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2015 (8) TMI 1577
Reopening of assessment u/s 147 - reason to believe - share premium amount received over and above the intrinsic value of shares, is income which has escaped assessment - HELD THAT:- It is not the case in the reasons to believe that what has been received as share premium is in fact not share premium. In fact the reasons do proceed on the basis that what has been received is indeed share premium. Prima facie, we are of the view that the basis of the impugned notice stands concluded in Vodafone India Services Pvt. Ltd. Vs Union of India and oth....... + More
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2015 (8) TMI 1575
Determination of suppressed production - estimation of production and the consequent profits thereon on the basis of consumption of electricity vis- -vis production of TMT bars - addition was worked out in the hands of the assessee on the basis of US standards - CIT(A) in applying gross profit rate of 4% and consequently allowing manufacturing and administrative expenses on the unaccounted production - HELD THAT:- The issue arising in the present appeal is identical to the issue before the Tribunal in Shree Om Rolling Mills Pvt. Ltd. [ 2015 (1....... + More
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2015 (8) TMI 1573
Condonation of delay in filing his income-tax return late by 30 months - rejection of refund claim - Order passed u/s 119 - petitioner submitted that the delay in filing the income-tax return beyond the specified period, was on account of genuine hardship and during the relevant period, he was a distributor of Cable Master for the entire State of Haryana and thus, due to his field duty his family life remained disturbed. More so, the TDS certificates were also misplaced - HELD THAT:- Genuine hardship explained by assessee is completely devoid ....... + More
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2015 (8) TMI 1571
Exemption u/s. 80P(2)(a)(i) - AO noticed that the nature of the activity of the assessee, though registered as a credit co-operative society, is that of a banking institution notwithstanding the fact that receipt of and lending money is limited to its members - assessee submitted that the AO erred in treating the assessee as a commercial banking institution and in denying the deduction available to it u/s 80P(2)(a)(i) of the Act in respect of income arising from the transactions only with its members - Whether assessee is a co-operative societ....... + More
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2015 (8) TMI 1568
Applicability of Tonnage Tax Provisions to Sundry credit balance written back u/s. 41(1) - CIT(A) has deleted the impugned addition/disallowances following the earlier years order of the Tribunal - HELD THAT:- As decided in assessee own case [ 2011 (7) TMI 588 - ITAT, MUMBAI ] legislature in its wisdom provided the manner of computation of income under the tonnage tax scheme. In section 115VA, it is clearly provided that sections 28 to 43C would not over ride the computation of profits and gains under section 115VA. As section 41(1) falls with....... + More
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2015 (8) TMI 1567
Rectification of mistake - Depreciation on goodwill - as per assessee Tribunal adjudicated on various issues facts relating to depreciation on goodwill, even though was on record and placed on record in the course of hearing, the said facts were not considered - HELD THAT:- As can be seen from the above, the ITAT has consciously not considered the ground as the facts were not on record. Just because an amount was shown in the balance sheet and claimed depreciation on the basis of entries in Books of Accounts, it cannot be considered that all f....... + More
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2015 (8) TMI 1566
Income from factory premises - income from business OR income from other sources - assessee has submitted that the assessee could not restart its business till date after its discontinuance in the year as back as 1988 and chairman of the assessee company is 88 years of age - HELD THAT:- The assessee is a corporate assessee and the litigation and the amount involved in the litigation could not be said to be of that magnitude that the assessee could not restart its business during the past 27 years. The facts of the case lead to the conclusion t....... + More
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2015 (8) TMI 1565
Penalty u/s 271(1)(c) - assessment order was made u/s 153C/143(3) considering the revised return - assessee filed its revised return of income without claiming exemption under section 12AA of the Act and furnishing the computation of income as income from business and profession - HELD THAT:- There is no dispute that the assessments were made under section 153(c) of the Act. The petitioner after filing the returns had filed the revised returns and had participated in the proceedings. The assessment proceedings under section 153C were not chall....... + More
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2015 (8) TMI 1564
Penalty u/s 271(1)(c) - Appeal is admitted on the following substantial questions of law: Whether on a correct interpretation of the provisions of section 271(1)(c) of the Income Tax Act, 1961 read with the Explanation 1 appearing thereunder, the Tribunal misdirected itself in law and adopted a wholly erroneous approach in upholding the levy of penalty in the instant case, on the alleged ground that the Appellant Foundation had concealed its income and/or furnished inaccurate particulars of its income in respect of the assessment year 2011-12 ....... + More
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2015 (8) TMI 1559
Addition u/s 68 - unexplained cash credit - CIT(A) has confirmed the AO's action of adding unsecured loans in case of four parties wherein letter issued stood returned with remarks not known - HELD THAT:- As in case CIT vs. Orrisa Corporation Pvt. Ltd. [ 1986 (3) TMI 3 - SUPREME COURT ] holding that once an assessee submits all assessments details of its creditors, it is not supposed to do anything further and the primary onus of proving identity, genuineness and creditworthiness stand discharged. And also that it is Revenue s job thereaft....... + More
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2015 (8) TMI 1558
Disallowance u/s 14A r.w.r. 8D - CIT-A considering the fact that after insertion of rule 8D w.e.f. A.Y. 2008-09 there is no notional disallowance - HELD THAT:- On consideration of the above facts and submissions of the parties, we find that issue raised in the departmental appeal is covered in favour of the assessee by order of the Tribunal in the case of the same assessee for assessment year 2010-11 [ 2014 (5) TMI 1082 - ITAT CHANDIGARH] in which on identical grounds, the Tribunal dismissed the departmental appeal following the order of the T....... + More
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2015 (8) TMI 1554
Penalty u/s 271(1)(c) - Addition u/s 68 - assessee has booked cash sales of Rs. 3 Crores in the month of September,2006 to different parties - HELD THAT:- Merely because addition on merit have been confirmed by itself is no ground to sustain the penalty automatically. It is an admitted fact that cash sales of Rs. 3.12 Cr were out of the total sales of Rs. 94.54 Cr. The assessee maintained complete books of account and the accounts are audited. The assessee produced books of account, purchase bills, sales bills and stock register before the aut....... + More
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2015 (8) TMI 1553
Exemption u/s 11 - as per revenue receipts of the assessee are commercial in nature - Charitable activity u/s 2(15) proved or not? - whether the Revenue has brought on record any material/evidence which may suggest that the assessee was conducting its affairs on commercial line with the motive to earn profit? - HELD THAT:- On dissolution of the assessee authority, all properties, funds and dues which are vested in or realizable by the authority shall vest in or be realisable by the state government and therefore, the funds generated during so ....... + More
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2015 (8) TMI 1551
TDS u/s 194A - amount of interest deposited with the Motor Accident Claims - HELD THAT:- When interest is paid by any person, who is not an individual or a Hindu Undivided Family, who is responsible for paying to a resident any income by way of interest other than income by way of interest on securities, he is liable to deduct income-tax at the rate in force As it would quite apparent that the award amount inclusive of interest in the present case has been deposited by the petitioner Company on 25.6.2003, 14.7.2003, 28.5.2003, 11.7.2003 and 24....... + More
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2015 (8) TMI 1550
Addition u/s 68 - unexplained cash deposits in bank - As per the explanation furnished by him, Shri Dalip Singh was an agriculturist, not well educated and had come from village for making purchases for marriage of his daughter and the money was deposited in the bank account, since, the assessee and Shri Dalip Singh both had to make purchases for the marriage of their daughters - HELD THAT:- On perusal of the stated evidences and in the back ground of the fact that Shri Dalip Singh himself has confirmed before the Assessing Officer that he has....... + More
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2015 (8) TMI 1544
Validity of DRP order - violating the principle of natural justice - Failure to provide reasonable opportunity to the Appellant to furnish documents and evidences - HELD THAT:- It would meet the ends of justice if the order of the DRP is set aside, because in our opinion certainly adequate opportunity of being heard is not allowed by the DRP to the assessee. There are different dates mentioned in the order of the DRP supplied to the assessee and the order in the file of the DRP. No satisfactory explanation for this variation in dates in both t....... + More
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2015 (8) TMI 1543
Depreciation on the windmill - Addition on the ground that the Revenue has filed an appeal before the Apex Court against the judgment of the Madras High Court in Velayudhaswamy Spinning Mills Ltd. [ 2010 (3) TMI 860 - MADRAS HIGH COURT] - AO admits in the assessment order that the issue before him is similar to one that was decided by the Madras High Court - HELD THAT:- No infirmity in the order of the lower authority in following the binding judgment of the Jurisdictional High Court. A mere pendency of SLP before the Apex Court cannot be a re....... + More
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2015 (8) TMI 1541
Revision u/s 263 by CIT - Addition u/s 68 - HELD THAT:- As decided in M/S SUBHLAKSHMI VANIJYA PVT. LTD., TULSI TRACOM PVT. LTD., KOLKATA AND OTHERS [ 2015 (8) TMI 174 - ITAT KOLKATA] contention of the assessee that since the AO of the assessee company was not empowered to examine or make any addition on account of receipt of share capital with or without premium before amendment to section 68 by the Finance Act, 2012 w.e.f. A.Y. 2013-14 and hence the CIT by means of impugned order u/s 263 could not have directed the AO to do so, is unsustainab....... + More
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2015 (8) TMI 1539
Disallowance of job charges @ 10% - Non rejection of books of accounts - HELD THAT:- Addition has been made only on estimated basis by the AO and the ld. AO disallowed 20% of the job charges and the ld. CIT(A) restricted the same to 10% of the job charges is totally unwarranted as the entire books of account and vouchers were duly produced by the assessee during the course of assessment proceedings. Without rejection of the books of account, the action of the ld. AO as well as the CIT(A) in sustaining the addition on an estimated basis is arbi....... + More
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2015 (8) TMI 1538
Revision u/s 263 by CIT - Incorrect calculation of capital gain/loss - FMV determination - valuation of sold property as on 1.4.1981 taken - apparent discrepancy and lack of proper investigations during the assessment proceedings - lack or enquiry v/s inadequate enquiry - HELD THAT:- Assessee has not only disclosed the way it had made calculation of capital loss, it had also enclosed all the corroborative evidences together with the return of income - AO had raised a specific query which the assessee had duly replied. In view of this, it canno....... + More
