Search Results For: Domestic Tax


COURT:
CORAM: ,
SECTION(S): , ,
GENRE:
CATCH WORDS: , , , ,
COUNSEL:
DATE: September 26, 2014 (Date of pronouncement)
DATE: October 4, 2014 (Date of publication)
AY: 2008-09, 2005-06, 2006-07, 2007-08
FILE: Click here to view full post with file download link
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 »

COURT:
CORAM: ,
SECTION(S): ,
GENRE:
CATCH WORDS: ,
COUNSEL:
DATE: September 26, 2014 (Date of pronouncement)
DATE: October 4, 2014 (Date of publication)
AY: block period
FILE: Click here to view full post with file download link
CITATION:
There is a perceptional difference in the operative force of section 271(1)(c) vis-à-vis section 158BFA(2). The charge against the assessee u/s 158BFA(2) could be, why they failed to compute true disclosed income out of the seized material.

On a comparative study of the scheme of assessment of undisclosed income for the purpose of block period, penalty impossible u/s 271(1)(i)(c) and penalty impossible on the undisclosed income in the block period, we find that income for the block …

Mohd. Khasim vs. ACIT (ITAT Bangalore) Read More »

COURT:
CORAM: ,
SECTION(S):
GENRE:
CATCH WORDS: ,
COUNSEL:
DATE: September 26, 2014 (Date of pronouncement)
DATE: October 4, 2014 (Date of publication)
AY: 2006-07
FILE: Click here to view full post with file download link
CITATION:
AO can assess on consideration of material available on record, surrounding circumstances, human conduct, preponderance of probabilities and nature of incriminating information / evidence available on record

We have already seen that the tax authorities have applied the test of human probabilities explained by the Hon’ble Supreme Court in the cases of Sumati Dayal and Durga Prasad More (supra) to disbelieve the claim of Long term Capital …

Usha Chandresh Shah vs. ITO (ITAT Mumbai) Read More »

COURT:
CORAM: , ,
SECTION(S):
GENRE:
CATCH WORDS: ,
COUNSEL:
DATE: September 25, 2014 (Date of pronouncement)
DATE: October 4, 2014 (Date of publication)
AY: 1989-90
FILE: Click here to view full post with file download link
CITATION:
Income Tax Act does not provide for any paramountcy of dues by way of income tax. Government dues only have priority over unsecured debts

The first thing to be noticed is that the Income Tax Act does not provide for any paramountcy of dues by way of income tax. This is why the Court in Dena Bank’s case (supra) held that Government dues only …

The Stock Exchange, Bombay vs. V.S. Kandalgaonkar (Supreme Court) Read More »

COURT:
CORAM: ,
SECTION(S): ,
GENRE:
CATCH WORDS: ,
COUNSEL: ,
DATE: September 12, 2014 (Date of pronouncement)
DATE: October 4, 2014 (Date of publication)
AY: 2003-04
FILE: Click here to view full post with file download link
CITATION:
Creation of a reserve was sufficient to entitle the assessee to claim the benefit u/s 36(1)(viii) and the assessee was not obliged to maintain the said reserve

This court held in the matter of Grasim Industries Ltd. (supra) that the condition precedent to the exercise of jurisdiction under section 263 was that the order sought to be revised must be erroneous insofar as it was prejudicial to …

CIT vs. LIC Housing Finance Ltd (Bombay High Court) Read More »

COURT:
CORAM: ,
SECTION(S):
GENRE:
CATCH WORDS: , ,
COUNSEL:
DATE: September 12, 2014 (Date of pronouncement)
DATE: October 4, 2014 (Date of publication)
AY: 1998-99
FILE: Click here to view full post with file download link
CITATION:
The correct test to be applied is whether the partnership assets were converted to capital assets of the partners at the time of dissolution

The correct test to be applied is whether the partnership assets were converted to capital assets of the partners at the time of dissolution. This we find, was provided for in the dissolution deed itself which records in clause (3) …

Arvind Shamji Chheda vs. CIT (Bombay High Court) Read More »

COURT:
CORAM: ,
SECTION(S): ,
GENRE:
CATCH WORDS: , ,
COUNSEL:
DATE: September 24, 2014 (Date of pronouncement)
DATE: October 4, 2014 (Date of publication)
AY: 2008-09
FILE: Click here to view full post with file download link
CITATION:
No transfer merely because development agreement is entered into

As can be seen from the observations made by CIT(A), he has given specific finding of fact that development agreement has not been acted upon by the developer till date. Therefore, he has concluded that as there is no willingness …

ACIT vs. P. Venkateswara Rao (ITAT Hyderabad) Read More »

COURT:
CORAM: ,
SECTION(S): ,
GENRE:
CATCH WORDS: ,
COUNSEL:
DATE: September 25, 2014 (Date of pronouncement)
DATE: October 3, 2014 (Date of publication)
AY: 2005-06
FILE: Click here to view full post with file download link
CITATION:
S. 271(1)(c) penalty for s. 40(a)(ia) disallowance is permissible

The law, in our humble view, would hold even where the disallowance leading to the variation between the assessed and returned incomes is u/s. 40(a)(ia), being independent of the provision where -under the same (disallowance) is effected. That is, the …

Mulla Associates vs. ACIT (ITAT Mumbai) Read More »

COURT:
CORAM: ,
SECTION(S):
GENRE:
CATCH WORDS: ,
COUNSEL:
DATE: September 22, 2014 (Date of pronouncement)
DATE: September 26, 2014 (Date of publication)
AY: 2014-15
FILE: Click here to view full post with file download link
CITATION:
Strictures passed against the CBDT for seeking to take advantage of its own wrong and disregarding genuine hardship of taxpayers. Due date for filing ROI extended to 30.11.2014 subject to charge of s. 234A interest


Strictures passed against the CBDT for seeking to take advantage of its own wrong and disregarding genuine hardship of taxpayers. Due date for filing ROI extended to 30.11.2014 subject to charge of s. 234A interest

(vi) The CBDT ought to have responded to the representation. Instead, it chose not to respond but later before this Court in no uncertain terms has termed such a request impermissible on the ground that the grievances are not sustainable. Therefore, considering the larger cause of public good and keeping in mind the requirement of promotion of justice, we chose to exercise the writ of mandamus directing the CBDT to extend the date of filing of return of income to 30.11.2014, which is due date for filing of the TAR as per the Notification dated 20.08.2014. Such extension is granted with the qualification that the same may not result into non-charging of interest u/s 234A

COURT:
CORAM: , , , ,
SECTION(S): , , ,
GENRE:
CATCH WORDS:
COUNSEL:
DATE: September 25, 2014 (Date of pronouncement)
DATE: September 25, 2014 (Date of publication)
AY: 2005
FILE: Click here to view full post with file download link
CITATION:
The NTT Act “crosses the boundary” & is unconstitutional. CAs/CSs are specialists on accounts & facts and are not capable of arguing/ deciding ‘Substantial Questions Of Law’


The NTT Act “crosses the boundary” & is unconstitutional. CAs/CSs are specialists on accounts & facts and are not capable of arguing/ deciding ‘Substantial Questions Of Law

A perusal of the reported judgements shows that while deciding tax related disputes, provisions of different laws on diverse subjects had to be taken into consideration. The Members of the NTT would most definitely be confronted with the legal issues emerging out of Family Law, Hindu Law, Mohammedan Law, Company Law, Law of Partnership, Law related to Territoriality, Law related to Trusts and Societies, Contract Law, Law relating to Transfer of Property, Law relating to Intellectual Property, Interpretation of Statutes, and other Miscellaneous Provisions of Law, from time to time. The NTT besides the aforesaid statutes, will not only have to interpret the provisions of the three statutes, out of which appeals will be heard by it, but will also have to examine a challenge to the vires of statutory amendments made in the said provisions, from time to time. They will also have to determine in some cases, whether the provisions relied upon had a prospective or retrospective applicability. Keeping in mind the fact, that in terms of s. 15 of the NTT Act, the NTT would hear appeals from the Income Tax Appellate Tribunal and the CESTAT only on “substantial questions of law”, it is difficult for us to appreciate the propriety of representation, on behalf of a party to an appeal, through either Chartered Accountants or Company Secretaries, before the NTT. The determination at the hands of the NTT is shorn of factual disputes. It has to decide only “substantial questions of law”. In our understanding, Chartered Accountants and Company Secretaries would at best be specialists in understanding and explaining issues pertaining to accounts. These issues would, fall purely within the realm of facts. We find it difficult to accept the prayer made by the Company Secretaries to allow them, to represent a party to an appeal before the NTT. Even insofar as the Chartered Accountants are concerned, we are constrained to hold that allowing them to appear on behalf of a party before the NTT, would be unacceptable in law. We accordingly reject the claim of Company Secretaries, to represent a party before the NTT. We simultaneously hold s. 13(1), insofar as it allows Chartered Accountants to represent a party to an appeal before the NTT, as unconstitutional and unsustainable in law.