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Join our free webinar on July 7 at 5 PM for insights into 10 recent High Court income tax judgments favoring assessees. Expert analysis by CA Dipak Dama.
In the instant case, indisputably the society is running a school since 2003 and has been continuously allowed exemption u/s 10(23C)(iiiad) of the Act. Ignoring these aspects, the ld. CIT in the impugned order rejected the request for registration while observing that the society did not place before him or the Addl. CIT, original instrument of its establishment and that it was controlled by family members of Shri Rajinder Singh while cash payments had been made without deduction of TDS.
Explanation below section 9(2), as relied on by the ld DR, requiring inclusion of income in the total income of the non-resident whether or not the non-resident has a residence or place of business or business-connection in India or the non-resident has rendered services in India, is applicable only in respect of clauses (v) to (vii). Clause (i) of section 9 has not been included by the legislature within the ambit of this Explanation. It shows that unless a non-resident earns income from business operations carried out in India, such income cannot be deemed as accruing or arising in India. Reverting to the facts of the instant case, it is crystal clear that the assessee rendered “International services” outside India which required the payment in question. If this is the position, which has not even been disputed by the learned Departmental Representative, then there can be no question of roping such income within the ken of section 9(1)(i).
Issue involved in the present case is no more res integra and is covered by the decision of the Hon’ble Apex Court in the case of Topman Exports V/s CIT (supra) wherein it has been held that not the entire amount received by the assessee on sale of DEPB, but the sale value less the face value of the DEPB will represent profit on transfer of DEPB by the assessee. Respectfully following the above authoritative pronouncement of the Hon’ble Supreme Court, we direct the AO to recompute the deduction u/s 80HHC in accordance with the aforesaid judgment of the Hon’ble Apex Court and accordingly the orders passed by the ld.CIT(A) for the above assessment years do not call for any interference.
Hon’ble Supreme Court’s decision in the case of CIT Vs. Lovely Exports [216 CTR 195] wherein their Lordships observed Can the amount of share money be regarded as undisclosed income under Sec. 68 of I.T. Act, 1961? We find no merit in this Special Leave Petition for the simple reason that if the share application money is received by the assessee company from alleged bogus shareholders, whose names are given to the AO, then the Department is free to proceed to reopen their Individual assessments in accordance with law. Hence, we find no infirmity with the impugned judgment
The contention that the provisions of section 56(1)(v) regarding the amount received from the relative was not there before Revenue authorities. Moreover it is to be established that the person who gifted money is assessee’s sister as claimed. It was also to be established that the said sister is working as Dentist in U.K. The audit certificate placed before the CIT (A) with reference to the creditworthiness should have been admitted and examined by the CIT (A) which was not done.
There is no dispute to the fact that as per sec. 251(1) of the Act, the ld. C.I.T.(A) has no power to set aside any matter to the file of ld. A.O. for fresh verification and adjudication. Therefore, considering the fact that some additional evidence was admitted by the ld. C.I.T.(A) and he has set aside some issues to the file of ld. A.O. u/s. 251(1) of the Act, which he is not empowered to do, we deem it proper to set aside the orders of the authorities below and remit the issues to the file of ld. A.O. for fresh adjudication in accordance with law.
VAT Circular 4T of 2012 – Special measures for revival of sick/closed co-operative sugar factories in the state – Download Notification
The revenue Intelligence department has detected duty evasion of 50 crore rupees in the imports of iron ore pellets at Kandla port. Officials said, seven leading Kutch-based steel manufacturing units are involved in the tax evasion.
Jiyuan Li Vs Registrar Of Companies (Delhi HC) Continuing offence is one which is susceptible of continuance and is distinguishable from the one which is committed once and for all. It is one of those offences which arises out of a failure to obey or comply with a rule or its requirement and which involves a penalty, the liability for which continues until the rule or its requirement is obeyed or complied with.
In the case of Mukherjee Estate P. Ltd. reported in 244 ITR 1, the Hon’ble Calcutta High Court has held that income on account of display of hoardings on the top of the building for advertisement purposes to display the advertisement is not an income from house property as hoardings do not form part of the building which is income from the house property and other parts of the building.
