-
2015 (12) TMI 1901
Exemption u/s 10(23C)(vi) - claim rejected as society was diverting its income to the members of the society and, therefore, the society was not acting as a non-profitable institution - Commissioner rejected the application holding that the purpose/objects of the society as per the memorandum of association does not indicate that the institution is running solely for educational purpose HELD THAT:- As perusal of the impugned order that based on a survey, a show cause notice was given and, thereafter, a finding has been given that the profits o....... + More
-
2015 (12) TMI 1897
Levy of penalty u/s 271(1)(c) - changing the heads of income due to difference of opinion - as per AO assessee has treated the Guest house as his business asset and accordingly, he was claiming depreciation thereon - assessee explained that the mistake has occurred due to wrong understanding of the accountant - CIT(A), deleted the penalty by holding that there was difference of opinion about the nature of Capital gain, i.e., whether it was long term capital gain or short term capital gain and it appears that the assessee was under bona fide be....... + More
-
2015 (12) TMI 1896
Levy of interest u/s 234(A) - Tribunal decided the issues in favour of the assessee which relates to levy of interest under Section 234(A) as the same has also been considered in earlier assessment years - Being aggrieved thereof, the instant appeal has been preferred. HELD THAT:- We have gone through the orders passed by the authorities below as well as the ITAT and we are of the opinion that no substantial question of law arises out of the judgment rendered by the Income Tax Appellate Tribunal. Thus, the appeal is hereby failed and dismissed accordingly.
-
2015 (12) TMI 1894
PE in India - Scope of Article 5(2)(k) of DTAA between India and the UK - HELD THAT:- As in latest order passed by the Tribunal in [ 2015 (9) TMI 1532 - ITAT MUMBAI ] in which identical issue has been decided while we agree with the learned counsel that art. 15 will not be applicable on the facts of the present case, this finding does not really come to the rescue of the assessee since, as we have already held, the assessee did have a PE in India under art. 5(2)(k) of the India-UK tax treaty, and, accordingly, profits attributable to the PE ar....... + More
-
2015 (12) TMI 1891
TDS u/s 194A - interest on deposits held by the Branch - assessee in default for not deducting tax at source on alleged deposits which were funds of the Central Government - CIT(A) has held that societies which are being wholly funded by Government would qualify for non deduction of tax u/s 194A in accordance with notification No. 3489 dated 22.10.1970 - HELD THAT:- As per the PMGSY [a scheme of the Ministry of Rural Development], any interest income accrued on surplus funds of the project parked in the bank would be of Ministry of Road Develo....... + More
-
2015 (12) TMI 1890
Additional disallowance of depreciation enhanced by CIT(A) - assets have already entered into the block of assets - HELD THAT:- As assets in question were forming part of block of assets which were used earlier for the purpose of business. The said asset were destroyed / lost in theft in the assessment year 2006-07 and no insurance claim has been received to the assessee. To the extent of the amount of claim made to the insurance company was reduced from the block of assets in the earlier years and accordingly, assessee has claimed depreciatio....... + More
-
2015 (12) TMI 1889
Nature of expenses - Corporate debt restructuring - replacement of remembraning cells - AO treated both these claims capital expenditure - HELD THAT:- Revenue s argument seeking to treat assessee s CDR claim as capital expenditure is rejected. We rely on co-ordinate bench decision in assessment year 2004-05 [ 2013 (11) TMI 773 - ITAT AHMEDABAD] and leave it for the AO to calculate this corporate restructuring expenditure as adopted in assessment year 2004-05. Expenditure on replacement of remembraning cells - As assessee has already succeeded ....... + More
-
2015 (12) TMI 1888
Penalty proceedings u/s 271(1)(c) - revised return showing higher income was filed on the basis of which notice for reopening was issued - undisclosed agricultural income - assessee in his statement recorded u/s 131 on oath by the ADIT (Investigation), Nashik had confessed that the agricultural income shown by him during the assessment year 2005-06 from sale of agricultural produce did not match with the agricultural crops shown in the 7/12 extracts - HELD THAT:- Assessee had no plausible explanation towards the source of Rs.3,00,000/- which h....... + More
-
2015 (12) TMI 1886
Maintainability of appeal before Tribunal - low tax effect - HELD THAT:- In view of the latest CBDT Circular No.21/2015 dated 10th December, 2015, the appeals of the Department are not maintainable inview of the tax effect being less than the monetary limit prescribed by the said Circular. The tax effect in filing the appeal before the Tribunal should be above Rs.10 lakhs in view of the above said Circular. The above Circular has clearly mentioned to have retrospective effect and is to have application to the pending appeals. Accordingly, in v....... + More
-
2015 (12) TMI 1883
Exemption u/s 11 - benefit of certificate u/s 12(A) - conditions stipulated under the provisions of sub-section (3) of section 12AA which empowers the authority to cancel the registration - HELD THAT:- As appellants has fairly stated that the questions of law raised in this appeal are covered by the decision of this Court in the case of The Director of Income Tax Exemption Vs. M/s. Karnataka Badminton Assn. [ 2015 (1) TMI 1202 - KARNATAKA HIGH COURT] wherein the questions have been answered in favour of the Assessee and against the Revenue. Ac....... + More
-
2015 (12) TMI 1882
Validity of proceedings u/s 153A - as argued the premises which were searched u/s 132 were not of the Assessee - HELD THAT:- ITAT has noted as a matter of fact that the premises that was searched i.e. 3rd Floor, Global Arcade, M. G. Road, Gurgaon was not of the Assessee. There was nothing on record to connect the Assessee with the premises searched. Therefore, qua the Assessee, the proceedings u/s 153A was invalid. This being a factual aspect, no question of law arises.
-
2015 (12) TMI 1881
Maintainability of appeal before HC - low tax effect - HELD THAT:- In the present case, the tax effect is Rs. 5.07 lakhs as mentioned in paragraph 10 of the Appeal Memo. Revenue does not press the present Appeal.
-
2015 (12) TMI 1879
Unexplained investment in undisclosed bank account - CIT-A applying the concept of peak theory and requirement of additional capital - HELD THAT:- We find that the assessee opened a bank account in ICICI Bank and deposited cash on various dates and also made withdrawals. The total deposits during the year and the same was treated by the A.O. as unexplained credit while framing the assessment. We also note that the said account was not disclosed by the assessee in his balance sheet whereas all the withdrawals were made under his signatures. CIT....... + More
-
2015 (12) TMI 1877
Nature of receipts - Income accrued on account of carbon credits - revenue or capital receipt - HELD THAT:- The issue is covered in favour of the assessee by order of DCIT Vs Kotla Hydro Power Pvt. Ltd. [ 2015 (4) TMI 1346 - ITAT CHANDIGARH] assessee was carrying on the business of power generation for the assessment year 2007-08. Carbon credit was not an offshoot of business of the assessee but an offshoot of environmental concerns. No asset was generated in the course of business but it was generated due to environmental concerns. There was ....... + More
-
2015 (12) TMI 1875
Compounding of offences punishable u/s 276B r.w.s.278B - admitted default in deposit of TDS - HELD THAT:- Issue notice. There shall be stay of initiation of prosecution. The prayer in respect of other interim reliefs stands rejected.
-
2015 (12) TMI 1874
Penalty u/s 271(1)(c) - bogus purchases - AO treated the additional income as concealed income considering the fact that only after the finding of the bogus purchases by the department, assessee accepted and filed the revised return of income - HELD THAT:- In the present case, the assessee had accepted the bogus purchase as additional income voluntarily due to the fact that assessee was not in a position to substantiate the claim, even though, the transaction was made through banking channel. The assessee had declared the additional income vol....... + More
-
2015 (12) TMI 1873
Undisclosed income u/s 69A - undisclosed cash receipt on sale of stone quarry is handwritten loose paper termed isar pawati signed by the partners and also signed on behalf of the buyers - addition assuming a piece of paper as constituting Issar Pavati i.e. advance receipt - piece of paper was found in survey action u/s 133 - as argued piece of paper i.e. Isar Pavati has been wrongly presumed as agreement to sell - HELD THAT:- Since the concerned loose paper is found to be pertaining to the Appellants herein, seizure of the same in the hands o....... + More
-
2015 (12) TMI 1872
Eligibility of Deduction u/s 80IB - HELD THAT:- We find that since the facts are identical and in assessee s own case the Tribunal has decided the issue, judicial discipline mandates that we follow the order of the Tribunal. We further note that the Revenue has already filed appeal before the Hon ble High Court in Income Tax Appeal - In this view of the matter since the Hon ble jurisdictional High Court [ 2010 (4) TMI 1232 - BOMBAY HIGH COURT] has not reversed the decision of ITAT, we follow the above said order of ITAT in assessee s own case ....... + More
-
2015 (12) TMI 1871
Gain on sale of agricultural lands - Nature of land sold - taxable as business income OR was exempt from tax - Whether CIT(A) failed to appreciate that the lands sold in this year were capital asset of the firm and since the said lands were agricultural lands and beyond 8 kms from the municipal limits, the gain arising on sale of lands was exempt from tax? - HELD THAT:- The assessee is a partnership firm and the main activity in which the assessee is engaged is in dealing the lands. The factual finding of the CIT(A) in this regard is that the ....... + More
-
2015 (12) TMI 1870
Disallowance u/s 40A(7)(b) - HELD THAT:- The co-ordinate Bench of this Tribunal in the immediately preceding assessment year in assessee s own case restored this issue to the file of the Assessing Officer for adjudication afresh. Following the said order of this Tribunal, we restore this issue to the file of the Assessing Officer, who shall decide the issue afresh following the direction of the co-ordinate Bench [ 2013 (3) TMI 869 - ITAT CHENNAI] Deduction u/s 10B - CIT-A directed recompute the deduction by excluding freight and clearing expen....... + More
