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II. Direct Tax Case laws:
1.
Income-tax Officer, vs. Shri Haresh Chand Agarwal, HUF, Date of Order:
ITA No.282/Agra/2013, Date of Order: 20.12.2013, ITAT-Agra
Merely applicability of sec 50C will not prove escapement of Income
When all
material evidences were available at the stage of original assessment
proceedings and the AO merely following the provisions of section 50C,
as was not considered in the original assessment proceedings, reopened
the assessment order is not proper and mere change of opinion, since
during assessment proceedings assessee has disclosed all the facts which
were known all along to the Revenue. Section 50C is not final
determination to prove that it is a case of escapement of income. The
report of approved valuer may give estimated figure on the basis of
facts of each case. Therefore, on mere applicability of section 50C
would not disclose any escapement of income in the facts and
circumstances of the case.
(Please click here to view the Judgment)
2.
The Income-tax Officer vs. M/s.Theekathir Press, ITA No.2076(Mds)/2012,
Date of Pronouncement : 18th September, 2013, ITAT-Chennai
Whether disallowance u/s 40(a)(ia) is only applicable to amounts that are payable and not to amounts that are paid?
Held : Yes
In the
instant case, certain claims were disallowed by the AO stating that the
TDS has not been deducted and paid. Ld. CIT deleted the disallowance
stating the basis that amount “payable” would alone attract the
disallowance and not applicable to the amounts paid. On appeal to
Appellate Tribunal, the appeal and cross objections were dismissed
forming the basis as set out by the Supreme Court that where both the
views are present (in favor and against the assessee), the judgement in
favor of assessee has to be considered.
(Please click here to view the Judgment)
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