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Income Tax - Case Laws
Showing 61 to 80 of 515 Records
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2013 (8) TMI 1084
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... ... ..... ely ignored the fact that the Assessing Officer has received information from Investigation Wing of the Department that the assessee is a beneficiary of accommodation entries. There is no finding of CIT (A) on this issue in the impugned orders. In view of the above, we find it appropriate to restore the issue to the file of CIT (A) for readjudication of the appeals on this issue de novo. The CIT (A) shall grant due opportunity of hearing to the assessee. 10. Accordingly both the appeals of the Revenue are disposed of in the manner as indicated above and by setting aside the impugned order and by restoring whole controversy and all the issues to the file of CIT (A). The CIT (A) shall decide all the issues without being prejudiced from observations made in this order and in the impugned order. In the result, both the appeals of the Revenue are disposed as directed above of and may be treated as allowed for statistical purposes. Order pronounced in open court on 08th /08/ 2013.
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2013 (8) TMI 1082
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... ... ..... ave heard the learned Counsel for the appellant and gone through the judgment and order of the learned Tribunal. The learned Tribunal on fact found that the assessee has incurred advertisement expenditure. The learned Tribunal further found on fact that the predominant object underlying the transaction of receiving the T-shirts and making the payments is largely for purchase of goods and even if there is some logo of the assessee printed on it, it would not change the nature of the transaction to works contract, so as to attract the provisions of Section 194C of the Income Tax Act. The learned Tribunal has also taken note of the decision of the Delhi High Court in the case of CIT Vs. Dabur India Ltd., (283 ITR 197) and applied the law correctly and as such we do not find any reason to interfere with the same. Thus, we do not want to admit this appeal. Accordingly, the appeal is dismissed. Miscellaneous petitions, if any pending, shall stand disposed of. No order as to costs.
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2013 (8) TMI 1081
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... ... ..... e. 9. Therefore, in our opinion, the Assessing Officer should consider the following 1. The registered valuer report as submitted by the assessee. 2. Reference to the DVO has to be made by the Assessing Officer and the report of the DVO on the cost of acquisition as on 01/04/1981 of the property has to be considered. 3. Inherent quality of the property namely size, location, road frontage, corner plot, if any, etc. to be examined. 4. Any comparable property in the same locality should be taken for consideration. 10. Thereafter, the Assessing Officer shall after examining thoroughly the nature of the property and the peculiar circumstances as well as the values given by the different persons namely DVO and the Registered Valuer shall decide the issue denovo. It is needless to say that a reasonable opportunity of being heard should be given to the assessee. 11. In the result, appeal of the revenue is allowed for statistical purposes. Pronounced in the open court on 08.08.2013.
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2013 (8) TMI 1080
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... ... ..... by the decision of this Court in ITA No.5008/2009 dated 1.4.2011. In view of the aforesaid judgment, the appeal requires to be allowed answering the question of law formulated in this appeal in favour of the appellant assessee and against the revenue. 4. The contention of the learned counsel for the revenue is that there is nothing to show that the appellant assessee is a Credit Co-operative Society. We cannot accept the arguments and the point raised by Sri Raviraj, counsel for the revenue, because the appellant's name itself discloses that it is a Co-operative Credit Society Limited. When the name itself shows that it is a Credit Co-operative Society registered under the Karnataka Co-operative Societies Act, the main object of the society is only to advance loan as a Credit Co-operative Society. In the circumstances the contention of the revenue is rejected. The appeal is allowed answering the question of law in favour of the appellant/assessee and against the revenue.
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2013 (8) TMI 1077
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... ... ..... tory amendment, the amendment of this nature cannot have retrospective effect. 36. Resultantly, we answer the questions raised before us in favour of the assessee and against the Revenue. 37. Resultantly, the appeal is allowed. Impugned judgment of the Tribunal is reversed to the above extent.” 10. Thus, we find that the order of the CIT(A) finds support from the decision of the Hon'ble Gujarat High Court in the case of Manan Corporation vs ACIT(supra). We, therefore, do not find any good and justifiable reason to interfere with the order of the CIT(A) which is confirmed and the grounds of appeal of the Revenue are dismissed.” 7. Respectfully following the above quoted decision of the Tribunal in assessee’s own case for assessment year 2006-07, we dismiss the appeals of the Revenue in the present years under consideration. 8. In the result, both the appeals of the Revenue are dismissed Order pronounced on Wednesday, the 14th of August, 2013, at Chennai.
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2013 (8) TMI 1076
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... ... ..... he assessee firm. Therefore, when the money was received by the firm on behalf o the partners, the deemed dividend has to be assessed only in the hands of the partners and not in the hands of the firm. This is for the simple reason that the firm is not a shareholder in the lending company. Since the partners are shareholders and funds were given to the partnership firm for the benefit of the partners, this Tribunal is of the considered opinion that the deemed dividend u/s 2(22)(e) has to be assessed only in the hands of the respective partners and not in the hands of the firm. Therefore, this Tribunal is of the considered opinion that the CIT(A) has rightly deleted the addition in the hands of the firm by following the order of this Tribunal. This Tribunal do not find any infirmity in the order of the CIT(A). Accordingly, the order of the CIT(A) is confirmed. 5. In the result, appeals of the revenue are dismissed. Order pronounced in the open court on this 30th August, 2013.
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2013 (8) TMI 1075
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... ... ..... antee charges, bank commission, interest paid on loans to persons other than bank and financial institutions as well as interest paid on machinery loan shall be deducted provided the same are found incurred for the business purpose. 11. The assessee has not pressed ground no. 1, 8 and 10. The same are dismissed as not pressed. 12. Levy of interest in ground no. 9 being consequential, the Assessing Officer shall give consequential effect. 13. Ground No. 2.1, 2.2 and 3 stands partly allowed. As a result the revenue’s grounds in appeal stand dismissed. 14. Ground nos. 4, 5, 6 & 7 stand remitted to the Assessing Officer for verification of the facts for allowing deduction in terms of directions as contained in para 10 above on the average net profit rate of 10.5 on admitted contract receipts. 15. In the result, assessee’s appeal is partly allowed for statistical purposes and that of revenue stands dismissed. The order is pronounced in the open court on 20.8.2013.
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2013 (8) TMI 1074
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... ... ..... A for a fair and reasonable exercise of power by the Assessing Officer, conditioned as it is by the requirement of an objective satisfaction, must therefore, be scrupulously observed. 33. We find that in the instant case, the Assessing Officer, after examining the accounts of the assessee has, apart from making general observations, could not point out any specific defect in the claim of the assessee that only Rs. 3,92,303/- was incurred in relation to exempt income. In our considered view, in absence of any such objective satisfaction being recorded by the Assessing Officer, the Assessing Officer had no jurisdiction to invoke the provisions of Rule 8D Consequently, we do not find any good reason to interfere with the order of the ld. CIT(A) and the grounds of appeal of the Revenue are dismissed. In the result, the appeal of the assessee is allowed for statistical purposes and that of the Revenue is dismissed. Order pronounced on Monday, the 05th of August, 2013, at Chennai.
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2013 (8) TMI 1069
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... ... ..... heard both the parties, perused the record and have gone through the orders of the authorities below. We find that the issue in dispute is squarely covered by the decision of the coordinate bench in the case of Patni Computers Ltd. (supra) and also Special Bench of the Chennai Tribunal in the case of ITO Vs Saksoft Ltd (313 ITR AT 353) wherein it was held that “expenses excluded from export turnover should also be excluded from the total turnover”. The Hon’ble Karnataka High Court has also taken similar view in the case of CIT Vs. Tata Elxsi Ltd. & Others, 247 CTR 334 (Kar.). Respectfully following the said decisions cited supra we uphold the order of the CIT(A) in directing the Assessing Officer to reduce foreign travel expenses, cost of service and professional charges from total turnover and dismiss the ground raised by the revenue in this regard. 7. In the result, appeal of the revenue is dismissed. Order pronounced in the open Court on 27/08/2013.
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2013 (8) TMI 1064
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... ... ..... n view of the decision of this Court in Director of Income Tax Vs. Jacobs Civil Incorporated, (2011) 330 ITR 578 (Delhi). However, we are informed that Special Leave to Appeal is pending against the said decision and this issue is also being argued in another case and judgment is awaited. Depending upon the decision by the Supreme Court and the Division Bench of this Court, the appellant will be entitled to raise this issue at the time of final arguments. To be listed along with ITA Nos.638/2008 and 461/2008. Parties are given liberty to file papers/documents in terms of the High Court Rules.
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2013 (8) TMI 1060
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... ... ..... sent case, by way of an application under Rule 27 of Income Tax Appellate Tribunal Rules has sought adjudication of two issues i.e. disallowance of an expenditure under section 40(a)(ia) of the Act and further disallowance of expenditure on account of expenditure of car expenses/depreciation and telephone expenses. The appeal filed by the revenue is against the sales held to be ingenuine by the Assessing Officer, which were treated as income from undisclosed sources and the said addition was deleted by CIT (Appeals). We find no merit in the present application moved by the assessee under Rule 27 of Income Tax Appellate Tribunal Rules and the same is dismissed. Even otherwise both the issues raised by way of the present application are factual and the same cannot be raised under the garb of application under Rule 27 of Income Tax Appellate Tribunal Rules. 27. In the result, appeal of the revenue is allowed. Order Pronounced in the Open Court on this 30t h day of August, 2013.
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2013 (8) TMI 1059
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... ... ..... llery/bullion, it is palpable that the debt incurred has a direct nexus with the acquisition of such assets under consideration. Going by the language of section 2 (m) of the WT Act, such debts outstanding on the valuation dates are required to be deducted from the value of assets declared by the assessee in the returns of wealth for both the years under consideration. We, therefore, modify the decision of Ld. CWT (A) in both the years under appeal and remit the matter back to the Assessing Authority so that the assessable wealth as on valuation date is recomputed afresh after deducting the debts so payable on the valuation date in the light of discussions as contained herein before from the value of assets held by the assessee in both the years under consideration. 8. In the result, both the appeals and cross objections stand allowed for statistical purposes. Order pronounced in the open court in the presence of parties immediately after conclusion of hearing on 19.08.2013.
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2013 (8) TMI 1054
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... ... ..... rest bearing funds. This finding recorded by the learned CIT(A) has not been controverted before us. In the grounds of appeal, the Revenue has referred to Section 28 and claimed that the benefit or perquisite whether convertible into money or not arising from business or profession is chargeable as business income. However, in our opinion, on the facts of the assessee's case, there is no benefit or perquisite. It is simply a debit balance in the accounts of the partners. Similarly, vide ground No.2, the Revenue has claimed that the overdrawn amount should be treated as deemed dividend under Section 2(22)(e). That the question of deemed dividend can arise in the case of a company and not in the case of the partnership firm. The assessee is a partnership firm. In view of the above, we do not find any merit in the Revenue's appeal. The same is dismissed. 5. In the result, the appeal of the Revenue is dismissed. Decision pronounced in the open Court on 27th August, 2013.
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2013 (8) TMI 1049
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... ... ..... alpataru Colours & Chemicals Ltd.(328 ITR 451) in which it was held that the entire DEPB income including the face value has to be considered as a profit u/s 28(iii d). However the Hon’ble Supreme Court recently in case of Topman Exports Ltd. (Supra) have not upheld the view taken by the Hon’ble High Court of Bombay and have confirmed the order passed by special bench of Tribunal on this issue, as per which the face value of DEPB has to be considered as income u/s 28 (iiib) and excess of sale price over the face value has to be considered as profit u/s 28(iii d). The deductor u/s 80HHC is, therefore, required to be computed accordingly. We, therefore, set aside the order of CIT(A) and direct the AO to re compute the deduction u/s 80HHC in respect of DEPB income in the light of Judgment of Hon’ble Supreme Court in case of Topman Exports Ltd (Supra). 9. In the result appeal of the assessee is allowed for statistical purposes. Order pronounced on 28-8-2013
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2013 (8) TMI 1043
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... ... ..... 18/- out of total addition of ₹ 12,20,366/- made on account of undisclosed income. 2) On the facts and in the circumstances of the case, the Ld.Commissioner of Income-Tax (Appeals)-XV, Ahmedabad ought to have upheld the order of the Assessing Officer. 3) It is therefore, prayed that the order of the Ld.Commissioner of Income-Tax (Appeals)-XV, Ahmedabad may be set-aside and that of the Assessing Officer be restored. 6.1. Grounds raised by the Revenue in this appeal are also similar as were in Revenue’s appeal for AY 2006-07(supra) except change in figures. Since no change in the facts and circumstances are pointed out by the ld.Sr.DR, therefore taking our consistent view taken in Revenue’s appeal in assessee’s own case for AY 2006-07 in ITA No.59/Ahd/2013(supra), for this year also this ground of the Revenue is dismissed. 7. In the result, both the appeals of the Revenue are dismissed. Order pronounced in Open Court on the date mentioned here-in-above.
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2013 (8) TMI 1042
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... ... ..... ically stated that the seized cash may be adjusted against the tax liability arising out of the disclosure. The assessee was levied the interest u/s. 234A, 234B and 234C discarding the request made by him. The matter was carried to the Tribunal and the Tribunal deleted the interest levied. The Department carried the matter further before the Hon'ble High Court and the Hon'ble High Court confirmed the order of the Tribunal deleting the interest levied by the Assessing Officer to the extent of cash seized ₹ 42 lacs. In our opinion, the assessee’s case is squarely covered by the decision cited (supra). As per the assessment order we find that total income tax payable as per the assessment order is to the extent of ₹ 39,53,215/- which is more less than the amount of cash seized by the department. We, accordingly, allow the grounds taken by the assessee. 8. In the result, the assessee’s appeal is allowed. Pronounced in the open Court on 26-08-2013.
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2013 (8) TMI 1041
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... ... ..... ed from the ambit of Chapter X of the Act”. 62. Hence, the AO is directed to restrict the adjustments, if any, only to international transactions. This Ground is allowed in favour of the assessee.” Respectfully following the aforesaid order of the co-ordinate bench, we direct the Assessing Officer to restrict the adjustment only to the internal transaction while determining the ALP. Accordingly, this ground of the assessee is allowed. 13. In ground No.7, the assessee has challenged the levy of interest u/s 234B of the Act. As the charging of interest u/s 234B of the Act is consequential in nature being dependent upon the final determination of income, this ground is not required to be adjudicated upon at this stage. 14. In view of our finding in the preceding paragraph, no separate adjudication is required in so far as ground No.8 is concerned. 15. In the result, the appeal filed by the assessee stands allowed in part. Order pronounced in the court on 22 -8-2013.
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2013 (8) TMI 1040
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... ... ..... ded as under - “We have already seen the meaning of the word “particulars” in the earlier part of this judgment. Reading the words in conjunction, they must mean the details supplied in the return, which are not accurate, not exact or correct, not according to truth or erroneous. We must hasten to add here that in this case, there is no finding that any details supplied by the assessee in its return were found to be incorrect or erroneous or false. Such not being the case, there would be no question of inviting the penalty under section 271(1)(c) of the Act. A mere making of the claim, which is not sustainable in law, by itself, will not amount to furnishing inaccurate particulars regarding the income of the assessee. Such claim made in the return cannot amount to the inaccurate particulars.” 7. In view of the above, the substantial question of law is answered against the revenue and in favour of the assessee. Accordingly, the appeal stands dismissed.
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2013 (8) TMI 1039
Levy of penalty u/s.158BFA (2) - Held that:- Facts and circumstances of the case do not warrant levy of penalty u/s.158BFA(2). We, therefore, set-aside the order of the CIT(A) and direct the AO to cancel the penalty levied u/s.158BFA(2) on account of disallowance of interest expenditure.
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2013 (8) TMI 1037
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... ... ..... late Tribunal may be expedited. 4. Having regard to the fact that the matter pertains to the above Assessment Years, the Appellate Tribunal shall endeavour to hear and decide the appeals as expeditiously as possible and preferably by 31st October 2013. 5. Learned counsel for the Revenue agrees to communicate this order to the Registrar of the Appellate Tribunal. 6. Parties to act on a copy of this order duly authenticated by the Associate of this Court.
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