Subscription   Feedback   New User   Login      
Tax Management India .com
TMI - Tax Management India. Com
Articles Highlights TMI Notes SMS News Newsletters Calendar Imp. Links Database Experts Contact us More....
Extracts
Home List
← Previous Next →

Dy. Commissioner of Income Tax, Circle 11 (4) , Bangalore Versus M/s. IBM India Pvt. Ltd.

Rectification of mistake - interest u/s. 220(2) and 234D of the Act had not been charged - CIT (Appeals) deleted the charge of interest u/s.220(2) - Held that:- CIT (Appeals) has cancelled the charging of interest by placing reliance on the decisions which are not germane to the issue under consideration. We are also of the view that the decision of the learned CIT (Appeals) appears to have been based on facts which have not been placed in the proper perspective before him. It is also seen that .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

for statistical purposes - I.T.A. No.1391/Bang/2014 - Dated:- 14-8-2015 - SHRI VIJAY PAL RAO AND SHRI JASON P. BOAZ, JJ. For The Appellant : Shri Farhat Hussain Qureshi, CIT (D. R) For The Respondent : Shri Ajay Rotti, C. A. Per Shri Jason P. Boaz : This appeal by Revenue is directed against the order of the Commissioner of Income Tax (Appeals) - IV, Bangalore dt.22.9.2014 for Assessment Year 2007-08. 2. The facts of the case, briefly, are as under :- 2.1 The assessment for A.Y. 2007-08 in the .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

r Section 143(3) rws 144C was passed on 15.2.2011. It is seen that in this order interest under Section 234B and interest under Section 220 on delay of payment of ₹ 12,77,77,868 has been not levied. Also there is a mistake in calculation of interest under Section 234D. As these are the mistakes apparent from records, the same are rectified after considering assessee's submission filed on 8.7.2011. Assessee's argument that interest under Section 220(2) for the period of one month on .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

under Section 154 of the Act for A.Y. 2007- 08, the assessee preferred an appeal before the CIT (Appeals) - IV, Bangalore. From the grounds of appeal before the learned CIT (Appeals), it is seen that the assessee has raised the following issues before the CIT (Appeals) with regard to the charging of interest u/s.220(2) of the Act. (a) The Assessing Officer erred in charging interest u/s.220(2) of the Act amounting to ₹ 12,77,779 for a period prior to the date of regular assessment order un .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

T (Appeals) disposed off the assessee's appeal vide order dt.22.9.2014 allowing the assessee's appeal and cancelling the charge of interest u/s.220(2) of the Act. 3. Revenue being aggrieved by the order of the CIT (Appeals) - IV, Bangalore dt.27.9.2011 for A.Y. 2007-08, has preferred this appeal before the Tribunal raising the following grounds :- 1. The order of the learned CIT (Appeals) is opposed to law and the facts and circumstances of the case. 2. The CIT (Appeals) erred in deletin .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

. 3. For these and such other grounds that may be urged at the time of hearing, it is humbly prayed that the order of the CIT (Appeals) be reversed and that of the Assessing Officer be restored. 4. The appellant craves leave to add, to alter, amend or delete any of the grounds that may be urged at the time of hearing of the appeal. 4. The Grounds raised at S.Nos. 1. 3 & 4 are general in nature and therefore no adjudication is called for thereon. 5. Ground No.2 : Charge of Interest u/s.220(2) .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

nn 271(Mad) which are distinguishable and not applicable to the facts of the case on hand and the issue involved. The learned Departmental Representative assailed the order of the CIT (Appeals) arguing that the impugned order was wrong on facts, in that the interest u/s.220(2) of the Act has been charged only after the order of assessment under Section 143(3) of the Act was passed and submitted that the various judicial pronouncements relied on by the CIT (Appeals) in the impugned order are eith .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

Cotton Spinning and Weaving Mills Ltd. V ITO in 211 ITR 610 (Cal) (ii) ABB Ltd. V Addl. CIT in ITA No.437 &439/Bang/2012 (ITAT, Bangalore). (iii) Kapurchand Shirmal V CIT (131 ITR 0451)(SC) 5.3.1 We have heard the rival contentions and perused and carefully considered the material on record; including the judicial decisions relied on by the learned CIT (Appeals) in the impugned order. At the outset, we are constrained to observe that the order of the learned CIT (Appeals) is not a speaking .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

on hand, i. E. the charging of interest under Section 220(2) of the Act. 5.3.2 The learned CIT (Appeals) has relied on the following decisions to conclude that interest u/s.220(2) of the Act is not chargeable in the case on hand :- (i) CIT V Gujarat Electricity Board (260 ITR 84) (SC) (ii) CIT V Manjit Singh Sachdeva (310 ITR 357) (SC) (iii)Spaco Carburattors India Ltd. V Raj Kumar, DCIT reported in 284 ITR 611 (Bom) (iv)Tamil Nadu Magnesite V CIT reported in 196 Taxmann 271 (Mad) In all the abo .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ase of Manjit Singh Sachdeva (supra), it was held that no action under Section 154 of the Act could be initiated once assessment proceedings have commenced by issue of notice under Section 143(2) of the Act. The other two decisions cited are also on the same issue that intimation under Section 143(1)(a) of the Act and its rectification does not survive once regular assessment proceedings under Section 143(2) are commenced. 5.3.3 In the case on hand, however, the facts are different. It is clear .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

r view, totally misplaced. 5.3.4 We also find that in the grounds of appeal raised by the assessee before the learned CIT (Appeals), the facts of the case have been wrongly stated. For instance, the assessee raised the ground that the Assessing Officer was wrong in charging interest u/s.220(2) of the Act for a period prior to the date of regular assessment order under Section 143(3) of the Act and that there cannot be double charge of interest under Section 220(2) and 234B of the Act for the sam .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 

what is new what is new
  ↓     Latest Happenings     ↓  

Highlight: Levy of additions tax u/s 115O on distribution of dividend - shares of its profits declared as distributable among the shareholders is not impressed with the character of the profit from which it reaches the hands of the shareholder - not to be bifurcated as agriculture and non-agriculture dividend - SC

Highlight: Rate of GST on old and scrap buses - 28% or 18% - at such initial tender process initiated by the Respondents-KSRTC, the present petitions filed by the petitioners are premature and misconceived and do not require any interference by this Court at this stage. - HC

Forum: Rent a cab operator

Highlight: In view of amendment made u/s 132A of the Income Tax Act, 1961 by Finance Act of 2017, the 'reason to believe' or 'reason to suspect', as the case may be, shall not be disclosed to any person or any authority or the Appellate Tribunal, SC dismissed the appeal of the assessee

Highlight: Validity of Assessment Order - period of limitation u/s 153 (2A) is applicable even if the entire order was not set aside but matter was remanded back for for limited aspects with directions - HC

News: Note ban was a shake-up, achieved its main objectives

Notification: Amendments in the notification No.5/2017- Integrated Tax (Rate) dated the 28th June, 2017.

Highlight: Levying interest u/s 234C - interest is to be charged on the returned income and not on assessed income.

Highlight: Accrual of income - sale of right to develop and sell incentive FSI under LOI - till the conditions of LOI are fulfilled transfer is not complete and income does not accrue to the assessee

Highlight: TPA - determination of ALP - TP adjustment by applying Bright Line Test (BLT) is not sustainable on protective basis having no statutory mandate.

Highlight: Safeguard Duty - Advance License Scheme - as there is no exemption from safeguard duty leviable under Section 8C, which is imposed on the goods imported from China, the importer has to pay safeguard duty

Highlight: Manufacture - process of cutting of waste plastic container - Such plastic containers before and after cutting are nothing but waste / scrap - Not a manufacturing activity as no new product emerges.

News: NITI Aayog and Govt. of Assam organizes workshop on health sector reforms in Guwahati; launches SATH- Sustainable Action for Transforming Human Capital

Notification: Seeks to amend notification no. 5/2017- central tax(rate) dated 28.06.2017 to give effect to gst council decisions regarding restriction of refund on corduroy fabrics

Notification: Seeks to amend notification no. 2/2017- central tax(rate) dated 28.06.2017 to give effect to gst council decisions regarding gst exemptions

Forum: GSTR 3B Rectification

Notification: seeks to exempt Skimmed milk powder, or concentrated milk

Notification: Seeks to amend notification no. 2/2017- integrated tax(rate) dated 28.06.2017 to give effect to GST council decisions regarding GST exemptions.

Forum: 3B mistake

Notification: Seeks to amend notification no. 1/2017- central tax(rate) dated 28.06.2017 to give effect to gst council decisions regarding gst rates

Notification: Seeks to amend notification no. 1/2017- integrated tax(rate) dated 28.06.2017 to give effect to gst council decisions regarding gst rates.

Forum: GST - TRAN1 - filed - Data uploaded with Remarks Processed with Error - Not coming in Electronic credit ledger - need suggession guidance

News: Notification Issued For GST Actionable Claim On Branded Food Products

Highlight: Classification printed computer stationary/manifold Business Forms - to be classified under Chapter Heading 4820.00 or under Chapter Heading 4901.90 - items like A4 sheets, advertisement and job card to be classified under Chapter 49

Forum: GST Invoice

Article: Websites of Government Departments need lot of improvement. We are noticing detoriations in them for example, case of website of ITAT.

Article: RCM Applicability to persons not liable to get registered us 23(1)

Article: Credit of unsold stock [Section 140(3)] - Actual Credit as well as Notional Credit - Part-I - GST Transitional provisions

News: GST Refund - Blockage of Working Capital of Exporters - earlier also there was a normal blockage of funds for a period of 5-6 months at least

News: Clarification about Transition Credit - ₹ 1.27 lakh crore of credit of Central Excise and Service Tax was lying as closing balance as on 30th June, 2017 - claim of credit of ₹ 65,000 crore is not unexpected

Article: 20 Things You must know about E Way Bills in GST Law

Article: MISTAKES IN DRAFTING

Forum: Duty Drawback- Urgent

Highlight: The Customs and Central Excise Duties Drawback Rules, 2017 and All Industry Rates (AIRs) of Drawback related changes -reg. - Circular

Highlight: The definition of "subsidiary company" or "subsidiary" u/s 2(87) of the Companies Act, 2013 shall come into force w.e.f. 20-9-2017

Highlight: Central Government notified the All Industry Rates of Duty Drawback Schedule w.e.f. 1.10.2017 - Notification

Notification: All Industry Rates of Duty Drawback Schedule w.e.f. 1.10.2017

Circular: Investment by Foreign Portfolio Investors in Corporate Debt Securities Review

Notification: Exemptions on supply of services under UTGST Act

Notification: Rates for supply of services under UTGST Act

Notification: Exemptions on supply of services under IGST Act

Notification: Rates for supply of services under IGST Act

Notification: List of Exempted supply of services under the CGST Act

Notification: Rates for supply of services under CGST Act

Highlight: Acceptance of deposits by companies from its members - conditions relaxed in case of Specified IFSC Public company and a private company - Rule 3 amended

Notification: Rate of exchange of conversion of the foreign currency with effect from 8th September, 2017

News: Tax Payers Advised To Confirm Identities Of Income Tax Search Authorities

Notification: Amendment in Appendix 3 (SCOMET items) to Schedule- 2 of ITC (HS) Classification of Export and Import Items 2012

Notification: The Customs and Central Excise Duties Drawback Rules, 2017

Circular: The Customs and Central Excise Duties Drawback Rules, 2017 and All Industry Rates (AIRs) of Drawback related changes -reg.



|| Home || Acts and Rules || Notifications || Circulars || Schedules || Tariff || Forms || Case Laws || Manuals ||

|| About us || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members || Site Map ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.

Go to Mobile Version