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No doubt the provisions of section 153 requires that assessment order shall not be passed after the expiry of two years from the end of the assessment year in which the income was first assessable. This is applicable to this case. There is no requirement that service must be effected before the expiry date but there must be evidences to show that assessment order was indeed passed before the limitation.
Section 170 of the Income Tax Act deals with succession to business, otherwise than on death. On a reading of Section 43(6)(c), Explanation 2 to the Section and Section 170 along with the fourth proviso to Section 32(1), we have no hesitation in agreeing with the assessee’s case that when the assessee transferred its B Unit to the 100% subsidiary company,
Section 40(a)(ia) of the Act refers only to the duty to deduct tax and pay to government account. If there is any shortfall due to any difference of opinion as to the taxability of any item or the nature of payments falling under various TDS provisions, the assessee can be declared to be an assessee in default u/s. 201 of the Act and no disallowance can be made by invoking the provisions of section 40(a)(ia) of the Act.
Petition under Section 151 of CPC praying that in the circumstances stated in the affidavit filed herein, the High Court may be pleased to suspend the operation of the order passed by the Income Tax Appellate Tribunal, Visakhapatnam Bench, Visakhapatnam, in its I.T.A.No. 477/Vizag/2008, dated. 09-04-20 12, pending ITTA.No. 384/2012 preferred to the High Court against the order of the Income Tax Appellate Tribunal, Visakhapatnam Bench, Visakhapatnam in ITA.No. 77/Vizag/2008 dated. 09- 04-2012 for the Assessment Year 2005-2006.
We have heard both the parties and gone through the material available on record. We have also gone through the Tax Audit Report in Form No.3CD placed at Pages 20 to 49 of the Paper Book. Annexure-XIV of the Tax Audit report gives the details of tax deductible under various sections of the Act. Page 1 of Annexure-XIV gives the details of payments on which tax has not been deducted at all.
Section 14A would have no application to the present facts. It is not the revenue’s case that bad debts have been incurred in relation to income which does not form part of the total income. Section 50 of SIDBI Act, 1989 only exempts payment of income tax. It does not provide that such income of the SIDBI Bank will not be a part of the total income. This would happen in cases of income specified in sections 10 and 10A. Even otherwise this issue was not raised before the authorities and cannot be now urged in an appeal under section 260A.
December 15 is an important day on the calendar of the Central Board of Direct Taxes (CBDT). It is the date on which the third installment of advance tax for corporates and the second installment for all other assesses (including individuals, HUF etc) is due.
It is true that the assessee on the one hand gets the waiver of monies payable on purchase of machinery and claims such receipt as not taxable because it is capital receipt. On the other hand the assessee claims depreciation on the value of the machinery for which it did not incur any cost.
Learned counsel for the petitioner in these circumstances submitted that the reasons to believe recorded by the Assessing Officer on 26.03.2009 do not record or state that the agreement between the petitioner and Quest was not on record, and that there was failure on the part of the assessee to fully and truly disclose the material facts.
In the background of above legal position, we have to ascertain from the facts on record whether it is possible to ascertain the cost of acquisition of the tenancy rights. We may recall that the assessee and the landlord entered into an agreement under which, the landlord agreed to rent out four existing floors to the assessee, and for three more under construction floors of the building,
