CA Ghanshyam Vaswani

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Income from subletting of property is to be assessed as business income

Bhuvan Leasing and Infrastructures  Vs ITO (ITAT Mumbai) - In the case of Bhuvan Leasing and Infrastructures Vs ITO, ITAT Mumbai has held that where it is the intention of the assessee to lease out various premises and then sublet the same on leave and licence basis to different parties...

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Deduction u/s 80IA(4) cannot be disallowed, merely on the ground that assessee is not the owner of infrastructure facilities

En-Vision Enviro Engineers (P) Ltd. Vs DCIT (ITAT Ahmedabad) - In the case of En-Vision Enviro Engineers (P) Ltd. Vs DCIT, it was held that deduction u/s 80IA(4) cannot be disallowed, merely on the ground that the assessee must be owner of the infrastructure facilities and the assess should be a developer and not contractor....

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Welfare bodies formed under state statute eligible for registration u/s 12AA despite charging fees for their services

Pune District Security Guards Board Vs CIT (ITAT Pune) - In the case of Pune District Security Guards Board vs CIT, ITAT Pune held that welfare bodies formed under Maharashtra Private Security Guards (Regulation of Employment and Welfare) Act, 1981 were eligible for registration under section 12AA even though they charge fee for their services....

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Onus is on assessee to prove identity / creditworthiness of creditors & genuineness of transactions

Xerces Technologies Pvt. Ltd. Vs DCIT (ITAT Pune) - In the case of Xerces Technologies Pvt. Ltd. Vs DCIT, ITAT Pune held that assessee to prove the identity of the creditors, their creditworthiness and the genuineness of the transactions. Mere furnishing of the particulars is not enough....

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Loan/Debt from a company to a firm thereby to the assesse, who has substantial interest in company and firm is not deemed dividend u/s 2(22)(e)

CIT Vs Subrata Roy (Delhi High Court) - The assessee submitted that he was managing director of SISICOL, which had many deposit schemes and 290 units or branches to aid its operations. He was also a partner of the firm, which entered into an understanding with SISICOL...

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Recent Posts in "CA Ghanshyam Vaswani"

Income from subletting of property is to be assessed as business income

Bhuvan Leasing and Infrastructures  Vs ITO (ITAT Mumbai)

In the case of Bhuvan Leasing and Infrastructures Vs ITO, ITAT Mumbai has held that where it is the intention of the assessee to lease out various premises and then sublet the same on leave and licence basis to different parties...

Read More

Deduction u/s 80IA(4) cannot be disallowed, merely on the ground that assessee is not the owner of infrastructure facilities

En-Vision Enviro Engineers (P) Ltd. Vs DCIT (ITAT Ahmedabad)

In the case of En-Vision Enviro Engineers (P) Ltd. Vs DCIT, it was held that deduction u/s 80IA(4) cannot be disallowed, merely on the ground that the assessee must be owner of the infrastructure facilities and the assess should be a developer and not contractor....

Read More

Welfare bodies formed under state statute eligible for registration u/s 12AA despite charging fees for their services

Pune District Security Guards Board Vs CIT (ITAT Pune)

In the case of Pune District Security Guards Board vs CIT, ITAT Pune held that welfare bodies formed under Maharashtra Private Security Guards (Regulation of Employment and Welfare) Act, 1981 were eligible for registration under section 12AA even though they charge fee for their services....

Read More

Onus is on assessee to prove identity / creditworthiness of creditors & genuineness of transactions

Xerces Technologies Pvt. Ltd. Vs DCIT (ITAT Pune)

In the case of Xerces Technologies Pvt. Ltd. Vs DCIT, ITAT Pune held that assessee to prove the identity of the creditors, their creditworthiness and the genuineness of the transactions. Mere furnishing of the particulars is not enough....

Read More

Loan/Debt from a company to a firm thereby to the assesse, who has substantial interest in company and firm is not deemed dividend u/s 2(22)(e)

CIT Vs Subrata Roy (Delhi High Court)

The assessee submitted that he was managing director of SISICOL, which had many deposit schemes and 290 units or branches to aid its operations. He was also a partner of the firm, which entered into an understanding with SISICOL...

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Notice u/s 148 for reassessment cannot be issued based on mere suspicion

Krown Agro Foods Pvt. Ltd Vs ACIT (Delhi High Court)

It would be the proximity of the reasons with the belief of escapement of income, which would be the determinative factor for reopening of the assessment. The remoteness of the reasons would obviate the possibility of a belief and would bring the case in the realm of mere suspicion...

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Prior year interest cannot be disallowed if the change in the interest rate was retrospective

CIT Vs Indian Railway Finance Corporation Ltd. (Delhi High Court)

There is no dispute about the allowability of expenses. Only dispute is regarding the year of allowability. If the Assessing officer is of the view that the expenses are pertaining to the prior, the same are required to be considered for the prior and allowed in that year....

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Forfeited application money can be claimed as business loss for investment business

CIT Vs Abhinandan Investment Ltd. (Delhi High Court)

The court considered the reasoning of the Revenue and held, firstly as the arrangement was in place with the UTI (which had to purchase the NCDs at Rs. 389/- per NCD), the assessee gave effect to it (the arrangement). UTI paid Rs. 389/- per debenture to JISCO ...

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Transfer to special reserve U/s. 45-IC of RBI Act is a part of book profit U/s. 115JB

SREI Infrastructure Finance Ltd. Vs ADIT (Delhi High Court)

The reserve, which is required to be created under Section 45-IC, is out of the profits earned by a non-banking financial institution. It is not an amount diverted at source by overriding title. The Reserve Bank of India Act, 1934 can permit appropriation in respect of the said reserve. ...

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Reassessment Notice U/s. 148 void even if issued by authorities who rank higher than competent authority

CIT Vs Soyuz Industrial Resources Ltd. (Delhi High Court)

The Revenue’s argument seems plausible and even logical because the Commissioner or a Chief Commissioner is unarguably ranked higher in authority than a Joint Commissioner. Yet at the same time...

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Reassessment u/s 147 valid if assesse had deemed notice of reassessment proceedings

Tulip Engineering Pvt. Ltd. Vs ITO (Delhi High Court)

In the present case, there is no doubt at all that the assessee cooperated and appeared both in the assessment as well as reassessment proceedings. Therefore, it had deemed notice of the re-assessment proceedings. ...

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Share Application money cannot be added to Income if Assessee discharges the onus cast on him

CIT Vs Wellworth Construction Udyog Ltd (Delhi High Court)

In the present instance, the AO apparently had the books and all the relevant information pertaining to the share applicants. CIT v. Lovely Exports (P) Ltd. 2008 (216) CTR (SC) 195 directs that whilst the initial onus to prove the identity of a third party,...

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Addition cannot be made merely on the facts that assesse had filed a petition to claim the same

CIT Vs Sivalik Cellulose Ltd (Delhi High Court)

The assessee submitted that with respect to the addition of ₹24.3 crores, both the CIT(Appeals) and the ITAT had noticed that the matter with respect to this liability was sub-judice and pending adjudication in the Company Court which since by its interim judgment dated 25.4.2013...

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Commercial / Industrial properties cannot be assessed to Wealth tax

PASL Windtech Pvt. Ltd. Vs ACIT (ITAT Ahmedabad)

For the purpose of levy, assets are classified as two categories one as productive and other as non productive. Under the provisions of amended Act, tax is levied only on non productive assets such as residential house, urban land, jewellery, bullion, motor car etc. In the case in hand, industrial plots are being utilized as productive as...

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271(1)(c) : Penalty can be imposed on undisclosed bank accounts based on peak credits theory

Naranbhai S.Patel. Vs ITO (ITAT Ahmedabad)

We find that it is not in dispute that the undisclosed bank account which was detected by the department contains transfer entries to other 5 undisclosed bank accounts maintained by the assessee. In view of this fact the Tribunal concluded that the subsequent disclosure of the assessee of existence of the said 5 bank accounts cannot be he...

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14A : No disallowance of expenditure can be made on estimate basis against exempt income

Kulgam Holdings P. Ltd. Vs ACIT (ITAT Ahmedabad)

The Revenue has not brought any positive material on record to show that the assessee actually incurred any expenses in relation to earning of exempt income. In our considered view, before making disallowance under section 14A, it was imperative on the part of the Revenue...

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Expense cannot be held unproved, un-genuine and bogus sham for merely because it remain unpaid on B/s Date

M/s.Ambica Foundary Vs ACIT (ITAT Ahmedabad)

Simply because outstanding liability at the end of the year is comparatively higher, considering the amount of expenditure incurred during the year, does not empower the AO to disallow the actual outstanding liability unless it is found that the liability shown was not genuine. ...

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In case of rejection of books of account profit ratio applied for earlier year should be considered

Shri Raghvendra Pratap Singh Vs DCIT (ITAT Lucknow)

Whether profit % can be applied on estimate basis if books of accounts are rejected, without reference to earlier year’s profit % where books were accounts were not rejected or whether the Assessing Officer is justified in Assessing the profit at a rate higher than earlier year in which profit was assessed by Assessing officer without s...

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Even if Assessee fails to appear or attend his case CIT (A) should decide appeal on merits

Shri Poojan Kinnerkumar Patel vs ACIT (ITAT Ahmedabad)

In our considered view, even if the assessee failed to put-in appearance, it is the duty of the CIT(A) to dispose of the appeal on merit on the basis of material available on record. Our view finds support from the decision of the Hon’ble Delhi High Court in the case of VODAFONE ESSAR LTD Vs. DISPUTE RESOLUTION PANEL–II & Ors. in W.P....

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Books cannot be rejected without verifying, merely on the ground that its afterthought of the Assessee

Shri Bhavesh I.Gandhi Vs ITO (ITAT Ahmedabad)

It was incumbent upon the Assessing Officer to examine the books of accounts with the related evidences and documents and thereafter should have arrived at a decision. Without verification of books of accounts produced before him and bringing any material on record, the Assessing Officer was not justified in rejecting the books of account...

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If once income is already assessed by AO u/s. 44AE no separate addition to income can be made

Shri Amitkumar Hasmukhbhai Shah Vs DCIT (ITAT Ahmedabad)

The contention of the assessee is that he has shown income from truck under section 44AE of Rs. 2,01,000/- which includes income of Rs.1,07,890/- from M/s. Chandan Carriers, and therefore, no separate addition of Rs.1,07,890/- is warranted. None of the lower authorities has verified this contention of the assessee. ...

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271(1)(c) : Penalty cannot be imposed merely because assessee didn’t objected to addition

Consolidated Finvest & Holdings Ltd. Vs ACIT (ITAT Delhi)

However, it is a well-settled proposition that the quantum of penalty proceedings are separate proceedings and penalty cannot be imposed merely on the ground that the assessee did not challenge or agitate the issue before higher forum and accepted the disallowance made by the AO. ...

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Pre-liquidation period assessment cannot be completed ex-parte during liquidation period

Asian Consolidated Industries Ltd. Vs ACIT (ITAT Delhi)

Whether assessment related to pre-liquidation period cannot be done ex-parte during the period of liquidation without giving reasonable opportunity of being heard to ex-management? ...

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Sec.10(23C)(iiiad) Receipts from more than one educational institutions cannot be clubbed

Income Tax Officer. Vs M/s Chironji Lal Virendrapal Saraswati Shiksha Parishad (ITAT Lucknow)

For the purpose of limit prescribed in section 10(23C)(iiiad), Rs. One crore limit has to be considered for each institution separately and not for the assessee as a whole. This is very important to mention that as per section 10(23C)(iiiad) also, the term used is any university or other educational institution...

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