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In case of securities the ‘date of purchase’ has to be taken from the broker’s note/contract note and the period of holding is also to be reckoned from the ‘date of purchase’ and not from the ‘date of dematerialization’. Since the holding period of the shares as per the broker’s note and its subsequent sale after dematerialization is more than 12 months, the shares become long-term capital asset and the assessee’s claim of long-term capital gain is correct.
A plain reading of document on records demonstrate that FADV-US is acting as an agent of the assessee for various purchases/ upgrades. This cannot be a reimbursement. It is purchase on behalf of the assessee. In other words, what can be said is that the assessee has routed its purchases through FADV-US. Such routing of purchases cannot be called as reimbursement of expenses.
ACIT v. Result Services (P.) Ltd. – The assessee is paying rent to the holding company as reimbursement since last many years. This position has been accepted by the department all through and it has been never disputed even when provisions for TDS were on statute since 1994. Section 194-I of the Income-tax Act, 1961 was inserted in Act w.e.f. 01.06.1994. Similarly, this position was also not disputed even after the amendment in section 40(a)(ia) of the Act by the Taxation Law (Amendment) Act, 2006 w.e.f. 1.4.2006.
Calcutta High Court in Exide Industries case (supra) held that leave encashment is neither a statutory liability nor a contingent liability and it is a provision to be made for the entitlement of an employee achieved in a particular financial year. Testing clause (f) with the objects sought to be achieved by the introduction of Section 43 B, it was held that the same could not have any nexus with the object sought to be achieved by the original enactment.
Agility Logistics (P.) Ltd. v. DCIT As the facts in issue for the year under appeal are identical with facts of the AY 2004 -05 & 2005 -06, respectfully following the decisions of the tribunal mentioned here in above in the appellants own case for the AY 2004 -05 & 2005 -06, we allow the appeal filed by the assessee and hold that the additions on account adjustment in arm’s length price to the tune of Rs.110700000.00 is uncalled for and accordingly the adjustment is rejected on the facts of the case discussed here in above .
Section 158BD is only an enabling provision to assess any other assessee other than the searched assessee if in the course of search of another assessee evidence of undisclosed income is received in respect of the assessee who is not searched. However, the assessment pursuant to the enabling provision i.e. under section 158BD also is an assessment under section 158BC and the procedure contemplated is also one and the same. In fact, what section 158BD says is that when the evidence collected in search of an assessee revealed undisclosed income of another assessee, who is not searched, the material or evidence so received can be the basis for making assessment under section 158BC of the assessee who is not searched.
With regard to the first issue the AO was under the wrong impression in treating the reimbursement of ‘scheme expenses’ as provision for expenses whereas the fact remains that the expenses were crystallized and it was paid immediately after the end of the financial year and similar expenses were allowed as eligible for deduction in the subsequent year. With regard to applicability of section 40(a)(ia) of the Act also, the learned CIT(A) gave cogent reasons in holding that provisions relating to TDS are not applicable and on similar issue the matter was decided in favour of the assessee in respect of A.Y. 2007-08.
CIT v. Khyber Foods The only question raised is whether the Tribunal was justified in holding that the assessments were invalid for the reason that search warrant issued in Form 45 was invalid. The contention of Senior counsel for the Revenue is that assessee never had a case on the validity of assessments except at the Tribunal stage when the assessee raised additional grounds in second appeals contending that warrants issued in the name of group concerns is invalid.
In a given case if such immunity is not granted the Department would proceed to prosecute the assessee in a jurisdictional court. Once prosecution is lodged the presumption is that there was mens rea on the part of the assessee to conceal the income by a smoke screen or evade tax. Thus the Settlement Commission will have to examine the application by lifting the corporate veil to see as to whether there has been an intention to evade tax and then arrive at a conclusion. In the absence of such exercise being undertaken by the Settlement Commission the intention underlined behind section 245H(1) would become otiose or redundant.
DCIT v. Enpro Finance Ltd Clause-b of sub section (1) of section 54G does not use its specific phrase ‘for the purpose of its business of under taking’ except that the business should be in non-urban area. Therefore, it can be interpreted that assessee should carry on any business in non urban area. If the amounts are utilized for acquisition of assets for the purpose of its business, this should qualify for the purpose of exemption under section 54G as there is no requirement that the land and building should be used for the purpose of the business of industrial undertaking.
