TaxTMI 
TaxTMI 
TaxTMI 
2020 (12) TMI 575
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....dated 28.08.2018 for the Assessment Year 2013-2014 respectively. 2. The Revenue had raised Five Substantial Questions of Law for consideration. When the appeals came up for admission before us, on 21.06.2019, we had admitted the appeals only with regard to Substantial Question of Law No.3 and decided the other questions on the following lines: "3. We have heard Mr.M.Swaminathan, learned Senior Standing Counsel for the Revenue and Mr.M.V.Swaroop, learned counsel accepting notice for the respondent - assessee. 4. The Revenue does not dispute the position that substantial questions of law Nos.2 and 4 namely the issues pertaining to the tax at source on the payment made to surveyors and the tax at source towards the commission paid were de....
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....o the assessee. At best, the finding recorded in the show cause notice by the Service Tax Authorities can be only a prima facie finding and unless and until an adjudication takes place and final orders are passed, there can be no conclusion arrived at against the assessee holding that no services were rendered by the car dealers to the assessee. 7. This issue was considered by the Commissioner of Income Tax (Appeals)-11 [for brevity, the CIT(A)] and in our considered view, the CIT(A) rightly held that there is no conclusive evidence, which has been brought out either by the Service Tax Department or by the Income Tax Department. At this juncture, we refer to the findings recorded by the CIT(A) in paragraph 12.7.7 of his order, which read ....
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....ing the TDS certificates. When the Assessing Officer has Form 26AS, there is no justification for making such observation. h) With regard to the preliminary finding by the Service Tax Department, there is no material at this juncture to justify the Assessing Officer's disallowance on the ground that the payment was not genuine and the service was not rendered. If any conclusive evidence comes out of investigation by the Investigation Wing of the Income Tax Department or by the Service Tax Department, the Assessing Officer has ample power under Section 147 of the IT Act to reopen the assessment based on fresh evidence if it is received in future." 8. The above findings rendered by the CIT(A) were affirmed by the Tribunal in the impug....
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....rame this substantial question of law at the time of hearing the appeal since the respondent - assessee raised a dispute that they never claimed benefit under Section 115JB of the Act for the assessment year under consideration. List on 25.7.2019" 3. We have heard Mr.M.Swaminathan, learned Senior Standing Counsel for the appellant / revenue and Mr.M.V.Swaroop, learned counsel for the respondent / assessee. 4. It may not be necessary for us to dwell deep into the factual matrix, as we find that the error crept in the order passed by the Tribunal while deciding the issue with regard to 'addition of reserve for unexpired risk' while computing book profit under Section 115 JB of the Act. The Tribunal in Paragraph No.55 of the Impugned....
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....tituted for "fifteen per cent" by the Finance Act, 2010, w.e.f. 01.04.2011, "fifteen per cent " was substituted for "ten per cent" by the Finance (No.2) Act, 2009, w.e.f. 01.04.2010 and "ten per cent" was substituted for "seven and one-half per cent" by the Finance Act, 2006, w.e.f. 01.04.2007] (eighteen and one-half per cent) of its book profit, [Substituted for "the tax payable for the relevant previous year shall be deemed to be seven and one-half per cent of such book profit" by Finance Act, 2002, w.r.e.f.01.04.2001 [such book profit shall be deemed to be the total income of the assessee and the tax payable by the assessee on such total income shall be the amount of income tax at the rate of [Substituted for "eighteen per cent" by the F....
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....7 [statement of profit and loss] for the relevant previous year in accordance with the provisions of (Substituted for "Part II of Schedule VI", ibid) [Schedule III] to the (Substituted for "Companies Act, 1956 (1 of 1956)", ibid [Companies Act, 2013 (18 of 2013)]; or (b)being a company, to which the Substituted for "Proviso to sub-section(2) of Section 211", ibid [second proviso to sub-section (1) of Section 129) of the Substituted for "Companies Act, 1956 (1 of 1956)" ibid [Companies Act, 2013 (18 of 2013) is applicable, shall, for the purposes of this section, prepare its Substituted for "profit and loss account" by the Finance Act, 2017 w.e.f. 01.04.2017 [statement of profit and loss] for the relevant previous year in accordance with t....