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The ITSC could not have been satisfied as to the acceptability of the assessee’s explanation with regard to the various issues raised before it in the report of the Commissioner merely on the basis of the reports of the JDIT. Without applying its mind directly to the report of the Commissioner and the materials referred to therein, it could not have reached the conclusion that nothing more was required to be added over and above the undisclosed income of Rs. 15 lakhs disclosed by the assessee. The ITSC thus ignored relevant evidence and material which it ought to have taken into account while processing the assessee’s application. [
Once the assessment was reopened to investigate the purchase of various lands then the Assessing Officer was duty bound to make enquiries to examine the purchase of these land as well as the sources for the same. The Assessing Officer has simply issued notice under sections 142(1) and 143(2) which is standard for format of the notice.
in the instant case, the assessee denied incurring any expenditure for earning income, which did not form part of total income during the course of assessment proceedings even when huge investments were made by the assessee in securities .
Assessing Officer made the addition merely on the ground of low gross profit rate. In our opinion, the low gross profit rate can be a reason for making an enquiry but, it cannot be the sole basis for making the addition. The trading result can be rejected only if the condition prescribed under Section 145 for the rejection of books of account or the method of accounting is fulfilled.
The AO in the said case did not examine whether the share application money can be treated as loan or deposit within the meaning of provisions of sec. 269SS of the Act nor the Addl. CIT. The ld. CIT(A) found as a fact that the shares were subsequently allotted to the applicant-companies as shown by the form filed before the Registrar of Companies.
The claim of the assessee of having converted the capital asset of land into stock in trade for the purpose of his business as envisaged in section 45(2) was not accepted by the Assessing Officer as well as by the Commissioner (Appeals) mainly for the reason that there was no business of real estate development actually commenced or carried on by the assessee and it was a case of transfer of land as capital asset simpliciter as per the Development Agreement.
On perusal of the material on record, it is found that the assessee first of all seeks to get the benefit under the provisions of Indo UAE DTAA Treaty on the ground that payees were residents of UAE as per article 4(1). The other limb of its case is that the payment of fees for registration of trademark to Advocates in Emirates were not in the nature of fees for technical services in view of the section 9(1)(vii) but was purely for professional services.
Thus, as per the decision of Hon’ble Apex Court, for claiming the deduction of bad debts, the assessee need not prove that the debt has actually become bad. Mere writing off in the books of account is enough.
The contention of the assessee that Audit Reports and minutes of meeting of Board of Directors were enough to prove the genuineness of the transactions in the case under consideration was unacceptable. There is no doubt that Tax Audit Report is an important document, but it cannot take place of the evidence required for claiming a deduction.
Scientific research in the context of the deduction allowable under section 35(1) of the Act would include wide variety of activities. It can also be appreciated that every scientific research need not necessarily result into the ultimate goal with which it may have been undertaken. Often times in the field of research and invention, the efforts undertaken may or may not yield fruitful results.
