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We are of the opinion, given the peculiar facts of this case, that the imposition of penalty on the assessee is not justified. We are satisfied that the assessee had committed an inadvertent and bona fide error and had not intended to or attempted to either conceal its income or furnish inaccurate particulars.
The first reason assigned by the Director for denying registration to the assessee under section 12A was that the object of the assessee are not for the benefit of general public but for specific members viz., benefit of companies who are engaged in commercial activities to improve their production or profitability. Section 2(15) defines charitable purpose to include relief of the poor, education, medical relief, and the advancement of any other object of general public utility.
These two cross appeals – one by the assessee and the other by the Revenue – arise out of the order passed by the Commissioner of Income-tax (Appeals) on 05.08.2010 in relation to the assessment year 2007-2008. Since common issues are raised in these appeals, we are, therefore, proceeding to dispose them off by this consolidated order for the sake of convenience.
It was found from the assessment order for assessment year 1985-86 and from the order of Commissioner of Income-tax (Appeals) that the assessee had made payments to schools other than those promoted by it which fact has not been discussed either in the Order of ITAT or in the Order of the High Court.
Deduction/Collection of direct tax at source plays one of the most crucial roles in mobilizing direct tax revenue. It is imperative to note that in the last year about 36% of total Direct Tax collection was made through TDS/TCS only. The TDS wing of the department registered an annual growth of 24%, despite the downturn […]
In the absence of a finding rejecting the accounts of the assessee, the reference to the DVO could not have been made by the Assessing Officer in the first place. It is evident that the valuation in the instant case was uncritically accepted by the Assessing Officer. As can be seen from a comparison of the valuation by the assessee, with that of the DVO, the variation is 3.86 per cent. This is a very minor variation, having regard to the large amounts involved.
It is important to bear in mind uncontroverted claim of the assessee that there were sufficient reserves and surplus, which were eligible for distribution as ‘dividend’, and the NIPL had sufficient cash balances as well. The nature of amounts distributed as dividend has not been altered as a result of, what the revenue authorities describe as, colourable device to evade taxes.
The deduction under section 80-IA(4)(iv)(c) is allowed for a period of ten years. The dispute in the present appeal is as to whether assessment year 2005-06 should be the first year in which the deduction should be allowed. It was clarified at the time of hearing of the appeal that from the assessment year 2006-07, the assessee has been getting the deduction under section 80-IA(4).
The economic problems of milk producers are such that the Parliament/CBDT felt it necessary to incorporate that milk producer should be free to receive payments in cash. Of course, such exclusion from the rigour of the provisions of section 40A(3), is subjected to certain conditions.
There may be cases where the Assessing Officer does not and may not raise any written query but still the Assessing Officer in the first round/ original proceedings may have examined the subject matter, claim etc, because the aspect or question may be too apparent and obvious. To hold that the assessing officer in the first round did not examine the question or subject matter and form an opinion, would be contrary and opposed to normal human conduct. Such cases have to be examined individually.
