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Rajeev -- Portfolio

As source & nature of amount received not proved, So held of assessable nature.
Nov. 02, 2015
ITO held amount as concealed income & imposed tax rejecting assessee's explanation. On appeal Tribunal & HC upheld ITO decision. On appeal SC held, assessee fails to prove satisfactorily source & nature of certain amount of cash received during accounting year, ITO is entitled to draw inference that receipts are of assessable nature. Thus, conclusion of Tribunal was amply warranted by facts of case & no ground for interfering with that finding.-0...
AO held incorrect as profit earned by assessee not taxable as business income.
Dec. 30, 2015
Assessee sold shares of 'T' Ltd. to foreign Co.Income arising from sale of shares was declared as short term capital gain. AO opined that profit earned by assessee was taxable as business income. CIT(A) confirmed order of AO. On appeal ITAT held, assessee made investm't in shares with intention to earn dividend income on appreciation of price of shares. Therefore, it can't be said that assessee was doing business. Thus, AO action held incorrect.-...
Gains made on sale of investments by a share trader are capital gains and sho...
Nov. 26, 2015
Assessee invested in shares & securities. In return of assessee disclosed certain short-term capital gains on account of sale of shares. AO held, sale & purchase was not in nature of investm't & held it as business income & levied penalty. On appeal CIT(A) deleted penalty, as capital gains particulars were duly disclosed in return as well as in balance sheet as stock-in-trade for business. On appeal, ITAT & HC upheld CIT(A) decision.
Burden to prove concealment/undervaluation of income is on revenue, held HC.
Nov. 03, 2015
Assessees purchased properties. AO made additions on basis of valuation by DVO. On appeal ITAT held, AO could not tax amounts merely based upon DVO's report in absence of any material pointing to under valuation. On appeal HC upheld ITAT decision relying upon CIT v. Bajrang Lal Bansal[2011] 335 ITR 572/200: Only when burden to prove concealment of income is discharged by revenue, it would be permissible to rely upon valuation given by DVO.-000291
Loan to AE abroad, int. rate applicable is rate in country where loan consumed.
Dec. 08, 2015
Assessee mfd. plastic parts & rendered engineering services. It advanced certain amt. as loan to its subsidiary in Germany & charged no interest on it. TPO determined ALP on interest on loan advanced at 10.25%. AO passed assessm't order on it. AO challenged it before DRP. On apppeal ITAT held, loan advanced to AE situated abroad, interest rate to be applied is rate prevailing in country where loan has been consumed. HC upheld it on appeal.-000323
Dispute regarding account being correctly classified as NPA or not is factual.
Nov. 05, 2015
Bank u/s 13(3A) dismissed representation against notice u/s 13(2). On first appeal HC held, Classification by Bank of loan account as NPA was not faulty. On 2nd appeal HC held, process u/s 13(3A) is not adjudicatory. Question whether borrower has committed any default in repayment & whether account has been correctly classified as NPA or not is factual dispute which even otherwise ordinarily in writ jurisdiction is not to be entertained. Appe...
Ref. denied as inappropriate for SC to enter adjudication of appeals on merits.
Nov. 02, 2015
Ref. application u/s 66(1) of I.T. Act was rejected by ITAT & Tribunal. On Appeal SC held, contrary to all notions of comity of courts & even though this was court which could in certain events set aside & overrule decisions of HC concerned, it could not by-pass normal procedure which was to be adopted for this purpose & achieve result indirectly in manner suggested by assessee. Thus, inappropriate for Court to enter upon adjudication on merits.-...
DVO's report rightly corroborate statement made by assessee before I.T. Dept, HC
Dec. 24, 2015
AO was not satisfied, as purchase amt. did'nt reflect real value of investm't of assessee in property. AO referred it to DVO. On ground of income concealment AO levied penalty. CIT(A) & ITAT upheld it. On appeal HC held, Tribunal erred in holding that DVO's report did'nt corroborate statement made by assessee before income-tax authorities. ITAT right in accepting consideration as reflected in rgd. sale deed did not suffer from any legal infir...
Interest from deposits of Co-operative Bank held, arising from its business. SC
Nov. 02, 2015
Assessee bank received interest on deposits. It was assessed as 'income from other sources'. On Ref. HC held interest from investments was no part of Bank's business profits exempt from taxation. On appeal SC held, Under bye-laws, object of bank, to carry on general business of banking. HC was erroneous in treating interest derived from deposits as not arising from business of bank. Thus, not falling within income exempted under notification.-010488

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Rajeev -- Portfolio

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