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 →

Mr. Paresh Vakharia, M/s. PHD & Associates Versus Income tax Officer-16 (3) (2) , Mumbai

Revision u/s 263 - loss from house property which was set off from income of business and profession need to disallowed as there was no scope for taking possession of the flat in the financial year 2011-12 and claiming the loss in-house property - Held that:- We find that the assessee had purchased a residential unit, vide agreement dated 08/09/2011, for ₹ 1. 06 corrodes, that he had taken a loan of ₹ 90. 54 lakhs from a bank, that he had submitted the copies of agreement for purchas .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

- We find that the AO had made proper enquiries about the house property income and the loss claimed by the assessee during the assessment proceedings. After considering the available material the AO had arrived at a definite conclusion. In our opinion, the assessment passed by the AO with regard to house property income and loss claimed by the assessee cannot be termed as erroneous or prejudicial to interest of revenue. Revision order dismissed - Decided in favour of assessee - I. T. A. 326 .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

sessment u/s. 143 (3) of the Act, on 03/02/2015, determining the income of the assessee at ₹ 7, 61, 790/-. 2. On examination of record, the CIT found that the assessee had claimed loss from house property, amounting to ₹ 3, 00, 990/- which was set off from income of business and profession, that the possession of the flat was to be given to the assessee by the developer on 31/12/2012, that there was no scope for taking possession of the flat in the financial year 2011-12 and claiming .....

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 possession of the flat was taken by him. After considering the submission of the assessee, the CIT held that the letter of the builder did not indicate the posssession could be taken by the assessee, that the second paragraph of the letter clearly indicated that the occupancy certificate for the flat was not issued by the CIDCO, that the electricity bill showed nil consumption, that the actual position of the flat was not given to the assessee, that he was not eligible to claim the loss in res .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ial to the interest of revenue, that the CIT issued the show cause notice without taking into consideration the relevant document on record i. e. the letter dated 27/03/2012 issued by the builder giving the physical possession of the flat, that the CIT did not make any independent verification or examined the record, that the revision order was based on new facts/grounds, that the facts/ground mention in the show cause notice were not the basis for the revisionary order, that the CIT had directe .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

632), Sunbeam Auto Ltd. (332 ITR 167). The Departmental Representative (DR) supported the order of the CIT and argued that the AO had not made necessary enquiry. 4. We have heard the rival submissions and perused the material before us. We find that the assessee had purchased a residential unit, vide agreement dated 08/09/2011, for ₹ 1. 06 corrodes, that he had taken a loan of ₹ 90. 54 lakhs from a bank, that he had submitted the copies of agreement for purchase of the flat along wit .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

made proper enquiries about the house property income and the loss claimed by the assessee during the assessment proceedings. After considering the available material the AO had arrived at a definite conclusion. In our opinion, the assessment passed by the AO with regard to house property income and loss claimed by the assessee cannot be termed as erroneous or prejudicial to interest of revenue . It cannot be held that the view taken by the AO was against the provisions of the law or he has not .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

d furnished the agreement of purchase of flat to the AO and the letter of the assessee issued by the builder. From the letter it was clear that the possession of the flat was handed over to the assessee before the year-end i. e. on 27 March of the year under appeal. The letter talks of handing over of the keys of the flat. Considering the peculiar effect and circumstances of the case under consideration, we are of the opinion that the order passed by the CIT u/s. 263 of the Act was against the m .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

d of twin conditions, namely, (i) the order of the Assessing Officer sought to be revised is erroneous ; and (ii) it is prejudicial to the interests of the Revenue. If one of them is absent-if the order of the Income-tax Officer is erroneous but is not prejudicial to the Revenue or if it is not erroneous but is prejudicial to the Revenue-recourse cannot be had to section 263(1) of the Act. The provision cannot be invoked to correct each and every type of mistake or error committed by the Assessi .....

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 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

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.



|| 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