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Income Tax : BILL No. 14 OF 2025 THE FINANCE BILL, 2025 (AS INTRODUCED IN LOK SABHA) THE FINANCE BILL, 2025 ARRANGEMENT OF CLAUSES ______ AS IN...
The Government had constituted an Expert Committee on General Anti Avoidance Rules (GAAR) to undertake stakeholder consultations and finalise the GAAR guidelines as well as a roadmap for implementation.
In the present case, if the Assessing Officer had returned a finding that the premises were to be valued at market value (of the rental), in case it increased as a result of the renovations, the only prescribed mode was to apply the method indicated by Rule 3 (a) (iii) of the Valuation Rules. The AO could not have included the entire expenses, and spread it over a period of five years, for the purpose of saying that the whole of such expense constituted a perquisite.
In the instant case, no where the assessee-firm is considered as the tenant. In the partnership deed dated 4-4-1990 also, it is stated that all rights over trade name, goodwill license and permits shall belong to the partners. It is the legal heirs of ‘A’ and ‘V’, who have continued to hold the tenancy rights and have used the name of the business only for the sake of convenience, which had been continuance from the pre-partition days.
In the instant case, the fact of purchase of land, commencing of the construction of residential house on the said land and the sale of land is not in dispute. The only dispute is whether the land was an ‘asset’ within the meaning of section 2(ea) and, therefore, liable to wealth-tax or the land along with the superstructure can be considered as ‘residential house’ and, therefore, can be considered to be an exempted asset under section 5(vi).
The question that arises for consideration in instant case is, whether the payment made by the assessee of Rs. 1.74 crore against the total amount of Rs. 3.61 crore, which included the interest of Rs. 1.83 crore under Section 220(2) and 234-B, was paid as tax or interest.
As rightly pointed out by the Commissioner (Appeals), there was a mistake of taking number of days. Therefore, according to Assessing Officer’s own method it should be 186 days. If the date of arrival was excluded as it was not a complete day, the stay of assessee was less than 182 days. Accordingly, there was no merit in the revenue appeal. The case law relied was in support of the contention that day of arrival, particularly late in the day should be excluded. If that day was excluded the stay in India by assessee was less than 180 days. Therefore, assessee’s salary was not taxable in India.
The issue of demand management continues to remain an area of grave concern. It has been found that in most of the cases demand uploaded is incorrect and incomplete. Such demands have been uploaded by AOs without due diligence and verification. Adjustment of such demands against refunds is leading to public grievances. It is therefore imperative to correct the demand data base and quickly rectify cases, where wrong adjustments have taken place.
The learned CIT(A) has tried to give a meaning to the definition as given in the Statute u/s. 194-I vis-à-vis the agreement for wagons investment scheme as has been perused in his order. Having reproduced the agreement and the definition of rent, he has not been to correlate the same for the simple reason that rent or arrangement has to be understood from the point of view of ownership.
The Tribunal could not have rejected the cross objections without entering into factual matrix and being satisfied itself that the appellant had not in fact filed cross objections at the time when it could have originally filed them when the appeals had been filed before the Tribunal. This is also evident from a reading of this Court’s order.
As is apparent from the aforesaid facts, the AO disallowed the claim of bad debts in the absence of any evidence as to when the amount was offered as income and there was nothing to show as to whether this amount had been actually written off in the books of account. On appeal, the ld. CIT(A) admitted the additional evidence in this regard while observing that though the basic information and requisite details regarding bad debts/advances written off
