INCOME TAX REPORTS (ITR)--PRINT AND ONLINE EDITION
SUBJECT INDEX TO CASES REPORTED
New Return Forms
ITR-3, ITR-4, ITR-5, ITR-6 and ITR-7
ITR Volume 366 : Part 2 (Issue dated : 18-8-2014)
SUBJECT INDEX TO CASES REPORTED IN THIS PART
Business expenditure --Appeal to High Court--Concurrent findings by Assessing Officer, Commissioner (Appeals) and Tribunal that certain expenses were not deductible--Finding based on evidence--High Court could not set aside findings--Expenses not deductible--Income-tax Act, 1961, s. 260A-- Liberty Footwear Co. v. CIT (P&H) . . . 250
----Burden of proof--Assessee failing to avail of opportunity in assessment proceedings to cross-examine persons whose statements relied upon by Inspector--Assessment completed after obtaining assessee’s response to contents of Inspector’s report--No prejudice caused to assessee--Claim at appellate stage that assessee not allowed to cross-examine persons not tenable--No record of individual shops where assessee distributed sampling display--Remand of case in facts not necessary--Income-tax Act, 1961, s. 37(1)--Hindusthan Tobacco Co. v. CIT (Cal) . . . 282
----Deduction only on actual payment--Employees’ contribution to provident fund and employees’ State insurance not credited to accounts of employees relevant funds within due dates as specified in section 36(1)(va)--Amounts not deductible--Amendment of section 43B by Finance Act, 2003, has not changed the law--Income-tax Act, 1961, ss. 36(1)(va), 43B-- CIT v. Gujarat State Road Transport Corporation (Guj) . . . 170
----Deduction only on actual payment--Employer’s and employees’ contributions to employees’ State insurance and provident fund deposited prior to filing of return--Allowable--Income-tax Act, 1961, ss. 2(24)(x), 36(1)(va), 43B-- CIT v. Hemla Embroidery Mills (P.) Ltd. (P&H) . . . 167
----Deduction only on actual payment--Provident fund and employees’ State insurance contributions made before filing return--Allowable--Income-tax Act, 1961, ss. 2(24)(x), 36(1)(va), 43B-- CIT v. Udaipur Dugdh Utpadak Sahakari Sangh Ltd. (Raj) . . . 163
Cash credits --Burden of proof--Burden on assessee to prove genuineness of transaction and creditworthiness of depositor--Burden discharged by assessee--No enquiry by Assessing Officer under section 131--Credits not assessable as income of assessee--Income-tax Act, 1961, s. 68-- CIT v. Varinder Rawlley (P&H) . . . 232
----Identity of creditors, their creditworthiness and genuineness of transactions proved--No addition could be made under section 68--Income-tax Act, 1961, s. 68-- CIT v. Jai Kumar Bakliwal (Raj) . . . 217
Income --Capital or revenue receipt--Termination of lease of business asset--Compensation towards loss of revenue and non-compete fee under agreement in March 1993--Capital receipt--Income-tax Act, 1961-- CIT v. Sapthagiri Distilleries Ltd. (Karn) . . . 270
Income from undisclosed sources --Amounts claimed to be gifts--Facts showing gifts not genuine--Additions of such amounts to income--Justified--Income-tax Act, 1961-- CIT v.Narinder Kumar Sekhri (P&H) . . . 225
----Gift--Burden of proof is on assessee--Identity of donor--Capacity of donor to gift--Genuineness of transaction--Gift by cheque or draft through banking channels--Not sufficient--Unaccounted cash of assessee deposited in different accounts in an organized manner, from where transfer entries given to donors, who at the same time made entries in favour of assessee by way of bank drafts--Amounts claimed as gift--Gifts without any occasion or out of love and affection--Addition of gift amounts justified--Addition of ten per cent. for notional premium paid to middlemen not proper--Income-tax Act, 1961, s. 68-- CIT v.Y. M. Singla (P&H) . . . 242
Penalty --Concealment of income--Furnishing of inaccurate particulars--No false claim by assessee--Claim found to be incorrect--No mens rea on part of assessee to claim deduction--Divergent judicial opinions on claim made by assessee--Debatable issue--Penalty cannot be imposed--Income-tax Act, 1961, ss. 80-IB, 271(1)(c)-- CIT v. Tudor Knitting Works P. Ltd.(P&H) . . . 236
Reassessment --Appeal to Appellate Tribunal--Validity of reassessment--Assessment of capital gains in assessment year 1999-2000--Reassessment based on guidance value of residential land in Government circular dated 10-11-1982--Tribunal not right in setting aside reassessment on the sole ground that Assessing Officer wrong in relying on circular--Matter remanded--Income-tax Act, 1961, ss. 147, 148-- CIT v. M. L. Sridhar (Karn) . . . 267
----Notice after four years--Condition precedent--Approval by Chief Commissioner or Commissioner--No evidence of such approval--Notice not valid--Income-tax Act, 1961, ss. 147, 148, 151-- CIT v. H. M. Constructions (Karn) . . . 277
----Notice after four years--Failure to disclose material facts necessary for assessment--Information from CBI that loans accepted as genuine in original assessment were bogus--Notice valid--Income-tax Act, 1961, ss. 147, 148-- Yogendrakumar Gupta v. ITO (Guj) . . . 186
Rectification of mistakes --Mistake apparent from record--Loss--Carry forward and set off--Assessing Officer allowing set off of long-term capital loss of earlier year against long-term capital gains of subsequent year --Loss of earlier year not determined in pursuance of return filed under section 139(3) within time allowed under section 139(1) for that year--Permitting set off of such losses in subsequent years is mistake apparent from record--Rectification valid--Income-tax Act, 1961, ss. 139(1), (3), 154-- Rajiv Gupta v. CIT (P&H) . . . 257
SECTIONWISE INDEX TO CASES REPORTED IN THIS PART
S. 2(24)(x) --Business expenditure--Deduction only on actual payment--Employer’s and employees’ contributions to employees’ State insurance and provident fund deposited prior to filing of return--Allowable-- CIT v. Hemla Embroidery Mills (P.) Ltd. (P&H) . . . 167
----Business expenditure--Deduction only on actual payment--Provident fund and employees’ State insurance contributions made before filing return--Allowable-- CIT v.Udaipur Dugdh Utpadak Sahakari Sangh Ltd. (Raj) . . . 163
S. 36(1)(va) --Business expenditure--Deduction only on actual payment--Employees’ contribution to provident fund and employees’ State insurance not credited to accounts of employees relevant funds within due dates as specified in section 36(1)(va)--Amounts not deductible--Amendment of section 43B by Finance Act, 2003, has not changed the law-- CITv. Gujarat State Road Transport Corporation (Guj) . . . 170
----Business expenditure--Deduction only on actual payment--Employer’s and employees’ contributions to employees’ State insurance and provident fund deposited prior to filing of return--Allowable-- CIT v. Hemla Embroidery Mills (P.) Ltd. (P&H) . . . 167
----Business expenditure--Deduction only on actual payment--Provident fund and employees’ State insurance contributions made before filing return--Allowable-- CIT v.Udaipur Dugdh Utpadak Sahakari Sangh Ltd. (Raj) . . . 163
S. 37(1) --Business expenditure--Burden of proof--Assessee failing to avail of opportunity in assessment proceedings to cross-examine persons whose statements relied upon by Inspector--Assessment completed after obtaining assessee’s response to contents of Inspector’s report--No prejudice caused to assessee--Claim at appellate stage that assessee not allowed to cross-examine persons not tenable--No record of individual shops where assessee distributed sampling display--Remand of case in facts not necessary--Hindusthan Tobacco Co. v. CIT (Cal) . . . 282
S. 43B --Business expenditure--Deduction only on actual payment--Employees’ contribution to provident fund and employees’ State insurance not credited to accounts of employees relevant funds within due dates as specified in section 36(1)(va)--Amounts not deductible--Amendment of section 43B by Finance Act, 2003, has not changed the law-- CITv. Gujarat State Road Transport Corporation (Guj) . . . 170
----Business expenditure--Deduction only on actual payment--Employer’s and employees’ contributions to employees’ State insurance and provident fund deposited prior to filing of return--Allowable-- CIT v. Hemla Embroidery Mills (P.) Ltd. (P&H) . . . 167
----Business expenditure--Deduction only on actual payment--Provident fund and employees’ State insurance contributions made before filing return--Allowable-- CIT v.Udaipur Dugdh Utpadak Sahakari Sangh Ltd. (Raj) . . . 163
S. 68 --Cash credits--Burden of proof--Burden on assessee to prove genuineness of transaction and creditworthiness of depositor--Burden discharged by assessee--No enquiry by Assessing Officer under section 131--Credits not assessable as income of assessee--CIT v. Varinder Rawlley (P&H) . . . 232
----Cash credits--Identity of creditors, their creditworthiness and genuineness of transactions proved--No addition could be made under section 68-- CIT v. Jai Kumar Bakliwal (Raj) . . . 217
----Income from undisclosed sources--Gift--Burden of proof is on assessee--Identity of donor--Capacity of donor to gift--Genuineness of transaction--Gift by cheque or draft through banking channels--Not sufficient--Unaccounted cash of assessee deposited in different accounts in an organized manner, from where transfer entries given to donors, who at the same time made entries in favour of assessee by way of bank drafts--Amounts claimed as gift--Gifts without any occasion or out of love and affection--Addition of gift amounts justified--Addition of ten per cent. for notional premium paid to middlemen not proper-- CIT v. Y. M. Singla (P&H) . . . 242
S. 80-IB --Penalty--Concealment of income--Furnishing of inaccurate particulars--No false claim by assessee--Claim found to be incorrect--No mens rea on part of assessee to claim deduction--Divergent judicial opinions on claim made by assessee--Debatable issue--Penalty cannot be imposed-- CIT v. Tudor Knitting Works P. Ltd. (P&H) . . . 236
S. 139(1), (3) --Rectification of mistakes--Mistake apparent from record--Loss--Carry forward and set off--Assessing Officer allowing set off of long-term capital loss of earlier year against long-term capital gains of subsequent year--Loss of earlier year not determined in pursuance of return filed under section 139(3) within time allowed under section 139(1) for that year--Permitting set off of such losses in subsequent years is mistake apparent from record--Rectification valid-- Rajiv Gupta v. CIT (P&H) . . . 257
S. 147 --Reassessment--Appeal to Appellate Tribunal--Validity of reassessment--Assessment of capital gains in assessment year 1999-2000--Reassessment based on guidance value of residential land in Government circular dated 10-11-1982--Tribunal not right in setting aside reassessment on the sole ground that Assessing Officer wrong in relying on circular--Matter remanded-- CIT v. M. L. Sridhar (Karn) . . . 267
----Reassessment--Notice after four years--Condition precedent--Approval by Chief Commissioner or Commissioner--No evidence of such approval--Notice not valid-- CIT v. H. M. Constructions (Karn) . . . 277
----Reassessment--Notice after four years--Failure to disclose material facts necessary for assessment--Information from CBI that loans accepted as genuine in original assessment were bogus--Notice valid-- Yogendrakumar Gupta v. ITO (Guj) . . . 186
S. 148 --Reassessment--Appeal to Appellate Tribunal--Validity of reassessment--Assessment of capital gains in assessment year 1999-2000--Reassessment based on guidance value of residential land in Government circular dated 10-11-1982--Tribunal not right in setting aside reassessment on the sole ground that Assessing Officer wrong in relying on circular--Matter remanded-- CIT v. M. L. Sridhar (Karn) . . . 267
----Reassessment--Notice after four years--Condition precedent--Approval by Chief Commissioner or Commissioner--No evidence of such approval--Notice not valid-- CIT v. H. M. Constructions (Karn) . . . 277
----Reassessment--Notice after four years--Failure to disclose material facts necessary for assessment--Information from CBI that loans accepted as genuine in original assessment were bogus--Notice valid-- Yogendrakumar Gupta v. ITO (Guj) . . . 186
S. 151 --Reassessment--Notice after four years--Condition precedent--Approval by Chief Commissioner or Commissioner--No evidence of such approval--Notice not valid-- CIT v. H. M. Constructions (Karn) . . . 277
S. 154 --Rectification of mistakes--Mistake apparent from record--Loss--Carry forward and set off--Assessing Officer allowing set off of long-term capital loss of earlier year against long-term capital gains of subsequent year --Loss of earlier year not determined in pursuance of return filed under section 139(3) within time allowed under section 139(1) for that year--Permitting set off of such losses in subsequent years is mistake apparent from record--Rectification valid-- Rajiv Gupta v. CIT (P&H) . . . 257
S. 260A --Business expenditure--Appeal to High Court--Concurrent findings by Assessing Officer, Commissioner (Appeals) and Tribunal that certain expenses were not deductible--Finding based on evidence--High Court could not set aside findings--Expenses not deductible-- Liberty Footwear Co. v. CIT (P&H) . . . 250
S. 271(1)(c) --Penalty--Concealment of income--Furnishing of inaccurate particulars--No false claim by assessee--Claim found to be incorrect--No mens rea on part of assessee to claim deduction--Divergent judicial opinions on claim made by assessee--Debatable issue--Penalty cannot be imposed-- CIT v. Tudor Knitting Works P. Ltd. (P&H) . . . 236
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