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 →

Jai Prakash Tyagi Versus Income-tax Officer, Ward 2 (1) (3) , Ghaziabad

Deduction u/s. 54F - Held that:- In the instant case, when the assessee made a claim before the first appellate authority regarding deduction u/s. 54F for the purpose of determining the capital gain, it was incumbent upon the first appellate authority to make enquiry into the matter or could direct the Assessing Officer to enquire into and to give report on the allowability of such claim in the facts and circumstances of the case. However, the ld. CIT(A) has not exercised its discretionary power .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ssessee shall be given reasonable opportunity of being heard. The assessee is also directed to cooperate with the Revenue authorities. Accordingly, the appeal of the assessee is allowed for statistical purposes. - ITA No. 736/Del./2016 - Dated:- 14-7-2016 - SHRI I.C. SUDHIR, JUDICIAL MEMBER AND SHRI L.P. SAHU, ACCOUNTANT MEMBER For The Appellant : Sh. Anurag Jain, C.A. For The Respondent : Sh. V.R. Sonbhadra, Sr. DR ORDER Per L.P. Sahu, Accountant Member: This is an appeal by the assessee agai .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

u/s. 54F. Appellant was sick during the course of assessment and could not attend and claim the deduction before AO. Hence deduction u/s. 54F was not allowed by A.O. 4. Aggrieved by the order of AO assessee submitted his medical certificate and application u/r 46A of the Income tax Act before CIT(Appeals) and prayed to accept the additional evidence of construction of residential but Hon ble CIT(Appeals) did not accept the additional evidence which is wrong and bad in law. CIT(Appeals) has ment .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

duction for investment of ₹ 10632000/- u/s. 54F and justice restored. 2. The brief facts of the case are that the notice was issued u/s. 148 on 25.03.2013 which was duly served upon the assessee on 30.03.2013, but the assessee neither appeared before the AO nor filed any return of income in response to said notice. Notice u/s. 142(1) was also issued on 02.08.2013 which was not responded to. Thereafter several notices were issued to the assessee, but the assessee did not bother to appear 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

perty on 16.03.2007 for a consideration of ₹ 3.00 crores, in which the assessee s ½ share comes to ₹ 1.5 crore. The circle rate of the property was ₹ 9,000/- per sq. meter. The plot was measured as 1091.51 sq. meter. The total cost as per circle rate comes to ₹ 98,23,590/- and the assessee s ½ share comes to ₹ 49,11,795/-. Thus, the Assessing Officer calculated longterm capital gains at ₹ 1,88,00,205/- (1,50,00,000 - 49,11,795). The stamp duty wa .....

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 same. The assessee submitted a medical certificate which was issued by Kailash Medicare & Research Centre, 13-Prem Enclave, Meerut Road, Opp. DPS, Ghaziabad (U.P.). The assessee produced a valuation report for the construction of a house of ₹ 1,06,32,000/- from the registered valuer for claiming deduction u/s. 54F of the IT Act. The ld. CIT(A) did not accept the additional evidences and upheld the order of Assessing Officer stating that there was no claim made before the Assessing 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

end the action taken u/s. 147/148 of the Act. It was submitted that the ld. CIT(A) was not justified to reject the additional evidences furnished in the shape of medical certificate and valuation report in support of assessee s claim u/s. 54F of the Act. 5. The ld. DR vehemently objected the additional evidences submitted by the ld. AR. He submitted that ample opportunities had been given to the assessee. However, not to speak of furnishing any reply/evidence before the AO, he even did not bothe .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

231 ITR 1 and Gauhati High Court in CIT vs. Ranjit Kumar Choudhary, 288 ITR 179. 6. We have considered the rival submissions and have also gone through the entire material available on record before us. The grievance of the assessee in this appeal is based on the stand that the ld. CIT(A) was not justified not to admit the additional evidences laid before him u/r. 46A, as the assessee was not afforded reasonable opportunity of hearing before the AO and the assessee was not aware of the notices .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

as prevented by sufficient cause from producing such evidence which he was called upon to produce by the Assessing Officer; (iii). Where the appellant was prevented by sufficient cause from producing before the Assessing Officer any evidence which is relevant to any ground of appeal and (iv). When no sufficient /reasonable opportunity of hearing to the appellant was given to adduce any relevant evidence by the Assessing Officer at the time of passing the order impugned. 7. Admittedly, the first .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

tice u/s. 148 was served upon the assessee on 30.03.2013, as mentioned in the assessment order itself. On this date the assessee was not ill and could appear before the AO, but he did not do so. Not only this, before the date of commencement of assessee s ailment, i.e., 10.01.2014 as certified in medical certificate, 4-5 notices u/s. 142(1) had also been issued to the assessee, but he did not bother to respond. Besides, the assessment order has been finalized on 17.02.2014 and the assessee was 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

ee has failed to avail any of the opportunity for which no good reason have been assigned before us, as discussed above. We, therefore, hold that exceptions set out in rule 46A of the Act under which the assessee could file the additional evidences, do not stand satisfied in the instant case. 8. However, it is pertinent to note that the aforesaid exceptions set out in rule 46A do not deal with the powers of the first appellate authority to make further enquiry or to direct the Assessing Officer .....

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     ↓  

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

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

Forum: GST Invoice

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.

News: GST implementation smoother than expected: Jaitley

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

Forum: 3B mistake

Forum: Input tax credit

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

Forum: Due date of Filing TRAN-1

Highlight: Diversion of income at source - Joint venture agreement - 97% of the receipt transfer to M/s TRG Industries (P) Ltd. - scope of the agreement - it is diversion by overriding title - not taxable in the hands of assessee - HC

Highlight: Expenditure on eligible projects or schemes u/s 35AC - After 01.04.2017 the legislature desired to withdraw such deduction. - The Union legislature was competent to introduce such amendment - HC

Highlight: Transfer of trading assets at cost price, the profit component also stood transferred to the outgoing Directors, which otherwise belonged to the Company - the fact that AO has made the addition in the hands of the Directors would not make any difference - additions confirmed - HC

Highlight: The interest u/s 234B of the Act cannot go beyond the stage of S.245D(I) before the Settlement Commission - HC

Highlight: Galvanized iron pipe is a different commercial commodity than a iron pipe, therefore the activity of galvanization in our considered opinion amounts to manufacture - Deduction u/s 80-IB allowed - HC

Highlight: Penalty u/s 271C - non deduction of TDS on interest paid to sister concerns in terms of Section 194A - Levy of penalty confirmed - HC

Highlight: Disallowance of interest - reference to section 179 - The legislature has also recognised, that the doctrine of lifting of veil in the matter of tax dues is to be applied to prevent fraud etc. and not where the company has suffered despite its normal bona fide function. - HC

News: RBI Reference Rate for US $

Notification: Amendment in Notification No. S.O. 3118(E), dated the 3rd October, 2016

Highlight: Discount on ESOP to be allowed as business expenditure u/s 37(1), during the years of vesting on the basis of percentage of vesting during such period, subject to upward or downward adjustment at the time of exercise of option.

Notification: Central Government appoints the 20th September, 2017 as the date on which proviso to clause (87) of section 2 of the Companies Act 2013, shall come into force

Notification: Companies (Restriction on number of layers) Rules, 2017

Highlight: Penalty u/s 271(1)(c) - additional income disclosure - surrender of income post survey u/s 133A - he disclosure made by the assessee is voluntary in nature, in the revised return - no penalty

Highlight: Reopening of assessment - notice u/s 148 issued on the directions of JCIT / CIT - a perusal of reasons for initiating reassessment proceedings clearly show that they are against the sprit of provisions u/s 147

Highlight: MAT - Adjustment to book profit - computation u/clause (f) of Explanation-1 to section 115JB(2) is to be made without resorting to the computation as contemplated u/s 14A r.w.Rule 8D of I.T. Rules.

Highlight: Addition on account of alleged suppression of service value received - the addition made simply believing the Form 26AS will be an arbitrary exercise of power which cannot be sustained

Notification: Exempts intra state supply of heavy water and nuclear fuels from DAE to NPCIL

Notification: Seeks to amend notification No. 12/2017-UTT(R) to exempt right to admission to the events organised under FIFA U-17 World Cup 2017

Notification: Seeks to amend notification No. 11/2017- UTT(R) to reduce CGST rate on specified supplies of Works Contract Services

Highlight: Liability to pay duty on import of software - Though no authorization was given by the appellant to DHL, it is an undisputed position that the software has, in fact, been ordered by the appellant and have been delivered to them by DHL - the appellant is to be considered as the importer



|| 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