Court : Gujarat
Decided on : Mar-31-2015
..... rs.12,76,320/-. the case was selected for scrutiny and notice under sections 143(2) and 142(1) of the income tax act along with the detailed questionnaire were issued. that the assessee claimed and shown indirect expenses of rs.56,04,681/- which includes interest on reliance capital bond of rs.27, ..... m.r. shah, j. 1. feeling aggrieved and dissatisfied with the impugned judgment and order passed by the learned income tax appellate tribunal, ahmedabad, 'c' bench (hereinafter referred to as the 'tribunal') dated 05.09.2014 passed in ita no.314/ahd/2013 for a.y. 2009-2010 by which, the ..... considered, in detail, and given cogent reasons in paragraph no.5.3. what is weighed with the learned cit(a) is seems to be that the assessee used the said income for the business purpose and, in fact, even paid the tds on the income of interest on reliance capital bond. the aforesaid deletion has been confirmed by the learned tribunal by observing ..... .34 lacs was claimed by the assessee to have been utilized for business of construction. the cit(a) has further recorded that this fund flow has substance to slow clear nexus of utilization of borrowed fund for earning income in the form of interest, rent income and business income of construction, and has paid tds on the interest payment wherever applicable. there being no .....Tag this Judgment!
Court : Punjab and Haryana
Decided on : Feb-09-2015
..... , the main assessee had claimed the refund on the basis of forged tds certificates, then, the income tax authorities were competent and well within their jurisdiction to reject his claim of refund and even to impose penalty under the relevant provisions of the income tax act. thereafter, the aggrieved party had a right to file the statutory appeal in this relevant connection. ..... be that as it may, therefore, the respondent-accused, who was an advocate, had just submitted the income tax return on behalf of main assessee, cannot possibly be and indeed could ..... mentioned here-in-below. 13. as indicated here-in-above, the bare perusal of the record would reveal that complainant-ito claimed that the main assessee had submitted the income tax return for the assessment year 1988-89 claiming a refund of rs.3497/- based on false tds certificate through respondent-accused sudesh sharma, advocate. the learned counsel for ..... in detail, in all, according to the complainant, the main assessee has wrongly claimed the refund of rs.3497/- on the basis of wrong tds certificates submitted in his income tax return, through respondent-accused sudesh kumar, advocate. in the background of these allegations, the complainant ito had instituted different complaints, not against the main assessee, but against sudesh sharma .....Tag this Judgment!
Court : Karnataka
Decided on : Jul-13-2015
..... filed under s.260 a of the income tax act, 1961 praying to set aside the orders passed by the it at in it a 1514 and 1513/bang/2012 on 11.4.2014 confirming the order of the appellate commissioner and confirm the order passed by deputy commissioner of income tax, circle 11 (5), bangalore.) ..... that the said amount was not transferred to the said assessee and hence the same could not be treated as income of the assessee. challenging the order of the commissioner of income tax, revenue filed an appeal before the tribunal which has been dismissed by a detailed, reasoned order on 11.4. ..... the revenue has filed these two appeals challenging the order of the income tax appellate tribunal dated 11.4.2014 passed in itas 1514 and 1513 /bang/ 2012. ita 404 ..... tribunal further held that the liability continued to exist in the assessment year under consideration and as such, the amount could not be treated as income of the assessee. for the assessment year 2004-05, the assessee received a sum of rs.32.9 crores from the eraf which was treated ..... 2014 holding that, treating the amount received from eraf to be income of the assessee would be inconsistent with the actual facts .....Tag this Judgment!
Court : Madhya Pradesh
Decided on : Feb-12-2015
..... 1. heard on i.a.no.3860/2012, an application for condonation of delay. 1.1. appeal under section 260a of the income tax act, 1961, filed by the appellant against the order of itat dated 30.4.2011 is barred by 287 days. 2. an application ..... by the chartered accountant. in para 6 of the affidavit he has deposed that whenever any messenger of the department bring notice related to the income tax or commercial tax, he normally redirect him to the chartered accountant to serve the copy on behalf of the department to the chartered accountant. 6. in respect of ..... the notice issued by the income tax department and take necessary steps accordingly. he has further stated that the address of the service of notice as well as order in form 35 was ..... director of the appellant-company mr. sanjay rathi and as per para 4 he has deposed that all the notices which are normally issued by the income tax department are served to the chartered accountant of the company who is regularly appearing before the authorities and most of the time, the chartered accountant receives ..... affidavit of shri sanjay rathi, director of the appellant-company. as per para 2 of the affidavit on 4.1.2012, when the assistant commissioner of income tax served a judgment notice of appellant - company then only he came to know about the order. 4. the department in its reply has stated that the .....Tag this Judgment!
Court : Mumbai
Decided on : Feb-03-2015
1. this appeal by revenue under section 260a of the income tax act,1961 (the act) assails the order dated 30.4.2012 passed by the income tax appellate tribunal (the tribunal). the assessment year involved is a.y. 2007- 08. 2. the appellant-revenue proposes the following questions for our consideration: ?? "(a) whether on the facts and ..... , the assessing officer by an assessment order dated 19.9.2011 charged interest of rs. 1.76 crores on the above account as a part of the respondent-assessee's income. 5. being aggrieved, the respondent - assessee preferred an appeal to the tribunal. the tribunal by the impugned order held : (a) that the interest free loan extended by a company to ..... . thus partly allowed the respondent-assessee's appeal by applying the decision of the tribunal in the case of "vvf ltd. v. dcit [ita no.673/mum/06]" and "dy. cit v. tech mahindra ltd.  46 sot 141(mum.)(uro)" by holding that the loan advanced to an associate enterprise situated abroad, the rate of interest to be applied is ..... the impugned order of the tribunal inter alia has followed the decisions of the bombay bench of the tribunal in cases of vvf ltd. v. dy. cit [it appeal no. 673 (mum.) of 2006] and dy. cit v. tech mahindra ltd.  12 taxmann.com 132/46 sot 141 (mum.) (uro) to reach the conclusion that alp in the case of loans .....Tag this Judgment!
Court : Mumbai
Decided on : Sep-09-2015
..... 1. this appeal under section 260-a of the income tax act, 1961 (the act) challenges the order dated 27th february,2013 passed by the income tax appellate tribunal (the tribunal). the assessment year involved is assessment year 2008-09. 2. the revenue ..... malhotra, learned counsel appearing for the revenue filed an affidavit dated 8 september 2015 of shri.ramnath prabhakar murkunde, assistant commissioner of income tax. it inter alia states that no appeal has been filed against the order of the tribunal dated 31 august 2012 passed by the ..... 143(3) of the act it was held that the respondent - assessee was a dealer in shares to the extent it claimed income under the head 'short term capital gains' and was subjected to tax under the head 'business income'. 4. in appeal, the commissioner of income tax (appeals) (cit (a)) on consideration of ..... officer had, in the proceedings under section 143(3) of the act, accepted the stand of the respondent - assessee and taxed the profit earned on purchase and sale of shares as short term capital gains; (i) dividend income earned was over rs.8.50 lakhs; (j) the respondent - ..... urges the following question of law for our consideration: 'whether on the facts and in the circumstances of the case and in law, the tribunal was justified in upholding the commissioner of income tax .....Tag this Judgment!
Court : Chennai
Decided on : Oct-27-2015
..... 15 crores relating to a.y.2005-06. the above addition u/s 68 and 69a is deemed income of the assessee and does not come under any heads of income specified in chapter iv of the income-tax act, 1961 and hence brought forward business loss and depreciation cannot be set off against this as per ..... is found that the reopening of assessment is contrary to law, the question of directing the appellant to the alternative remedy of appeal before the commissioner of income tax does not arise, especially when the case is obviously one of change of opinion. 50. in the result, the writ appeals are allowed, the common ..... the company for the relevant previous year did not show any land having been disposed of and since the depreciation statement of the assessee prepared for income tax purposes also showed a particular value at the beginning and at the end of the relevant year, the assessing officer concluded in para 5 of ..... will be permitted entry through this outer gate only if he satisfies three criteria namely (i) the existence of a reason to believe that an income chargeable to tax has escaped assessment (ii) the recording of reasons under section 148(2) and (iii) the issuing of notice under section 148(1). once the ..... expiry of 4 years from the end of the relevant assessment year. the only exception to this rule of limitation is that if any income chargeable to tax has escaped assessment by reason of the failure on the part of the assessee to make a return under section 139 or in response to .....Tag this Judgment!
Court : Mumbai Nagpur
Decided on : May-08-2015
..... calcutta, which were not genuine loans. he asked assessee to rebut the provisional conclusion but assessee did not co-operate. the assessments were then completed under section 144 of the income tax act. finding ultimately reached is, manganese ore was exported at a rate higher than rates accounted for in the books and unauthorized foreign exchange earned outside india was sold at unauthorized ..... invoicing of export commodity. real profit derived was not entered in the books of accounts produced before them. the assessments of both assessee were reopened under section 148 of the income tax act. as niceties of under invoicing which have come on record are not in dispute, it is not necessary to go into those details. the assessing officer came to a ..... of clear instructions issued by board on 24.02.1967, neither section 11 of the income tax act, 1922, which gave option to the department to tax either the representative assessee or the beneficial owner of the income nor the parallel provisions of income tax act, 1961, contemplated assessment of the same income both in the hands of the trustees and the beneficiaries, instances reveal that such double ..... of the family had become final, permitting ito to assess the huf for the same assessment year, would be imposing tax on same income twice. the hon'ble apex court has noted that section 14(1) of the income tax act debars imposition of tax on any part of the income of huf received by its members. it found that absence of a provision in the .....Tag this Judgment!
Court : Mumbai Goa
Decided on : Apr-17-2015
..... m.s. sanklecha, j. 1. this appeal under section 260a of the income tax act, 1961 (the act) impugns the order dated 15/01/2007 passed by the income tax appellate tribunal (tribunal). this appeal relates to assessment year 1996-97. 2. this appeal was admitted on 26/03/2007 on the following substantial questions of law: (1) whether the ..... as provided in sections 147/148 of the act are satisfied. it is the appellants case that the aforesaid conditions are not satisfied inasmuch as in the absence of the assessing officer having the original return of income available it would not be possible for him to have a reasonable belief that income chargeable to tax has escaped assessment. this issue of jurisdiction according ..... issue notice under section 148 of the act before the first appellate authority. this is particularly so as the appellant had submitted to the jurisdiction of the assessing officer and had made no grievance with regard to lack of jurisdiction of the assessing officer. even otherwise it is submitted the fact that income chargeable to tax has escaped assessment need not necessarily flow ..... 148 of the act that it was without jurisdiction. this on the ground that the confidential report of the ddit had not been furnished to the appellant. besides, the return of income filed in 1997 was not available with the revenue. consequently, there could be no occasion for the assessing officer to have any reason to believe that income chargeable to tax has escaped .....Tag this Judgment!
Court : Mumbai Goa
Decided on : Apr-17-2015
..... m.s. sanklecha, j. 1. in this appeal under section 260a of the income tax act (the act) the challenge is to the order dated 8/08/2007 passed by the income tax appellate tribunal (tribunal) in respect of assessment year (ay) 2001-02. 2. this appeal was admitted on 10/03/2008 on the following substantial questions of law: (a) whether on ..... the transaction gets crystalised either by performance and/or cancellation of the contract. this is so agreed, as the issue now stands covered by apex court decision in commissioner of income tax v/s. woodward governor india p. ltd. reported in (2009) 312 itr 254 (sc). therefore, in view of the above, the impugned order dated 8.8.2007 with regard to ..... 26/12/2005, the cit(a) concluded as under: (a) on principle upheld the disallowance of interest on ..... section 143(3) of the act the enhanced the appellant's income from rs.28.61 lakhs to 35.87 lakhs after adjusting an enhanced deduction on account of 80hhc of the act. 4. being aggrieved by the order dated 26.3.2004 of the assessing officer, the appellant preferred an appeal to the commissioner of income of income tax (appeals) [cit(a)]. by an order dated .....Tag this Judgment!