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 →

Meeta Gutgutia Versus ACIT, Central Cirle-10, New Delhi

penalty u/s 271(1)(c)- Held that:- It is an undisputed fact that the returned income has been accepted, there is no satisfaction recorded by the assessing officer that assessee had concealed income with reference to return of income filed by him in response to notice u/s 148.

Supreme Court in Varkey Chacko v. CIT [1993 (8) TMI 1 - SUPREME Court ] has held that a penalty for concealment of particulars of income or for furnishing inaccurate particulars of income can be imposed only when .....

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 a definite finding that there is concealment, as without such a finding of concealment, there can be no question of imposing any penalty. In the assessee’s case, the AO has not given any finding in assessment order that the assessee had concealed any income or furnished inaccurate particulars of such income. He had simply accepted the returned income u/s 148. Hence assessee’s case is covered by the decisions referred to above and penalty u/s 271(1)(c) will not be imposable. - Decided in favour .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ion in possession of the Assessing Officer that the assessee s income to the extent of ₹ 26,89,149/- had escaped assessment, action u/s 147 of the I.T. Act, 1961 was initiated and accordingly, a notice u/s 148 was issued. The information which was in possession of the Assessing Officer was Form No. 26AS filed by the deductor with the department, which showed that for the financial year 2007-08, relevant to assessment year 2008-09, the assessee had received a total amount of ₹ 26,98,1 .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

M/s. Fern N Petals. After examining the details/information on record, the Assessing Officer completed the assessment in terms of order u/s 148/143(3) dated 30.12.2011 at a total income of ₹ 51,53,610/- as declared by the assessee in the return filed in response to notice u/s 148 of the I.T. Act, 1961. 2.1 Since no return of income for the assessment year under consideration u/s 139(1) or 139(4) of the I.T. Act, 1961 was filed by the appellant, the income declared and assessed at ₹ 5 .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

se of the assessee, she had taxable income for A.Y. 2008-09 for which she was liable to furnish her return of income before the due date of the relevant year or at the most before the expiry of one year from the end of the relevant Assessment Year i.e. only upto 31/03/2010. Whereas, the assessee has filed her return of Income on 16.12.2010 i.e. only after issue of notice u/s 148 of the I.T. Act, on 29.09.2010. The intention of the assessee to conceal her particulars of income proves from the fac .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

axable income shown in the return of income filed in response to notice u/s 148. Therefore, it is only in pursuance of the department, that the assessee has disclosed her taxable income for the A.Y. 2008-09 and has paid the taxes. 4. In appeal before the First Appellate Authority, the Ld. CIT (A) confirmed the imposition of penalty but reduced the quantum to 100% of the tax allegedly sought to be evaded. 5. Now, the assessee is in appeal before us. 5.1 The Ld. AR submitted that Income returned i .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

h the Department as to any concealment having been made by the assessee. It was urged by the Ld. AR that the assessee is regularly assessed u/s 143(3) with Central Circle-19 (Erstwhile CC- 10) for previous AY s and the Return u/s 139(1) not filed for the year could not be filed due to the following reasons : (a) Due to financial paucity balance tax due could not be paid by the due date, and (b) Prior to amendment in section 139(9) inserted by the Finance Act 2013, w.e.f. 1-6-2013, any return fil .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

6-12-2010 5.3 The Ld. AR submitted that from a conjoint reading of the provisions of section 153(1) as well as the factual matrix of significant dates it was clear that not only did the assessment proceedings start before the expiry of due date u/s 153(1) but return was also submitted in compliance thereof before the expiry of the prescribed time limit u/s 153(1). The Ld. AR also submitted that Hon ble Delhi High Court in the case of CIT vs. SAS Pharmaceuticals 335 ITR 259 (Del) in Para 15 and 1 .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

he income-tax return and offered the entire income for the purposes of tax. He submitted that the returned income was accepted by the AO and no addition was made and hence the penalty u/s 271(1)(c ) was not imposable. He also submitted that the assessee s case is squarely covered by the findings of the ITAT Bangalore Bench in the case of Muninaga Reddy vs. ACIT ITA 1488/Bang/2012 for the preposition that when an income which is ultimately brought to tax is declared in a return of income, there 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

the facts of the case and the settled judicial pronouncements the penalty ought to be deleted. 5.4 The Ld. DR relied on the order of the Ld. CIT (A) and submitted that the penalty evaded ought to be sustained. 6. We have heard the rival submissions and perused the material on record. It is an undisputed fact that the returned income has been accepted, there is no satisfaction recorded by the assessing officer that assessee had concealed income with reference to return of income filed by him in r .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

particulars. The penalty was permissible under the law on the date on which the offence of concealment of income was committed, that is to say, on the date of the offending return. Hon ble Madras High Court in the case of CIT v. K.R. Chinni Krishna Chetty [2000] 246 ITR 121 has held that under section 271(1)(c) of the Act the authority is given the discretion to levy a penalty if there is concealment of particulars of income and even as regards the quantum of the penalty there is a discretion. O .....

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     ↓  

Circular: Certain Clarifications sought on Construction Services provided in the Real Estate Sector – reg.

Forum: transfer of shares

Forum: Input tax credit

News: Anti-dumping duty on import of bus/truck tyres from China

News: Fast-track GST refund, else ₹ 65K cr may be stuck: Exporters

Forum: Input credit of gst paid on urd

Forum: 3B mistake

Highlight: It is open to the Settlement Commission to use best judgment in arrival of the figure. Nonetheless it has to explain the manner in which the best judgment figure has been arrived at by the Settlement Commission - HC

Highlight: Deemed dividend u/s 2(22)(e) - advances given to societies - in the absence of legal right of the assessee in the said society the amount advanced cannot be treated as deemed income.

Highlight: When electrical installations are treated as plant and machinery the depreciation has to be allowed @ 25% as per provisions contained u/s 32

Forum: GST return filing software online | Easy GST compliance management

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

TMI Note: Capital Gain - transfer of right in the land or transfer of land itself - addition u/s 50C - Harassment to the honest tax payers

Highlight: Option to avail composition scheme under GST by electronically filing an intimation in FORM GST CMP-02 and FORM GST ITC-03 upto 30-9-2017 - See Rule 3(3A)

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

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?



|| 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