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It is not in dispute that Mrs. Shyamala Vijai and Mrs. Poornima Shivaram were entitled to half share each over the property that was sold to the appellant. In fact, as we have already seen, the sale deed clearly acknowledges the receipt of sale consideration of Rs.1 .20 crore by both the vendors
The appellant is a doctor, surgeon specializing in liver transplant. It is a fact that the appellant is following mercantile system of accounting on a regular basis. The appellant has received life time consultancy fees which is accounted as advance from patients as per the principles of mercantile system of accounting.
From the above discussion, it transpires that the objective satisfaction of the AO as to the correctness of the assessee’s claim was not recorded in the instant case. However, even if Rule 8D cannot be applied, the AO is obliged to ascertain the expenditure which had been incurred to earn the tax-free income.
Admittedly, learned CIT(A) admitted the fresh evidences but did not allow any opportunity to the Assessing Officer for examining those evidences or furnishing any evidence in rebuttal as required by sub-rule (3) of Rule 46A.
Notification No. 87/2013 – Income Tax S.O. 3391 (E).—In exercise of the powers conferred by clause (46) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies for the purposes of the said clause, the Tripura State AIDS Control Society a body constituted by the
Notification No. 88/2013 – Income Tax S.O. 3393(E).—In exercise of the powers conferred by clause (c) of sub-section (2) of Section 80G of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby specifies ‘Archery Association of India’, New Delhi as an association for the purposes of said
Notification No. 89/2013-Income Tax In the notification of Government of India, Ministry of Finance, Department of Revenue (Central Board of Direct Taxes) vide number S.O. 3251(E), dated the 25th October, 2013 published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (ii), dated the 25th October, 2013
The AO noted in the assessment order that the assessee society is running maternity hospital and all services pertaining to maternity only. Maternity is a natural process and could not be termed as illness or disease. Giving birth and at that time hospital providing services for delivery could not be said to be providing any treatment for illness or mental defectiveness.
Once the legislature has not specified the ‘due date’ as provided in section 139(1) in Explanation 5A, then by implication, it has to be taken as the date extended under section 139(4). In view of the above, we hold that the assessee gets the benefit / immunity under clause (b) of Explanation to section 271(1)(c) because the assessee has filed its return of income within the ‘due date’ and, therefore, the penalty levied by the Assessing Officer cannot be sustained.
One thing is apparent that divergent view have been expressed by the Hon’ble Courts what is to be charged u/s.22 of the IT Act is the annual value of the property, irrespective of the fact whether or not any income is either actually received or accrued to the assessee.
