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The Ld. Counsel for the assessee Shri Siddharth Salarpuria, first of all took us to the accounts of the company from where he stated that the share capital of the company as on 31.03.2007 was at Rs. 5,56,43,400/- and reserve and surplus at Rs. 21,61,28,161/- and this year’s profit i.e. net profit as per P&L Account before making provisions for taxation is Rs. 3,50,51,698/- and if we reduce prior period adjustment of Rs. 5,10,339/-,
The allowance of any expenditure arising from an international transaction shall also be determined having regard to the ALP. However, in the instant case the assessee has not claimed the expenditure of Rs. 7,42,20,575/- during the impugned assessment year and has itself disallowed the same while computing its taxable income. Therefore, we agree with the submission of the learned counsel for the assessee that the provisions of section 92 are not applicable.
In this case penalty proceedings have been initiated by ld. CIT(A) pursuant to enhancement of income made by him vide his order dated 17.07.2012. The appeal against this order has been filed before the Tribunal on 4th October, 2012 which is in fact the first appeal of the assessee against the enhancement of income by ld. CIT(A). As the appellate proceedings are already on, we are not going into the merits of the case.
In one view of the matter there was, in the circumstances of this case, an implied agreement under which the cheques were accepted unconditionally as payment and on another view, even if the cheques were taken conditionally, the cheques not having been dishonoured but having been cashed, the payment related back to the dates of the receipt of the cheques and in law the dates of payments were the dates of the delivery of the cheques.
On going through the order passed by the Tribunal, it is found that the Tribunal passed the order, after marshalling at the facts considering the submissions made before it and applying its mind to the decisions cited before it. There is no mistake in the order of the Tribunal of the nature as envisaged under section 254(2). Permitting the assessee to raise the same issues over again in the guise of rectification will amount to recalling the appellate order in its entirety and rehearing it afresh, which is not within the scope and ambit of section 254(2).
Payment of Rs. 24 crores to Group A is to equalize the inequalities in partition of the assets of M/s Hind Samachar Ltd. The amount so paid is immovable property. If such amount is to be treated as income liable to tax, the inequalities would set in as the share of the recipient will diminish to the extent of tax.
In the present case, the assessee disclosed the factum of housing project, the construction of shops and the profit derived therefrom. These were the primary facts sufficient for the Assessing Officer to proceed in its assessment process. He had undertaken such a process and applied the facts to the provisions of law by applying his mind.
In the present case, the first show cause notice for initiation of proceedings was issued by the AO on 25.03.2003 and was served on the assessee on 27.03.2003. Obviously, the later period also expired on 30.09.2003 when six months expired from the end of the month in which the action for imposing the penalty was initiated. The order as passed by the Joint Commissioner of Income Tax for the penalty under Section 271D on 28.05.2004 was clearly hit by the bar of limitation and has rightly been set aside in the orders impugned.
AO had made assessment on the information/material available in the return of income. The information regarding the gift was available in the return of income as capital account had been credited by the assessee by the amount of gift. Similar was the position in relation to addition under section 2(22)(e). T
Intention of the Legislature is to regulate the manner of investment of the money left with an assessee-Trust after utilization for charitable purpose. Subscription to chit funds itself will be utilization of the funds of the assessee since right of the assessee is only to prize a chit or participate in a draw of lots. It is not an investment or deposit of a money which is available as surplus with assessee.
