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2016 (3) TMI 1475
Addition u/s 68 - unsecured loans raised by the assessee - loan which was received prior to the start of the previous year - CIT(A) deleted addition - HELD THAT:- A categorical finding has been given by CIT(A) that there is no cash credit received during the present year and all the loans were received prior to 01/04/2008. This finding of CIT(A) could not be controverted by Learned D. R. of the Revenue. Hence, we find no reason to interfere in the order of CIT(A) because no addition can be made u/s 68 of the Act in respect of any loan which wa....... + More
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2016 (3) TMI 1474
Penalty u/s 271(1)(c) - disallowance being 10% of miscellaneous expenses, repair maintenance etc. being unverifiable in nature and disallowance being loss on sale of asset which was debited to profit loss account - bonafide mistake - HELD THAT:- Assessee as brought to the knowledge of the AO that the loss on sale of fixed asset was reflected in Schedule 18 of the audited accounts. We also note that while computing the depreciation under the Act, the gross sale consideration was reduced and the depreciation has been claimed at the reduced WDV. ....... + More
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2016 (3) TMI 1473
Taxability of income in India - receipts taxable as royalty within the meaning of section 9(1) (vi)of the Act as well as Article-12 of the Indo-US DTAA - amount received from the Indian entities - HELD THAT:- As decided by ITAT A.Y.s 2004- 05 to 2006-07 [ 2014 (11) TMI 432 - ITAT MUMBAI ] expressions Royalty and Fees for included services have been given distinct meaning in the Indo US treaty. We have already noticed that the tax authorities were not able to come to a conclusion as to whether the consideration received by the assessee company ....... + More
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2016 (3) TMI 1472
Enforcing appropriately the constitutional mandate as contained under the provisions of Articles 16(4-A), 16(4-B) and 335 of the Constitution of India or, in the alternative, directing the Respondents to constitute a Committee or appoint a Commission chaired either by a retired Judge of the High Court or Supreme Court in making - survey and collecting necessary qualitative data of the Scheduled Castes and the Scheduled Tribes in the services of the State for granting reservation in promotion. Whether a court should issue a direction to effectu....... + More
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2016 (3) TMI 1471
Extension of stay on recovery by Tribunal - stay being in excess of 365 days - validity of stay on disputed demand granted earlier in respect of the appeals pending before it in exercise of power u/s 254(2A) - grievance of the Revenue is that it is without jurisdiction as the extension of the stay results in stay being in excess of 365 days, therefore, in clear breach of the third proviso to Section 254(2A) - HELD THAT:- The stay granted by the impugned orders is for a period of six months from its date i.e. 17th July, 2015 and 11th September,....... + More
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2016 (3) TMI 1470
Disallowance of the benefit u/s 80P(2) (d) - CIT(A) allowed deductio 2014 (9) TMI 1280 - ITAT JODHPUR] n - HELD THAT:- As it is noticed that the learned CIT (A) has followed judicial discipline by deleting the disallowance by following the decision of the co-ordinate Bench of this Tribunal in assessee s own case for the immediately preceding year [ 2014 (9) TMI 1280 - ITAT JODHPUR] and as the Revenue has not been able to show any distinguishable facts, we are of the view that the finding of the learned CIT (A) is on right footing and does not ....... + More
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2016 (3) TMI 1469
Exemption u/s 11 - assessee is not entitled to claim of such exemption which was not made in the return - HELD THAT:- As observed that the assessee society is registered u/s 12A of the Act and enjoys its benefits. In our considered view the ld. CIT(A) being an appellate authority ought to have considered the assessee's claim which was purely legal in nature and the reservation as contemplated in the Goetze India Ltd. [ 2006 (3) TMI 75 - SUPREME COURT] is applicable to AO and not to the appellate authority. We are of the view that assessee&....... + More
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2016 (3) TMI 1468
Disallowance of interest - advances granted for acquiring development rights in relation to land situated at Bhandup - interest charged @ 12% on the aggregate loan - as per AO since there is no business during the relevant previous year and the only receipt declared by the assessee is interest on debentures and assessee has advanced interest free loan to Ackruti City Ltd - HELD THAT:- We are of the considered opinion that the disallowance of interest, if any, is to be restricted to the amount of advance actually given by the assessee and shoul....... + More
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2016 (3) TMI 1467
Seeking sanction of scheme of amalgamation with Virchow Drugs Limited. - Sections 391 and 394 of the Companies Act, 1956 - HELD THAT:- This Court is of the opinion that the proposed scheme of amalgamation is in conformity with the provisions of the Act. The scheme does not affect the interest of stakeholders and the public or public interest and is intended to further the business interests of transferor and transferee companies for more profit and maximum utilization of available resources. Therefore, the scheme of amalgamation approved in th....... + More
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2016 (3) TMI 1466
Seeking production of original record relating to the assessment proceedings - proceedings initiated by the Assessing Officer for making a provisional assessment were not correct - violation of principles of natural justice - HELD THAT:- The petitioner was directed to file reply by 10th February, 2016 which was not possible and, accordingly, the petitioner rightly applied for adjournment, which was granted fixing 15th February, 2016. The order sheet shows that the petitioner did not appear on 15th February, 2016, but at the same time, we find ....... + More
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2016 (3) TMI 1465
Addition of prior period expenses - In the absence of any supporting evidence/documents, the expenses AO made the addition - CIT(A) deleted the addition - HELD THAT:- The assessee is a public sector undertaking and it has got a vast organization. In its system of account when expenditures are not reported or identified upto the close of the year are subsequently accounted for under prior period expenses. This system of accounting has been regularly followed and the Department has not disputed about this in the past. We also agree with the cont....... + More
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2016 (3) TMI 1464
Jurisdiction of Delhi Special Police Establishment to inquire or investigate into any offence alleged to have been committed under the Prevention of Corruption Act, 1988 - Section 6A(1) of the Delhi Special Police Establishment Act, 1946 - HELD THAT:- The provisions of Section 6A(1) of the Delhi Special Police Establishment Act, 1946 has been held to be unconstitutional being violative of Article 14 of the Constitution of India by a Constitution Bench of this Court in DR. SUBRAMANIAN SWAMY VERSUS DIRECTOR, CENTRAL BUREAU OF INVESTIGATION ANR. ....... + More
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2016 (3) TMI 1463
Winding up of company - inability to pay debts under Section 434(1)(a) of Companies Act - HELD THAT:- The learned Single Judge held that this was not an appropriate case for winding-up of the company on the ground of its inability to pay debts under Section 434(1)(a). In the present case, whilst there is no doubt that the respondent company had made an OTS offer, there is no material to suggest that this offer was accepted by the IDBI and so communicated. On the other hand, the IDBI in fact assigned the debt to Kotak Mahindra Bank, which later....... + More
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2016 (3) TMI 1462
Jurisdiction - power of Court under Section 34 of the Arbitration and Conciliation Act, 1996 to remit the matter to the arbitral tribunal after setting aside an arbitral award - HELD THAT:- A plain reading of Section 34 of the Act will show that parliament has not conferred any power of remand to the Court to remit the matter to the arbitral tribunal except to adjourn the proceedings as provided under sub-section (4) of Section 34 of the Act. The object of sub-section(4) of Section 34 is to give an opportunity to the arbitral tribunal to resum....... + More
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2016 (3) TMI 1461
Seeking revocation of suspension order based on the Government Circular issued in Letter No.13519/N/2015-1, dated 23.07.2015 - HELD THAT:- In the present case, the petitioner was placed under suspension on 26.08.2011 and the respondent had enhanced his subsistence allowance on 23.07.2012. Thereafter, only on 29.07.2013, he was issued with the charge memo to which it is made clear that he has to face an enquiry. Even after lapse of three years, the respondent has not passed a reasoned order of extension of suspension. However, with regard to th....... + More
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2016 (3) TMI 1460
Reopening of assessment u/s 147 - addition u/s 68 - unexplained cash deposits - HELD THAT:- As modus operandi of the transaction is that the moment the cash is deposited immediately the cheques are issued in favour of the somebody. Mostly the name appears of Milap Automotive Pvt. Ltd. - we reject the contention of the assessee that there is no live link between the reasons and the information received. The assertion of Assessee that on receipt of the information from another AO, AO has simply jumped to the conclusion that the deposit is unacco....... + More
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2016 (3) TMI 1459
TP Adjustment - DRP directing the TPO/AO to provide freight subsidy where the figure of freight subsidy is not separately available in the annual report of the assessee company - HELD THAT:- We are not in agreement with the findings of the TPO, in view of the fact that in para-20 schedule to the notes of account of the annual report of global green, it is clearly mentioned that transportation outward expenses are net of freight subsidy. As further observed that by the DRP in such circumstances, in the absence of any contradictory evidence, it ....... + More
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2016 (3) TMI 1458
Deduction u/s 80IA - AO disallowed deduction as Department has filed SLP before the Hon ble Supreme Court challenging the decision of Velayudhaswamy Spinning Mills P. Ltd. [ 2012 (10) TMI 1125 - SC ORDER] - HELD THAT:- As decided in Velayudhaswamy Spinning Mills Others [ 2010 (3) TMI 860 - MADRAS HIGH COURT] eligible business were the only source of income during the previous year relevant to initial assessment year and every subsequent assessment years. When the assessee exercises the option, the only losses of the years beginning from initia....... + More
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2016 (3) TMI 1457
Attribution of income - receipt of arbitration award and interest thereon - allowability of expenses related to award - whether expenses incurred should have been allowed only net income ought to have been taxed? - HELD THAT:- On verification of computation, it is found that payment of (vi) running bills, principal amount and thereon interest from 01/6/1993 to 31/5/1999 and balance payment (unmeasured work), principal amount and interest thereon from November, 1993 to 31/5/1999 , the Arbitrator has allowed principal amount of Rs. 1,36,983/- an....... + More
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2016 (3) TMI 1456
Seeking forbearing the respondents from enforcing the provisions of the amended Paragraph 26(2) of the Employees Provident Fund Scheme in so far as temporary and casual and site workers engaged by the members of the petitioner - HELD THAT:- Since the Hon'ble Supreme Court in J.P.Tobacco Products, etc., etc. v. Union of India Others [ 1995 (4) TMI 320 - SUPREME COURT ] has already dealt with amended paragraph 26(2) of the Employees' Provident Fund Scheme, 1952, the same cannot be challenged in the present Writ Petition and further as pe....... + More
