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Showing 141 to 160 of 585 Records
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2012 (3) TMI 585 - ITAT KOLKATA
Provision made for leave encashment in the current assessment year on the basis of actuarial valuation - Held that:- Restore the matter back to the file of Assessing Officer for adjudication as per the decision of Hon’ble Apex Court in the case of M/s. Exide Industries Ltd. (2009 (5) TMI 894 - SUPREME COURT). This ground of appeal of assessee is allowed for statistical purposes.
Disallowance u/s. 14A - Held that:- We restrict the disallowance u/s. 14A of the Act to 1% of total exempt income and direct the Assessing Officer to work out the quantum of disallowance accordingly. This ground of appeal of assessee is allowed.
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2012 (3) TMI 584 - ITAT AHMEDABAD
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... ... ..... issue and restore the matter back to the file of the AO for fresh decision, as per above discussion after providing adequate opportunities to the assessees. Ground No.2 is consequential. 13. In the result, the appeal of the assessee is allowed for statistical purpose. 14. Now, we take up both the penalty appeals filed by the assessee in the cases of these two assessees. 15. Since the additions in both the cases have been set aside and restored back to the file of the AO, penalty cannot survive. If at all any addition is made by the AO in the set aside proceedings, the AO is at liberty to initiate and impose penalty again. But the present penalty cannot survive and therefore, the same are deleted in both the cases. Accordingly, both the penalty appeals are allowed. 16. In the combined result, both the quantum appeals of the assessees are allowed for statistical purpose and both the penalty appeals are allowed. Order pronounced in Open Court on the date mentioned hereinabove.
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2012 (3) TMI 583 - MADRAS HIGH COURT
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... ... ..... terials, she has chosen to come to a conclusion that there are new materials available. On fact, we do not see any new materials which were either placed by the CBI or CVC before the Sanctioning Authority for the purpose of enabling the Sanctioning Authority to come to a different conclusion. 36. In respect of the alleged conduct during the year 2001-2002, the impugned sanction order came to be passed in the year 2005 and there has been a substantial delay of three years and in such circumstance, we do not want to fasten the responsibility on the petitioner for belatedly approaching this Court by filing the writ petition in the year 2010. 37. For all these reasons, the order of the learned single Judge stands set aside. Consequently, the orders of the Sanctioning Authority, which are impugned in the writ petitions, are quashed and resultantly, the writ petition as well as the writ appeal stand allowed. No costs. Consequently, the connected miscellaneous petitions are closed.
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2012 (3) TMI 582 - ITAT CHANDIGARH
Allowing the expenses though relating to previous year but crystallized and paid during the year - Held that:- CIT(A) was justified in directing the Assessing Officer to allow expenses which was crystallized and paid during the year, though related to earlier year.
Distribution of gifts - addition on account of articles distributed among business associates on various occasions for want of detail of persons to whom the gifts were distributed - expenditure incurred on guest house - addition on account of subscription expenses of club, or director and employees of the company - addition on account of subscription expenses of club, of Director and employees - addition paid to ESI department being additional amount charged by ESI department for delay in depositing ESI payment - disallowance u/s 14A - expenses incurred in relation to the income does not form total income
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2012 (3) TMI 581 - ITAT CHENNAI
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... ... ..... the market, or where old parts have worked for 50-60 years. In the instant case, the assessee had not claimed either of the above stated exceptions. Hence, the assessee's claim of deduction u/s.31 of the I.T.Act cannot also be accepted." 8. We find that the ld. A.R of the assessee could not point out any specific error in the order of the ld. CIT. It is not in dispute that the expenditure in question was for replacing the machines with new ones. As no error in the order of the ld. CIT could be pointed out, we do not find force in the above argument of the assessee. 9. However, as the expenditure in question has been treated as capital expenditure by the ld. CIT, the assessee is entitled for depreciation in respect thereof. We, therefore, modify the order of the ld. CIT to that extent. Thus, the grounds of appeal of the assessee are partly allowed. 10. In the result, the appeal filed by the assessee is partly allowed. Order pronounced in the open court on 16-03-2012.
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2012 (3) TMI 580 - ITAT MUMBAI
Adjustment of seized cash against advance tax liability - Interest u/s.234B and 234C of advance tax - Held that:- Assessing Officer was obliged to adjust the seized cash against advance tax liability and, therefore, if any interest chargeable to section 234B and 234C on account of this amount of advance tax is liable to be deleted. The Assessing Officer while recomputing the chargeability of section 234B and 234C will take into consideration the seized cash of ₹ 90,31,000/- towards advance tax prior to 15.03.2009. Therefore, the appeal of the revenue has no merits.
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2012 (3) TMI 579 - DELHI HIGH COURT
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... ... ..... able to be taxed in India under the provisions of the DTAA between India and UK? (6) Whether on the facts and circumstances of the case, the ITAT erred in concluding that the Liaison Offices of the assessee in India were merely cost centres and not permanent establishment and no income could be attributed to such cost centres as there was no allegation that such Liaison Offices has violated any part of the approvals granted to them by the RBI for carrying out only liaison activities? (7) Whether on the facts and circumstances of the case, the ITAT erred in concluding that the assessee was entitled to the benefit of carry forward of losses and unabsorbed depreciation even when the income of the assessee was computed on a gross basis? Filing of printed paper books is dispensed with. However, parties are given liberty to file documents/material, which were filed before the authorities/tribunal within a period of 12 weeks. List in the category of Regular Matters as per its turn.
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2012 (3) TMI 578 - ITAT MUMBAI
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... ... ..... treat those shares/stocks as business, wherever the holding of the shares/stock is less than 30 days. Taking into account this admission on behalf of the assessee company, we direct the AO to examine trading of shares and stocks acquired during the year which the assessee company has held for less than 30 days and treat them as business. To this extent, Ground No.1 is partly allowed. 10. On the issue of non deduction of tax at source, where the AO has treated the payment for VSAT, lease line and transaction charges as payment for professional and technical services, apparently, the view taken by the AO is misguided as section 40(ia) came into being w.e.f. 1.4.2005, besides the AR placed a copy of order, wherein, Hon’ble Jurisdictional High Court have not entertained question of law, similar to that of the assessee company. Hence, Ground No.2 is dismissed. 11. In the result, appeal filed by the revenue is partly allowed. Pronounced in the open court on 7th March, 2012.
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2012 (3) TMI 577 - ITAT DELHI
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... ... ..... tural sense of what is right and wrong." In view of the foregoing and in the interest of natural just ice, especial ly when the ld. CIT(A) have not confronted the additional material placed before him by the assessee, to the AO nor allowed any opportunity to the TPO , we have no alternative but to vacate the findings of the ld. CIT(A) and restore the matter to his file with the directions to readjudicate the issues in accordance with law after allowing sufficient opportunity to both the parties. Subject to these directions, ground nos.2 to 6 in the appeal are disposed of. 6. Ground No.1 in the appeal of the Revenue being general in nature, does not require any separate adjudication while no additional ground having been raised before us in terms of residuary ground no.7 in the appeal, accordingly, both these grounds are dismissed. 7. No other plea or argument was made before us. 8. In result, appeal is allowed but for statistical purposes. Order pronounced in open Court
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2012 (3) TMI 576 - PUNJAB AND HARYANA HIGH COURT
Cheating the Government by evading the payment of tax - Prayer to quash the FIR - offence punishable u/s 420 of IPC - HELD THAT:- There is no provision of registration of FIR in such like matters of evading the tax. The provisions provide for the mandatory penalty. It is well settled proposition of law that if a special provision has been made qua particular subject, the said subject is excluded from the general provisions.
Thus, the only allegation in the said FIR that the petitioner helped the main accused to evade the tax under no circumstances invite the offence of Section 420 of IPC, in case, the person is found guilty of evading the tax. The Punjab Value Added Tax Act provides for payment of penalty. The provisions of the said VAT Act are sufficient and equipped to deal with the matters where an attempt is made to evade the tax. Thus, the registration of the FIR in such like matters is totally an abuse of process of law. Once an FIR cannot be registered against a person who evaded the tax, no FIR can be registered against a person who is stated to have assisted and the person who has attempted to evade the tax.
Thus, the present petition is allowed and FIR, u/s 420, 120-B, 186, 34 of IPC, and subsequent proceedings arising out of the same are hereby quashed.
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2012 (3) TMI 575 - MADRAS HIGH COURT
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... ... ..... dingly.” This decision of the Division Bench of the Bombay High Court has been confirmed by the Hon’ble Apex Court in Union of India v. Arviva Industries (I) Ltd. reported in 2007 (209) E.L.T. 5 (S.C.) 2008 (10) S.T.R. 534 (S.C.). 6. Since the issue has already been decided by the Division Bench of the Bombay High Court and confirmed by the Hon’ble Apex Court to the effect that the Circular No. 39/2001, dated 6-7-2001 will have effect prospectively, the petitioner, who have already been granted the benefit of drawback on the brand rate in terms of the letter of Ministry of Finance dated 6-7-2000, cannot be denied as the benefit has already been accrued and claimed. The impugned letters, under challenge revoking the benefit of brand rate already issued based on the Circular 39/2001-Cus., dated 6-7-2001, which will be effective prospectively, are liable to be set aside and accordingly set aside. Accordingly, both the writ petitions are allowed. No costs.
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2012 (3) TMI 574 - SC ORDER
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... ... ..... tacharya, ASG, Mr. K Swami, Adv., Mr. Ajay Singh, Adv., Mr. Arvind Kumar Sharma,Adv.-on-Record O R D E R Delay condoned. The special leave petition is dismissed.
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2012 (3) TMI 573 - ITAT AHMEDABAD
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... ... ..... on of ₹ 11,42,085/- made by the Assessing Officer u/s.40(a)(ia) of the Act.” 5. We have heard the Ld. SR-DR for the Revenue perused the records and orders passed by the authorities below. The issue involved in the present appeal has now been decided by the Hon’ble Calcutta High Court in the case of CIT v. Virgin Creators in GA No.3200/2011 dated 23-11-2011 against the Revenue. However, it is noteworthy that the Special Bench of ITAT Mumbai in the case of Bharati Shipyard Ltd. v. DCIT in ITA No.2404/Mum/2009 in order dated 12-09-2011 has taken a view that the amendment is prospective in nature and would apply from the year when amendment is made. Respectfully following the decision of Hon’ble Calcutta High Court in the case of Virgin Creators (supra) we find no infirmity into the order of Ld. CIT(A). Hence, this ground of Revenue’s appeal is dismissed. 6. In the result, appeal of Revenue is dismissed. Order pronounced in Open Court on 23/03/2012.
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2012 (3) TMI 572 - ITAT JODHPUR
G.P. addition - Held that:- The books of account were incomplete at the time of survey and there was discrepancies found in the stock. GP rate also declined marginally i.e. from 14.17% shown in immediately preceding year to 13.28% shown during the year under consideration. There was no material to establish that the assessee was making sales outside books of account. After the survey and end of the year, the assessee has prepared its Profit & Loss account on the basis of books of account. Since there were certain discrepancies in stock and marginal decline in GP rate, we are of the view that if an addition of ₹ 50,000/- is sustained in trading account that will meet the ends of justice, which will take care of decline in GP and other discrepancies found.
Enhancement of household expenses - Held that:- As already sustained trading addition of ₹ 50,000/- which is more than the addition made by Assessing Officer on account of household expenses and since trading addition was available with the assessee for incurring expenses etc., therefore, we find no infirmity in the order of ld. CIT (A) in allowing set off of the income made on account of household expenses. Accordingly we confirm the action of ld. CIT (A). In fact, there will be no addition as household expenses is less than trading addition sustained.
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2012 (3) TMI 571 - ITAT BANGALORE
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... ... ..... alue of the property in order to compute the income from house property as provided in section 23(1)(c) of the Act. We, therefore, set aside the order of the learned CIT(A) and the grounds of appeal Nos.5, 6 & 7 raised by the assessee are allowed.” In the present case, the facts involved are similar to that of Smt. Indu Chandra (supra). So, respectfully following the order of co-ordinate bench ‘B’ of ITAT, Lucknow in the aforesaid referred to case, we set aside the order passed by the learned CIT(A) and the addition made by the Assessing Officer and sustained by the learned CIT(A) is deleted.” 12. Since the facts of the present case are similar to the facts involved in the case of Smt. Shakuntala Devi (cited Supra), so, respectfully following the aforesaid order of this Bench of Tribunal, the issue is decided in favour of the assessee. 13. In the result, the appeal of the assessee is allowed. Order pronounced in the open court on 21st March, 2012.
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2012 (3) TMI 570 - ITAT MUMBAI
Transaction in F & 0 prior to 25.1.2006 to be treated as non speculation transaction - Additions made on account of F&O - Held that:- We uphold the grievance of the assessee and hold that the derivate transactions, entered into by the assessee at the recognized stock exchanges even prior to the date of notification in the relevant previous year, are to be treated as covered by the exclusion clause set out in section 43(5)(d).
Assessing Officer has to consider the composite transaction. The first appellate authority was wrong in his finding on applicability of explanation to section 43(5). Thus, we vacate this finding.
As the nature of business has to be understood in the proper perspective considering the business strategy of the assessee and as the composite transactions of both NSE and BSE have to be taken into account, we set aside the matter to the file of Assessing Officer for adjudication afresh in accordance with law. This ground is, thus, allowed for statistical purposes.
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2012 (3) TMI 569 - GUJARAT HIGH COURT
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... ... ..... passed in Criminal Misc. Application No. 15303 of 2011, this appeal would not survive and shall stand disposed of accordingly.
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2012 (3) TMI 568 - RAJASTHAN HIGH COURT
Penalty levied under Section 271(1)(c) - Held that:- Additions made by the Assessing Officer were based on estimation only. A fact or allegation based on estimation cannot be said to be correct only, it can be incorrect also. Therefore, in the facts and circumstances of the case, penalty was wrongly levied by the Assessing Officer. The basis for levying penalty in the present case is only estimation, which is purely a question of fact and there is a concurrent finding of fact recorded by first appellate authority as well as the appellate Tribunal both.
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2012 (3) TMI 567 - SC ORDER
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... ... ..... tand dismissed. Respondent shall also file the statement of case within four weeks from the date of statement of case filed on behalf of the appellant is served on it.
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2012 (3) TMI 566 - ITAT CHANDIGARH
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... ... ..... be upheld. 9. We have carefully considered the rival submissions in the light of the material placed before us. The reasons upon which ld. CIT has arrived at a conclusion that activities of the assessee trust are not genuine, do not subsist as deletion of both the additions have been upheld by the Tribunal. The relevant portion of both the orders of the Tribunal on these aspects have already been reproduced. Moreover, immediately after rejecting the registration, ld. CIT vide his order dated 23rd May, 2008 has held that the activities of the assessee are charitable in nature and the activities are genuine. Therefore, we find substance in the arguments submitted by the learned AR and it is held that the registration has wrongly been withdrawn. Keeping in view the entirety of the facts mentioned above, we quash the order passed by ld. CIT and allow the appeal filed by the assessee. 10. In the result, the appeal is allowed. The order pronounced in the open court on 23.03.2012.
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