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Rajya Sabha on 16.05.2012 returned the ‘Finance Bill 2012′, as passed by the Lok Sabha without making any amendment to the bill.
The Assessing Officer has deleted the interest on borrowed capital without recording any finding to the effect that the borrowed capital on which interest was paid by the assessee was diverted by the assessee for providing interest-free advances to its sister concerns. It is not the case of the revenue that the interest-free funds available with the assessee were not sufficient to advance interest-free money in question to its sister concerns.
Respondent has filed the affidavit in which he has affirmed that he had initiated proceedings for reassessment on the basis of precise information received from the Enforcement Directorate vide its letter dated 19th December, 2007 received by him on 20th December, 2007 and that in the said letter the relevant documents were forwarded to the Range Head and subsequently endorsed to the Assessing Officer by his superior. It has been further averred in the affidavit that all the facts contained in the reasons were available within the jurisdiction of the respondent and were in his knowledge.
Mere erroneous claim in the absence of any concealment or furnishing of inaccurate particulars, is no ground for levying penalty, especially when there is nothing on record to show that the explanation offered by the assessee was not bona fide or any material particulars were concealed or furnished inaccurate .
The judgment of Hon’ble Delhi High Court rendered in the case of Neo Poly Pack Ltd. (supra) is squarely applicable in the present case because in that case it was held that , for the sake of consistency, the same view should continue to prevail for subsequent year also unless there is material change in the facts.
If the dichotomy between eligibility of profit and deductibility of profit is not kept in mind then section 115JB will cease to be a self-contained code. In Section 115JB, as in section 115JA, it has been clearly stated that relief will be computed u/s 80HHC (3)/(3A), subject to the conditions under sub-sections (4) and (4A) of that Section.
A.O. has applied Rule 8D holding that Rule 8D is retrospective in nature. It is now settled that Rule 8D is prospective and is applicable on and from the A.Y. 2008-09. We direct the A.O. to recalculate the disallowance, if any, without applying Rule 8D on the dividend income shown at Rs..4,00,039/-. The A.O. is further directed to verify the contention of the appellant that the investments have not been made out of borrowed capital, after giving the appellant an opportunity of being heard.
Approval u/s. 80G once granted shall continue to be valid in perpetuity unless and until a show-cause notice is issued by the concerned CIT showing his intention to withdraw already granted such approval.
In order to claim deduction the assessee has to prove by adducing cogent evidence that it was incurred on account of business activities of the company. It appears as rightly pointed out by the respondent that despite opportunity being given, it could not produce any materials that such foreign tour was undertaken in relation to the business of the company. Mere furnishing information and making of statement are not good enough to establish the case of foreign travel.
Yoga guru Baba Ramdev’s trusts have been told they owe the government Rs. 58 crore in taxes against their income, largely from the sale of ayurvedic medicines. The Income Tax Department has calculated the taxes against an income of Rs. 120 crore from commercial activities.
