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Dr. K. Senthilnathan Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Chennai

Reported in : (2005)96TTJ(Chennai)637

..... the cit(a) in his order stated that finance act, 2001, levied tax at the rate prescribed in section 113 as well as surcharge for the asst. yr ..... he further noted that finance act, 2001, applied to income that had arisen during the previous year ending march, 2001. ..... because the investment in the property was treated as unexplained investment during the block period, the assessee claimed the loss to be set off against the income on the reasoning that even money paid by the assessee has been lost. ..... chapter xiv-b talks of undisclosed income. ..... the assessee submitted that because the income is being considered for the block period, the loss should be allowed which the cit(a) treated as capitalised loss ..... on that basis the loss suffered by the assessee consequent to the fraud played on the assessee is outside the ambit of chapter xiv-b of the act. ..... is an appeal of the assessee that is moved with reference to assessment that was framed under the provisions of chapter xiv-b of the it act.2. ..... , the ao treated it as an investment out of undisclosed income and for the asst. yr. ..... issue is with regard to addition on account of undisclosed income including such unexplained investment that are deemed as income of the assessee. ..... it were a situation where the unexplained investment is found to have been made from out of some other undisclosed income, perhaps, the assessee could have sought for telescoping of the unexplained investment as arising out of addition made on account of undisclosed income. .....

Hindustan Sanitary Engineers Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Amritsar

Reported in : (2005)96TTJ(Asr.)460

..... the meaning of "assessed tax", as substituted by the finance act, 2001 with retrospective effect from 1-4-1989, has done away with the earlier clauses (a) and (b) of explanation-1. ..... is made, to the date of such regular assessment on the amount equal to the assessed tax or on the amount by which the advance tax paid falls short of the assessed tax, expianation-1 to sub-section (1) gives the meaning of the assessed tax as the tax on the total income determined under sub-section (1) of section 143 or on regular assessment as reduced by the amount of tax deducted or collected at source in accordance with the provisions of chapter xvii ..... section 208 but has failed to pay such tax or an advance tax paid by such assessee under the provisions of section 210 is less than 90% of the assessed tax, the assessee shall be liable to pay simple interest at the specific rate for every month or part of the month comprised in the period from 1st day of april next following such financial year to the date of determination of total income under sub-section (1) of section 143 and where a regular assessment .....

Asst. Commissioner of Income Tax Vs. Sri Dakshesh S. Shah

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2004)90ITD519(Mum.)

..... the intention of legislation is clear from the introduction of section 14a of the income tax act 1961 inserted by the finance act 2001 w.r.e. ..... the intention of legislature can be understood from the memo explaining the provisions in the finance act, 2001 [248 itr 195 (st)] which reads as under: "no deduction for expenditure incurred in respect of exempt income against taxable income.certain incomes are not includible while computing the total income as these are exempt under various provisions of the act. ..... 01.04.1962, which reads as under: section 14a:" for the purpose of computing total income under this chapter, no deduction shall be allowed in respect of expenditure incurred by the assessee in relation to income which does not form part of the total income under this income tax act 1961 ....".19. ..... at any rate, section 14a is couched in specific terms which does not leave any room for doubt or dispute with regard to the fact that in order to claim deduction of expenditure in relation to a particular income, the assessee has to show that the said income forms part of the total income. ..... the tax should be levied on the entity concerned directly at a flat rate of 10%. ..... at any rate, section 14a, which was inserted in the statute book w.r.e.f.01.04.1962, expressly prohibits allowance of such claims. ..... at any rate, since the society has not recognized the assessee as the co-owner, the amount given by the assessee was treated as mere advance and not towards purchase of the property. .....

Li and Fung India Pvt. Ltd. Vs. Commissioner of Income Tax

Court : Delhi

..... sub section (1) and (2) or information and documents relating to the international transaction have not been kept and are maintained by the assessee in accordance with the provisions contained in sub section (1) of section 92d of the income-tax act and the rules made there under; or the information or data used in computation of the arms length price is not reliable correct; or the assessee has failed to furnish, within the specified time, any information or ..... 55.3 with a view to provide a detailed statutory framework which can lead to computation of reasonable, fair and equitable profits and tax in india, in the case of such multi-national enterprises, the act has substituted section 92 with a new section, and has introduced new sections 92a to 92f in the income tax act, relating to computation of income from an international transaction having regard to the arm s length price, meaning of associated enterprise, meaning of international transaction, computation of arm?.s length price, maintenance ..... finance act, 2001 ..... specifically, the object behind introduction of chapter x of the it act was to prevent assessees from avoiding payment of tax by transferring income yielding assets to non-residents whilst at the same time retaining the power to benefit from such transactions ..... objective of transfer pricing is to take advantage of differential taxation between countries, by structuring transactions such that the legal incidence for tax occurs in a jurisdiction with lower tax rates. .....

Commissioner of Income Tax-i Vs. M/S. Cushman and Wakefield (India) Pv ...

Court : Delhi

..... finance act, 2001, recognized that international transactions between associated enterprises may not be subject to the same market forces that shape relations between two independent firms, and, therefore introduced a set of provisions in chapter x of the act under the title special provisions relating to avoidance of tax ..... under that sub-section, or the determination of any cost or expense allocated or apportioned, or, as the case may be, contributed under sub-section (2) or sub-section (2a), has the effect of reducing the income chargeable to tax or increasing the loss, as the case may be, computed on the basis of entries made in the books of account in respect of the previous year in which the international transaction or specified domestic transaction was entered ..... tax rates and rules in different countries offers a potential incentive to multinational enterprises to manipulate their transfer prices to recognise lower profit in countries with higher tax rates ..... of the transaction, the services rendered by the group entities to merit this referral fee at a high rate nor the business purpose of the same. ..... of the transaction, the services rendered by the group entities to merit this referral fee at a high rate nor the business purpose of the same. ..... to remark that the assessee is in no position to clarify or substantiate the work or services rendered by the group concerns to merit this payment of referral fees to them at a high rate of 30% (emphasis supplied) the quantum of payment, i.e. .....

Sumitomo Corporation India (P.) Ltd. Vs. Commissioner of Income-tax

Court : Delhi

..... the special provisions for assessing income from international transactions having regard to alp is of a recent vintage and was introduced by the finance act, 2001. ..... the assessee has preferred these appeals under section 260a of the income tax act, 1961 (hereafter 'the act') impugning the orders passed by the income tax appellate tribunal (hereafter 'the tribunal') in respect of assessment years (hereafter 'ays') 2007-08, 2008-09, 2009-10 and 2010-11. ..... the questions of law framed in these appeals are also identical and read as under: "(1) whether the income tax appellate tribunal was right in applying and computing arms length price with associated enterprise on indenting transactions by applying average rate of commission with non-associated enterprise in spite of difference in the turnover and the purported segments and no such correction/computation on this account was made by the transfer pricing ..... in terms of section 92e of the act read with rule 10e of the income tax rules, 1962 (hereafter 'the rules'), the assessee furnished the transfer pricing report in respect of its international transactions with ..... tpo finally concluded that the gross margin earned by the assessee in its trading segment with non aes - computed at 4.45% - ought to be taken as the rate of commission on the fob price of the goods sourced through the assessee in respect of indenting transactions with the aes. ..... the provisions under chapter x of the act have undergone significant changes over a period of .....

Punjab State Co-op. Milk Producer Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Reported in : (2007)104ITD408(Chd.)

..... it is also pertinent to mention that section 14a has been incorporated in the income-tax act, 1961 by the finance act, 2001 with retrospective effect from 1.4.72. ..... total income is defined under section 2(45) of the income-tax act as under: (45) "total income" means the total amount of income referred to in section 5, computed in the manner laid down in this act; in order to consider what is the total income of the assessee, effect has got to be given to all the provisions of the act including the deductions permissible under chapter via. ..... light of sections 66 and 110 was first to calculate the total income and the income tax thereon and secondly to ascertain the net profits in respect of activities on which income tax was not payable by setting off against the gross profits the proportionate amount of expenditure and then to determine the profits and gains from the taxable activities and thereafter from the income tax on the total income grant a rebate at the average rate of income tax on the amount on which no tax was payable. ..... on appeal to the supreme court, the hon'ble supreme court held as under: (i) affirming the decision of the high court, that since section 66 required the computation of the total income by including all income on which no income-tax was payable under chapter vii, the income on which no income-tax was payable by a co-operative society under section 81(i)(d) falling in chapter vii had to be necessarily included in its total income. .....

Parkash Agro Industries Vs. Dy. Cit

Court : Punjab and Haryana

Reported in : [2009]316ITR149(P& H)

..... it is no doubt true that prior to the amendment brought by the finance act, 2001 which has been made effective retrospectively from 1-4-1989, the interest under section 234b of the act was chargeable with reference to the total income as had been declared by the assessee in its return and not on the assessed income. ..... in this appeal by the assessee under section 260a of the income tax act, 1961 (hereinafter referred to as 'the act') against the order of the income tax appellate tribunal, delhi bench 'g', delhi (hereinafter referred to as 'the tribunal') passed in ita no. ..... -in this section, 'assessed tax' means the tax on the total income determined under sub-section (1) of section 143 or on regular assessment as reduced by the amount of tax deducted or collected at source in accordance with the provisions of chapter xvii on any income which is subject to such deduction or collection and which is taken into account in computing such total income. ..... according to the learned counsel, the assessee had been incurring losses in the past and it could not foresee that the positive income would accrue during the previous year relevant to the assessment year 1991-92 and, therefore, there was no liability to pay advance tax and consequently no interest under section 234b of the act could be levied. ..... the basis of the amended explanation when it specifically defines assessed tax as the tax on total income determined under sub-section (1) of section 143 of the act ?3. .....

K.l. Swamy Vs. The Commissioner Of Income Tax

Court : Supreme Court of India

..... of section 113 shall be increased by a surcharge for purposes of the union as provided in paras a, b, c, d or e, as the case may be, of part iii of the first schedule of the finance act of the year in which the search is initiated under section 132 or requisition is made under section 132 a of the income tax act: addition of this proviso in the finance act, 2003 further makes it clear that such a provision was necessary to provide for surcharge in the cases of block assessments and thereby making it prospective in nature. ..... from the above, it becomes manifest that chapter xiv b comprehensively takes care of all the aspects relating to the block assessment relating to undisclosed income, which includes section 156 ba(2) as the charging section and even the rate at which such income is to be taxed is mentioned in section 113 of the act. ..... this can be seen from the following table prescribing surcharge for different assessment years: part i finan relevant para para par para para ce act section of a b a c d e the finance act ind, cooperati fir local companies huf, ve society m authori boi, ty aop1995section 2(3) 1996 section 15% 2(3) 1997 section 7.50% 2(3) 1998 section 2(3) 1999 section 2(3) 2000 section 10% 10% 10 10% 10% 2(3) % 2001 section 12% 12% 12 12% 13% 2(3) or % 17% 2002 section 2% 2% 2% 2% 2% 2(3) 2003 section 5% 5% 5% 5% 5% 2(3) 39.2. .....

Orchid Infrastructure Developers Pvt. Ltd vs.union of India & Ors.

Court : Delhi

..... examining the three sections as well as the power of settlement as contemplated in chapter xix-a of the act, a constitution bench of the supreme court in commissioner of income tax vs. ..... clause (a) of the said sub-section states that where an application under sub-section 245c for any assessment year has been made, the assessee shall be liable to pay simple interest at the rate specified for every month or part of the month comprised in the period commencing on 1st day of april of the assessment year and ending with the date of making such application. ..... the primary contention of the petitioner is that sub-section (2a) to section 234 b introduced by the finance act, 2015 is not retrospective and would not be applicable as the petitioner had filed the application for settlement before sub-section (2a) to section 234b was enacted ..... in ghaswala case [(2002) 1 scc633: (2001) 252 itr1 the only question decided by this court is that the interest under section 234-b is mandatory in nature and that the settlement commission, therefore, had no authority to waive it.41 ..... (2001) 252 itr1held that settlement commission had not been expressly or impliedly conferred the power to waive or reduce the mandatory interest contemplated under section 234 a, section 234 b and section 234 c of the act. ..... ghaswala [(2002) 1 scc633: (2001) 252 itr1 there is no finding by this court that the order of the settlement commission under section 245-d(4) is an order of assessment under section 143(3) or under section .....