates data services as shopping application of the Indian Company, whe....... + More
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2024 (4) TMI 583
TDS u/s 194C - payments of purchase to various vendors - Non deduction of TDS - addition u/s 201(1) and interest u/s 201(1A) - CIT(A) came to the conclusion that the transaction on account of supply of finished goods to the assessee was principal to principal basis in pursuance of a contract for a sale and not a contract for work as alleged by the AO - Whether the transaction involving payment to various parties toward purchase of finished goods are under contract of purchase or contracts of works contract within the meaning of section 194C? -....... + More
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2024 (4) TMI 582
Exemption u/s 11 - rejection of assessee s application for registration u/s 12A - application rejected primarily on the basis that the assessee would be promoting business of manufacturing and marketing of pharmaceutical drugs of the entities who had sponsored the research work - whether the objectives of the assessee are charitable or not? - HELD THAT:- CIT(Exemption) has not doubted about the charitable nature of the objectives, but rejected the application primarily on the basis that the assessee would be promoting business of manufacturing....... + More
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2024 (4) TMI 581
Capital gain on sale of equity shares - period of holding of shares - LTCG OR STCG - short term capital gain (STCG) as held by the AO - date of transfer of shares - as argued said shares were held by the assessee for more than 12 months preceding the date of transfer - assessee company incorporated under the laws of the state of Delaware, USA is a tax resident of the Unites States of America - assessee s preposition before us is that the period of holding of equity shares to be taken from original allotment of CCPS, through which it was conver....... + More
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2024 (4) TMI 580
Revision u/s 263 - Disallowance of STCG - FMV determination of shares - assessee and eight investment companies are not directly related by virtue of shareholding - as per CIT AO has failed to verify the issue of short term capital loss declared by the assessee from sale of unquoted equity shares pertaining to eight investment companies in right perspective of law, even though, the assessee has escalated the price of the shares to derive artificial short term capital loss HELD THAT:- When Fair Market Value of the shares when allotted was not o....... + More
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2024 (4) TMI 579
TDS u/s 194C - Non deduction of TDS on payment to the persons who were not the owner of the vehicle - computing and levying amount of TDS u/s 201(1) and interest u/s 201 (1A) - as per DR vehicle owners are not having PAN and person who filed declaration are not owner of the vehicle, therefore, the assessee is liable to make TDS and on account of such default demand has rightly been confirmed in the case of the assessee - whether the term owns be taken essentially to mean registered owner under Motor Vehicles (MV) Act or should it be read to me....... + More
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2024 (4) TMI 550
Benefit of Section 10(38) - Assessee to file revised returns if he omitted to make a claim - denial of an opportunity to cross examine the entry providers - as decided by HC ITAT was justified in accepting the plea of the Assessee that the failure to adhere the principles of natural justice went to the root of the matter. Also, the CBDT circular that permitted to the Assessee to file revised returns if he omitted to make a claim was also not noticed by the AO, thus correctly dismissing the Revenue s appeal HELD THAT:- No case for interference ....... + More
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2024 (4) TMI 549
Deductions u/s 80IC - audit report in Form 10 CCB, due to inadvertence, had not been uploaded online on time - Power of CBDT to condone delay us 119 - Rectification u/s 154 - as argued inadvertence/ oversight in uploading Form No. 10 CCB by the auditor/ the Chartered Accountants of petitioner were circumstances beyond the control of petitioner and would constitute a reasonable cause for not uploading Form No. 10 CCB along with the return of income - Petitioner submitted hat refusal to exercise of powers u/s 119 of the Act by respondent no. 2 o....... + More
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2024 (4) TMI 548
Profits in lieu of salary u/s 17(3)(i) - payment received by the assessee as lump sum amount after his termination from service and sum received for the purchase of new car - assessee has argued that he received the aforesaid amount as lump sum amount as a settlement out of court with the employer (INX Media) of the assessee and voluntary settled the case as the reputation of the assessee was diminished due to extreme harassment and ill treatment caused by the employer HELD THAT:- Hon ble Madras High Court in C.N.Badami [ 1997 (10) TMI 17 - MA....... + More
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2024 (4) TMI 547
Penalty u/s 271(1)(c) - An order in the name of dead person - appeal was filed by the legal heir of the assessee and legal heir of the assessee had intimated to the ld. CIT(A) that assessee had died inspite of this, the ld. CIT(A) passed the order in the name of dead person - HELD THAT:- We note that the information about the death of the assessee was available before the ld CIT(A), despite of this, the ld CIT(A) issued the notices for hearings, during the appellate proceedings in the name of dead person, and also passed the order in the name ....... + More
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2024 (4) TMI 546
Validity of assessment order passed u/s 144C - instead of forwarding the draft assessment order, the Assessing Officer has passed a final order, thereby not following the mandatory provisions of section 144C(1) - penalty notice u/s 274 read with section 270A and 274 r/w sec 271AAC (1) of the Act and the notice of demand under section 156 of the Act - HELD THAT:- A perusal of Section 144C of the Act shows that the AO shall, at the first instance, forward a draft of the proposed order of assessment and on receiving such order, the assessee may a....... + More
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2024 (4) TMI 545
Exemption u/s 11 - assessee is a Charitable Trust registered u/s. 12A - disallowed assessee s claim of exemption on the pretext that the activities of the assessee are restricted to its members - assessee is predominantly a mutual association - HELD THAT:- Co-ordinate Bench in Assessment Year 2011-12 [ 2018 (4) TMI 1293 - ITAT MUMBAI] holding of the seminar at Bangalore by the assessee was in furtherance of the dominant object of the assessee, viz. empowerment, betterment and creating awareness amongst the industrialists of the Fragrance and F....... + More
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2024 (4) TMI 544
LTCG - deduction u/s 54F - joint ownership of more than one residential house - HELD THAT:- We find that the Hon ble Madras High Court in Dr. Smt. P.K.Vasanthi Rangarajan ( 2012 (7) TMI 563 - MADRAS HIGH COURT] held that merely because the assessee jointly owned another property on the date of transfer of the asset, its claim for deduction under section 54F of the Act could not be rejected in respect of capital gains earned from transfer of original asset. Also see MUKESH ARVINDLAL VAKHARIA, C/O ARVIND SILK MILLS [ 2023 (10) TMI 185 - ITAT SUR....... + More
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2024 (4) TMI 543
Assessment u/s 153A - addition made in respect of completed assessment in absence of any incriminating material - HELD THAT:- Hon ble Gujarat High Court in the very recent judgement in the case of Kaushik Devjibhai Patel [ 2023 (5) TMI 1318 - GUJARAT HIGH COURT] and after considering Hon ble Supreme Court judgement in the case of Abhisar Buildwell (P.) Ltd. [ 2023 (4) TMI 1056 - SUPREME COURT] as held no addition can be made in respect of completed assessment in absence of any incriminating material will not permit making of addition by the AO....... + More
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2024 (4) TMI 542
Receipt of rental income from first floor - assessee has not rented the property on the ground floor and observed that the lease deed mentioned property let out in respect of basement and first floor - assessee submitted that there is no first floor constructed on the subject mentioned property at all as it contains only basement, ground floor and open terrace as basement and ground floor had been duly given on rent to the aforesaid tenant and rental income derived thereon had been duly offered to tax, assessee also placed evidence of the sche....... + More
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2024 (4) TMI 530
Rejection of DTVsV application - Scope of the DTVSV scheme - Requirement to settle all or part of the pending appeals - revenue has rejected the Forms filed by the petitioner/assessee on the ground that the petitioner/assessee sought to settle only one of the matters pending adjudication - Can an applicant, under the VSV Act, choose to settle one or more of the appeals, while continuing to contest others? HELD THAT:- As decided in MUFG Bank Ltd [ 2022 (11) TMI 1304 - DELHI HIGH COURT ] after examining the provisions of the VSV Act, has, inter ....... + More
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2024 (4) TMI 529
Bogus LTCG - Addition u/s 68 - Exemption u/s 10(38) denied - price manipulation or in providing entry of penny stock - HELD THAT:- We find that in the case of Himani M. Vakil [ 2012 (9) TMI 1099 - GUJARAT HIGH COURT] held that where assessee duly proved genuineness of sale transaction by bringing on record contract notes of sale and purchase, bank statement of broker and demat account showing transfer in and out of shares, Assessing Officer was not justified in bringing to tax capital gain arising from sale of shares as unexplained cash credit....... + More
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2024 (4) TMI 507
Delay in filling appeal before SC - Claim of long-term capital gains on shares in terms of Section 10(38) - Assessee not claiming exemption u/s 10(38) at the stage of the assessment proceedings but turned around and make such claim of wanting to cross-examine persons - Denial of principles of natural justice - denial of an opportunity to cross examine the entry providers - As decided by HC [ 2023 (2) TMI 392 - ORISSA HIGH COURT] ITAT was justified in accepting the plea of the Assessee that the failure to adhere the principles of natural justic....... + More
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2024 (4) TMI 506
TP Adjustment - comparable selection - non-availability of segmental data - HELD THAT:- In view of the order passed by this Court in Microsoft India (R and D) Pvt Ltd [ 2023 (7) TMI 935 - SC ORDER] the Special Leave Petition is dismissed wherein held in the absence of segmental information provided by the companies in respect of the software services, comparables be deselected.
