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Section 144 r.w. Section 145(3): ITAT JAIPUR on Jun 19, 2020 held that Even if the books f ‎accounts rejected by invoking provisions of Section 145(3) due doubt on genuineness of the ‎purchases, the A.O. is bound to frame the assessment on best assessment as per provisions of ‎Section 144 r.w. Section 145(3). Therefore, after rejection of books of account, the A.O. is ‎required to estimate the income of the assessee on some reasonable and proper basis. Once the ‎past year results have attained finality and not in dispute, the same can form the basis for ‎estimating the GP rate for the current year. KEDIA EXPORTS PVT. LTD. & ANR. vs. ‎ACIT. AY 2009-10, 2012-13, 2013-14 & 2014-15 Decision in favour of Assessee

23 total views

23 total views Section 144 r.w. Section 145(3): ITAT JAIPUR on Jun 19, 2020 held that Even if the books f accounts rejected by invoking provisions of Section 145(3) due doubt on genuineness of the purchases, the A.O. is bound to…
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144, 145, 145(3), AY 2009-10, AY 2011-12, AY 2012-13, AY 2013-14, AY 2014-15, In Favour of Assessee, Jaipur Tribunal

Section 127, 132(4) HIGH COURT OF BOMBAY on Jul 15, 2019 held that when the ‎assessment of an Assessee is being transferred from one Commissionerate to another, the ‎requirement of hearing and following the principle of natural justice is inbuilt in the ‎statutory provisions contained in Section 127 of the Act. Therefore the giving of notice to ‎the assessee containing the reasons and the statements or even the gist of the statements ‎to the extent relevant for the proposed action is a basic postulate. The views of the ‎noticee are to be considered by the authority before taking any decision to confirm or ‎drop the notice. A show cause notice to be effective must be adequate so as to enable a ‎party to effectively object/respond to the same. The authority concerned is obliged to ‎consider the objections, if any, and thereafter, reach a finding one way or the other. The ‎impugned order is quashed. NARESH MANAKCHAND JAIN vs PCIT. IN favour of the ‎assessee.‎

75 total views

75 total views Section 127, 132(4) HIGH COURT OF BOMBAY on Jul 15, 2019 AY 2011-12 and 2012-13 NARESH MANAKCHAND JAIN vs. PRINCIPAL COMMISSIONER OF INCOME TAX AND ORS. AKIL KURESHI & S.J. KATHAWALLA, JJ. WRIT PETITION NO.707 OF…
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127, 132(4), AY 2011-12, AY 2012-13, Bobmay High Court, In Favour of Assessee

Section 153C: Delhi High Court on 09.08.2019 held that since the search took place and Notice under Section 153C prior to 1st June, 2015 and, therefore, Section 153C of the Act as it stood at the relevant time applied. Therefore, the onus was on the Revenue to show that the incriminating material/documents recovered at the time of search belongs’ to the Assessee. In other words, it is not enough for the Revenue to show that the documents either pertain’ to the Assessee or contains information that relates to’ the Assessee. Further the licence issued to the Assessee by the DTCP and the letter issued by the DTCP permitting it to transfer such licence are not incriminating material and therefore jurisdiction can not be assumed by the AO under Section 153C of the Act. PCIT vs M/S. Dreamcity Buildwell Pvt.

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147 total views Conclusion Section 153C: Delhi High Court on 09.08.2019 held that since the search took place and Notice under Section 153C prior to 1st June, 2015 and, therefore, Section 153C of the Act as it stood at the relevant time applied. Therefore, the onus…
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153C, 2005-06, Decisions, Delhi, Delhi High Court, In Favour of Assessee, incriminating material, Satisfaction, Satisfaction Note, Search and seizure

THE SUPREME COURT OF INDIA on 5th June, 2020 held that the taxing statutes are subject to the rule of strict interpretation, and the benefit of ambiguity in case of an exemption notification or an exemption clause must go in favour of the revenue; and the same principles would apply in relation to Section 80-O of the Act. Constitution Bench decision in Dilip Kumar & Co. (supra), RAMNATH & CO. Vs CIT.

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82 total views THE SUPREME COURT OF INDIA on 5th June, 2020 held that the taxing statutes are subject to the rule of strict interpretation, and the benefit of ambiguity in case of an exemption notification or an exemption clause must go in…
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1996-97, 1997-98, 80M, AY 1993-94, AY 1994-95, AY 1995-96, deduction, Exemption, Supreme Court

Section 14A envisages that there has to be an actual receipt of exempt income during the relevant previous year for purpose of making any disallowance u/s 14A, Section 2(22)(e) do not apply when transactions are trading business transactions and The provisions of section 50C cannot be incorporated in the computation of block of the assets. DCIT vs. FUTURZ NEXT SERVICES (PRIVATE) LIMITED. AY 2013-14

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61 total views Para 7-Conclusion “.…Section 14A envisages that there has to be an actual receipt of exempt income during the relevant previous year for purpose of making any disallowance u/s 14A of the Act….” Para 8-Conclusion Section 2(22)(e) do not…
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14A, 2(22)(e), 32, 48, 50C, AY 2013-14, Decisions, Delhi, Delhi Tribunal, In Favour of Assessee, In favour of Assessee (Partly)

Section 43(1), 143(3), 263 ITAT KOLKATA on May 29, 2020 hold that the industrial promotion assistance it received was on capital account.

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66 total views Section 43(1), 143(3), 263 ITAT KOLKATA on May 29, 2020 hold that the industrial promotion assistance it received was on capital account. Supreme Court in case of CIT Vs. Pony Sugars & Chemicals Ltd. (supra) has made it clear that for…
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143(3), 263-Revision of orders prejudicial to revenue, 43(1), AY 2010-11, In Favour of Assessee, Kolkata tribunal

Rule 27 of ITAT Rules :HIGH COURT OF DELHI on May 18, 2020 hold that Not having ‎filed a cross objection, even when the appeal was preferred by the Revenue, it does not ‎mean that an inference can be drawn that the assessee had accepted the findings in part ‎of the final order, that was decided against him. Therefore, when the Revenue filed an ‎appeal before the ITAT, the assessee was entitled under law to defend the same and ‎support the order in appeal on any of the grounds decided against it. SANJAY ‎SAWHNEY vs. PCIT AY 2008-09‎

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78 total views Rule 27 of ITAT Rules :HIGH COURT OF DELHI on May 18, 2020 hold that Not having filed a cross objection, even when the appeal was preferred by the Revenue, it does not mean that an inference can…
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27, AY 2008-09, Decisions, Delhi, Delhi High Court, In Favour of Assessee, ITAT Rules

Section 145 HIGH COURT OF KARNATAKA on May 5, 2020 held that There cannot be ‎any dispute to the fact that every assessee being entitled to arrange its affairs and follow the ‎method of accounting, which the Department has earlier accepted. Further if assessee is in the ‎business of taking land, putting up commercial building thereon, letting out such building ‎with all furniture as his profession or his business then notwithstanding the fact that he has ‎constructed building and he has also provided other facilities and even if there are two ‎separate rental deeds, it does not fall within the income from house property. CIT vs. ‎PRESTIGE ESTATE PROJECTS PVT. LTD. AY 2005-06‎

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72 total views Section 145 HIGH COURT OF KARNATAKA on May 5, 2020 held that There cannot be any dispute to the fact that every assessee being entitled to arrange its affairs and follow the method of accounting, which the Department…
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145, 145(3), In Favour of Assessee, KARNATAKA High Court, Method of accounting

Section 263 ITAT DELHI on May 14, 2020 Issues subject to revision u/s 263 were ‎pertaining to original assessment u/s 143(3) and not the reopened assessment u/s ‎‎147; the limitation should also start from the original assessment. In this case as ‎original assessment order u/s 143(3) of the act was passed on 16.01.2014, the ‎revision thereof could have been taken up to 31.3.2016. Impugned order u/s 263 ‎of the act was passed on 26/2/2019, therefore it is clearly beyond the limitation ‎prescribed u/s 263 (2) of the act. JINDAL STEEL & POWER LTD. vs. PCIT

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43 total views Section 263 ITAT DELHI on May 14, 2020 Issues subject to revision u/s 263 were pertaining to original assessment u/s 143(3) and not the reopened assessment u/s 147; the limitation should also start from the original assessment. In…
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143(3), 147, 148, 263-Revision of orders prejudicial to revenue, AY 2009-10, Decisions, Delhi, Delhi Tribunal, In Favour of Assessee, Revision of orders prejudicial to revenue-Section 263

Section 153C- Supreme Court of India on on 5 March, 2020 Before issuing notice ‎under Section 153C of the Act, the Assessing Officer of the searched person must be ‎‎“satisfied” that, inter alia, any document seized or requisitioned “belongs to” a person ‎other than the searched person. If the satisfaction note recorded under Section 153C of ‎the Act in respect of the assessee, i.e., a third party, hold invalid entire proceedings taken ‎there under is null and void. However, in the case where the Assessing Officer of the ‎searched person and the other person is the same, it is sufficient by the Assessing Officer ‎to note in the satisfaction note that the documents seized from the searched person ‎belonged to the other person i.e; the assessee. In the case of M/S. Super Malls Private ‎Limited. vs PCIT.‎ AY 2008-09

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178 total views Kindly see para 6 “6. This Court had an occasion to consider the scheme of Section 153C of the Act and the conditions precedent to be fulfilled/complied with before issuing notice under Section 153C of the Act in the case of Calcutta…
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153C, AY 2008-09, In favour of Revenue, Satisfaction, Satisfaction Note, Supreme Court