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DATE: November 18, 2014 (Date of pronouncement)
DATE: December 1, 2014 (Date of publication)
AY: 1999-00
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CITATION:
S. 263: Failure to conduct inquiry & hear assessee before issue of notice renders proceedings invalid. Order of CIT(A) results in merger of AO's order and bars s. 263 revision

It is clear that the assessee and the revenue both had preferred the appeals raising all the grounds, over and above the ground of deduction under Section 80HHC and 80IA of the Act, the order of the AO stood merged …

Bilag Industries Pvt. Ltd vs. CIT (Gujarat High Court) Read More »

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DATE: August 14, 2014 (Date of pronouncement)
DATE: December 1, 2014 (Date of publication)
AY: 2006-07 to 2011-12
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S. 153C cannot be invoked unless the AO is satisfied for cogent reasons that the seized documents do not belong to the searched person. Finding of photocopies with the searched person does not mean they "belong" to the person holding the originals. The distinction between "belongs to" and "relates to" or "refers to" must be borne in mind by the AO

(i) First of all, it is nobody’s case that the Jaipuria Group had disclaimed these documents as belonging to them. Unless and until it is established that the documents do not belong to the searched person, the provisions of Section …

Pepsi India Holdings Private Ltd vs. ACIT (Delhi High Court) Read More »

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DATE: November 26, 2014 (Date of pronouncement)
DATE: December 1, 2014 (Date of publication)
AY: 2008-09
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CITATION:
S. 2(47)/ 53A: Mere handing over possession pursuant to development agreement does not result in transfer if developer has not taken steps for development of property

The AO has assessed capital gain in the assessment year for the reason that assessee as per the terms of the development agreement entered with the developer has handed over possession of the property. However, as can be seen from …

ACIT vs. B. Rajamallu (ITAT Hyderabad) Read More »

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DATE: December 26, 2014 (Date of pronouncement)
DATE: December 1, 2014 (Date of publication)
AY: 2005-06
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CITATION:
For constituting a long-term capital asset, date of allotment of property and not date of registration to be considered. Benevolent approach should be adopted and not a hyper-technical or legalistic one

(i) All the aforesaid judgments relied on by the Revenue are cases arising prior to the amendment to Section 2(47) of the Act. The very same judgments show, in particular the judgment of the Full Bench of the Gujarat High …

Andhra Networks Limited vs. DCIT (ITAT Hyderabad) Read More »

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DATE: November 11, 2014 (Date of pronouncement)
DATE: December 1, 2014 (Date of publication)
AY: 1986-87
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CITATION:
S. 271(1)(c) & 273(2)(a): Penalty cannot be mechanically levied. Cogent reasons have to be given

Sections 271(1)(c) and 273(2)(a) empower the AO to impose penalty on an assessee in a case, where, (1) there is concealment of income or (2) conscious attempt to provide the particulars of income which is untrue. Meaning thereby, the AO …

Amrut Tubewell Company vs. ACIT (Gujarat High Court) Read More »

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DATE: November 26, 2014 (Date of pronouncement)
DATE: November 29, 2014 (Date of publication)
AY: 2007-08
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CITATION:
S. 2(15) Proviso/ 10(23C) (iv): Meaning of expression "not involving the carrying of any activity of profit" explained in detail

(i) The assessee trust is doing only one activity of printing and publishing of newspaper. This activity was held to be of charitable in nature by the Privy Council in the Trustees of The Tribune Press Lahore 7 ITR 415. …

ACIT vs. The Tribune Trust (ITAT Chandigarh) Read More »

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DATE: November 28, 2014 (Date of pronouncement)
DATE: November 29, 2014 (Date of publication)
AY: 2001-02 & 2002- 03
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CITATION:
As per proviso to s. 153C, the date of receiving books of account or documents shall be considered the date of search. Therefore, under proviso to s. 153C and s. 153A(1)(b), in the case of person in whose case action is required u/s 153C, the AO is empowered to take action u/s 153C for the year in which the seized document is received by him and the preceding six years

As per Section 153A(1)(b), the Assessing Officer is empowered to assess or reassess the total income of the six assessment years immediately preceding the assessment year relevant to the assessment year in which search is conducted. Thus, in other words, …

R. L. Allied Industries vs. ITO (ITAT Delhi) Read More »

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DATE: November 28, 2014 (Date of pronouncement)
DATE: November 29, 2014 (Date of publication)
AY: 2009-10
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DRP’s stand that determination of ALP by the TPO is of no relevance in deciding the issue of suppressed sale by the assessee is not correct. Fact that products are sold below MRP does not mean the sales are suppressed

(i) The DRP held that the determination of ALP is of no relevance in deciding the issue of suppressed sale by the assessee and went on to estimate the value of suppressed sale on account of difference between the value …

Tianjin Tianshi Biological Development Company Ltd vs. DCIT (ITAT Delhi) Read More »

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DATE: November 28, 2014 (Date of pronouncement)
DATE: November 29, 2014 (Date of publication)
AY: 2009-10
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CITATION:
Profits on sale of carbon credits is not a taxable revenue receipt

Carbon credit is in the nature of “an entitlement” received to improve world atmosphere and environment reducing carbon, heat and gas emissions. The entitlement earned for carbon credits can, at best, be regarded as a capital receipt and cannot be …

Subhash Kabini Power Corporation Ltd vs. CIT (ITAT Bangalore) Read More »

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DATE: January 27, 2014 (Date of pronouncement)
DATE: November 29, 2014 (Date of publication)
AY: 2009-10
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CITATION:
Consideration for use of software is not assessable as royalty under Article 12 of DTAA and s. 9(1)(vi)

(i) In order to qualify as royalty payment, it is necessary to establish that there is transfer of all or any rights (including the granting of any licence) in respect of copyright of a literary, artistic or scientific work. In …

ADIT vs. Bartronics India Ltd (ITAT Hyderabad) Read More »