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Decision of the Mumbai Bench of the Tribunal in the case of Homi K. Bhabha Vs. ITO was brought to our notice by the learned DR wherein it was held that Portfolio Management Scheme fees is not deductible against capital gains. The decision of the Pune Bench of the Tribunal in the case of KRA Holding & Trading was not followed by the Mumbai Bench in the above cited decision.
It is very clear that the assessee consciously split up the payments in whole of the year, which is impracticable, illogical as noted above and it was done just to circumvent the provisions of law. There was no justification for the assessee to split up the transactions of crores of rupees in small payments of Rs. 15,000/- to Rs. 20,000/- everyday. Whatever plea was taken before the authorities below was not supported by any evidence.
In order to make the Income Tax Return filing experience even more convenient, the Income Tax Department has started two more taxpayer friendly initiatives ‘Register for Home Visit’ and ‘Online Tax Help’. To avail these facilities, a taxpayer must visit the website www.trpscheme.com and take help of trained professionals either online or at their homes. The taxpayer can choose between ‘online help’ or ‘home visit’.
Taxpayers, who hold foreign bank accounts or properties, will now have to furnish details of their foreign assets which include information like country name, address of the bank, name mentioned in the account and peak balance during the year etc.
Ld. CIT(A) on pages 51-52 of his order that the assessee could not provide even the names and addresses of those parties to whom cash sales were claimed to have been made. This is the main basis on which Ld. CIT(A) has confirmed the decision of the A.O. In our considered opinion, it cannot be said that in the case of cash sales, the assessee is bound to keep record of the names and addresses of the buyers. The judgement of Hon’ble Bombay High Court cited by the Ld. A.R. rendered in the case of R B Gurnam Fatehchand vs ACIT as reported in 75 ITR 33 also supports the case of the assessee. In that case also, the assessee was not in a position to give the addresses of the customers to whom cash sales were made. Under these facts, it was held by the Hon’ble Bombay High Court that this cannot be the basis to reject the book results.
Notification No. 28/2012-Income Tax Whereas an Agreement and the Protocol between the Government of the Republic of India and the Government of the Republic of Lithuania for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income and on Capital (DTAA) was signed at New Delhi on 26th July, 2011;
Notification No. 27/2012-Income Tax Whereas an Agreement and the Protocol between the Government of the Republic of India and the Government of the Republic of Estonia for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income was signed at Tallinn, Estonia, on 19th day of September, 2011;
Tribunal decision in the case of ITO Vs Gyani Exports as reported in 94 TTJ 557 wherein, it was held that gain from foreign exchange fluctuation as eligible for deduction u/s 80HHC. No contrary decision was brought to our notice by Ld. D.R. and hence, on this issue also, we decline to interfere in the order of Ld. CIT(A).
It has not been disputed that the four sellers of the agricultural lands were neither examined nor their statements recorded, nor sec. 50C was invoked against them. Under these circumstances, the addition on the basis of a presumption which according to I.T. Act can only be raised against seller, cannot be made in the hands of the purchaser. Besides, we find merit in the argument of learned counsel for the assessee that provisions of sec. 142A cannot be applied against a transaction which is stock in trade. Order of CIT(A) is upheld as being on just and proper observation.
Amended section 10B as well as section 10A, 10AA, 10BA were introduced in the Act with a specific purpose. All these sections can be classified as ‘special provisions’ with regard to allowable deductions in certain areas. Said sections contain an in-built mechanism for computing the profits arising out of the business activities of the units/undertakings. It is a fact that above sections, including section 10B talk about ‘deductions’, but it is also a fact that still they are part of Chapter III i.e., the chapter that deals with income which do not form part of total income.
