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Friday, November 27, 2020

[ACCA_Profs] Imp Updates From The Bombay High Court, ITAT + Imp Verdicts On Core Issues + Article On Extrapolation In Search Assessments

 

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Dear Subscriber,

The following important updates are available at itatonline.org:

Judgements uploaded by esteemed readers:

Madras Bar Association Vs Union of India & Another

Landmark Ruling of the Apex Court which will directly affect the functioning of several Tribunals including the ITAT.  The Union of India shall constitute a National Tribunals Commission which shall act as an independent body to supervise the appointments and functioning of Tribunals, as well as to conduct disciplinary proceedings against members of Tribunals and to take care of administrative and infrastructural needs of the Tribunals, in an appropriate manner. Till the National Tribunals Commission is constituted, a separate wing in the Ministry of Finance, Government of India shall be established to cater to the requirements of the Tribunals.

Gujarat Maritime Board vs. Asiatic Steel Industries 

The Supreme Court bemoaned the lackadaisical attitude of the Government authorities in functioning.  The court noted that the number of litigations in our country is on the rise, for small and trivial matters, people and sometimes the Central and the State Governments and their instrumentalities like banks, nationalised or private, come to courts may be due to ego clashes or to save the officers' skin.

Armoury International Vs.Asst. CIT 21(3)

When the return of income and the assessed income are the same, the machinery provision for levy of penalty u/s. 271(1)(c) fails, as the penalty u/s. 271(1)(c) is levied with reference to the tax sought to be evaded, which is the difference between the income returned and that assessed by the A.O. The Hon'ble Delhi High Court decision in the case of CIT vs. SAS Pharmaceuticals [2011] 335 ITR 259 (Del) has expounded that penalty u/s. 271(1)(c) can only be levied if in the course of proceedings, the A.O. is satisfied that there is a concealment or furnishing of inaccurate particulars. The words ''in the course of any proceedings under this Act mean the assessment proceedings'. However, the question 'whether there is concealment or inaccurate particulars' has to be determined with reference to the returned income. Accordingly, in the background of the aforesaid discussion and precedent, we set aside the order of the ld. CIT(A) and delete the levy of penalty.

Bombay High Court To Resume Physical Hearings Of Tax Matters

The Hon'ble The Chief Justice has been pleased to nominate the following Hon'ble Judges to hear the matters physically at the Principal Seat at Bombay, on experimental basis with effect from 1st December 2020 to 10th January 2020

Term Of Retiring ITAT Members Extended

Pursuant to a Notification issued by the Ministry of Law & Justice, the term of a Vice President and a Member in the Income Tax Appellate Tribunal (ITAT) has been extended

Income Tax Search And Seizure Assessments – No Universal Application Of The "Extrapolation Technique" In Search Assessments

CA Mohit Gupta has pointed out that the Income-tax department usually relies on the extrapolation principle in search assessments to make arbitrary additions even for years where no incriminating material has been unearthed. He has considered whether the Department is justified in doing so and explained the entire law on the subject with reference to leading judicial precedents

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