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Section 92C Transfer pricing Determining ALP Working capital adjustment -- Assessee company was providing engineering design and drawing services to its associated enterprise. It provided benefit to its associated enterprise by way of advancement of interest free loan in the garb of delayed receipt of receivables. AO was of the view that these funds could have been otherwise deployed for at least earning interest income. Hence, assessee had incurred cost in connection with a benefit and services provided to the associated enterprise by way of delayed receipt of receiva......
2017 TaxPub(DT) 1258 (Del-Trib) Bechtel India (P) Ltd. v. ACIT Against Assessee, Del-Trib, 2012-13, ITA No. 6530 (Del) of 2016, 16-May-2017

Section 271(1)(c) Penalty under section 271(1)(c) Concealment Both assessee as well as the revenue faulted in evaluating the land -- Assessee sold its land and submitted a government-approved valuer|s report for cost of acquisition of the said land sold. AO termed the same as not correct and imposed penalty by reducing cost of acquisition rate on the ground that it did not indicate the plot of land concern as commercial in nature in specific wordings. Held: There was no dispute that AO reduced valuation by citing sale instances of the relevant era to drastically reduce the assessee|s rate. The fact, however, remains that he......
2017 TaxPub(DT) 1255 (Ahd-Trib) Ambalal Sarabhai Enterprises Ltd. v. Dy. CIT Assessee, Ahd-Trib, 2008-09 & 2009-10, ITA Nos. 1859 & 1860 (Ahd) of 2016, 05-May-2017

Section 271(1)(c) Penalty under section 271(1)(c) Concealment or furnishing of inaccurate particulars Wrong claim on the advise of the chartered accountant -- Assessee on the advise of Chartered Accountant wrongly claimed deduction under section 80-IA on interest income as the interest income was |income from other sources| and not profit |derived from| an individual industrial undertaking. AO disallowed the said claim and levied penalty under section 271(1)(c) for furnishing inaccurate particulars of its income. Held: Even if it was assumed that the claim made by the assessee on the advise of Chartered Accountant was wrong, still it was not a goo......
2017 TaxPub(DT) 1253 (P&H-HC) CIT v. Abhishek Industries Ltd. Assessee, P&H-HC, 2003-04, ITA No. 378 of 2010, 04-May-2017

Section 69A Income from undisclosed sources Addition under section 69A Deposit in bank account -- Assessee was asked to produce source of cash deposited in his bank account. He stated that the amount was taken from his mother but could not produce any evidence in this regard. Hence, the same was treated as undisclosed income within the meaning of section 69A and accordingly, addition was made. Held: Whatever contention was raised by assessee was not proved through any evidence or material on record. No independent witness was produced to substantiate the fact that cash was actually given......
2017 TaxPub(DT) 1252 (Del-Trib) Ajit Singh v. ITO Against Assessee, Del-Trib, 2011-12, ITA No. 1202 (Del) of 2016, 16-May-2017

Section 220 (6) Recovery Stay of demand Appeals pending before CIT (A) -- Assessee applied to CIT (Exemptions) for stay of demand/not being treated as an assessee-in default CIT (Exemptions) granted conditional stay of demand for subject assessment years on payment of 15 per cent of demand in four instalments commencing from 30-11-2016. In writ petition assessee challanged the orders of CIT (Exemptions). Held: Assessee had accepted directions in the impugned order and had only sought an adjournment of one month|s time to begin paying instalments from 31-12-2016, rathe......
2017 TaxPub(DT) 1165 (Bom-HC) Maharashtra Industrial Development Corporation v. CIT Against Assessee, Bom-HC, 2007-08 & 2008-09, Writ Petition Nos. 81 & 82 of 2017, 08-Mar-2017

Sections 264, 139 & 237 Revision under section 264 Maintainability Rejection of revision petition, whether proper -- Assessee filed its returns for years in questions and paid tax on self-assessment. Revised returns were filed claiming refund of excess tax paid. Claim was declined to be considered on ground that original returns/revised returns were filed belatedly . Revision filed under section 264 was rejected. on the sole ground that no order was passed by AO on the prayer of the assessee for refund of excess of tax paid. Assessee made another effort before CIT for waiver of interest levied under section 23......
2017 TaxPub(DT) 1164 (Karn-HC) Hingulambika Co-operative Housing Society Ltd. v. CIT Assessee, Karn-HC, 1991-92, 1992-93, 1993-94, 1994-95, 1995-96, 1996-97, 1997-98, 1998-99, Writ Petition No. 5235 of 2008 (T-IT), 02-Mar-2017

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