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The gist of the above averments is that the concerned person dealing with the matter in the appellant’s office received the orders and kept the same with him and forgot to hand it over to the appellant. The identity of “the concerned person dealing with the matter is not forthcoming. The appellant is a corporate entity and hence the concerned person dealing with the matter must be an employee of the company.
Applying the above principles to the case at hand Section 29 of the RDDB Act incorporates the provisions of the Rules found in the Second Schedule to the Income Tax Act for purposes of realisation of the dues by the Recovery Officer under the RDDB Act.
After perusing the findings of the Assessing Officer and the CIT(A), it is evident to us that the assessee had earlier purchased the windmill in question, generated wind energy, sold the windmill to its sister concern and got the same leased back and raised claim of deduction in hand. The moot question before us is as to whether the said course of action adopted by the assessee is hit by section 80IA(3) or not. At this stage, we deem it appropriate to reproduce the said provision, which reads as under:
It was wrong on the part of the AO to hold that the assessee has merely acted as a contractor. By analyzing the nature of work executed by the assessee, it can be gathered that the assessee had acted as a developer. The assessee has undertaken the responsibility of execution of the work. The assessee has developed its own design and on getting approval applied the technology for completion of infrastructure facility.
Going by the admitted facts herein, as noticed in the assessment order that the assessee was also subjected to search on 19.1.1996 and the case of the assessee falling under Section 158BC, the relevant provision for limitation would be only as per Section 158BE(1)(a). That being the case, the file noting has no significance for the purpose of working out the limitation. Thus, on the search conducted on 19.1.1996 the notice of assessment was issued on 20.9.1996.
Assessee had given Assessing Officer a short description of an allocation of expenses based on which it had preferred a claim under Section 80-IB, but, unless and until assessee could make a meaningful link of the basis adopted by it for such allocation of expenses, with its eventual claim of deduction under Section 80-IB of the Act, it could not be considered as a proper and sufficient submission of details enabling a rationale decision to be reached regarding the quantum or allowability of its claim.
On examining section 54 and 54F, we find that the provision contained u/s 54 including the proviso are parimateria with section 54F of the Act. The proviso to section 54 also lays down that if the amount of capital gain is not utilized towards construction of residential house within a period of 3 years from the date of transfer of original asset, then, it will be charged to capital gain u/s 45 of the Act in the year in which the period of three years from the date of transfer of the original asset expires.
AO has, as highlighted by the FAA, not produced any evidence that assessee was purchasing and selling plots of land in subsequent and earlier assessment years. AO is entitled to draw inferences and conclusions during assessment proceedings. But, the conclusion which adversely affect the interests of a tax-payer should be based on facts and same should be confronted to the assessee for rebuattal. FAA has given a categorical finding of fact that such a exercise was not undertaken by the AO.
The retrospective clarificatory amendments (vide the Finance Act, 2012) do not seek to override the DTAA. In case of a conflict between the domestic law and the DTAA, DTAA will prevail, in terms of Section 90 of the Act.
Statement recorded under section 132(4) of the Income Tax Act, 1961 is evidence but its reliability depends upon the facts of the case and particularly surrounding circumstances. Drawing inference from the facts is a question of law. Here in this case, all the authorities below have merely reached to the conclusion of one conclusion merely on the basis of assumption resulting into fastening of the liability upon the assessee.
