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In KEC International Ltd. v. B.R. Balakrishnan (2001) 251 ITR 158., the Division Bench emphasised the importance of reasoned orders being passed on the applications for stay. The Assessing Officers consistently refuse to follow the law laid down in the judgment of the Division Bench of this Court. The Assessing Officers and the Appellate Authorities are duty bound to act in accordance with binding precedent and there is no reason or justification to act in the manner in which the applications for stay have been disposed of in this case.
Nishith Madanlal Desai vs. CIT (Bombay High Court) It was held that The power which is vested in the Assessing Officer under Section 220(6) and for that matter that which is conferred upon the CIT (Appeals) to grant a stay of demand is a judicial power. It is necessary for both the Assessing Officer as well as the Appellate Authorities constituted under the Income Tax Act, 1961, to have due regard to the fact that their function is not merely to act as tax gatherers, but equally as quasi judicial authorities, they owe a duty of fairness to the assessee.
No recovery of tax should be made pending (a) Expiry of the time limit for filing an appeal; (b) Disposal of a stay application, if any, moved by the assessee and for a reasonable period thereafter to enable the assessee to move a higher forum, if so advised. Coercive steps may, however, be adopted where the authority has reason to believe that the assessee may defeat the demand, in which case brief reasons may be indicated.
Now, we take-up the appeals for the A.Y. 2006-07 and 2007-08. The only common issue in both the appeals is in respect of deduction u/s.10A which was denied by the A.O. on the reason that the assessee company is formed by splitting and reconstruction of the existing business/undertaking.
In this appeal, the only issue urged by the assessee is whether the AO was justified in netting the provision made for bad and doubtful debts, i.e. netting of new provision made during the year under consideration and the provision of earlier years written back during the year. As stated earlier, it will only be an academic exercise to address this issue.
The Income Tax Department, Applications are invited from meritorious sports persons satisfying the requirements as mentioned in Annexure-1 for appointment to the posts of Tax Assistants, Notice Servers & Multi Tasking Staff.
Lld. counsel for the assessee, has submitted that there is no need to remit the matter to the Assessing Officer as the Assessing Officer had not made any disallowance under Section 14A, except in respect of interest expenditure. He further says that the contention now raised by the revenue does not emanate from the order of the Tribunal. We are not inclined to accept the said contention.
We may without prejudice also examine the assessee’s claim of being a primary co- operative agricultural and rural development bank. The Revenue has rejected the assessee’s claim on the ground that it does not meet the definition thereof inasmuch as its area of operation is not confined to a Taluk (Explanation (b) of section 80P (4)). In this regard, we firstly observe that the assessee has not clarified if it is a member of the Rajasthan State Co-operative Land Development Bank and, if so, since when. Secondly, it has not shown that its principal object is to provide long term credit for agricultural and rural development activities, which constitutes the defining attribute of such a bank, with its object clause nowhere indicating so.
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Notification No. 13/2012-Income Tax Whereas the Central Government in exercise of the powers conferred by clause (iii) of sub-section (4) of section 80-IA of the Income-tax Act, 1961 (43 of 1961) (hereinafter referred to as the said Act), has framed and notified a scheme for industrial park, by the notifications of the Government of India in the Ministry of Commerce and Industry (Department of Industrial Policy and Promotion) vide number S.O.I93(E), dated the 30th March, 1999 and S.O. 1201(E) dated 1st December, 1999, for the period beginning on the 1st day of April, 1997 and ending on the 31st day of March, 2002;
