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 →

Uttaranchal Jal Vidyut Nigam Limited Versus DCIT, Circle 2, Dehradun

Penalty u/s 271(1)( c) - depreciation on assets claimed at a higher value - Held that:- Admittedly in the case before us, the assessee was in receipt of capital subsidy which had to be adjusted against the cost of assets purchased during the year and the depreciation on such assets had to be allowed on reduced value. The assessee had declared the complete information in respect of the said transaction in the return of income. However, under bona fide impression, the depreciation on assets had be .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

DY, ACCOUNTANT MEMBER AND SH. SUDHANSHU SRIVASTAVA, JUDICIAL MEMBER For The Appellant : Shri Rakesh Gupta, FCA, Shri Somil Agarwal, CA For The Respondent : Shri O.P. Meena, Sr. DR ORDER PER SUDHANSHU SRIVASTAVA, JUDICIAL MEMBER This present appeal preferred by the assessee arises out of the order dated 3.2.2012 passed by the ld. CIT(A)-I, Dehradun wherein the assessee has disputed the confirmation of the imposition of penalty u/s 271(1)( c) of Income Tax Act, 1961 (hereinafter called The Act ) 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

see on assets acquired out of grant and subsidies received from the state government. It is an accepted fact that the assessee withdrew the ground of appeal relating to the impugned addition before the Ld. CIT(A). 3. Ld. AR submitted that the assessee had received grant from the State Government for the development and modernization of large and small Hydro Power Projects in the state and the grant was utilised to create assets on which depreciation was claimed. He submitted that this fact was n .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

s capital reserve in the balance sheet. He relied on the decision of the Hon'ble Apex Court in the case of CIT vs Reliance Petroproducts Pvt. Ltd. 322 ITR 158 (Hon'ble Supreme Court) and also on the following decisions of the coordinate Benches of the Tribunal :- i) DCIT vs Gujarat State Forest Development Corporation Ltd. in I.T.A. No. 3294/Ahmedabad/2009 ii) ITO vs Twinkle Techplast Pvt. Ltd. in I.T.A. No. 2208 & 2209/Ahmedabad/2012 iii) NL Engineering Pvt. Ltd. vs DCIT in I.T.A. N .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

o warrant levy of penalty under section 271(l)(c) of the Act. 6. The Hon'ble Supreme Court of India in the case of CIT, Ahemdabad Vs. Reliance Petroproducts Pvt. Ltd. (supra), while referring to the word particulars in inaccurate particulars of income , observed, as per Law 'Lexicon, the meaning of word particular is a detail or details, the details of a claim, or the separate items of an account. Therefore, the word particulars" used in Section 271 (l)(c) would embrace the meaning .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

Such not being the case there would be no question of inviting the penalty under section 271(1)(c) of the Act. A mere making of the claim, which is not sustainable in law, by itself will not amount to furnishing inaccurate particulars regarding the income of the assessee. Such claim made in the Return cannot amount to inaccurate particulars. 7. The Hon'ble Supreme Court in CIT, Ahemdabad Vs. Reliance Petroproducts Pvt. Ltd (supra) further noted that in the facts of the case before it, there .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

is not to levy penalty u/s 271 (l)(c) of the Act in case of every non acceptance of claim made by the assessee in the return of income. 8. The Hon'ble Supreme Court in CIT Vs Reliance Petroproducts P. Ltd. (supra) further held as under : Reading the words "inaccurate" and "particulars" in conjunction, they must mean the details supplied in the return, which are not accurate, not exact or correct, not according to truth or erroneous. In this case, there is no finding 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

well as income in its return, which details, in themselves, were not found to be inaccurate nor could be viewed as the concealment of income on its part. It was up to the authorities to accept its claim in the return or not. Merely because the assessee had claimed the expenditure, which claim was not accepted or was not acceptable to the Revenue, that by itself would not attract the penalty under s. 271(1)(c). If the contention of the Revenue is accepted then in case of every return where the c .....

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     ↓  

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

Notification: Seeks to exempt goods imported for organising FIFA under 17, world cup, 2017

Forum: Wrong quote of GSTIN no of buyer in GSTR-1

Forum: Getting upload error message.Cannot upload json file for GSTR1 even after using offline tool V 1.2..

Forum: Issue of Payment Voucher

Forum: filing of unaudited financial accounts

Forum: GST on Notional rent

Forum: need of extention of agm in case of non filing

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.

News: RBI Reference Rate for US $

Article: INELIGIBLE INPUT TAX CREDIT UNDER GST REGIME

Article: MISTAKES IN DRAFTING

Article: All about E-way Bill under GST

Highlight: Provision for sick leave liability - based on the basis of notional figures - such notional liability cannot be allowed as deduction - section 43B(f) is not applicable.

Highlight: Penalty u/s 271(1)(c) - the amended provision of Explanation 5A made applicable w.r.e.f from 1.6.2007 cannot be pressed into service.



|| 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