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Month: October 2014

Archive for October, 2014

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DATE: September 23, 2014 (Date of pronouncement)
DATE: October 5, 2014 (Date of publication)
AY: 1993-94
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CITATION:
Non-service of s. 143(2) notice does render s. 158BC assessment order if return is belated and assessee participated in assessment proceedings

In the instant case, undisputedly the return was not filed under section 139(1) of the Act, it was rather a belated return as it was filed on 19.1.1995 and due date for filing of return was 31.10.1993. The return of …

Bharat Sewa Sansthan vs. DCIT (ITAT Lucknow) Read More »

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DATE: September 24, 2014 (Date of pronouncement)
DATE: October 5, 2014 (Date of publication)
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S. 40(a)(ia): Verdict in Merilyn Shipping & Vector Shipping (All HC) cannot be followed in view of Crescent Export Syndicate (Cal HC), Sikandarkhan N Tunvar (Guj HC) & Rishti Stock & Shares

(i) We have also carefully gone through the judgment of the Allahabad High Court in CIT vs M/s Vector Shipping Services (P) Ltd (supra), copy of which is filed by the assessee. The Allahabad High Court, after reproducing the relevant …

M/s Orchid Marine vs. ITO (ITAT Cochin) Read More »

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DATE: September 24, 2014 (Date of pronouncement)
DATE: October 5, 2014 (Date of publication)
AY: 2004-05
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CITATION:
An assessment u/s 153A & 153C cannot be made in the absence of incriminating material found in search

It has been held by the ITAT, Kolkata Bench in the case of LMJ International Limited vs DCIT 119 TTJ (Kol) 214 where nothing incriminating is found in the course of search relating to any assessment years, the assessments for …

Trishul Hi-Tech Industries vs. DCIT (ITAT Kolkata) Read More »

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DATE: September 19, 2014 (Date of pronouncement)
DATE: October 5, 2014 (Date of publication)
AY: 2007-08 and 2008-09
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CITATION:
(i) If the entity is a bank or other financial institution, the current interest rate applicable to the funds lent to the PE is deductible to the borrower (PE). However, as far as assessability in the hands of lender (HO) is concerned the same has to be excluded on the ground of mutuality as held by Special Bench in Sumitomo Corporation. (ii) MAT provisions in s. 115JB do not apply to foreign companies

(i) The decision of Spl. Bench in the case of Sumotomo Mitsubishi Banking Corporation (supra) which is a five member bench decision has elaborately considered the issue regarding deduction of interest paid by PE to head office and the interest …

The Bank of Tokyo- Mitsubishi UFJ Ltd vs. ADIT (ITAT Delhi) Read More »

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DATE: September 25, 2014 (Date of pronouncement)
DATE: October 5, 2014 (Date of publication)
AY: 1996-97
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CITATION:
What is accrual of income. The word "conceal" inherently and per-se refers to an element of mens rea, albeit the expression "furnishing of inaccurate particulars" is much wider in scope

(i) We need not refer to the case law on the subject, what is income or accrual of income, except by referring to the authoritative pronouncement of this Court in Commissioner of Income Tax versus Dinesh Kumar Goel, (2011) 331 …

New Holland Tractors (India) Pvt. Ltd vs. CIT (Delhi High Court) Read More »

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DATE: September 26, 2014 (Date of pronouncement)
DATE: October 5, 2014 (Date of publication)
AY: 2000-01 to 2004-05 and 2006-07
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CITATION:
A factual decision is perverse if the authority has acted without any evidence or on view of facts, which cannot be reasonably entertained. A perverse finding is one, if it is arrived at without any material or if it is arrived at or inference is made on material, which would not have been accepted or relied upon by a reasonable person conversant with the law.

This Court while exercising appellate jurisdiction under Section 260A of the Act is not an appellate Court for facts reprise. Factual findings can be challenged only on the ground that the factual findings recorded are perverse or relevant evidence has …

CIT vs. Rama Krishna Jewellers (Delhi High Court) Read More »

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DATE: September 29, 2014 (Date of pronouncement)
DATE: October 5, 2014 (Date of publication)
AY: 2006-200
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CITATION:
The formal reasons given in support of reopening the case cannot be added to or subtracted from or improved in the affidavit-in-opposition

In Hindustan Lever Ltd. Vs. R.B. Wadkar, Assistant Commissioner of Income-Tax And Others (No.1) reported in 268 ITR 322 (Bombay) and Aroni Commercials Ltd. Vs. Deputy Commissioner of Income-Tax And Another reported in (2014) 362 ITR 403(Bom) both Division Bench …

Asiatic Oxygen Limited vs. DCIT (Calcutta High Court) Read More »

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DATE: September 29, 2014 (Date of pronouncement)
DATE: October 5, 2014 (Date of publication)
AY: 2009-10
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CITATION:
“Escapement of income” in s. 147 should be given a strict construction

In my opinion “escapement of income” should be given a strict construction. Not only should it not be used to justify a change of view it should not be used to reopen an assessment on facts, information, documents which were …

Debashis Moulik vs. ACIT (Calcutta High Court) Read More »

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DATE: September 25, 2014 (Date of pronouncement)
DATE: October 5, 2014 (Date of publication)
AY: 2010-11
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CITATION:
Entire law on s. 263 revision explained

It is trite that an order can be revised only and only if twin conditions of ‘error in the order’ and ‘prejudice caused to the Revenue’ co-exist. The subject of ‘revision under section 263’ has been vastly examined and analyzed …

M/s Meditech vs. JCIT (ITAT Jodhpur) Read More »

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DATE: September 26, 2014 (Date of pronouncement)
DATE: October 4, 2014 (Date of publication)
AY: 2008-09, 2005-06, 2006-07, 2007-08
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CITATION:
Non-issue of s. 143(2) notice renders s. 147 assessment void. S. 292BB does not apply. If there is a conflict of judicial opinion, the view in favour of the assessee must be taken. Respondent can raise an additional ground in a Cross-Objection

(i) Now, the moot question for consideration is: Whether the non-issuance of a notice u/s 143(2) of the Act as alleged by the assessee-firm had vitiated the conclusion of the assessments u/s 147 read with s. 143(3) of the Act? …

DCIT vs. M/s Silver Line (ITAT Delhi) Read More »