Subscription   Feedback   New User   Login      
Tax Management India .com
TMI - Tax Management India. Com
Forum Articles Highlights TMI Notes SMS News What's New Calendar Imp. Links Database More...
Extracts
Home List
← Previous Next →

DDIT, Circle-1 (1) , International Taxation, New Delhi Versus Naga Rama Prasad Bonda

Penalty levied by the AO u/s 271(1)(c) - CIT(A) deleted the levy - revision of computation of income - Held that:- In the present case, it is an admitted fact that the assessee wrongly computed the short term capital gain to be carried forward due to some wrong formula entered into computation sheet used to work out the short term/long term capital gains / loss and when the mistake came to his notice, the assessee corrected the figures and filed the revised details of short term capital loss bef .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

computation and paid the due tax on the income of the succeeding years because the claim of carried forward of short term capital loss had affected the future tax liability. See Price Water House Coopers (P.) Ltd., [2012 (9) TMI 775 - SUPREME COURT]

Thus we hold that no penalty is leviable in the facts and circumstances of the case under Section 271(1)(c) of the Act. Hence, the appeal filed by the assessee is allowed in full. - Decided in favour of assessee. - ITA No. 45/Del./2014 - D .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

eturn of income on 30.07.2009 declaring nil income and claiming short term capital loss of ₹ 62,09,653/- to be carried forward. However, in the assessment framed u/s 143(3) of the Act vide order dated 22.12.2011, the AO allowed short term capital loss of ₹ 30,27,277/- to be carried forward. The assessee did not preferred any appeal against the said assessment order thereafter the AO levied a penalty of ₹ 8,58,653/- u/s 271(1)(c) of the Act. 4. Being aggrieved the assessee carri .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

that when the notice u/s 143(2) was received, the assessee came to know of the mistake and filed the revised details of short term capital loss before the AO vide letter dated 24.10.2011. It was also stated that the assessee filed a revised return of income declaring thereon figure of short term capital loss at ₹ 30,27,277/- but the AO treated the revised return as non-est as it was filed beyond the time available u/s 139(5) of the Act but assessed the short term capital loss to be carried .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

loss. It was further submitted that the aforesaid act of the assessee was the proof of bonafide of the assessee and what else could he do, to undo the mistake, other than rectifying all the matters related thereto and pay the taxes which was only way open to the assessee to show his regret for the mistake. The reliance was placed on the judgement of the Hon ble Supreme Court in the case of CIT vs. Reliance Petro Products and of the Hon ble Delhi High Court in the case of CIT vs. Dharampal Premch .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

1 from the AO vide which he was required to give details regarding his claim of capital loss. In response to this questionnaire, the appellant filed a reply before AO vide letter dated 24.10.2011 that return for subject AY has been revised on 19.10.2011 in which claim of short term capital loss has revised to ₹ 30,27,277/-. The AO held that revised return is non-est being beyond prescribed time limit u/s 139(5). However, the AO accepted the revised figure of short term capital loss 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

by taking help from staff in Morocco. The computation of capital gain / loss was done using XL sheet and because of some wrong formula entered into XL sheet, a portion of long term capital los was picked up as short term capital loss. The appellant further submitted that when he received questionnaire wherein routine details about claim of short term capital loss were asked for, working of capital loss was again rechecked and mistake was detected. Perusal of questionnaire issued by the AO revea .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ant in his revised return, though rejected as non-est by the AO. The appellant has furnished both copies of working of capital loss, explaining how the mistake got crept in. There is force in argument of the appellant since there was short term capital loss in both original and revised computation and there was no tax liability, there could not be any intention on the part of the appellant to furnish wrong particulars of his income. The claim of carry forward of short term capital loss would hav .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

1 does not apply as the appellant has been able to substantiate his explanation and also could prove that explanation is bonafide. 5.4 The word conceal has been derived from the Latin word concelare which implies to hide . It is however implicit in the word concealed that there has been a deliberate act on the part of the assessee. It is established principle of law that assessment and penalty proceedings are entirely different & independent and standard of evidence which may be good for as .....

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 case. Accordingly the impugned penalty order u/s 271(1)(c) is quashed. The AO is directed to grant relief accordingly. The grounds of appeal are disposed of accordingly. Now the department is in appeal. 6. The ld. DR strongly supported the order of the AO and reiterated the observations made in the assessment order it was further stated that the assessee disclosed wrong figure of capital loss to be carried forward and as such concealed the income by disclosing the wrong facts, therefore, the A .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

fully gone through the material available on record. In the present case, it is an admitted fact that the assessee wrongly computed the short term capital gain to be carried forward due to some wrong formula entered into computation sheet used to work out the short term/long term capital gains / loss and when the mistake came to his notice, the assessee corrected the figures and filed the revised details of short term capital loss before the AO vide letter dated 24.10.2011, much before the compl .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ng years because the claim of carried forward of short term capital loss had affected the future tax liability. On a similar issue the Hon ble Supreme Court in the case of Price Waterhouse Coopers Pvt. Ltd. vs. CIT, 348 ITR 306 has held as under :- Allowing the appeal, that the facts of the case were peculiar and somewhat unique. Notwithstanding that the assessee was a reputed firm and had great expertise available with it, it was possible that even the assessee could make a silly mistake. The f .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 

  ↓     Latest Happening     ↓  

Forum: Input tax credit

Forum: GST on Notional rent

Forum: GST ON SALES PROMOTION

Forum: 3B mistake

Forum: Excise duty credit on finished stock at additional place of business.

Forum: PROCEDURE FOR SHIFTED OF FINISHED GOODS FROM AP KARNATAKA TO UP

TMI Note: Does ICDS apply for the purposes of computing exemption u/s 11 to 13.

Highlight: Voluntary Reporting of Estimated Current Income and Advance Tax Liability - CBDT issues draft notification

TMI Note: Certain ICDS provisions are inconsistent with judicial precedents. Whether these judicial precedents would prevail over ICDS.

Highlight: Provisions of ICDS shall prevail w.e.f. AY 2017-18 to the transactional issues dealt therein over earlier judicial pronouncements.

Notification: Levy of anti dumping duty on New/unused pneumatic radial tyres with or without tubes and/or flap of rubber (including tubeless tyres) having normal rim dia code above 16 originating in, or exported from China PR

News: Voluntary Reporting of Estimated Current Income and Advance Tax Liability

TMI Note: In case of conflict between ICDS and other specific provisions of the Income-tax rules, 1962 governing taxation of income like rules 9A, 9B etc. of the Rules, which provisions shall prevail.

TMI Note: Does ICDS apply to computation of Minimum Alternate Tax (MAT) u/s 115JB of the Act or Alternate Minimum Tax (AMT) u/s 115JC of the Act.

TMI Note: Where a term has not been defined under ICDS, nor under the Act, but has different interpretations given to it by the courts in tax cases, and in ICAI Accounting Standards, which interpretation would prevail while interpreting ICDS.

TMI Note: Whether the provisions of ICDS apply to a non-resident who claims the benefit of a double taxation avoidance agreement (DTAA).

TMI Note: In case any of the ICDS provisions is contrary to a circular or press release issued by the CBDT, which would prevail over the other.

TMI Note: ICDS-I requires disclosure of significant accounting policies and other ICDS requires specific disclosures. Where is the taxpayer required to make such disclosures specified in ICDS.

Notification: Income Computation and Disclosure Standards (ICDS) - New ICDS to be effective from AY 2017-18

Forum: Input credit of gst paid on urd

News: RBI Reference Rate for US $

Highlight: GST - Detention of goods under transport - discrepancy in documents - the statutory provisions provide a mechanism for adjudication following detention of goods including for the provisional release thereof pending adjudication - HC

Highlight: Reassessment - first few paragraphs of the assessment order dealt with objections and disposed of accordingly - Unfortunately, the manner in which the AO has decided the issue is wholly unsustainable in law - HC

Highlight: Business expenditure u/s 37 - liquidated damage - breach of contract terms - Expenditure was not incurred for any purpose which is an offence or which is prohibited by law - cannot be disallowed - HC

Highlight: Valuation - inclusion of reimbursement of expenses - managing participation of clients in certain mela, fairs, promotional activities etc. - They are liable to service tax on the gross amount received - They cannot restrict their tax liability to only agency commission

Highlight: TDS liability - ITAT confirmed the liability - We do not see how it is possible for us to uphold the order of the Tribunal and when it purports to decide two Appeals of the Revenue by single paragraph conclusion - HC

Highlight: Reopening of assessment - sufficiency of material available with the AO to form a belief that income chargeable to tax had escaped assessment - bogus purchases - seller refused to respond - notice would not be interfered with - HC

Highlight: Exemption u/s 11 - education activities - transport and hostel facilities surplus cannot be considered as business income of the assessee society

News: Draft Notification for insertion of new rule 39A in the Income-tax Rules, 1962 – comments and suggestions-reg.

Highlight: Genuineness of labour wages expenses, embroidery charges, fabrication expenses etc. - getting work done through small workmen who do not have any permanent place of residence - disallowance of ad hoc expenditure deleted.

Highlight: Project import - Since the goods were never used for the purpose for which it was imported, the actual user condition has been violated - Redemption fine and penalty imposed.

Highlight: Penalty u/s 112 (a) - CHA - Lack of due diligence and failure to take more precautions can not, by itself, bring in penal consequences

Highlight: Import of services - GST - The fact that those services were received outside India will not change the fact that the services have been paid for by the beneficiary appellant, who is located in India. - Demand confirmed.

Notification: SEZ for IT/ITES at Madhurwada Village, Visakhapatnam District in the State of Andhra Pradesh - denotified.

Highlight: Merely because payment is received in Indian rupee, it cannot be said that payment against export has not been received in convertible foreign exchange.

Highlight: Merely vehicle numbers was not mentioned on the invoices cannot be the reason to deny Cenvat Credit

Highlight: Extension of time limit for submitting the declaration in FORM GST TRAN-1 under rule 120A of the Central Goods and Service Tax Rules, 2017 - Circular

Circular: Extension of time limit for submitting the declaration in FORM GST TRAN-1 under rule 120A of the Central Goods and Service Tax Rules, 2017

News: Auction for Sale (Re-issue) of Government Stocks

Article: TDS APPLICABILITY ON GOVERNMENT CONTRACTS UNDER GST (Under Section 51 of the CGST Act, 2017)

News: Manmohan takes potshots at note ban, 'hasty' rollout of GST

News: GST on petrol, diesel requires wider discussion: Nitish

Article: WHEN CAN ONE TAKE ITC FOR RCM CASES?

Notification: TDS liability under Section 51 of CGST, 2017 come into force w.e.f. 18-9-2017 - Persons liable to deduct TDS from payment made or credited to the supplier of taxable goods or services specified

Notification: Central Goods and Services Tax (Seventh Amendment) Rules, 2017

Notification: Seeks to extend the last date for filing the return in FORM GSTR-3B for the months of August to December, 2017

Circular: Filing of Special Leave Petition against Orders of Hon'ble High Courts staying Collection of Tax under GST- reg.

Highlight: Exemption u/s 54F - LTCCG - once entire net consideration is invested, the absence of completion certificate cannot be a ground to deny the benefit of deduction.

Highlight: Deduction u/s 10B - initial AY - Mere authorization to enable the Assessee to import material or export produce in the earlier date would not ipso facto tantamount to commencement of substantial activity of ‘manufacture’/’production’.

Circular: Sub:- Procedure to be followed for Import under DEEC/EPCG Scheme- 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