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Gross direct tax collections during April-October of the Financial Year 2012-13 was up by 6.59 percent and stood at Rs. 3,02,810 crore as against Rs. 2,84,081 crore in the same period last year. Net direct tax collections was up by 14.63 percent and stood at Rs.2,50,866 crore, as compared to Rs. 2,18,850 crore in the same period in the last fiscal.
If we consider the facts of the case under consideration, we noticed that the A.O. did not reject the books of account regularly maintained by the assessee by invoking section 145(3) of the Act. The assessee raised the ground before the CIT(A) that reference under section 142A to the D.V.O. is without jurisdiction as the A.O. did not reject the books of account.
The investment with the sister-concerns had no nexus to the assessee’s business activities. They were merely invested for the purpose of earning interest. The assessee has not even established that one of its business activities was to advance loans to third parties and/or to invest its funds and that it was a mere coincidence that over the years, all the advances were made to and the investments were made in their sister-concerns.
Objects of the appellant even after the amendment of the trust deed continue to be charitable. The amendment is a mere power conferred on the Trust or other institution. It has to be shown on facts that any amendment to the objects clause has resulted in the trust or institution becoming non charitable in character.
Whether the Appellate Tribunal is right in law in holding that unrealised export turnover should be included in the Total Turnover while it is not treated as Export Turnover for purposes of computing the allowable deduction under Section 80HHC ?
Tribunal has considered the entire evidence and on facts come to the conclusion that the profits earned by Kandla division of the respondent-assessee is not abnormally high due to any arrangement between the respondent-assessee and its German Principal. The Tribunal correctly held that extraordinary profits cannot lead to the conclusion that this is an arrangement between the parties.
After going through the order of CIT(A), We find that CIT(A) has passed a non-speaking order by following the decision of ITAT in the case of Multiplan India (Pvt.) Ltd. (supra). We are of the view that where appeal has been disposed of even though on merits without a speaking order, the order of CIT(A) cannot be sustained.
The language used in section 10(23C)(iiiad)speaks about existence of solely for educational purposes and not for the purposes of profit if the annual receipts do not exceed the prescribed limit. However, if the aforesaid chart/income is analysed, we find that a huge abnormal profit has been created/earned by the assessee and the amounts are definitely beyond the prescribed limit.
However, in the case of a non-competition agreement or covenant, the advantage is a restricted one, in point of time. It does not necessarily – and not in the facts of this case, confer any exclusive right to carry-on the primary business activity.
In the present case, both, the Commissioner (Appeals) as well as the Tribunal have found that the transactions in question are neither in the nature of loans or deposits. Under the circumstances, the provisions of sections 269SS and 269T of the Act would not be applicable. Consequently, the question of contravention of such provisions attracting penalty under sections 271D and 271E of the Act would also not arise. Under the circumstances, no infirmity can be found in the impugned order of the Tribunal so as to give rise to a question of law, much less, a substantial question of law so as to warrant interference.
