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Sections 147/148 Reassessment Reason to believe Income escaping assessment -- A search and survey were simultaneously conducted by investigation wing of IT department at business/residential premises of |A| group which covered assessee. Assessment was completed under section 153A read with section 143(3). AO, while recording reasons issued notice under section 148 which was responded by assessee with certain objections. In a writ petition, Single Judge accepted assessee|s version with finding that notice did not satisfy prerequisites. Revenue filed appeal before Doable Be......
2017 TaxPub(DT) 1142 (Raj-HC) Dy. CIT v. Sambhav Energy Ltd. Against Assessee, Raj-HC, D.B. Spl. Appl. Writ Nos. 1003, 1005 to 1007, 1019 to 1021, 1044 to 1047, 1201 & 1202 of 2014, 11-Apr-2017

Section 54 Capital gains Deduction under section 54 Assessee selling property owned with his wife -- Assessee owning a flat jointly with his wife sold the flat and computed long-term capital gain being 50 Per cent share of property. Assessee invested certain amount in another residential property and claimed exemption under section 54 offering balance amount to capital gain of new property for convenience. However, entire investment along with stamp duty and registration charges were paid by assessee. While making assessment AO observing that new property was purchased in name of two persons re......
2017 TaxPub(DT) 0980 (Mum-Trib) Jitendra V Faria v. ITO Assessee, Mum-Trib, 2010-11, IT Appeal No. 6792 (Mum.) of 2016, 27-Apr-2017

Sections 147 & 148 Reassessment Validity of order Order passed without disposing off assessee|s objections -- AO issued notice under section 148 for reopening of assessment and thereafter as desired by assessee, AO supplied reasons for reopening but before disposal of objections raised by assessee passed re-assessment order under section 147 read with section 143(3). Held: In present case, AO did not dispose of the objections prior to proceeding with the assessment further and proceeded to pass the order for assessment. Under the circumstances, it could be said that the mandatory procedure of disposal......
2017 TaxPub(DT) 0853 (Karn-HC) Deepak Extrusions (P.) Ltd. v. Dy. CIT Assessee, Karn-HC, Appeal No. 1725 of 2017 (T-IT), 15-Mar-2017

Section 194LA Tax deduction at source Under section 194LA Compensation to land owners Acquisition by a person specified under Land Acquisition Act, 2013 -- Land owned by assessees was acquired by the Government for the proposed Viaduct and Stations Alignment of Metro Rail under Metro Rail Project. The acquisition was in terms of the provisions of the Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013, (Hereinafter referred to as Land Acquisition Act, 2013) After awards were passed, the competent authority started disbursement of compensation. AO took the view that the compensation was to be su......
2017 TaxPub(DT) 0846 (AP-HC) C. Nanda Kumar v. UOI Assessee, AP-HC, Writ Petition Nos. 7874, 9423 & 44382 of 2016, 13-Mar-2017

Section 69C Income from undisclosed sources Complete expenditure Alleged bogus purchases -- AO found that certain amount in name of M figured in list of creditors exceeding Rs. 10 lakhs, called information under section 133(6) and thereafter issued summons calling for personal appearance. As assessee could not produce M, AO held entire transaction of said party to be non-genuine treating purchases as bogus. AO reopened assessment completed reassessment and brought amount to tax. Held: Merely non-appearance of the supplier in absence of any other corroborate evidence could not be a ......
2017 TaxPub(DT) 0843 (Jp-Trib) Beauty Tax (Earlier Florals India) v. Dy. CIT Assessee, Jp-Trib, 2007-08, Income Tax Appeal No. 508/JP/2016, 10-Apr-2017

Section 226 Recovery Stay of demand Plea of financial hardship -- Assessee entered into the E-Commerce sector. It incurred losses from inception of its business till current assessment year as it was selling the goods at prices lower than the purchase price in order to enter and secure a market. In scrutiny assessment, AO made certain additions and raised tax demand. Assessee disputed said tax demand and for keeping the demand in abeyance and with the plea of financial hardship it filed application before Assistant Commissioner who although directed to deposit......
2017 TaxPub(DT) 0826 (Karn-HC) Flipkart India (P.) Ltd. v. Asstt. CIT Assessee, Karn-HC, 2014-15, Writ Petition Nos. 1339-1342 of 2017 (T-IT), 23-Feb-2017

2016 TaxPub(DT) 2260 (SC) CIT v. Kumar Co. Appeal Dismissed, SC, Special Leave to Appeal (C) No. 30671/2014 & SLP(C) Nos. 30672, 34497/2014, 01-Apr-2016

2016 TaxPub(DT) 2609 (Mum-Trib) Siemens Technology Services (P) Ltd. v. Dy. CIT Assessee, Mum-Trib, 2009-10, ITA No. 1156 (Mum.) of 2014, 13-Apr-2016

2016 TaxPub(DT) 2622 (Chen-Trib) : (2017) 056 ITR (Trib) 0301 The Music Academy Madras v. Dy. DIT Against Assessee, Chen-Trib, 2010-11, ITA No. 1098/Mds/2015, 22-Apr-2016

2016 TaxPub(DT) 2677 (Pune-Trib) Progressive Education Society v. Addl. CIT Assessee, Pune-Trib, 2008-09 & 2009-10, ITA No. 1166 & 1167/PN/2014, 15-Apr-2016