There is a fundamental fallacy in invoking the provisions of the Wealth Tax Act to the application of section 69B of the Income Tax Act, notwithstanding that both the Acts are cognate and have even been said to constitute an integrated scheme of taxation. Under the Income Tax Act, we are to find what was the real and actual consideration paid by the assessee and whether the full consideration has been recorded in the books.
The assessee had not deducted tax at source on the ground that the depositors intended to file form No. 15G/15H in time but Form No. 15G/15H were not filed by the date on which the interest was credited/paid to the depositors. In section 40 the word shall not be deducted in computing the income chargeable under the heads Profits and gains of business or profession have been employed.
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The Supreme Court has ruled that the details of a person’s income tax returns and performance of an employee are personal information which cannot be divulged under the provisions of the Right to Information Act unless a larger public interest is involved.
Value Added Tax made in first opening in France in 1954. At that time it was not a full VAT system, since it was restricted to manufacturers and whole-sellers. The retailers and agriculturist were kept beyond its purview.
The main issue is with regard to allowability of foreign travel expenditure. The assessee claimed foreign travel expenditure at Rs. 20,35,971. As the assessee not furnished details of expenditure relating to business and pleasure trips, the Assessing Officer disallowed 80% of foreign travel expenses at Rs. 16,28,777. On appeal, the CIT(A) directed the Assessing Officer to allow 1/3rd of the expenditure instead of 1/5th of the expenditure. Against this the assessee is in appeal before us.
The learned DR strongly defending the order passed by the CIT (A) submitted that the assessee has deliberately made excess payment to its AE with an intention to reduce its profit. The learned DR submitted that the CIT (A) after considering all aspects has correctly determined the ALP.
Learned AR argued that tax free securities were held by the assessee as stock-in-trade and hence the provisions of section 14A cannot apply to disallow any expenditure notwithstanding the fact that the interest income is exempt.
Under Section 72 of the Income Tax Act, to give to the amalgamated company the benefit of the loss or, as the case may be, allowance for depreciation of the amalgamating company for the previous year in which the amalgamation was effected for the purposes of the Income Tax Act, the Central Government must, upon the recommendation of the specified authority, be satisfied that the amalgamating company was not, immediately before the amalgamation, financially viable by reason of its liabilities, losses and other relevant factors, and that the amalgamation was in the public interest.
Where a benefit of deduction is available for a particular number of years on satisfaction of certain conditions under the provisions of the Income Tax Act, then unless relief granted for the first assessment year in which the claim was made and accepted is withdrawn or set aside, the Income Tax officer cannot withdraw the relief for subsequent years. More particularly so, when the revenue has not even suggested that there was any change in the facts warranting a different view for subsequent years.
