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Mar 20 2015 (HC)

Ibs Software Services Private Limited Vs. Union of India and Others

Court : Kerala

..... . such an omission could not be considered as a failure or omission to disclose any material fact within the meaning of section 34.21. considering section 34 of the income tax act, 1922, as amended in 1948, it was held that, to confer jurisdiction under the section to issue notice in respect of assessments beyond the period of four years ..... , 3786 of 2013-w & 7896 of 2013-j ----------------------------------------------- dated this the 20th day of march, 2015 judgment whether the proceedings under section 147 of the income tax act, 1961 [for brevity "it act"] initiated to reassess escaped income, beyond four years, is sustainable on the ground of assessee's failure to "fully and truly disclose all material facts", is the question arising herein. the ..... truly disclosed the material facts. the tribunal was directed to adjudicate on the fact whether actually the sale price received amounted to profit; without merely drawing an inference that the income tax officer had considered the relevant facts, on the mere disclosure of sale, (b). (2007) 291 itr500(sc) deals with the concept of 'reason to believe' as contemplated ..... respectively of the years 2004-05, 2005-06 and 2006-07.2. section 147 of the it act permits assessment or re-assessment of income which has escaped assessment of any assessment year, if the assessing officer has reason to believe that any income chargeable to tax has escaped assessment or even recompute the loss or the depreciation allowance or any other allowance, .....

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Mar 20 2015 (HC)

Ibs Software Services Private Limited Vs. Union of India and Others

Court : Kerala

..... . such an omission could not be considered as a failure or omission to disclose any material fact within the meaning of section 34.21. considering section 34 of the income tax act, 1922, as amended in 1948, it was held that, to confer jurisdiction under the section to issue notice in respect of assessments beyond the period of four years ..... , 3786 of 2013-w & 7896 of 2013-j ----------------------------------------------- dated this the 20th day of march, 2015 judgment whether the proceedings under section 147 of the income tax act, 1961 [for brevity "it act"] initiated to reassess escaped income, beyond four years, is sustainable on the ground of assessee's failure to "fully and truly disclose all material facts", is the question arising herein. the ..... truly disclosed the material facts. the tribunal was directed to adjudicate on the fact whether actually the sale price received amounted to profit; without merely drawing an inference that the income tax officer had considered the relevant facts, on the mere disclosure of sale, (b). (2007) 291 itr500(sc) deals with the concept of 'reason to believe' as contemplated ..... respectively of the years 2004-05, 2005-06 and 2006-07.2. section 147 of the it act permits assessment or re-assessment of income which has escaped assessment of any assessment year, if the assessing officer has reason to believe that any income chargeable to tax has escaped assessment or even recompute the loss or the depreciation allowance or any other allowance, .....

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Mar 20 2015 (HC)

Ibs Software Services Private Limited Vs. Union of India and Others

Court : Kerala

..... . such an omission could not be considered as a failure or omission to disclose any material fact within the meaning of section 34.21. considering section 34 of the income tax act, 1922, as amended in 1948, it was held that, to confer jurisdiction under the section to issue notice in respect of assessments beyond the period of four years ..... , 3786 of 2013-w & 7896 of 2013-j ----------------------------------------------- dated this the 20th day of march, 2015 judgment whether the proceedings under section 147 of the income tax act, 1961 [for brevity "it act"] initiated to reassess escaped income, beyond four years, is sustainable on the ground of assessee's failure to "fully and truly disclose all material facts", is the question arising herein. the ..... truly disclosed the material facts. the tribunal was directed to adjudicate on the fact whether actually the sale price received amounted to profit; without merely drawing an inference that the income tax officer had considered the relevant facts, on the mere disclosure of sale, (b). (2007) 291 itr500(sc) deals with the concept of 'reason to believe' as contemplated ..... respectively of the years 2004-05, 2005-06 and 2006-07.2. section 147 of the it act permits assessment or re-assessment of income which has escaped assessment of any assessment year, if the assessing officer has reason to believe that any income chargeable to tax has escaped assessment or even recompute the loss or the depreciation allowance or any other allowance, .....

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Mar 20 2015 (HC)

Ibs Software Services Private Limited Vs. Union of India and Others

Court : Kerala

..... . such an omission could not be considered as a failure or omission to disclose any material fact within the meaning of section 34.21. considering section 34 of the income tax act, 1922, as amended in 1948, it was held that, to confer jurisdiction under the section to issue notice in respect of assessments beyond the period of four years ..... , 3786 of 2013-w & 7896 of 2013-j ----------------------------------------------- dated this the 20th day of march, 2015 judgment whether the proceedings under section 147 of the income tax act, 1961 [for brevity "it act"] initiated to reassess escaped income, beyond four years, is sustainable on the ground of assessee's failure to "fully and truly disclose all material facts", is the question arising herein. the ..... truly disclosed the material facts. the tribunal was directed to adjudicate on the fact whether actually the sale price received amounted to profit; without merely drawing an inference that the income tax officer had considered the relevant facts, on the mere disclosure of sale, (b). (2007) 291 itr500(sc) deals with the concept of 'reason to believe' as contemplated ..... respectively of the years 2004-05, 2005-06 and 2006-07.2. section 147 of the it act permits assessment or re-assessment of income which has escaped assessment of any assessment year, if the assessing officer has reason to believe that any income chargeable to tax has escaped assessment or even recompute the loss or the depreciation allowance or any other allowance, .....

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Mar 20 2015 (HC)

Urmila Kumari Vs. Om Prakash Jangra and Ors

Court : Delhi

..... sum higher than the highest bid amount.18. section 29 of the recovery of debts due to banks and financial institutions act, 1993 (rddbfi act), inter alia, applies, mutatis mutandis, provisions of the second schedule to the income tax act, 1961 and income tax (certificate proceedings) rules (framed thereunder) to the recovery proceedings initiated pursuant to recovery certificates issued by drt. the ..... auction in favour of the appellant primarily on the basis of holding that there had been flagrant violation on rule 11(2) of the said rules under the income tax act, inasmuch as the objections initially raised by the brother of the mortgager had not been adjudicated upon. while setting aside the auction sale in favour of the appellant ..... for consideration, having purchased the property in furtherance of a duly publicized public auction. 23. the securitization and reconstruction of financial assets and enforcement of security interest act, 2002 (sarfaesi act) was enacted to regulate, inter alia, enforcement of security interest , noting in the statement of objects and reasons that our existing legal framework relating to commercial ..... made incidental provisions including in the nature of remedies in the form of appeal, etc.24. the expression security interest as defined in section 2(1)(zf) sarfaesi act means right, title and interest of any kind whatsoever upon property, created in favour of any secured creditor and includes any mortgage, charge, hypothecation, assignment other than those .....

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Mar 19 2015 (HC)

In Re: Casby CFS Pvt. Ltd. and Another

Court : Mumbai

..... the corollary to the approval of a retrospective appointed date covering previous assessment years. it is submitted that this would be violative of section 139 (5) of the income tax act inasmuch as the revised income tax returns will clearly not be filed on the basis of the discovery of any omission or wrong statement nor will they be filed within the period stipulated. it ..... not agree with argument advanced by the petitioners that the regional director cannot object to the scheme on the ground that the same violates the provisions of the income tax act and it is only the income tax authorities who may raise an objection and that too only within the period stipulated in the circular dated 15th january 2014. since this court is required to ..... court in the case of sadanandvarde referred to in sequent scientific. in the case of sadanandvarde, this court (in a pil) examined the objection pertaining to the violation of the income tax act on its merits and recorded a categorical finding that the provisions of chapter xxc were not attracted and that a no objection certificate under chapter xxc was not required prior ..... fertilizers ltd. (supra) and tata tea limited (2008) 144 com cases 236 (cal). 27. it is further submitted that the regional director has no locus to raise issues under the income tax act. a circular was issued by the ministry of corporate affairs, govt. of india, on 15th january, 2014, to all the regional directors which circular was considered and interpreted by this .....

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Mar 19 2015 (HC)

Thiagarajan Vs. State Represented By

Court : Chennai

..... 9. p.w.4 is the owner of the property and her husband is p.w.3 and the jurisdictional income tax officer, namely, dharmaraj has reopened the assessment under section 148 of the income tax act, 1961, especially, pertains to the valuation of the house property owned by p.w.4.10. p.w. ..... statements. 3.8. p.w.12 continued the investigation and collected documents from one dharmar, income tax officer, who reopened his assessment against p.w.4/ wife of p.w.3 under section 148 of the income tax act, 1961 and he has also recorded statements of a1 and a2 on that date. on 11 ..... 8 would disclose that a representation was given with regard to the belated settlement of the income tax refund only and no personal allegations were levelled against mr.t.k.k.dharmar jurisdictional income tax officer and the act of the said official also came for criticism as evidenced under ex.p29 by p. ..... during the first week of june 2003, he received a communication addressed to his wife (p.w.4) from the assistant valuation officer, valuation cell, income tax department, madurai, requesting his wife to furnish information regarding the house property owned by her at ?.min nagar?. in the proforma enclosed. 3.1. on ..... 7, the valuation officer, would state in his chief examination that ex.p7 is the file pertaining to the assistant valuation officer for the case of p.w.4 and a reference has been received from the income tax .....

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Mar 18 2015 (HC)

Cit-I Vs. M/S Malibu Estate P Ltd

Court : Delhi

..... .gauba mr. justice s. ravindra bhat (open court) % 1. admit.2. the question of law raised by the revenue in its appeal under section 260a of the income tax act, 1961 (hereafter referred to as the act ) is with respect to the correctness of the itat?s order dated 13 th december, 2013 in ita no.2278/del/2011. the revenue urges that the ..... of the supreme court it cannot be said that the project completion method followed by the assessee would result in deferment of the payment of the taxes which are to be assessed annually under the income tax act. accounting standards 7 (as7) issued by the institute of charted accountants of india also recognize the position that in the case of construction contracts, the assessee ..... can follow either the project completion method or the percentage completion method. in view of the judgments of the supreme court (supra), the finding of the cit (a), upheld by the ..... /2013 decided on 8th october, 2013. in that case the supreme court had relied upon cit vs. shoorji vallabhdas and ita2132015 page 3 co., (1962) 46 itr144(sc) to highlight that income tax cannot be levied on hypothetical income. likewise, the court relied upon godhra electricity co. ltd. vs. cit (1997) 225 itr746(sc). the counsel stated that the three tests indicated in m/s .....

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Mar 18 2015 (HC)

Commissioner of Income Tax-Vi Vs. Vrm India Ltd.

Court : Delhi

..... r.k. gauba mr. justice s. ravindra bhat (open court) % 1. the following substantial question of law arises for consideration in these appeals under section 260-a of the income tax act, 1961 (hereafter "the act"):whether the income tax appellate tribunal was right in view of the contracts in question that the respondent-assessee is entitled to deduction under section 80-ib(10) of the ..... (10).9. learned counsel for the assessee argued that since factual findings of the itat having been rendered final, this court should not interfere under section 260-a of the income tax act. she also contended that there could be no doubt that both projects which the assessee executed were development projects in respect of residential houses and given the intention behind section ..... income tax act, 1961?.2. these appeals of the revenue stem from decisions of the income tax appellate tribunal (itat) for assessment years (ay) 2002-03; 2004-05 and 2005-06. the commissioner of income tax (appeals) ( cit(a )) and the itat had concurrently ruled against the revenue. briefly the facts are that ..... was `5,47,85,200/-. the profit from this contract receipt was shown at ` 48,40,725/-. of this, ` 47,03,714/- was claimed as tax exempt income by virtue of section 80-ib(10) of the act.3. the ao, upon a textual analysis of section 80ib (10) was of the view that profit derived only from developing and building housing projects .....

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Mar 18 2015 (HC)

Subhash Chander Malik Vs. Deputy Commissioner of Income-tax, Circle (I ...

Court : Punjab and Haryana

..... .16.00 lacs paid as commission to the persons covered under section 40a(2)(b) ignoring the fact that the persons to whom commission had been paid are income tax assessee paying tax in the highest tax bracket? (ii) whether on the facts and circumstances of the case, the ld. itat was justified in upholding the order of the ao in disallowing the commission ..... and general and not based on any material. however, the other observations cannot by any stretch of imagination be held to be perverse. 8. the income tax appellate tribunal confirmed the assessment order and the order of the cit (appeals) also for the following further reasons. the appellant had paid rs. 4,80,000/-as salary to each of the persons who are ..... and legitimately be drawn. the assessing officer accordingly justifiably disallowed the expenditure of rs.16 lacs and added the same to the assessed income. he also initiated penalty proceedings under section 271(1)(c) of the act. 6. the cit (appeals) observed that the appellant had failed to establish the nature of the services provided by the said persons to whom the commission ..... (1)(ii) does not depend upon whether in the ultimate analysis the revenue suffered a loss or not. such an approach or interpretation would render the entire tax machinery unworkable. when a person's income is assessed, the assessing officer is not concerned with or even aware of the possible financial consequences to the revenue. indeed while making the payment, he cannot .....

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