1. M/S. INDIAN DEL. (P) LTD Vs. COMMISSIONER OF INCOME TAX, ITR 133/1997, Judgment delivered on 15.02.2012, HIGH COURT OF DELHI
Whether the assessee was entitled to deduction u/s 80HHC on sale made to UNICEF in India?
Hon’ble High Court held that provisions of Section 80-HHC required two conditions to be satisfied before an assessee could claim deduction there under. The two conditions being:-
(i) the goods being export out of India and
(ii) Sale proceeds of goods or merchandise exported out of India are receivable in convertible foreign exchange.
The above conditions are satisfied cumulatively. Here sale made to UNICEF in India would not amount to export of goods. Accordingly the assessee is not entitled to deduction U/s 80-HHC of the Act.
(Please click here for Judgment)
2. Pioneer Marbles & Interiors Pvt Ltd Vs. Deputy Commissioner of Income Tax, I.T.A. No.: 1326/Kol/2011, Date of pronouncing: 17/02/2012, ITAT- KOLKATA
Immunity from section 271AAA penalty available even if tax on undisclosed income unpaid till passing assessment order
Issue:
During course of search operation the assessee has declared unaccounted income u/s 132(4) of the Act, and the taxes due on the same were paid only after the passing of the assessment order. The AO contention that the taxes were not paid at the time of filing the ROI so immunity from penalty u/s 271AAA was not available.
Held:
In section 271AAA, there is no precondition that the tax along with interest must be paid before filing of return or any other specified date and accordingly where entire tax and interest has been duly paid well within the time limit for payment of notice of demand under section 156 and well before the penalty proceedings were concluded, the assessee could not be denied the immunity under section 271AAA (2).
(Please click here for Judgment)
3. [Contribution by CA Naveen Garg, and contributor is available on Mobile No. 9910332115 / email-id: gargnaveen2115@gmail.com ]
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