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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-Ã -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
ection 10A, as it presently stands, though worded as deduction provision, is essentially and in substance an exemption provision. We have also held that the implication of an exemption provision is that the particular income which is exempt from tax does not enter the field of taxation and is not subject to any computation.
As per order passed by the ITO (TDS), he has issued show cause notice to know the reason why the assessee has not quoted the PAN of the deductee in Form No. 16 and 16A. But the assessee had not given any explanation before the ITO (TDS), even the assessee has also failed to appear before him on the date fixed.
The main contention of the Income Tax Department is that the Scheme is floated with the sole object to avoid tax liability. Except the Income Tax Department no objections were raised by anyone against sanctioning the Scheme.
Therefore, it emerges that MAT payable u/s 115JB is only income tax and does not include surcharge or education cess. Therefore, if only income tax is paid under the provisions of section 115JB it is natural that tax credit u/s 115JAA will only be of income tax and not of surcharge and education cess.
