Once the assessee has filed fresh appeal(s) memo which borne the signature in ink, date and place, etc., the CIT (Appeals) ought to have treated that defects removed.
Genuineness of the gift transactions cannot be determined without looking into the human probability aspects, surrounding circumstances such as relationship of the donor and donee and if assessee fails to establish any of these facts, the gift transaction cannot be treated as genuine.
Section 50C creates a legal fiction for taxing capital gains in the hands of the seller and it cannot be extended for taxing the difference between apparent consideration and valuation done by Stamp Valuation Authorities as undisclosed investment u/s 69 in the hands of the purchaser.
The option of choosing the initial year for claiming tax holiday under the Section for a consecutive period of 10 out of 15 years (20 years in some cases) from the commencement of operations of an eligible undertaking, is intended to provide meaningful benefit to such taxpayers, since these business are capital-intensive and typically have long gestation period during which they incur losses and are not in a position to avail the profit-linked tax holiday benefit.
A survey u/s 133A was conducted on 28.10.04 at the premises of a charitable trust of which the assessee was the managing trustee. The assessee admitted unaccounted income of Rs. 1.93 crores.
For the purpose of allowability of any expenditure under the Act , what is material is the classification between the capital and revenue and the same does not recognise any concept of deferred revenue expenditure.
We have heard both the parties and gone through the facts of the case and the decisions cited before us. The issue before us as to whether or not the assessee is entitled to claim deduction u/s 80IA in terms of the provisions amended w.e.f 1.4.2000 even when the assessee had already started providing telecommunication services in the period relevant to the AY 1997-98. Before proceeding further, we may have a look at the provisions relevant to the AY 1997-98 and
It shows that these assessees had really intended to comply with the notices and therefore it should not be inferred that there was a default which could invite penalty u/s 271(l)(b). The ITAT Delhi Bench-G in the case of Akhil Bhartiya Prathmik Shikshak Sangh Bhawan Trust vs. Assistant Director of Income-tax (2008) 115 TTJ (Delhi) 419
The next two items are penal charges of Rs.5,11,688/ – and Rs. 10,970/-. These amounts have already been held to be business income while discussing the issues of section 80IB. Accordingly, we direct the AO to treat these two amounts as part of business income for computation under section 80HHC.
We have heard both the sides in detail. Thrust given by the C1T(A) on the mens rea reflected in the conduct of the assessee does not survive with usual force, since the judgment of the Hon’ble Supreme Court in the case of Union of India & Others Vs. Dharmendra Textiles Processors & Ors., 306 1TR 277.