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The assessee, during the course of assessment proceedings for Assessment Year 2004-2005, had not furnished any intimation to the Assessing Officer about the alleged misappropriation of funds. Though the FIR was lodged by the Assessee on 16 March, 2006 and the assessment proceedings for Assessment Year 2004-2005 were completed thereafter on 22 December, 2006, the filing of the FIR was not disclosed to the Assessing Officer.
It has been contended by the ld. counsel of the assessee that the Ld. Commissioner of Income Tax (Appeals) has erred in treating Rs. 35,49,091/- as revenue receipt being the amount received from the flat owners and / or tenants for replacement of capital assets and shown as sinking fund in accounts which was considered and treated as capital receipt by the assessee since its inception and the same was duly accepted by the Assessing Officer in the earlier assessments.
In Vodafone International Holdings BV Netherlands vs. Union of India and another (345 ITR 1 (SC). a three judge bench of the Supreme Court has laid down that what is needed is to consider the transaction in its entirety and to look at the transaction as a whole. The Supreme Court has advocated that a transaction must be looked at and not looked through.
Government on Wednesday justified its decision to neutralise the impact of Supreme Court decision in the Vodafone case by amending the Income Tax Act with retrospective effect suggesting it was to prevent outflow of Rs 40,000-Rs 50,000 crore from the exchequer.
In partial modification of this office order of even number dated 11th May, 2012; and upon consultations of the collegium of the Income Tax Appellate Tribunal consisting of the President and two senior-most Vice Presidents, the transfer of Ms. Sushma Chowla, Judicial Member, Chandigarh Benches to Pune Benches is cancelled in public interest. Ms. Sushma Chowla, Judicial Member will continue to function from Chandigarh Benches.
ORDER [NO. F-46-AD(AT)2012], DATED 11-5-2012 In pursuance of the consultations of the collegium of the Income Tax Appellate Tribunal consisting of the President and two senior-most Vice Presidents, the following Members of the Income Tax Appellate Tribunal are hereby transferred, in public interest, in the same capacity to the Bench(es) of the Income Tax Appellate Tribunal as shown against their names, with effect from 28th May, 2012: –
If I have to deposit fees for filing appeal, what should I do? Corporate Assessee:- In case you have to deposit appellate fees, copying charges or other miscellaneous payments, tick box 0020, thereafter tick box ‘400 Regular Tax’ under ‘Type of Payment’ and fill up the amount to be paid in ‘Others’ column under ‘Details of Payment’.
In this case, the assessee had exchanged old flat with new flat to be constructed by the builder under development agreement which amounts to transfer under section 2(47) of the Act. Thus, the only other condition which is required to be satisfied is that assessee either purchases a new residential flat within the prescribed limit or constructs a new residential flat within a period of 3 years from the date of transfer.
Rajya Sabha on 16.05.2012 returned the ‘Finance Bill 2012′, as passed by the Lok Sabha without making any amendment to the bill.
The Assessing Officer has deleted the interest on borrowed capital without recording any finding to the effect that the borrowed capital on which interest was paid by the assessee was diverted by the assessee for providing interest-free advances to its sister concerns. It is not the case of the revenue that the interest-free funds available with the assessee were not sufficient to advance interest-free money in question to its sister concerns.
