×Latest Case Laws on Income Tax by various Income Tax Appellate Tribunals in India
These are the latest case laws decided by various Income Tax Appellate Tribunals (ITAT) of India on Income Tax which have been published recently. The case laws are open for discussion and we invite expert comments from our members on its applicability and effect on relevant issues.
09-01-2019, JAIPUR GOLDEN TEXMART, Section 68, 406, 420, Tribunal Delhi
The revenue has filed these Appeals against the respective Orders both dated 22.4.2015 of the Ld. CIT(A)-5, New Delhi pertaining to assessment year 2008-09. Since the issues involved in these appeals are inter-connected, hence, the appeals were heard together and are now being consolidated and disposed of by this common order for the sake of convenience.
2. The grounds raised in ITA No. 3958/Del/2015 read as under:
1. That on the facts and circumstances of the case & in law, the Ld. C1T(A) has erred in quashing the assessment proceedings u/s 144/147 on the ground that there was no valid service of notices u/s 143(2), 142(1) and u/s 148 on director Shri Raj Kr. Arora.
2. That while doing so the Ld. CIT(A) has erred in ignoring the fact that all these notices were duly served on the PAN address of the assessee which was the only available known address of the assessee and still exists in PAN database and the assessee did not change its add ess provided at the PAN database or in the records of the NSDL.
3. That while doing so the Ld. C1T(A) has disregarded this fact that all these notices wereserved at the same address which was mentioned by the assessee company in its appeal before the CIT(A) and in the court case before the Hon’ble Delhi High Court.
4. That even while adjudicating on merits, the Ld. CIT(A) has erred in not appreciating the fact that interest accrued on the amount of Rs. 2,20,57,673/- was liable to be taxed as income from other sources and since the AO has made the addition on this score u/s 68 for unexplained credit, the AO had no occasion to tax the interest component.
5. That the Ld. C1T(A) has erred in mentioning in the appellate order that no remand report was received from the Assessing Officer though in pursuance of remand proceedings the Assessing Officer vide his letter dated 03.02.2015 has sought direction from the Ld. CIT(A) for proceeding ahead with the requisitions made in the remand report and this letter of the AO remained unanswered from the end of CIT(A).
6. That the order of the Ld. CIT(A) is erroneous and is not tenable on facts and in law.
7. That the grounds of appeal are without prejudice to each other. That the appellant carves leave to add, alter, amend or forego any ground(s) of appeal raised above at the time of hearing.
3. The grounds raised in ITA No. 3959/Del/2015 read as under:
1. That on the facts and circumstances of the case and in law, the Ld. CIT(A) has erred in cancelling the penalty imposed u/s. 271(1)(c) amounting to Rs. 54,57,980/-.