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Income Tax : The article explains how the Finance Acts, 2025 and 2026 have reshaped the Updated Return regime under Section 139(8A). It highlig...
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The Tribunal found that a tax payer can manage his affairs to reduce tax liability within the frame work of law and that the sale of goods at a lesser price to the sister concerns than to the non-sister concerns, does not violate any provision of law.
The grievance of the revenue is that the mistake ought to have been rectified by filing a revised return of income. The Tribunal held that the time to file a revised return had expired. In any event, it is not disputed that it was a bonafide mistake on the part of the respondent-assessee. In that view of the matter, imposition of penalty was not warranted.
On going through the said record we find that the Additional Director General, in his proceedings/orders dated 15-2-2011 has recorded that on the basis of the various searches conducted at various premises of manufacturers, godowns and dealers of various cigarette manufacturers in the country, different brands of cigarettes which were kept without any duty paying documents were seized. Huge stock of cigarettes of various brands manufactured by the petitioner without any duty paying documents were also found during the searches at Coimbatore etc. and were placed under seizure. In view of seizures of non-duty paid cigarette manufactured by the petitioner, a decision was taken to search the petitioner’s premises immediately to resume incriminating records.
There is no scrutiny assessment in the assessment years 2002-03 and 2003-04. Thus, the Assessing Officer has not formed any opinion on these issues, i.e., about the assessability of interest expenses. There is no condition in section 147 that information should have flown from an external source after filing of the return and only then a notice under section 148 can be issued.
Intention of the assessee was to turn over the stock as frequently as possible to ensure quick realization of profits on sale of shares. In the Tax Audit Report, the nature of the business of the assessee has been shown as trading of shares. The tax auditor has come to the aforesaid conclusion after due examination of the books of account.
From the perusal of the reasons recorded by the Assessing Officer, it is seen that in paragraph 1 the Assessing Officer has mentioned about the receipt of report from the office of the Commissioner of Income-tax indicating that enquiries were initiated by the Directorate of Income-tax (Investigation) to probe into bank account which were used by entry operators for the purpose issue of cheques to beneficiaries against cash paid by them.
As far as the present case is concerned, except for stating that they had to make payments to the suppliers and the labours, there is hardly any material available on record to show any justification for receipt of cash over and above Rs. 20,000/- during the course of the year. The assessee admits that they are in the line of business of construction where day in and day out cash payments are made to labourers and to suppliers.
Parliament amended Explanation 1 to section 234B by the Finance Act, 2006 with effect from April 1, 2007 to provide along with tax deducted or collected at source, the MAT credit under section 115JAA also to be excluded while calculating assessed tax.
The Tribunal recorded findings that the assessee had produced the return of income filed by the relevant shareholders who had paid share application money. The assessee had also produced the confirmation of share holders indicating the details of addresses, PAN and particulars of cheques through which the amount was paid towards the share application money.
It is an admitted case that the assessee did not file any objection to the said revision and on the other hand, the disallowance of the gratuity provision was accepted by the assessee. Therefore, the levy of additional tax is only a consequential event to the prima facie adjustment, which was carried out through the order passed under Section 154. The Assessing Authority had rightly levied the additional tax by his order under Section 154.
