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2013 (10) TMI 1487
... ... ... ... ..... than Financial advisory services No incriminating document on data in respect of these four companies is brought by Ld DR to our notice to controvert the above finding of the CIT(A). Considering the same, we are of the opinion, the finding of the CIT(A) on this issue do not call for any interference. Accordingly, we dismiss this part of the ground of the appeal fo the revenue. 40. Finally, we direct the AO/TPO to consider our finding above and work out the operating margin in relation to the total cost, the PLI the criteri....... + More
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2013 (10) TMI 1482
... ... ... ... ..... an asset is treated as application of funds for charitable purposes. In fact the question of application considered in the second segment is entirely different. In fact, there is no question of double benefit. An assessee is getting the benefit of application of funds for charitable purposes from the income computed according to normal accounting practices. Accordingly, it is to be seen that there is no clash between providing depreciation allowance and recognising the application of funds for charitable purposes. 13. In t....... + More
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2013 (10) TMI 1480
... ... ... ... ..... an asset is treated as application of funds for charitable purposes. In fact the question of application considered in the second segment is entirely different. In fact, there is no question of double benefit. An assessee is getting the benefit of application of funds for charitable purposes from the income computed according to normal accounting practices. Accordingly, it is to be seen that there is no clash between providing depreciation allowance and recognising the application of funds for charitable purposes. 13. In t....... + More
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2013 (10) TMI 1472
Justification of transfer order of case u/s 127 - Centralization of case - exercise of discretion of the authority - scope of the reasons for transfer of case - arbitrary and/or perverse and/or malafide - agreement between CIT Mumbai and CIT Delhi - requirement of co-ordinated Investigation - CIT rejected the objections of the assessee - HELD THAT:- There is no reason as to how the transfer of the petitioners' case from Mumbai to Delhi was required for co-ordinated investigation and assessment, yet it does give reasons for co-ordinated inv....... + More
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2013 (10) TMI 1469
... ... ... ... ..... eedings for assessment year 1998-99 is not ultimately upheld. Therefore, following the parity of reasoning laid down by the Hon ble Bombay High Court in the case of DHFL Venture Capital Fund (supra) issuance of notice u/s. 17 of the W.T. Act in the present case, reopening the assessment for assessment year 1998-99 suffers from a jurisdictional defect. Accordingly, we set-aside the initiation of proceedings by issuance of notice u/s. 17 of the W.T. Act dated 30.05.2005. As a consequence the impugned assessment order passed ....... + More
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2013 (10) TMI 1468
... ... ... ... ..... order it emerges that no inquiry whatsoever was carried out by the assessing officer. There is no reference to any issuance of summons u/s 131 or notice u/s 133(6). In the absence of any inquiry or any adverse report based thereof, the plethora evidence furnished by the assessee cannot be brushed aside in a summary manner. The case law cited by the ld. DR in the case of Nova Promoters (supra) is quite distinguishable from the facts of the assessee s case as full fledged further enquiry was conducted in that case. In our co....... + More
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2013 (10) TMI 1464
... ... ... ... ..... er of the Appellate Authority, felt that the Appellate Authority has struck down the addition or increase, while the Appellate Authority did not do so. There is a manifest error, therefore, on the face of the order of the Tribunal. We hold and declare that the appellate order made it clear that the Appellate Authority is remanding the matter to the Assessing Officer pertaining to the addition/increase of the total income to the extent mentioned above and, thus, the finding of the Tribunal to the effect that the Appellate A....... + More
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2013 (10) TMI 1463
... ... ... ... ..... the assessee has not made any new investment during the year under consideration therefore, for ascertaining the fact whether the assessee has utilised the borrowed fund in making the investment a proper inquiry has to be conducted. The A.O has not examined this issue by considering the fact that no investment was made during the year yielding the dividend income. Therefore, as regards the disallowance of interest attributable to the exempt income u/s 14A this issue requires a proper inquiry and verification of the facts. ....... + More
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2013 (10) TMI 1461
Whether penalty to be imposed in case of delayed filing of TDS Return - Held that:- assessee is a nationalized bank and committed a technical default by not filing e-TDS return in time - sec. 272A(2)(k) has been newly introduced w.e.f. 1.4.2005 and the Branch Manger was not known about these technical formalities - due to unawareness of knowledge, non-availability of parties PAN, pressure of banks accounting works, long absence of Branch Manager due to unhealthy condition return could not be filed on time - penalty will not ordinarily be impos....... + More
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2013 (10) TMI 1460
... ... ... ... ..... T Server. He, therefore, disallowed the excess depreciation by treating such computer peripherals as a normal item of plant and machinery. The ld. CIT (A) overturned the assessment order on this point. 5. We have heard the rival submissions and perused the relevant material on record in the light of precedents cited before us. The Delhi Bench of the Tribunal in Expeditors International (India) (P) Ltd. vs. ACIT (2008) 118 TTJ (Del) 652 has held that the peripherals such as printers, scanners, and NT Server etc., form an in....... + More
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2013 (10) TMI 1459
... ... ... ... ..... o the appellant. Therefore, the appellant is held as eligible for claiming expenditure of ₹ 17,78,472/- out of the total expenditure of ₹ 19,84,915/- considering by the Assessing Officer as capital expenditure. Ground Nos. 4,5 and 6 are therefore partly allowed. 24. As can be seen from the nature of expenditure claimed and the finding recorded by the CIT (A), the expenditure were purely in the nature of repair and maintenance of existing assets. Neither any new asset has been brought into existence nor there is....... + More
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2013 (10) TMI 1457
Points not decided by the Tribunal - Held that:- In our view, for entertaining the appeal, it will be required to have the findings of the Tribunal. In that view of the matter, the remedy for the appellant is to approach the Tribunal by way of appropriate application and request the Tribunal to give the findings on all the points which are raised and argued in the appeal. The appellant will approach the Tribunal within four weeks from today with such an application. If such an application is filed, the Tribunal will decide the same within four....... + More
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2013 (10) TMI 1456
... ... ... ... ..... on clearance sale . It is pertinent to note that the AO did not consider the claim for deduction of loss on clearance sale in the assessment order. 14. Since the AO has not considered the revised return of income and further, since it goes to the root of matter, we are of the view that the entire issues urged before us needs fresh examination at the end of the AO. Accordingly, we set aside the order of Ld CIT(A) on all issues and direct the assessing officer to do the assessment de-nova on the basis of revised return of in....... + More
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2013 (10) TMI 1455
... ... ... ... ..... oks in order to present a true and fair view of its state of affairs. The parts which have not moved for more than one year and less than two years are written down by 50 and those which have not moved for more than two years are written down fully . 17.1 After hearing both the sides, we find above ground is identical to ground of appeal No.1 in ITA No.351/PN/2009. We have already decided the issue and the ground raised by the assessee has been restored to the file of the AO for fresh adjudication with certain directions. ....... + More
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2013 (10) TMI 1454
... ... ... ... ..... year income. 7. Since the order of Assessment Year 2007-08 is already set aside to the file of the Assessing Officer, therefore, it will be premature to any direction in respect of the setting of the unabsorbed depreciation for Assessment Year 2007-08. Therefore, this issue is also restored back to the file of the Assessing Officer. 8. In the ground no.5, the assessee has raised the issue of penalty proceedings u/s 271(1)(c) of the Income-tax Act, 1961 for concealment of income or furnishing inaccurate particulars of incom....... + More
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2013 (10) TMI 1453
... ... ... ... ..... the sections are to be satisfied which are not satisfied in the case of the assessee. It is not a mistake but the illegality because the mandatory requirement was not fulfilled. 22. Having considered the rival submissions as well as the relevant material and decisions relied upon by the parties we are of the view that any party to the appeal can raise a fresh plea subject to the fulfilment of condition that no new facts are to be brought on record for disposing of such new point and an opportunity is given to the other sid....... + More
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2013 (10) TMI 1452
... ... ... ... ..... ange contracts which had not matured during the year on the balance-sheet date. The AO had disallowed the loss as contingent in nature as contract had not matured and also held that it was notional. CIT(A) has allowed the claim following some decisions of Tribunal. We find that the issue is covered by the judgment of Hon ble Supreme Court in case of CIT. Vs. Woodward Governor India Private Limited (312 ITR 224) in which it has been held that adjustment on account of foreign exchange fluctuation can be made on each balance-....... + More
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2013 (10) TMI 1450
Invoking the provisions of section 179 - Held that:- The statute permits the lifting of the corporate veil section 179 of the Act as one of the modes of the statutes permitting such piercing of the veil provided of course Directors of the Private Company behind the veil are the beneficiaries and who have created such a complex web for their personal interest so as to defraud the Revenue. When the facts are eloquent enough in the instant case, where the petitioners were never concerned with the affairs of the Company until 28.12.2005 and the Co....... + More
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2013 (10) TMI 1426
Denial of deduction claimed u/s. 80IB(10) in respect of project Tulips - Held that:- Legal position it is settled that clause (d) will not apply if project is approved prior to 01-04-2005. In the present case, it is an admitted position that Tulip project was approved and commenced on 19- 03-2003. In view of the above, the objection of Assessing Officer in respect of construction of commercial user could not be sustained. It is also pertinent to mention that Assessing Officer himself has accepted in assessment order that commercial area of 880....... + More
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2013 (10) TMI 1425
Admission of additional evidence - Held that:- In the assessment proceedings resumed on 10.12.2010, 13.12.2010 and 28.12.2010, the AR has been asked to explain the issues raised in the CIT’s order u/s 263 of the Act. Once again, no specific information has been called for during these dates and thereby the AO proceeded to complete the assessment on 31.12.2010 i.e., within a span of 20 days. This, in our view, resultantly implies that the assessee has not been provided with proper opportunity in the light of rule 46A (1) (d) which provides one ....... + More
