TaxTMI 
TaxTMI 
2026 (1) TMI 1418
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....xemption) in ITA 41/2026 CM APPL. 4501/2026(exemption) in ITA 43/2026 CM APPL. 4177/2026(exemption) in ITA 34/2026 CM APPL. 4253/2026(exemption) in ITA 36/2026 CM APPL. 4256/2026(exemption) in ITA 37/2026 1. Allowed, subject to all just exceptions. 2. Applications stand disposed of. CM APPL. 4369/2026(delay in filing the appeal) in ITA 38/2026 CM APPL. 4393/2026(delay in filing the appeal) in ITA 41/2026 CM APPL. 4502/2026(delay in filing the appeal) in ITA 43/2026 CM APPL. 4178/2026(delay in filing the appeal) in ITA 34/2026 CM APPL. 4254/2026(delay in filing the appeal) in ITA 36/2026 CM APPL. 4257/2026(delay in filing the appeal) in ITA 37/2026 3. The instant applications have been filed seeking con....
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....53(B) of the Income Tax Act, 1961 (hereinafter referred to as 'the Act of 1961'). 7.5 The Commissioner of Income Tax (Appeals) affirmed the addition made by the AO by way of his order dated 30.01.2024. 8. When the matter was taken to the Tribunal in an appeal filed by the assessee, the Tribunal relied upon the judgment of this Court dated 13.05.2025 rendered in the case of Principal Commissioner of Income Tax-Central-1 v. Smt. Sneh Lata Sawhney and Ors. 2025:DHC:3617-DB and allowed the appeal filed by the respondent-assessee. 9. Mr. Puneet Rai, learned Senior Standing Counsel for the appellant, argued that the Tribunal has seriously erred in relying upon the judgment of this Court in the case of Sneh Lata Sawhney (supra), wit....
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....ended w.e.f. 30.08.2010. And then, submitted that as against this, if the protocol of Agreement for exchange of the information with respect to taxes with Foreign Countries Hong Kong (hereinafter referred to as 'treaty between India and Hong Kong') applicable to its Article 26 is taken into account, para 5 thereof clearly shows that any of the contracting party shall be entitled to seek information that precedes the date on which the treaty between India and Hong Kong was executed. 13. He vehemently argued that since the treaty between India and Hong Kong came into force on 30.11.2018, the appeals filed by the assessee could not have been allowed, as Clause 5 of the Protocol provides for exchange of information that precedes the date of ....
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....roduced hereunder:- "With reference to Article 26 (Exchange of Information) of the Agreement, it is understood that: (a) Information exchanged shall not be disclosed to any third jurisdiction. (b) The competent authority of India may disclose information to: (i) Parliamentary Committees; (ii) Special Investigation Team (SIT) constituted by Government; and (iii) Any other oversight bodies mutually agreed upon in writing. (c) The requested Contracting Party shall disclose any information that precedes the date on which the Agreement has effect for the taxes covered by the Agreement, insofar the information is forseeably relevant for a fiscal year or taxable event following that da....
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....1.2018 provides that the information can be provided for a fiscal year or taxable event falling after such date. Hence, the information can be elicited for a transaction having taxable event after 01.04.2019 or at best after 30.11.2018. 22. Needless to observe that in the case of tax under the Income Tax Act, the taxable event is the first day of the assessment year or in other words first date following the end of financial year. 23. If the aforesaid Clause 5(c) of Article 26 of the treaty between India and Hong Kong is taken into account, it clearly postulates that the Income Tax Department can elicit any information relevant to Financial Year 2019-20 or for the Assessment Year 2020-21 in respect of the transaction taking place afte....