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Income Tax : ITAT Ahmedabad dismisses ITO's appeal against Sun Gold Capital Ltd due to low tax effect under CBDT Circular 09/2024. Key issues i...
Income Tax : Analysis of ITAT Ahmedabad's ruling in Rakesh Saxena Vs PCIT. The tribunal upheld the revision order, treating VRS benefits as tax...
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Income Tax : Guidelines for Assessing Officers on handling high-risk e-Verification cases under the e-Verification Scheme 2021, including steps...
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CIT Vs. I.P. India Pvt. Ltd. (Delhi High Court) – Tt was held that a loan grants temporary use of money, or temporary accommodation, and that the essence of a deposit is that there must be a liability to return it to the party by whom or on whose behalf it has been made, on fulfilment of certain conditions. If these tests are applied to the facts of the case before us, it may be seen that the receipt of share application monies from the three private limited companies for allotment of shares in the assessee-company cannot be treated as receipt of loan or deposit.
M/s Panwar Roshin & Turpentine Co. Ltd. Vs ITO (ITAT Delhi)- The appeal was filed on 08.12.2010 when an acknowledgement cum- notice was served on the bearer under which the appeal was fixed for hearing on 10.02.2011. None attended on that date. Thereafter, another notice dated 07.10.2011 was served on the assessee through the official courier, fixing the hearing on 13.12.2011.
Pradeep Khanduja Vs ITO – ITAT Delhi – even after passing of the assessment order, the assessee did not move any application before the ld. CIT(Appeals) for admission of additional evidence, which has now been filed before us, and which is sought to be admitted. Rule 10 deals with filing of affidavit and states that where a fact, which cannot be borne out by, or is contrary to, the record is alleged, it shall be stated clearly and concisely and supported by a duly sworn affidavit.
As held in the case of Kedarnath Jute Mfg. Co. Ltd. vs. Commissioner of Income-tax (supra) entitlement of assessee of any deduction cannot depend on the treatment accorded to such entries by the assessee. And, existence or absence of entries in the books of accounts is not determinative of such claim, but, that is depended on the provision of law that concerns such deduction.
CIT Vs. V R Textiles (Ahmedabad High Court) – On the ground that the entire undisclosed sales could not be treated as profit of the assessee, relying on the judgment of this Court in the case of CIT v. President Industries Limited, [258 ITR 654 (Guj)], it upheld the findings of the CIT [A] which applies the gross profit ratio against the unaccounted sales for the purpose of making additions on account of undisclosed income. The Tribunal also ratified the decision of the CIT [A] in considering the issue of deployment of minimum capital investment for the purpose of making and rotating the sales outside the books of account. For not having found anything contrary to the findings arrived at by the CIT [A] and on cumulatively examining the facts, which were presented before the Tribunal, it upheld the findings of the CIT [A] which applied the gross profit ration as against the undisclosed sales made by the assessee for the purpose of making the additions. Thus, it could be seen from the order of the Tribunal, on proper appreciation of facts and material on record, it concluded the issue in favour of the assessee and against the Revenue. It found sufficient material on record to uphold the findings arrived at by the CIT [A] and for so doing, it had given cogent reasons in its order
CIT Vs. Raghuvir Synthetics Ltd. (Ahmedabad High Court) – Factually, it found huge funds were available without any interest liability with the assessee and that there was no evidence to hold that the borrowed money was utilized for the purpose of advance to the sister concern. All these aspects cumulatively led the Tribunal to hold that the disallowance made only on the ground that advances were given out of the borrowed funds, holding the assessee ineligible for allowance of interest by the Assessing Officer of the sum of Rs.18.66 lacs was not sustainable.
The Assessing Officer supplied reasons he had recorded for reopening the assessment, which read as under:- “The assessee company filed its return of income on 22.12.2006, declaring total income of Rs.1,00,86,370/-. The assessment u/s.143(3) was finalized on 18.06.2008 determining the taxable income of Rs.1,00,86,370/-. It is seen that the assessee company had made payment of Rs.21,60,399/- in Foreign Company for purchase of raw materials. However, neither did the company deduct TDS on this amount nor any certificate obtain from the concerned Assessing Officer for non-deduction of TDS. Prasad Koch Technik Tech Pvt Ltd Vs. Versus ACIT (Ahmedabad High Court)
CIT Vs. Harinder Sachdev (Delhi HC) – A Division Bench of this Court in the case of Commissioner of Income Tax Vs. Lunar Diamonds Ltd. [2006] 281 ITR 1 (Del.) has held that service of notice within the time as stipulated in the proviso to Section 143(2) is mandatory. In case service is not effected within the time stipulated in the proviso, this would render the assessment void. The aforesaid decision in the case of Lunar Diamonds Ltd. (supra) has been followed in CIT Vs. Vardhman Estates P. Ltd., [2006] 287 ITR 368 (Del.) and CIT Vs. Bhan Textiles P. Ltd., [2006] 287 ITR 370 (Del.).
Delhi ITAT ruling on ACIT vs. M/s Global Vantedge – Exclusion of leased telephone lines from fringe benefits. Rs. 26,56,792 expense deleted.
Lions Club of Calcutta Hastings Vs DIT (Exemption)- (ITAT Kolkata)- In the present case no show cause notice has been issued to the assessee. Therefore, we do not see any merit in this contention of the lad that the provisions contained in section 293C of the Act enables the ld. Commissioner of Income Tax to withdraw approval. We, therefore, considering the totality of the facts as discussed hereinabove are of the view that the ld. Commissioner of Income Tax was not justified in withdrawing approval once granted because the Legislature in all its wisdom has sought to omit this proviso to section 80G(5)(vi) of the Act and after omission of the said proviso, the approval 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.
