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One has to keep in mind the fact that while reopening of an assessment cannot be asked for by the assessee on the ground that it had not furnished Form No. 10 during the original assessment proceedings, this does not mean that when the revenue reopens the assessment by invoking section 147, the assessee would be remediless and would be barred from furnishing Form No. 10 during those assessment proceedings. Therefore, Form No. 10 could be furnished by the assessee-trust during the reassessment proceedings.
In this case there is nothing in the reasons to indicate that there is an escapement of income, but, at the most, need to verify that the reasons of discrepancy between income from profession as per return of income vis-à-vis as per the certificates of tax deduction at source. A variation in these two figures does not necessarily lead to escapement of income,
Whether the penalty was imposed U/s 271(1)(c ) because of the reason that the deduction claimed under section 80-IB by the respondent-assessee was ultimately allowed at a lower level were valid?
The assessment record reveals that the MLA had been placed on the record of the Assessing Officer in the very first instance when the assessment was completed under section 143(3). Thereafter the reassessment proceedings were initiated for those proceedings too and what drove the revenue to issue notice and reopen the proceedings was the master licensing agreement and the nature of ‘royalty income’. The Assessing Officer in that instance consciously after going through the material concluded that the rate of taxation was 15 per cent in the reassessment proceedings.
Learned counsel for the appellant submitted that in the facts and circumstances of the case no penalty was leviable as the appellant itself had surrendered the said amount representing the difference in the sundry creditors in order to buy peace. He, thus, submitted that there was no concealment of income so as to warrant levy of penalty under Section 271(1)(c) of the Act.
As regards investment made in thandal business, there are no materials seized at the time of search of the assessee’s premises, to make this as a subject matter of block assessment. When the revenue does not dispute the fact that the assessee had been doing the business along with two others, there was no justifiable ground to assess Rs. 27 lakhs at the hands of the assessee.
On going through the records, we find that the issues that were raised were not discussed and dealt with by the High Court except for saying that the case is not a fit case to be interfered with. According to us, this is not a proper disposal of the appeal. Accordingly, we set aside the order and remit back the matter for fresh disposal de novo in accordance with law.
The TPO has to work out the ALP of the international transaction by applying the methods recognized under the Act. He is not competent to hold that the expenditure in question has not been incurred by the assessee or that the assessee has not derived any benefits for the payment made by the assessee and consequently, he cannot consider the ALP as NIL.
U/s 9(1)(vi)(c) royalty payable by a person who is a non-resident is deemed to arise in India where the royalty is payable in respect of any right etc utilised for the purposes of a business carried on by such person in India or for the purposes of earning any income from any source in India. Section 9(1)(vi)(c) is a deeming provision and the burden is on the Revenue to prove that the payer has a business/ source of income in India. What is important for Section 9(1)(vi)(c) is not whether the right to property is used “in” or “for the purpose of” a business, but to determine whether such business is “carried on by such person in India”;
During the assessment year 2006-07 in question in the provisions laid down u/s 32(i)(iia) there was specific condition alongwith installation of new plant or machinery after 31st March, 2005 that the new plant or machinery must also be acquired after 31st March, 2005.
