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 →

Sh. Nishit Saxena Versus ITO, Ward 27 (3) , New Delhi

Reopening of assessment - reasons to believe - difference in TDS certificate and receipts shown in the P&L account - Held that:- In light of the ratio laid down by in the case of CIT vs. Orient Craft Ltd. (2013 (1) TMI 177 - DELHI HIGH COURT) find that the above decision would be squarely applicable in the present case because no fresh material is brought by the Revenue on record but the assessment has been reopened on the basis of the Form 26AS and the TDS certificate issued by the employer of .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

- ITA No. 2971/Del/2016 - Dated:- 3-1-2017 - Shri H. S. Sidhu, Judicial Member Appellant by : Sh. Ved Jain, CA & Sh. Ashish Chadha, CA Respondent by : Anil Kumar Sharma, Sr. DR ORDER This appeal filed by the Assessee against the Order dated 18.12.2015 passed by the Ld.CIT(A)-15, New Delhi for Assessment Year 2009-10 on the following grounds:- 1. On the facts and circumstances of the case, the order passed by the learned Commissioner of Income Tax (Appeals) [CIT(A)] is bad both in the ey .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

order of the AO rejecting the contention of the assessee that the reason recorded for reopening of the assessment are bad in law, and as such the reopening of the assessment is illegal and liable to be quashed. 3. On the facts and circumstances of the case, the learned CIT(A) has erred, both on facts and in law in upholding the reopening of assessment done by the AO, without there being any live nexus between the reasons recorded and the belief formed by the assessing officer that any income has .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

A) has erred in confirming the said addition despite the fact that the banquet tip income received by the assessee is on account of the reimbursement of various expenses incurred by the assessee. 5. The appellant craves leave to add, amend or alter any of the grounds of appeal. 2. The brief facts of the case are that the return of Income was filed on 24.09.2009 declaring an income of ₹ 3,95,432/-. The assessee is employed in the Hotel ITC Maurya, New Delhi, The main sources of Income are s .....

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 per AO, there was a short declaration of salary income by ₹ 11,03,O54/-. Information were also sought by AO from ITC Maurya, the employer who informed that the other income included "Banquet Tips" which showed that the amount of ₹ 9,33,420/- was also paid by the employer to the assessee. In view of this discrepancy, the case was reopened as per provisions of Section 147 of the Act and notice u/s 148 was issued on 16.12.2012. The reasons recorded for reopening the assessme .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

sessee. In the profit and loss account against the aforesaid receipts. In reply, assessee explained that he was handling banquet services which included services like hiring of bar tenders, flower decoration services, hiring of casual staff and renting of equipment etc. It was further explained that against the aforesaid receipts, expenses have been incurred by assessee which are not in the knowledge of employer, the ITC Maurya. The assessee also objected to the reopening of assessment proceedin .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

there are no corresponding withdrawals as per bank statements filed by assessee on the dates on which the payments are stated to be made. It is also observed by AO that the information called for from ITC Maurya confirmed that the amount of ₹ 9,33,420/- as mentioned in Form No. 16 was on account of banquet services and they were not aware If the employee concerned had incurred any expenses against this banquet service charges amount. In view of this, AO concluded that banquet service charg .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

; 14,37,819/- vide his order dated 14.3.2014 passed u/s. 143(3)/147 of the I.T. Act, 1961. 3. Against the aforesaid assessment order, assessee preferred an appeal before the Ld. CIT(A), who vide his impugned order dated 18.12.2015 has dismissed the appeal of the assessee. 4. Aggrieved with the order of the Ld. CIT(A), assessee is in appeal before the Tribunal. 5. At the time of hearing Ld. Counsel for the assesse stated that CIT(A) has erred both on facts and in law in confirming the order of th .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ashed. He further stated that Ld. CIT(A) has erred, both on facts and in law in upholding the reopening of assessment done by the AO, without there being any live nexus between the reasons recorded and the belief formed by the assessing officer that any income has escaped assessment. To support this contention he relied upon the Hon ble Delhi High Court decision in the case of CIT vs. Orient Craft Ltd. 354 ITR 536 (Delhi). Ld. Counsel of the assessee further stated that AO has grossly erred 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

lowing Tribunal s decisions:- i) Rafeeq Iqbal vs. ITO (ITAT, Hyderabad) - ITA No. 709/Hyd/2013 dated 13.9.2013. - 2013 (11) TMI 8 - ITAT Hyderabad. ii) Meheria Reid & Co. vs. ITO ITA No. 53 & 54 Kol of 2010 dated 28.12.2012 - 2013 (2) TMI 348 - ITAT Kolkata. iii). M/s Krishna Reddy Contractors vs. ITO - ITA No. 1347/Hyd/2013 dated 30.6.21014 - 2014 (7) TMI 644 - ITAT Hyderabad. 6. On the other hand, Ld. DR relied upon the orders of the authorities below and requested that the appeal of t .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ssessment done by the AO, without there being any live nexus between the reasons recorded and the belief formed by the assessing officer that any income has escaped assessment. For the sake of convenience, the contents of the reasons recorded are reproduced as under:- Reasons for the belief that the income has escaped assessment in the case of Sh. Nishit Saxena (PAN: ANZPS6159C) for the assessment year 2009-10. Paper return of income for AY 2009-10 was filed by Sh. Nishit Saxena (PAN ANZPS6159C) .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ovided by the deductor of tax in its TDS return, for financial year 2008-09 relevant to the assessment year 2009-10 the amount of total tax deducted was ₹ 3,74,755/- out of total payments covered u/s. 192B of the I.T. Act i.e. salary payments amounting to ₹ 13,91,076/-. Therefore, there is short declaration of salary income of ₹ 11,03,054/- . Perusal of the form no. 16 issued by ITC Ltd. to the assessee for financial year 2008-09 relevant to the assessment year 2009-10 total in .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

8 of the Income Tax Act, 1961. Date: 14-11-2012 Sd/- (Ombir Singh) Income tax Officer, Ward 27(3), New Delhi 7.1 After going through the orders passed by the Revenue Authorities and the arguments advanced by the Ld. Counsel for the Assessee, reasons recorded by the AO and the judgments cited by the assessee in the case of CIT vs. Orient Craft Ltd. 354 ITR 536 (Delhi), I find that in this case the Hon ble has held as under (Head Notes):- Held, dismissing the appeal, that the reasons disclosed tha .....

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