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In the present case, we find that the assessing officer was clearly wrong in holding against the assessee by concluding that the assessee had not offered any explanation. This fact has been realized both by the Commissioner of Income Tax (Appeals) as also by the Income Tax Appellate Tribunal. It is clear that the assessee had offered an explanation.
The instant case relates to the assessment year 2004-05. The Explanation in clause (a) to sub-section (10) of section 80-IB was brought in under Finance No.(2) Act of 2004, effective from 1-4-2005. Thus in the absence of any such requirement under section 80-IB(10), as it stood during relevant assessment year 2004-05, it is difficult to accept the case of the revenue that the claim for deduction has to be rejected on the ground that the assessee had not furnished the completion certificates.
Notification No. 10/2013 – Income Tax SECTION 10(15), ITEM (h) OF SUB-CLAUSE (iv) OF THE INCOME-TAX ACT, 1961 – EXEMPTIONS – INTEREST ON BONDS/DEBENTURES – SPECIFIED COMPANIES AUTHORIZED TO ISSUE TAX-FREE, SECURED, REDEEMABLE, NON-CONVERTIBLE BONDS DURING F.Y. 2012-13 – AMENDMENT IN NOTIFICATION NO. SO 2685(E), DATED 6-11-2012, READ WITH CORRIGENDUM NO. SO 2717(E), DATED 15-11-2012 NOTIFICATION NO. 10/2013[F.NO.178/6/2013(ITA-I)]/SO 321(E), DATED 5-2-2013
Assessing Officer was carried away by the original return filed by the assessee, wherein originally the income admitted in the course of search was not returned by it. But the fact is that the assessee had filed a revised return before completing the assessment.
The assessing officer recorded reasons as required under section 148(2) and reopened the assessments for the earlier three years under section 147 of the Act and issued notices on 29.03.2004, 22.3.2005 and 14.7.2005 respectively. The reasons recorded by the assessing officer are identical for all the three years and are as under: –
I am directed to say that the delay in filing of SLP is a serious cause of concern. One of the reasons for delay in filing of SLP is inordinate delay in receiving the SLP proposals in the Directorate of Legal & Research. Even after conveying the concern of the Board in this regard, it is observed that about 50% proposals are received after 60 days of the date of impugned judgment of High Court as against 21 days prescribed in instruction No. 4 of 2011 laying down the SOP for filing SLP.
In the present case, the assessees being the builders, had the option to recognize their income either on percentage completion method or on project completion method. Therefore, it was not certain to hold that the assessees were liable at all to file returns under section 139(1). Whether the assessees had recognized their income for the impugned assessment years is also not clear. The returns were filed after search made under section 132 but before the issue of notice under section 153A.
In this appeal it is noticed that the Assessee has in fact after interim order granted by this Court has approached the Revenue and there are certain proposals given by the Revenue to the Assessee and it is submitted by Sri Naganand, learned Senior Counsel that initially the Assessee has deposited Rs.50 crores and as per the order of the Tribunal and further a sum of Rs.175 crores has been deposited after the order passed by this court and a sum of Rs.25 crores will be deposited by 10.02.2013 and modification of interim order to such extent should take care of the interest of both the Assessee and Revenue etc.
This tax calculator can be used to calculate the approximate tax payable by salaried individuals for the Assessment year 2013-14 or Financial Year 2012-13. This should NOT be used to compute the actual taxes to be paid to the Government. We have outlined Below the Instructions to Be Followed for Use of Calculators and tax Rules.
Whether the material obtained during search showing a variation in expenditure may be considered as evidence for disallowance of expenditure for a block period u/s 158BB of the Act and would not amount to assessment on estimation basis?
