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In our considered opinion. for making any disallowance u/s. 14A is to firstly examine the assessee’s claim of having incurred some expenditure or no expenditure in relation to exempt income. If the AO gets satisfied with the same then there is no need to compute disallowance as per Rule 8D.
Income-Tax officials have seized documents believed to be US Treasury bonds worth Rs 28,000 crore during a raid on the premises of a businessman in neighbouring Tirupur district. The raids were carried out on the residence of Ramalingam at Upputhurai Palayam village on 31 December night, official sources said today.
It is clear that the completion of assessment/re-assessment without furnishing the reasons recorded by the Assessing Officer for initiation of proceedings under section 147/148 of the Act is not sustainable in law as it is incumbent on the Assessing Officer to supply them within reasonable time as held by the Hon’ble Apex Court in the case of GKN Driveshafts (India) Ltd. v ITO (supra).
As rightly submitted by the learned DR, one of the reasons given by the AO for making disallowance u/s 40(a)(ia) was that the payment of freight charges was made by the assessee on account of air fare and not shipping charges and even the said air fare was not directly paid to the airlines but the same was paid to the different parties who acted as freight booking agents.
The High Court had failed to notice that in view of the express provisions of the Act an assessee was entitled to compensation by way of interest on the delay in the payment of amounts lawfully due to the assessee which were withheld wrongly and contrary to the law by the department for an inordinate long period of up to 17 years.
A bare look at section 80-IB(4) would reveal that reference made to ‘profits and gains derived from such industrial undertakings’ and not to ‘profit and gains derived from any business of the industrial undertaking’. A conjoint reading of Section 80-IB(l) and 80-IB(4) would reveal that the expression ‘profits and gains derived from any business’ is to be read as ‘profits and gains derived from the industrial undertaking’
Assessee has objected to the valuation adopted by the stamp valuation authority and has also filed the valuation report by an Approved Valuer in support of the actual fair market value. The provisions of clause (a) of sub-section (2) of section 50C, provides that where the assessee claims before the Assessing Officer that the value adopted or assessed by the stamp valuation authority under sub-section (1) exceeds the fair market value of the property as on the date of transfer,
In the case before us, admittedly no plans were made, therefore, there is no question of getting the same approved. Apart from this, the ld. counsel of the assessee admitted that assessee has no evidence to prove that assessee wanted to start construction. If the tax is allowed to be postponed merely on the basis of purchase of plot then no assessee would pay correct taxes during the year
Appellants, Respondents and all other concerned are hereby informed that, in exercise of powers vested in the Income Tax Appellate Tribunal under sub-section [5] of section 255 of the Income Tax Act, 1961, it is directed that appeals and applications fixed before the Income Tax Appellate Tribunal [ITAT), Allahabad Bench, Allahabad will be heard through Video Conferencing by the Members of the ITAT as may be nominated by the President,
In the instant case effect of the issue of right shares vis-a-vis original shares had not been fully kept in proper perspective by the Tribunal in its evaluation. Further the assessee was the chairman of the company and in fact that if he did not participate in buying right shares, that would have adverse effect on the value of the shares of the company
