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DATE: November 7, 2014 (Date of pronouncement)
DATE: November 11, 2014 (Date of publication)
AY: 2006-2007, 2007-2008 & 2009-2010
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CITATION:
Law on whether income from rent for lease of space in technology park and income from operation and management of facilities is assessable as "business profits" or "income from house property" explained

Assessee has been consistently offering the incomes under the head “Income on House Property” as far as the receipts of rents are concerned and under the head “Business” as far as the service fee and management fee on maintenance are …

K. Raheja IT Park (Hyderabad) P. Ltd vs. CIT (ITAT Hyderabad) Read More »

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DATE: November 5, 2014 (Date of pronouncement)
DATE: November 11, 2014 (Date of publication)
AY: 2004-05
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CITATION:
CIT(A) cannot decline to condone delay in filing appeal and still decide it on merits

We are of the view that in case CIT(A) chose not to condone the delay, he has no business to adjudicate the appeal on merits. For this, we are of the view that first of all, the appeal should be …

Dr. Murari Mohan Kokey vs. ITO (ITAT Kolkata) Read More »

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DATE: November 5, 2014 (Date of pronouncement)
DATE: November 10, 2014 (Date of publication)
AY: 2009-10
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CITATION:
Purchases cannot be treated as bogus solely on the ground that suppliers are not traceable if the assessee has paid by a/c payee cheques and produced the income-tax and sales-tax documents and bank statements of the suppliers

(i) A perusal of the orders passed by the tax authorities would show that they have suspected the genuineness of the purchases only for the reason that the above said five parties were not available in the given addresses. It …

Ganpatraj A Sanghavi vs. ACIT (ITAT Mumbai) Read More »

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DATE: November 5, 2014 (Date of pronouncement)
DATE: November 8, 2014 (Date of publication)
AY: 2009-10
FILE: Click here to view full post with file download link
CITATION:
S. 153C: Date of receiving seized documents is the "date of initiation of search" and six years period has to be reckoned from that date. An assessment order passed u/s 143(3) instead of u/s 153C is void

A search in the case of Koutons took place on 19.02.2009 (AY 2009-10). The documents belonging to the assessee which were found during the search were handed over to the AO having jurisdiction over the assessee on 16.06.2009 (AY 2010-11). …

Jasjit Singh vs. ACIT (ITAT Delhi) Read More »

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DATE: November 5, 2014 (Date of pronouncement)
DATE: November 8, 2014 (Date of publication)
AY: 2009-10
FILE: Click here to view full post with file download link
CITATION:
S. 271(1)(c): Explanation that bona fide mistake was committed on advice of CA is a reasonable one as per Explanation 1B of s. 271(1) and does not attract penalty

When there is no attempt on the part of the assessee to show the Long Term Capital Gain in a different category then merely because a concessional rate of tax was applied in the revised return does not ifso facto …

ACIT vs. Cecilia Haresh Chaganlal (ITAT Mumbai) Read More »

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DATE: September 16, 2014 (Date of pronouncement)
DATE: November 8, 2014 (Date of publication)
AY: 2007-08
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CITATION:
S. 271(1)(c): Apart from falsity of the explanation, the department must have cogent material or evidence from which it could be inferred that assessee has consciously concealed particulars of income or deliberately furnished inaccurate particulars of income

As held by Hon’ble Supreme Court in the case of CIT vs. Khode Easwar 83 ITR 369 the penalty proceedings being penal in character, the Revenue itself has to establish that the receipt of the amount undisputedly constitute income of …

G. K. Properties Pvt. Limited vs. ITO (ITAT Hyderabad) Read More »

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DATE: November 7, 2014 (Date of pronouncement)
DATE: November 8, 2014 (Date of publication)
AY: 2008-09
FILE: Click here to view full post with file download link
CITATION:
Though there is a functional difference between a PE Fund and a Merchant Banker, A manager or a sub-advisor to the PE Fund cannot be equated with the PE Fund so as not to be comparable with Merchant Bankers

(i) A merchant bank, apart from helping businessmen in raising finance, also renders consultancy services. It helps its clients in raising finance through issue of shares, debentures, bank loans, etc., from the domestic and international market. The term “Merchant Banker‘ …

Xander Advisors India Pvt. Ltd vs. ACIT (ITAT Delhi) Read More »

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DATE: July 8, 2014 (Date of pronouncement)
DATE: November 7, 2014 (Date of publication)
AY: 2003-04 to 2008-09
FILE: Click here to view full post with file download link
CITATION:
S. 143(3) assessment on amalgamating company is a nullity. U/s 170(2) assessment has to be on successor. Mistake cannot be cured u/s 292B. Participation by amalgamating company is irrelevant as there is no estoppel against a statute

(i) Section 481 of the Companies Act provides for dissolution of the company. The Company Judge in the High Court can order dissolution of a company on the grounds stated therein. The effect of the dissolution is that the company …

CIT vs. Dimension Apparels Ltd (Delhi High Court) Read More »

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DATE: October 22, 2014 (Date of pronouncement)
DATE: November 7, 2014 (Date of publication)
AY: 2001-02
FILE: Click here to view full post with file download link
CITATION:
S. 147/ 151: Sanction by the CIT with word "approved" without recording satisfaction note renders reopening invalid

(i) A simple reading of the provisions of Sec. 151(1) with the proviso clearly show that no such notice shall be issued unless the Commissioner is satisfied on the reasons recorded by the AO that it is a fit case …

ITO vs. N. C. Cables Ltd (ITAT Delhi) Read More »