Key Takeaways:
- Facts of the Case
- Rulings by the Lower Authorities for Quantum Assessment
- Penalty Proceedings
- Supreme Court Ruling
- Conclusion and Key Takeaways
Analysis of Section 68 and 69 of the Income Tax Act, 1961Amitoz Singh
This Presentation provides first hand insight to the provisions of Section 68 and 69 of Income Tax Act, 1961 vis a vis its analysis, relevant case laws, Onus of the taxpayer vis-a-vis Indian Evidence Act, 1872, Bogus Purchases, Concept of Peak Credit and Telescoping Theory
The document discusses agricultural income under the Indian Income Tax Act of 1961. It defines agricultural income as income derived from agricultural sources and notes that it is fully exempted under section 10(1) of the Income Tax Act. The summary lists the key types of agricultural income as including rent or revenue from agricultural land, cultivation of land, income from processes to make agricultural produce marketable, and income from the sale of agricultural produce. It also provides tests for determining what constitutes agricultural income and discusses when integration of agricultural and non-agricultural income is required for tax calculation purposes.
Income Tax Act 1961
Capital Gain, Basis of Charge, Capital Asset U/s 2(14) Income Tax Act, Transactions that do not constitute TRANSFER U/s 47, Types of Capital Assets, Computation of STCG, Computation of LTCG, Tax Exemption for Capital Gain.
Capital gains can arise from the transfer of capital assets. Under the Income Tax Act, certain capital gains are fully or partially exempt from taxation if the sale proceeds are invested in specified assets within a prescribed time period. Some of the key exemptions include investments made within 2 years under Section 54 in a new residential house, Section 54B for agricultural land, Section 54D/F for shifting/reestablishing an industrial undertaking, and Section 54EC for specified bonds. Failure to invest in the new asset within the specified time period results in the earlier exempted capital gains becoming taxable in the year of transfer of the new asset.
The document discusses provisions related to non-residents under Indian law. It defines a non-resident individual as an Indian citizen who stays abroad for employment, business, vacation or uncertain duration. It also considers persons posted in UN organizations and on foreign assignments as non-residents. Further, it discusses tax rates and exemptions applicable to different types of investment and other income earned by non-residents.
This document discusses income from other sources under the Indian Income Tax Act of 1961. It defines income from other sources as income that is not taxable under other heads of income and includes dividends from foreign companies and cooperatives, interest on securities, winnings from lotteries and games, income from machinery let on hire, and cash gifts over 50,000 rupees. It provides examples of computing income from other sources for individuals receiving various dividends and winnings. It also provides an illustration of computing income from other sources for an individual leasing out a factory after deducting repairs, insurance, and depreciation.
The double account system is an accounting method used by public utilities like railways and utilities to present annual financial statements. It separates capital/fixed assets and current/working assets into two accounts. The capital account tracks fixed assets, liabilities, and capital expenditures. The general balance sheet tracks current assets, liabilities, the revenue account, and net revenue account. Key features include showing depreciation as a liability, treating discounts/premiums as capital, and charging interest to the net revenue account. Advantages include easier asset replacement and government oversight of costs/service. Disadvantages include assets not shown at written-down value and difficulty distinguishing capital vs revenue expenditures.
This document discusses the determination of residential status of assessees in India for tax purposes. It defines resident and non-resident individuals and the rules used to determine their status. An individual is a resident if they were in India for 182 days or more in the previous year, or were in India for at least 365 days in the last 4 years and 60 days in the previous year. To be ordinarily resident, they must also meet additional criteria of being resident in 2 of the last 10 years and being in India for at least 730 days in the last 7 years. Anyone who does not meet the basic or additional criteria is considered a non-resident.
Analysis of Section 68 and 69 of the Income Tax Act, 1961Amitoz Singh
This Presentation provides first hand insight to the provisions of Section 68 and 69 of Income Tax Act, 1961 vis a vis its analysis, relevant case laws, Onus of the taxpayer vis-a-vis Indian Evidence Act, 1872, Bogus Purchases, Concept of Peak Credit and Telescoping Theory
The document discusses agricultural income under the Indian Income Tax Act of 1961. It defines agricultural income as income derived from agricultural sources and notes that it is fully exempted under section 10(1) of the Income Tax Act. The summary lists the key types of agricultural income as including rent or revenue from agricultural land, cultivation of land, income from processes to make agricultural produce marketable, and income from the sale of agricultural produce. It also provides tests for determining what constitutes agricultural income and discusses when integration of agricultural and non-agricultural income is required for tax calculation purposes.
Income Tax Act 1961
Capital Gain, Basis of Charge, Capital Asset U/s 2(14) Income Tax Act, Transactions that do not constitute TRANSFER U/s 47, Types of Capital Assets, Computation of STCG, Computation of LTCG, Tax Exemption for Capital Gain.
Capital gains can arise from the transfer of capital assets. Under the Income Tax Act, certain capital gains are fully or partially exempt from taxation if the sale proceeds are invested in specified assets within a prescribed time period. Some of the key exemptions include investments made within 2 years under Section 54 in a new residential house, Section 54B for agricultural land, Section 54D/F for shifting/reestablishing an industrial undertaking, and Section 54EC for specified bonds. Failure to invest in the new asset within the specified time period results in the earlier exempted capital gains becoming taxable in the year of transfer of the new asset.
The document discusses provisions related to non-residents under Indian law. It defines a non-resident individual as an Indian citizen who stays abroad for employment, business, vacation or uncertain duration. It also considers persons posted in UN organizations and on foreign assignments as non-residents. Further, it discusses tax rates and exemptions applicable to different types of investment and other income earned by non-residents.
This document discusses income from other sources under the Indian Income Tax Act of 1961. It defines income from other sources as income that is not taxable under other heads of income and includes dividends from foreign companies and cooperatives, interest on securities, winnings from lotteries and games, income from machinery let on hire, and cash gifts over 50,000 rupees. It provides examples of computing income from other sources for individuals receiving various dividends and winnings. It also provides an illustration of computing income from other sources for an individual leasing out a factory after deducting repairs, insurance, and depreciation.
The double account system is an accounting method used by public utilities like railways and utilities to present annual financial statements. It separates capital/fixed assets and current/working assets into two accounts. The capital account tracks fixed assets, liabilities, and capital expenditures. The general balance sheet tracks current assets, liabilities, the revenue account, and net revenue account. Key features include showing depreciation as a liability, treating discounts/premiums as capital, and charging interest to the net revenue account. Advantages include easier asset replacement and government oversight of costs/service. Disadvantages include assets not shown at written-down value and difficulty distinguishing capital vs revenue expenditures.
This document discusses the determination of residential status of assessees in India for tax purposes. It defines resident and non-resident individuals and the rules used to determine their status. An individual is a resident if they were in India for 182 days or more in the previous year, or were in India for at least 365 days in the last 4 years and 60 days in the previous year. To be ordinarily resident, they must also meet additional criteria of being resident in 2 of the last 10 years and being in India for at least 730 days in the last 7 years. Anyone who does not meet the basic or additional criteria is considered a non-resident.
The document outlines various sections that provide exemptions from capital gains tax in India. Section 54 provides exemption for long-term capital gains reinvested from sale of a residential house into purchase or construction of another house. Section 54B provides exemption for gains from sale of agricultural land reinvested into purchase of other agricultural land. Section 54D provides exemption for gains from compulsory acquisition of an industrial undertaking reinvested into land or building of a new industrial undertaking.
1. The document provides information on 10 different cases to estimate working capital requirements, including projected sales, costs, credit terms, and stock levels. Working capital needs to be estimated to understand the capital required to support operations and growth.
2. Key factors that determine working capital requirements are levels of inventory, accounts receivable, accounts payable, and timing of cash flows from operations. Working capital requirements will fluctuate over time with changes in business activities, costs, and credit terms.
3. Proper management of working capital is important for business operations and financial flexibility. Accurate estimation of working capital needs is required for budgeting, financing, and investment decisions.
MULTIPLE CHOICE QUESTIONS ON DIRECT TAXATIONSonal Patil
1. Income tax is levied on an annual basis and is payable on taxable income. It is considered a direct tax.
2. Some key allowances and exemptions from income tax include children's education allowance up to Rs. 100/month per child for 2 children, medical reimbursement up to Rs. 15,000, and gratuity exemption up to Rs. 10 lakh for non-government employees.
3. Digital signature certificates issued by licensed certifying authorities can be used for electronically filing income tax returns and other documents when total income exceeds Rs. 5 lakh or for companies and individuals liable for audit.
The document discusses the concept of set off and carry forward of losses in India. It explains that losses under certain heads like house property, business, capital gains etc. can be set off against profits of the same year either within the same head (inter-source) or against another head (inter-head). Any remaining losses can be carried forward for a specified number of years to be set off against future profits. The key heads where loss set off and carry forward is allowed are house property, business, speculation, capital gains and maintaining race horses.
A LÓGICA FUZZY APLICADA AO CONTROLE DE TEMPERATURA E UMIDADEepeixoto85
Este trabalho apresenta o desenvolvimento de um sistema de controle de temperatura e umidade utilizando lógica fuzzy. O sistema foi desenvolvido utilizando o MATLAB para modelagem do controle fuzzy e uma placa Arduino para interface com os sensores e atuadores. O sistema é capaz de aumentar a temperatura e controlar a umidade do ambiente de forma a manter o conforto térmico.
The document defines agricultural income and non-agricultural income for tax purposes. Agricultural income includes any income derived from land used for agricultural purposes in India, such as rent, crop sales, or farm building income. Non-agricultural income includes income from activities like stone quarries, dairy farming, poultry, fisheries, and brick making. Some incomes are partially agricultural and partially business. For individuals and HUFs with both agricultural and non-agricultural income, tax is calculated by integrating the incomes and comparing to the tax on agricultural income alone.
A dumb witness is someone who is unable to speak due to a physical deformity but can give evidence through other means such as writing or gestures in open court. Section 119 of the Indian Evidence Act allows for such evidence from dumb witnesses. The key requirements are that any writing must be written and any gestures or signs must be made during the court proceeding. As long as the witness can understand questions and respond, their evidence is admissible. An interpreter may be used to assist with communication when needed. Past cases have established that both the interpreter and witness must be sworn in when a deaf and dumb witness gives evidence through interpretation of their gestures.
house property, income from house property, let out property, vacant let out property, self occupied property, deemed let out property,
lop, vlop, sop, dlop, gross annual value, gav, reasonable letting value, rlv, municipal rateable value, mrv, starndard rent,
actual rent received, arr, municipal tax, deduction u/s 24, standard deduction, interest on loan, pre construction interest,
post construction interest, unrealised rent, arrears of rent, co-ownership, deemed owners, composite rent,
The document discusses income from other sources under the Income Tax Act of India. It defines income from other sources as the residual head of income that covers any income that does not fall under the other four specific heads.
It outlines various types of income chargeable under this head including certain dividend income, lottery/betting winnings, gifts exceeding Rs. 50,000, interest income, and any other income not covered elsewhere. It provides exemptions for gifts from relatives and those received on special occasions. The tax treatment of gifts to individuals and HUFs is described. Income chargeable under this head if not chargeable as business income is also summarized.
This document defines key terms related to income tax in India. It explains that the assessment year is the year following the financial year in which income is assessed. The previous year is the financial year in which income is earned. It defines who qualifies as a person, assessee, representative assessee, and deemed assessee for income tax purposes. It also explains how gross total income, total income, casual income, and agricultural income are defined and treated for income tax.
This document provides examples for computing tax liability in India based on different sources of income. It gives the total income, taxable income and tax payable calculations for 4 scenarios involving income from salary, house property, business, capital gains, other sources, and casual income like lottery or betting winnings. Tax is calculated by applying the appropriate tax rates to income slabs and adjusting any losses from capital gains against other sources as per income tax rules.
A warrant is a writ or specific authorization that was either issued by a judge, competent officer or magistrate, which permits an otherwise illegal act that would violate human being rights and affords the person executing the writ security from damages if the act is performed.
Exemptions from capital gains under sections 54,Aakash Sondur
The document outlines various capital gain tax exemptions available under sections 54, 54B, 54EC, and 54F of the Indian Income Tax Act for long term capital gains reinvested in specified assets within certain time periods. It provides details on who can claim the exemption, eligible assets sold, assets that can be acquired to claim the exemption, applicable time limits, maximum exemption amounts, and whether capital gain deposit schemes can be utilized. The exemptions can be combined if eligibility criteria for multiple sections are met to maximize tax savings from long term capital gains.
The document provides an overview of key provisions under the Indian Income Tax Act. It discusses various heads of income like salary, house property, capital gains, and business income. It summarizes important points around deductions available for HRA, interest on housing loans, losses from house property rental, and capital gains from sale of art. The document also discusses key compliance requirements like TDS, advance tax payments, and income tax return filing due dates. It summarizes special provisions for new units in SEZs, additional depreciation, and deductions available for undertakings located in certain states.
This document discusses agricultural income as defined in the Indian Income Tax Act of 1961. It defines agricultural income as income derived from agricultural sources in India. The document outlines the various types of agricultural income, including rents from agricultural land, income from cultivating land, income from processes to make agricultural produce marketable, and income from the sale of agricultural produce. It also discusses the tests to determine what constitutes agricultural income and provides examples of incomes that are considered agricultural versus non-agricultural. The document concludes by explaining the process of integrating agricultural income with non-agricultural income for tax purposes when thresholds are exceeded.
This document defines key tax-related terms and concepts. It discusses the differences between direct and indirect taxes, and explains normal, special, and transitional tax years. It also covers topics like types of income, computation of taxable income, total income, deductible allowances, and residential status for tax purposes. The document provides examples to illustrate tax calculations and determinations of tax year and residential status.
OBJECTIVES:
Definition
Job work Procedure u/s 143 of CGST Act, 2017.
Input tax credit as per Section 16 and 19 of the CGST Act, 2017.
Other clarifications relating to Job work as per Circular No. 38/12/2017 – Central Tax dated 26th of March 2018.
1. Income from other sources includes income that does not fall under other defined categories such as salary, house property, business/profession, or capital gains.
2. Examples of income taxable under this head include dividends, lottery winnings, family pensions, interest income, and gifts exceeding Rs. 50,000.
3. Certain deductions are allowed against income from other sources, including contributions to provident funds, repairs and insurance of assets used to earn income, and expenses incurred to earn the income.
Anoopgarh K.V.Sah Samiti vs. ACIT, Sriganganagarsuresh ojha
The document is a court order from the Income Tax Appellate Tribunal regarding an application for rectification of a previous order.
The key details are:
- The assessee (applicant) sought rectification of a previous Tribunal order regarding income tax assessment for the year 1995-96.
- Specifically, the assessee argued that the previous order did not address an additional legal ground raised regarding excessive penalties levied.
- The Tribunal partially allowed the application, recalling the previous order only to address the unadjudicated legal ground on penalties. It rejected attempts to re-write other aspects of the order.
In summary, the Tribunal granted a partial rectification to address a specific legal issue
- The document summarizes two cross appeals related to the taxpayer Shri Virendra Singh Shekawat for tax years 2008-09 and 2009-10.
- In the first appeal, the revenue appeals various deletions made by the CIT(A) including estimated additions to professional and consultancy income, unexplained deposits and investments, unexplained cash credits, and more.
- In the second appeal, the taxpayer appeals the partial sustaining of additions for professional income and household expenses.
- The tribunal analyzed each issue and confirmed the CIT(A)'s deletions of the revenue's estimated and unsupported additions. It also deleted the remaining additions for professional income and expenses upheld by the C
The document outlines various sections that provide exemptions from capital gains tax in India. Section 54 provides exemption for long-term capital gains reinvested from sale of a residential house into purchase or construction of another house. Section 54B provides exemption for gains from sale of agricultural land reinvested into purchase of other agricultural land. Section 54D provides exemption for gains from compulsory acquisition of an industrial undertaking reinvested into land or building of a new industrial undertaking.
1. The document provides information on 10 different cases to estimate working capital requirements, including projected sales, costs, credit terms, and stock levels. Working capital needs to be estimated to understand the capital required to support operations and growth.
2. Key factors that determine working capital requirements are levels of inventory, accounts receivable, accounts payable, and timing of cash flows from operations. Working capital requirements will fluctuate over time with changes in business activities, costs, and credit terms.
3. Proper management of working capital is important for business operations and financial flexibility. Accurate estimation of working capital needs is required for budgeting, financing, and investment decisions.
MULTIPLE CHOICE QUESTIONS ON DIRECT TAXATIONSonal Patil
1. Income tax is levied on an annual basis and is payable on taxable income. It is considered a direct tax.
2. Some key allowances and exemptions from income tax include children's education allowance up to Rs. 100/month per child for 2 children, medical reimbursement up to Rs. 15,000, and gratuity exemption up to Rs. 10 lakh for non-government employees.
3. Digital signature certificates issued by licensed certifying authorities can be used for electronically filing income tax returns and other documents when total income exceeds Rs. 5 lakh or for companies and individuals liable for audit.
The document discusses the concept of set off and carry forward of losses in India. It explains that losses under certain heads like house property, business, capital gains etc. can be set off against profits of the same year either within the same head (inter-source) or against another head (inter-head). Any remaining losses can be carried forward for a specified number of years to be set off against future profits. The key heads where loss set off and carry forward is allowed are house property, business, speculation, capital gains and maintaining race horses.
A LÓGICA FUZZY APLICADA AO CONTROLE DE TEMPERATURA E UMIDADEepeixoto85
Este trabalho apresenta o desenvolvimento de um sistema de controle de temperatura e umidade utilizando lógica fuzzy. O sistema foi desenvolvido utilizando o MATLAB para modelagem do controle fuzzy e uma placa Arduino para interface com os sensores e atuadores. O sistema é capaz de aumentar a temperatura e controlar a umidade do ambiente de forma a manter o conforto térmico.
The document defines agricultural income and non-agricultural income for tax purposes. Agricultural income includes any income derived from land used for agricultural purposes in India, such as rent, crop sales, or farm building income. Non-agricultural income includes income from activities like stone quarries, dairy farming, poultry, fisheries, and brick making. Some incomes are partially agricultural and partially business. For individuals and HUFs with both agricultural and non-agricultural income, tax is calculated by integrating the incomes and comparing to the tax on agricultural income alone.
A dumb witness is someone who is unable to speak due to a physical deformity but can give evidence through other means such as writing or gestures in open court. Section 119 of the Indian Evidence Act allows for such evidence from dumb witnesses. The key requirements are that any writing must be written and any gestures or signs must be made during the court proceeding. As long as the witness can understand questions and respond, their evidence is admissible. An interpreter may be used to assist with communication when needed. Past cases have established that both the interpreter and witness must be sworn in when a deaf and dumb witness gives evidence through interpretation of their gestures.
house property, income from house property, let out property, vacant let out property, self occupied property, deemed let out property,
lop, vlop, sop, dlop, gross annual value, gav, reasonable letting value, rlv, municipal rateable value, mrv, starndard rent,
actual rent received, arr, municipal tax, deduction u/s 24, standard deduction, interest on loan, pre construction interest,
post construction interest, unrealised rent, arrears of rent, co-ownership, deemed owners, composite rent,
The document discusses income from other sources under the Income Tax Act of India. It defines income from other sources as the residual head of income that covers any income that does not fall under the other four specific heads.
It outlines various types of income chargeable under this head including certain dividend income, lottery/betting winnings, gifts exceeding Rs. 50,000, interest income, and any other income not covered elsewhere. It provides exemptions for gifts from relatives and those received on special occasions. The tax treatment of gifts to individuals and HUFs is described. Income chargeable under this head if not chargeable as business income is also summarized.
This document defines key terms related to income tax in India. It explains that the assessment year is the year following the financial year in which income is assessed. The previous year is the financial year in which income is earned. It defines who qualifies as a person, assessee, representative assessee, and deemed assessee for income tax purposes. It also explains how gross total income, total income, casual income, and agricultural income are defined and treated for income tax.
This document provides examples for computing tax liability in India based on different sources of income. It gives the total income, taxable income and tax payable calculations for 4 scenarios involving income from salary, house property, business, capital gains, other sources, and casual income like lottery or betting winnings. Tax is calculated by applying the appropriate tax rates to income slabs and adjusting any losses from capital gains against other sources as per income tax rules.
A warrant is a writ or specific authorization that was either issued by a judge, competent officer or magistrate, which permits an otherwise illegal act that would violate human being rights and affords the person executing the writ security from damages if the act is performed.
Exemptions from capital gains under sections 54,Aakash Sondur
The document outlines various capital gain tax exemptions available under sections 54, 54B, 54EC, and 54F of the Indian Income Tax Act for long term capital gains reinvested in specified assets within certain time periods. It provides details on who can claim the exemption, eligible assets sold, assets that can be acquired to claim the exemption, applicable time limits, maximum exemption amounts, and whether capital gain deposit schemes can be utilized. The exemptions can be combined if eligibility criteria for multiple sections are met to maximize tax savings from long term capital gains.
The document provides an overview of key provisions under the Indian Income Tax Act. It discusses various heads of income like salary, house property, capital gains, and business income. It summarizes important points around deductions available for HRA, interest on housing loans, losses from house property rental, and capital gains from sale of art. The document also discusses key compliance requirements like TDS, advance tax payments, and income tax return filing due dates. It summarizes special provisions for new units in SEZs, additional depreciation, and deductions available for undertakings located in certain states.
This document discusses agricultural income as defined in the Indian Income Tax Act of 1961. It defines agricultural income as income derived from agricultural sources in India. The document outlines the various types of agricultural income, including rents from agricultural land, income from cultivating land, income from processes to make agricultural produce marketable, and income from the sale of agricultural produce. It also discusses the tests to determine what constitutes agricultural income and provides examples of incomes that are considered agricultural versus non-agricultural. The document concludes by explaining the process of integrating agricultural income with non-agricultural income for tax purposes when thresholds are exceeded.
This document defines key tax-related terms and concepts. It discusses the differences between direct and indirect taxes, and explains normal, special, and transitional tax years. It also covers topics like types of income, computation of taxable income, total income, deductible allowances, and residential status for tax purposes. The document provides examples to illustrate tax calculations and determinations of tax year and residential status.
OBJECTIVES:
Definition
Job work Procedure u/s 143 of CGST Act, 2017.
Input tax credit as per Section 16 and 19 of the CGST Act, 2017.
Other clarifications relating to Job work as per Circular No. 38/12/2017 – Central Tax dated 26th of March 2018.
1. Income from other sources includes income that does not fall under other defined categories such as salary, house property, business/profession, or capital gains.
2. Examples of income taxable under this head include dividends, lottery winnings, family pensions, interest income, and gifts exceeding Rs. 50,000.
3. Certain deductions are allowed against income from other sources, including contributions to provident funds, repairs and insurance of assets used to earn income, and expenses incurred to earn the income.
Anoopgarh K.V.Sah Samiti vs. ACIT, Sriganganagarsuresh ojha
The document is a court order from the Income Tax Appellate Tribunal regarding an application for rectification of a previous order.
The key details are:
- The assessee (applicant) sought rectification of a previous Tribunal order regarding income tax assessment for the year 1995-96.
- Specifically, the assessee argued that the previous order did not address an additional legal ground raised regarding excessive penalties levied.
- The Tribunal partially allowed the application, recalling the previous order only to address the unadjudicated legal ground on penalties. It rejected attempts to re-write other aspects of the order.
In summary, the Tribunal granted a partial rectification to address a specific legal issue
- The document summarizes two cross appeals related to the taxpayer Shri Virendra Singh Shekawat for tax years 2008-09 and 2009-10.
- In the first appeal, the revenue appeals various deletions made by the CIT(A) including estimated additions to professional and consultancy income, unexplained deposits and investments, unexplained cash credits, and more.
- In the second appeal, the taxpayer appeals the partial sustaining of additions for professional income and household expenses.
- The tribunal analyzed each issue and confirmed the CIT(A)'s deletions of the revenue's estimated and unsupported additions. It also deleted the remaining additions for professional income and expenses upheld by the C
The Income Tax Appellate Tribunal delivered a judgment on an appeal by the tax authorities (Revenue) and a cross-appeal by the taxpayer (assessee) regarding the taxpayer's assessment for the 2006-07 tax year. In a detailed order, the Tribunal upheld the Commissioner of Income Tax's deletion of several additions made by the Assessing Officer to the taxpayer's income. Specifically, the Tribunal found no evidence to support additions for alleged undisclosed income, notional interest income, or unexplained bank deposits. The Tribunal also denied exemption claimed by the tax authorities for long-term capital gains reinvested by the taxpayer in a residential property. As a result, the Tribunal dismissed the Revenue's appeal and the assessee's cross
Income-tax – Case law updates - V. K. SubramaniD Murali ☆
1. The High Court held that an addition to total income cannot be made solely based on the report of the District Valuation Officer (DVO) due to differences in construction costs. There must be some additional tangible material for the Assessing Officer to form an opinion that the cost admitted by the assessee is incorrect.
2. When an assessee justifies a revised tax return and such justification is made well before any detection by the Revenue, it would not amount to concealment of income. If the first appellate authority and tribunal find no concealment as a question of fact, the court will not interfere.
3. When a subsidy is given to an assessee after commencement of production
The High Court of Allahabad dismissed revisions filed by a firm (revisionist) challenging penalties imposed for importing machinery without proper authorization in registration certificates. The court summarized the facts of the case, noting the revisionist had applied to add a branch and items to certificates but the competent authority only added the branch. While the application to add items was pending, the revisionist imported goods not on the certificates. The court found the revisionist knew the application was pending and goods not authorized, so could not claim importing them bona fidely. It held the penalties were justified and the orders of lower authorities did not require interference.
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A statement recorded u/s 133A of the I.T. Act, 1961 by an income-tax authorit...D Murali ☆
1) Statements made by assessees during the course of a survey by an income tax authority surrendering undisclosed income cannot be used against the assessee. Such statements have no evidentiary value.
2) The CBDT has issued instructions that income tax authorities should not attempt to obtain confessions of undisclosed income during surveys and searches, and any actions to do so will be viewed negatively.
3) A recent ITAT ruling supported the position that additions cannot be made solely based on statements given during a survey, as such statements have no legal evidentiary value.
Sharing a Compilation of Case Laws on ‘Notice Under Section 148’ of Income Tax Act, 1961. The said document is available at http://expertspanel.in/?qa=blob&qa_blobid=10601143440222107929 as well as at http://lunawat.com/Uploaded_Files/Attachments/F_4740.pdf
The document contains three requests for adjournment or additional time related to tax assessment cases for RRB Consultants & Engineers Pvt. Ltd. for various assessment years. In the first request, the authorized signatory asks that a case scheduled for August 19, 2005 be adjourned to the first week of September due to the dealer being in the process of collecting forms from customers. In the second request, dated July 20, 2006, the authorized signatory asks that an appeal case scheduled for July 25, 2006 be adjourned as the company's counsel will be out of station. In the third and final request dated September 4, 2008, the authorized signatory asks that an assessment case be adjourned for
SARRAF_EXPORT vs. ITO, Ward -2, Churu JODH-2012suresh ojha
The Income Tax Appellate Tribunal was hearing appeals from M/s. Sarraf Export for assessment years 2005-06 and 2006-07 regarding the disallowance of a deduction claimed under Section 80IB of the Income Tax Act for an amount credited as Duty Entitlement Pass Book. The Tribunal found that the Assessing Officer's withdrawal of the deduction, which was initially allowed, under Section 154 was not valid as the issue was debatable given an amendment to Section 28 and relevant case law. Therefore, the Tribunal allowed the appeals and reversed the orders of the Commissioner of Income Tax (Appeals).
The document discusses and compares the powers of the Assessing Officer (AO), Commissioner of Income Tax (Appeals) [CIT(A)], and Commissioner of Income Tax under various sections of the Income Tax Act of 1961. It analyzes whether the CIT(A) has the power to ensure income, consider new sources of income not examined by the AO, and substitute the AO's judgment. The document also examines cases where the CIT(A) has both been found to exceed their jurisdiction by considering new income sources, as well as cases where they were found to properly exercise powers equivalent to the AO by making additions to income considered by the AO.
Direct tax laws update - V. K. SubramaniD Murali ☆
1. The court held that the Assessing Officer cannot reject the books of account of an assessee and make assessments based on their own views without valid reasons or evidence of discrepancies in the accounts.
2. The court ruled that individuals who inherited property together would not constitute an Association of Persons simply due to the government acquiring a portion of the land and providing compensation, as there was no voluntary act to form an association.
3. The court determined that an assessee who demolished an acquired property and undertook new construction was eligible for tax exemption under Section 54F, as the new construction was completed within the specified three-year time limit.
The ITO Ward, Bikaner vs. Shree Bhagwan Sutharsuresh ojha
(1) The revenue has appealed an order from the CIT(A) that provided partial relief to the assessee, Shri Shree Bhagwan Suthar.
(2) The CIT(A) deleted additions made under section 68 of Rs. 8,16,584, under expenses of Rs. 1,73,463, and for household expenses of Rs. 34,500.
(3) The ITAT upholds the CIT(A)'s order, finding the assessee provided adequate evidence to establish credits and expenses, and the AO made additions without evidence.
Income-tax – Case law updates - V. K. SubramaniD Murali ☆
Income-tax – Case law updates - V. K. Subramani - Article published in Business Advisor, dated August 10, 2016 - http://www.magzter.com/IN/Shrinikethan/Business-Advisor/Business/
Dear Patron
Here we are with the Thirty third successive issue of our monthly ‘Missive’.
We trust you will enjoy reading this Missive, even while soaking in the contents. We would very much appreciate your feedback which consistently helps us in improving and upgrading the contents.
Thanks and regards,
Knowledge Management Team
This document summarizes a court case between M/s. Kangiri Contractor and the Income-tax Officer regarding the contractor's tax assessment for the 2007-08 year. The court ruled that the contractor's case falls under section 44AD of the tax code since its receipts were less than Rs. 40,00,000. Therefore, applying a net profit rate higher than 8.15% declared by the contractor was unjustified. The court ordered the tax officer to apply the 8.15% net profit rate declared by the contractor without any separate additions for work in progress.
Dear Patron
Here we are with the Thirty second successive issue of our monthly ‘Missive’.
We trust you will enjoy reading this Missive, even while soaking in the contents. We would very much appreciate your feedback which consistently helps us in improving and upgrading the contents.
Thanks and regards,
Knowledge Management Team
ITAT Mumbai (‘H’ Bench) confirms assessment on beneficiaries the balance in t...D Murali ☆
ITAT Mumbai (‘H’ Bench) confirms assessment on beneficiaries the balance in the account of a trust in Liechtenstein as unaccounted money stashed abroad - T. N. Pandey - Article published in Business Advisor, dated November 25, 2014 http://www.magzter.com/IN/Shrinikethan/Business-Advisor/Business/
The document summarizes a court case regarding an appeal by a school management committee against an order by the Commissioner of Income Tax related to registration under section 12A of the Income Tax Act. Key points:
- The committee had applied for registration in 2006 but the Commissioner only registered them starting in 2005, not from the original 1985 date as requested.
- The committee appealed arguing the Commissioner's order was invalid as it was passed more than 6 months after their application, and they should be registered from 1985.
- There was significant delay in the committee filing their appeal to the tribunal. They argued this was due to ignorance of the law and wrong advice.
- The tribunal considered precedents supporting con
Similar to Consideration of Penalty Proceedings Order for Quantum Assessment: Analysis of SC Ruling (20)
SCRAPPING OF RETRO TAX PROVISIONS : A REVIVAL OF OVERSEAS INTEREST IN INDIADVSResearchFoundatio
The document summarizes the scrapping of retroactive tax provisions in India. It provides background on retroactive taxation laws introduced in 2012 in response to court rulings. It analyzes prominent cases like Vodafone and Cairn Energy that challenged the retroactive taxes under bilateral investment treaties. The Taxation Laws Amendment Act of 2021 was passed to scrap these retroactive provisions and provide tax refunds to affected companies like Cairn Energy. The act aims to improve India's reputation as an investment destination and revive interest from foreign investors.
Key Takeaways: - Analysis of section 45(4), section 9B of the Income Tax Act...DVSResearchFoundatio
Key Takeaways:
- Analysis of section 45(4), section 9B of the Income Tax Act and Rule 8AA and Rule 8AB of Income Tax Rules
- Illustrations to understand the relevant impact
- Critical Issues concerned with the provisions
Key Takeaways:
- Facts of the case
- Issues and Orders of the case
- Contention of the parties
- Observations by Honourable Supreme Court
- Conclusions
Key Takeaways:
- Facts of the case
- Issues and Orders of the case
- Contention of the parties
- Observations by Honourable Supreme Court
- Conclusions
FALLACIOUS DISREGARDING OF TRANSACTIONS THAT RESULT IN A TAX BENEFIT TO THE A...DVSResearchFoundatio
Key Takeaways:
- Facts of the case
- AO's contention
- Ruling of CIT(A) and issues for consideration of the ITAT
- Observations of ITAT
- Final Ruling
- Way Forward
ALLOWABILITY OF OUTSTANDING INTEREST CONVERTED INTO DEBENTURES AS AN EXPENSE ...DVSResearchFoundatio
The Supreme Court ruled that the conversion of outstanding interest into debentures by the assessee company qualified for deduction under Section 43B of the Income Tax Act. The conversion was done under a rehabilitation plan agreed with institutional creditors to extinguish the interest liability. The Court observed that Section 43B was not meant to affect bona fide transactions, and debentures were different than loans/borrowings under Explanation 3C. It set aside the High Court's decision and allowed the assessee's claim for deduction, noting the conversion was an actual payment of interest rather than postponing the liability.
Key Takeaways:
- Facts of the case
- Issues and Orders
- Contention of the parties
- Observations of Honourable Supreme Court
- Conclusion and way forward
This document outlines the process and documentation required for an SME to obtain an in-principle approval for an initial public offering (IPO) listing on the National Stock Exchange of India (NSE). It details the documents required to be submitted on T+2, T+3, T+4, and T+5 days from the date of in-principle approval to finalize the listing. These include annual reports, board resolutions, shareholding details, basis of allotment, post-issue shareholding pattern, and confirmation from issuers, merchant bankers, and statutory auditors. It also provides information on NEAPS platform registration and payment of processing and annual listing fees.
What are the post listing compliance norms for SME entities?DVSResearchFoundatio
The document summarizes post-listing compliance norms for small and medium enterprises (SMEs) listed on SME exchanges in India. It discusses requirements for further capital issues, green shoe options, migration to the main board, further public offerings, and mandatory and voluntary disclosures. Key requirements include making full disclosures for further issues, obtaining shareholder approval for green shoe options, complying with eligibility criteria for migration, and submitting regular financial disclosures and statements on the use of IPO proceeds.
1) Prior to listing on an SME exchange, a company must file an offer document with SEBI and the relevant stock exchange and appoint qualified intermediaries like lead managers, registrars, and syndicate members.
2) The company must make required disclosures in the offer document and the lead manager must conduct due diligence on these disclosures.
3) After filing the offer document, the company must price the issue, keep the issue open for subscription for at least 3 days, and ensure the issue is underwritten and market making arrangements are in place.
This document outlines the criteria for Small and Medium Enterprises (SMEs) to list on the SME platforms of the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) in India. The key eligibility criteria are a positive net worth, a track record of at least 3 years of operations, and operating profits over the last 2-3 years. Additional disclosure requirements include details on directors, regulatory actions, litigation status, and defaults. SMEs listed can later migrate to the main board of the exchanges if they meet certain criteria like company size and track record. As of now, over 220 companies are listed on NSE's SME platform and over 100 have migrated from BSE's SME platform
Key Takeaways:
- Background and Overview of Legal Provision
- Facts of the Case
- Contentions of the Assessee and Revenue
- Supreme Court’s Verdict
- Key Learnings and Way Forward
An Indian individual seeks to incorporate a company in Singapore. The process involves obtaining name approval, determining the company structure as a private or public company, appointing directors and other key personnel, selecting a registered office address, and drafting a company constitution. Once incorporated, the new company can open a Singapore bank account and obtain a tax residency certificate. Indian regulations allow for foreign direct investment through the automatic route or approval route depending on the amount and financial commitment. The entire incorporation process can be completed quickly online but setting up documents may take a few days.
AUTOMATIC VACATION OF STAY GRANTED BY TRIBUNALDCIT v. PEPSI FOODS LTD. [2021]...DVSResearchFoundatio
Key Takeaways:
- Background and Overview of Legal Provision
- Facts of the Case
- Contentions of the Assessee and Revenue
- Supreme Court’s Verdict
- Key Learnings and Way Forward
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Enhancing Adoption of AI in Agri-food: IntroductionCor Verdouw
Introduction to the Panel on: Pathways and Challenges: AI-Driven Technology in Agri-Food, AI4Food, University of Guelph
“Enhancing Adoption of AI in Agri-food: a Path Forward”, 18 June 2024
NewBase 20 June 2024 Energy News issue - 1731 by Khaled Al Awadi_compressed.pdfKhaled Al Awadi
Greetings,
Hawk Energy is pleased to present you with the latest energy news
NewBase 20 June 2024 Energy News issue - 1731 by Khaled Al Awadi
Regards.
Founder & S.Editor - NewBase Energy
Khaled M Al Awadi, Energy Consultant
MS & BS Mechanical Engineering (HON), USAGreetings,
Hawk Energy is pleased to present you with the latest energy news
NewBase 20 June 2024 Energy News issue - 1731 by Khaled Al Awadi
Regards.
Founder & S.Editor - NewBase Energy
Khaled M Al Awadi, Energy Consultant
MS & BS Mechanical Engineering (HON), USAGreetings,
Hawk Energy is pleased to present you with the latest energy news
NewBase 20 June 2024 Energy News issue - 1731 by Khaled Al Awadi
Regards.
Founder & S.Editor - NewBase Energy
Khaled M Al Awadi, Energy Consultant
MS & BS Mechanical Engineering (HON), USAGreetings,
Hawk Energy is pleased to present you with the latest energy news
NewBase 20 June 2024 Energy News issue - 1731 by Khaled Al Awadi
Regards.
Founder & S.Editor - NewBase Energy
Khaled M Al Awadi, Energy Consultant
MS & BS Mechanical Engineering (HON), USAGreetings,
Hawk Energy is pleased to present you with the latest energy news
NewBase 20 June 2024 Energy News issue - 1731 by Khaled Al Awadi
Regards.
Founder & S.Editor - NewBase Energy
Khaled M Al Awadi, Energy Consultant
MS & BS Mechanical Engineering (HON), USAGreetings,
Hawk Energy is pleased to present you with the latest energy news
NewBase 20 June 2024 Energy News issue - 1731 by Khaled Al Awadi
Regards.
Founder & S.Editor - NewBase Energy
Khaled M Al Awadi, Energy Consultant
MS & BS Mechanical Engineering (HON), USA
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L'indice de performance des ports à conteneurs de l'année 2023SPATPortToamasina
Une évaluation comparable de la performance basée sur le temps d'escale des navires
L'objectif de l'ICPP est d'identifier les domaines d'amélioration qui peuvent en fin de compte bénéficier à toutes les parties concernées, des compagnies maritimes aux gouvernements nationaux en passant par les consommateurs. Il est conçu pour servir de point de référence aux principaux acteurs de l'économie mondiale, notamment les autorités et les opérateurs portuaires, les gouvernements nationaux, les organisations supranationales, les agences de développement, les divers intérêts maritimes et d'autres acteurs publics et privés du commerce, de la logistique et des services de la chaîne d'approvisionnement.
Le développement de l'ICPP repose sur le temps total passé par les porte-conteneurs dans les ports, de la manière expliquée dans les sections suivantes du rapport, et comme dans les itérations précédentes de l'ICPP. Cette quatrième itération utilise des données pour l'année civile complète 2023. Elle poursuit le changement introduit l'année dernière en n'incluant que les ports qui ont eu un minimum de 24 escales valides au cours de la période de 12 mois de l'étude. Le nombre de ports inclus dans l'ICPP 2023 est de 405.
Comme dans les éditions précédentes de l'ICPP, la production du classement fait appel à deux approches méthodologiques différentes : une approche administrative, ou technique, une méthodologie pragmatique reflétant les connaissances et le jugement des experts ; et une approche statistique, utilisant l'analyse factorielle (AF), ou plus précisément la factorisation matricielle. L'utilisation de ces deux approches vise à garantir que le classement des performances des ports à conteneurs reflète le plus fidèlement possible les performances réelles des ports, tout en étant statistiquement robuste.
The Enigmatic Gemini: Unveiling the Dual Personalitiesmy Pandit
Explore the fascinating world of the Gemini Zodiac Sign, where duality reigns supreme. Discover the personality traits, important dates, and horoscope insights that define the ever-curious and communicative Gemini.
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Enabling Digital Sustainability by Jutta EcksteinJutta Eckstein
This is a New Zealand wide meetup event with meetup groups from Auckland, Wellington and Christchurch attending and open to anyone with an interest in digital sustainability or agile. All welcome. Joke, this is how it started. Jutta is now also available in Germany, i.e. hosted by Berlin/Brandenburg
According to the World Economic Forum, digital technologies can help reduce global carbon emissions by up to 15%. However, digitalization also comes with some challenges. Thus, if we want to make a positive impact by increasing sustainability, we need to address challenges like the digital divide, energy consumption of IT, or the rise of electronic waste. In this talk, I want to explore how Agile can help to leverage Digital Sustainability.
Cover Story - China's Investment Leader - Dr. Alyce SUmsthrill
In World Expo 2010 Shanghai – the most visited Expo in the World History
https://www.britannica.com/event/Expo-Shanghai-2010
China’s official organizer of the Expo, CCPIT (China Council for the Promotion of International Trade https://en.ccpit.org/) has chosen Dr. Alyce Su as the Cover Person with Cover Story, in the Expo’s official magazine distributed throughout the Expo, showcasing China’s New Generation of Leaders to the World.
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Unlocking WhatsApp Marketing with HubSpot: Integrating Messaging into Your Ma...Niswey
50 million companies worldwide leverage WhatsApp as a key marketing channel. You may have considered adding it to your marketing mix, or probably already driving impressive conversions with WhatsApp.
But wait. What happens when you fully integrate your WhatsApp campaigns with HubSpot?
That's exactly what we explored in this session.
We take a look at everything that you need to know in order to deploy effective WhatsApp marketing strategies, and integrate it with your buyer journey in HubSpot. From technical requirements to innovative campaign strategies, to advanced campaign reporting - we discuss all that and more, to leverage WhatsApp for maximum impact. Check out more details about the event here https://events.hubspot.com/events/details/hubspot-new-delhi-presents-unlocking-whatsapp-marketing-with-hubspot-integrating-messaging-into-your-marketing-strategy/
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Revolutionizing Surface Protection Xlcoatings Nano Based SolutionsExcel coatings
Excelcoating Transforming surface protection with their cutting-edge, eco-friendly nano-based coatings. This presentation delves into their innovative product lineup, including Excel CoolCoat for roof cooling, Excel NanoSeal for cement surfaces, Excel StayCool for UV-filtering glass, Excel StayClean for solar panels, Excel CoolTile for heat-reflective tiles, and Excel InsulX for film insulation.
Revolutionizing Surface Protection Xlcoatings Nano Based Solutions
Consideration of Penalty Proceedings Order for Quantum Assessment: Analysis of SC Ruling
1. CONSIDERATION OF FINAL ORDER IN PENALTY
PROCEEDINGS BY THE APEX COURT
BASIR AHMED SISODIA VS.
INCOME TAX OFFICER
[2020] 116 taxmann.com 375(SC)
CA Jugal Gala
3. L
E
G
E
N
D
SU
SE
D
AO Assessing Officer
AY Assessment Year
CIT(A) Commissioner of Income Tax (Appeals)
HC High Court
Hon’le Honourable
ITA Income Tax Act, 1961
ITAT Income Tax Appellate Tribunal
ITO Income Tax Officer
PY Previous Year
SC Supreme Court
Wrt with respect to
4. PR
E
SE
N
TA
TIONSC
H
E
M
A
Facts of the Case
Rulings of Lower
Jurisdictional Authorities
Penalty Proceedings before
CIT(A)
Observations made by the
Supreme Court
Conclusion
6. FA
C
TSOFTH
EC
A
SE
Scrutiny assessment
A sum amounting to ₹2.26 lakhs was shown standing to the
credit of 15 persons, being unregistered suppliers
(Note: Assessee was a marble dealer)
Such amount was payable towards the
purchase of marble by the assessee
In Assessee’s books for AY 1998-99
Relying on the books of account, AO took note of the
aforementioned credits and called for the assessee to prove
the veracity of credits, vide a notice issued u/s 143(2).
Despite sufficient time and opportunity
being provided, false/wrong particulars or
explanation(s) were submitted with respect to
these credits.
Assessment order dated 30.11.2000
Consequently, upon failure of the assessee to produce correct proof/evidence with respect to the
income of creditors and source of income, such unexplained credits were treated as cash credits u/s
68* and the same was added to the declared income of the assessee
Notice for imposition of penalty u/s 271(1)(c)- for failure to submit information and concealment of income - was
issued separately as per the assessment order.
1
2
3
*Section 68 considers any sum credited to the books of the taxpayer (not already offered to tax) for which
no/unsatisfactory explanation of its source is provided by the taxpayer, and such credit would be added to the
income of the assessee as unexplained credits
8. R
U
L
IN
G
SB
YTH
EL
OW
E
RJU
R
ISD
IC
TION
A
LA
U
TH
OR
ITIE
S
The assessee, before CIT(A), Tribunal and HC, inter alia, challenged the addition made u/s
68 under the head “Credits”.
CIT(A):
Upheld AO order, taxing such credit u/s 68
ITAT:
Addition u/s 68 upheld
High Court:
Appeal dismissed. It was held that amounts shown as
credits, are nothing but bogus entries and was justly added
to the income of assessee.
Lower
Jurisdictional
authorities ruled
in favour of the
Revenue
9. OB
SE
R
VA
TION
SM
A
D
EB
YTH
EH
ON
’L
EH
IG
HC
OU
R
T
Failure to substantiate
genuineness of the
transaction
• It is clear from the assessment orders and the finding affirmed in the
appeals that:
• Opportunity was given to the assessee to substantiate the genuineness
of the alleged transactions, but the assessee failed.
• Efforts made by the Revenue to investigate the correctness of the
alleged transaction also could not yield any results, in favour of the
assessee.
Bogus Entry
• In the view of the Court, it was clear that no purchase was made, and the
amounts shown to be standing to the credit of the persons was clearly a
bogus entry.
Income from undisclosed
sources
• Since no goods were purchased, the amount did represent income of the
assessee from undisclosed sources, which the assessee had brought on
record (books of accounts), by showing it to be the amount belonging to
the purported sellers, and as the liability of the assessee.
An appeal was filed by the assessee with the Hon’le Supreme Court and during the hearings, he brought on
record, subsequent developments, in relation to the case-in-hand.
11. OR
D
E
RIM
POSIN
GPE
N
A
L
TYB
YITO
It may be noted that owing to the time-limits prescribed in the Act for passing of assessment orders, filing of
appeals & levy of penalties, penalty proceedings are usually initiated, and penalty is levied at a stage when the
issue of quantum addition (additions based on normal scrutiny assessment) on merits is at large before the
Tribunal.
The ITO had passed the order u/s 271(1)(c)* imposing a penalty of ₹ 98,153, as a consequence of the
conclusion reached in the assessment order which had by then become final up to the stage of ITAT vide order
dated 27.4.2006 to the effect that the stated purchases from unregistered dealers were bogus entries.
*Penalty levied on account of lack of sufficient evidence to support a particular claim of the assessee or when a
claim has been treated as bogus by the Revenue.
12. C
OU
R
SEOFPE
N
A
L
TYPR
OC
E
E
D
IN
G
SB
E
FOR
EC
IT(A
)
The CIT(A), in the penalty proceedings, considered additional evidences submitted by the assessee by way of:
• Affidavits from 13 creditors
• Sales tax order of the assessee for PY 1997-98 showing purchases from unregistered dealers of ₹228,900
• Cash vouchers duly signed on the revenue stamp for receipt of payment by the unregistered dealers, and
• Copy of Ration Card / Voter Identity Card to show identity of the unregistered dealer.
The additional evidence, was considered vide an application made under Rule 46A and a subsequent direction
by the CIT(A) to examine such additional evidence.
Further, during remand proceedings (on direction from the CIT(A)), the AO recorded statement of 12
unregistered dealers out of 13 and all of them admitted to having sold marble to the assessee during the PY
1997-98 and having received money after two or three years.
However, it was observed by the appellate authority that none of them produced any evidence in support of
their statement since all are petty unregistered dealers of marble and doing small business and therefore, no
books of account were maintained. Small diaries, maintained by some, couldn’t be preserved for so long.
13. R
U
L
E46A
-PR
OD
U
C
TIONOFA
D
D
ITION
A
LE
VID
E
N
C
E
Rule 46A of the ITA relates to production of additional evidence before the first appellate authority after
an assessment being made by the AO, where the assessee was :
• Prevented from producing relevant evidence, without sufficient cause or
• Evidence, which ought to be admitted, was refused to be admitted or
• The order was passed without sufficient opportunity being given to adduce relevant additional
evidence.
- It is unclear as to how the assessee had invoked the provisions of this rule to produce additional evidence,
where the lower courts have definitively held that despite sufficient opportunity being given to the
assessee, satisfactory evidence was not produced during the assessment proceedings
- The Case Law is silent, in this regard.
Note
14. FIN
A
LOR
D
E
ROFC
IT(A
)
Separately, as result of the CIT(A)’s penalty order, criminal proceedings initiated by the Court of Additional Chief
City Magistrate (Economic Offence) against the taxpayer were also terminated.
Based on the order, the penalty amount was refunded along with interest to the taxpayer.
Thus, the CIT-A, after taking a view that there was neither concealment of income nor furnishing of any
inaccurate particulars of income, accepted the purchase, cancelled the penalty levied on the taxpayer in
relation to cash credits, vide order dated 13.01.2011.
The CIT(A) made the following observations:
Without purchases of marbles worth ₹4.78 lakhs,
there could not have been sale worth ₹3.57 lakhs and
disclosure of closing stock of ₹2.92 lakhs in the trading
account.
Together with the affidavits filed and statements made
by the unregistered dealers, nothing objectionable
was found by the AO, in respect of the identity of the
unregistered dealers and claim of sales made.
15. C
H
R
ON
OL
OG
YOFE
VE
N
TS
Final assessment
Order for AY 1998-99
CIT(A) order for
quantum proceeding
relating to addition
u/s 68, favouring
Revenue
ITAT order for
quantum proceeding,
favouring Revenue
Notice issued by ITO
u/s 271(1)(c) for
imposition of penalty,
based on ITAT’s order
HC order for quantum
proceeding, favouring
Revenue
Order passed by CIT(A)
for penalty
proceedings, favouring
assessee
Criminal proceedings
initiated u/s 276,
dropped
Assessee submitted
the CIT(A)’s ruling
during representations
to SC, vide an Interim
Application
SC order for quantum
proceedings, favouring
assessee, based on
CIT’s penalty
proceeding order
A snapshot of the events in chronological order, is presented below, for more clarity:
17. OB
SE
R
VA
TION
SM
A
D
EB
YTH
EH
ON
’L
ESU
PR
E
M
EC
OU
R
T
It was noted that the penalty proceedings were a direct outcome of the assessment order for AY 1998-99, passed
on 30.11.2000
The affidavits and statements of the concerned unregistered dealers fully supports the claim of the assessee that a
sum was payable to them, for purchases made from such unregistered dealers
Accordingly, the factual basis on which AO formed his opinion in the assessment order dated 30.11.2000, in regard
to addition of ₹2,26,000 stands dispelled by additional evidence accepted in penalty proceedings.
CIT(A) vide order dated 13.1.2011, had not only accepted the explanation offered by the assessee but also
recorded a clear finding of fact that there was no concealment of income or furnishing of any inaccurate
particulars of income by the assessee.
The Hon’le SC held that indisputably on nothing objectionable to the facts, it must necessarily follow that the
addition cannot be justified.
19. W
H
YRE
VE
N
U
ECOU
L
DN
OTCH
A
L
L
E
N
G
ECIT(A
)’SPE
N
A
L
TYORD
E
R?
The tax-effect involved in the penalty appeal was ₹ 98,513.
On the date of the order of the CIT (A) deleting the penalty, a monetary limit of ₹2,00,000 for filing
appeals by the Revenue was in force.
That is, unless the tax effect involved in an appeal exceeded ₹2,00,000, the Revenue could not have
filed an appeal before the Tribunal.
Therefore, due to low tax-effect involved, the Revenue was unable to file an appeal against the
order passed by the CIT (A).
It is believed that the course of the judgement could be different, if the tax effect involved was
significantly higher and filing appeal was available as an option for the Revenue.
20. SU
PR
E
M
EC
OU
R
T’SC
ON
VE
R
SEL
OG
IC
It is an accepted position under the Income-tax law that though the findings rendered in assessment
proceedings constitute good evidence, they do not constitute conclusive evidence in penalty proceedings
When an addition itself is made on account of lack of sufficient evidence to support a particular claim of the
assessee or when a claim has been treated as bogus by the Revenue, levy of penalty on the same is quite
routine in respect of such additions
In many cases, the Tribunal and the higher Courts have, notwithstanding the findings in assessment
proceedings, deleted the penalty even though the quantum additions have been sustained.
However, this is one of the rare cases where the deletion of penalty and findings in penalty proceedings
have been used by an assessee to succeed against the quantum addition.
21. K
E
YTA
K
E
A
W
A
YS
However, it is imperative that the appeal against the quantum addition on merits must be pending before some
forum.
Thus, precedence has been established that an assessee, not having produced adequate evidence during
assessment proceedings but filing them subsequently in penalty proceedings, can benefit from such submission.
Rule 46A prescribes rationale for submitting additional evidences, which were not evident in the assessee’s case,
but still additional evidences were allowed, to which Hon’le SC was silent while giving the ruling
This ruling lays down the key principle that documents / information if accepted during penalty proceedings may
also be relied upon for the purposes of quantum proceedings.
- From AY 2017-18 onwards, penalty under section 271(1)(c) for concealment or furnishing inaccurate
particulars of income is not leviable; Instead, penalty under section 270A for underreporting or misreporting of
income is leviable.
- However, assessees should be in a position to cite this ruling even in cases where additional evidence is
furnished during penalty proceedings from AY 2017-18