IT : Where assessee had disclosed relevant particulars at time of original assessment, but they are found to be untrue on basis of material discovered by a later date by Assessing Officer, assessment would be validly re-opened section 147(a)
IT : Scope of disallowance of expenses contemplated by section 40(a)(ia) is not limited to those expenses alone which fall under sections 30-38 but covers all those expenses which are specifically enumerated in section 40
■■■
[2015] 54 taxmann.com 220 (Cochin - Trib.)
IN THE ITAT COCHIN BENCH
Konthiyaparambil Coir Rubber Products
v.
Income-tax Officer, Ward-2, Alappuzha*
N.R.S. GANESAN, JUDICIAL MEMBER
AND CHANDRA POOJARI, ACCOUNTANT MEMBER
IT APPEAL NO. 813 (COCH.) OF 2013
[ASSESSMENT YEAR 2006-07]
AUGUST 28, 2014
Section 40(a)(ia), read with section 194C, of the Income-tax Act, 1961 - Business disallowance - Interest, etc., paid to resident without deduction of tax at source (Payment to contractors) - Assessment year 2006-07 - Whether scope of disallowance of expenses contemplated by section 40(a)(ia) is not limited to those expenses alone which fall under sections 30 to 38 but covers all those expenses which are specifically enumerated in section 40 - Held, yes - Whether where assessee-manufacturer made payment towards labour-contract work to its employees in pursuance of a contract, but did not deduct TDS under section 194C, said payment was to be disallowance under section 40(a)(ia) - Held, yes [Paras 9 and 13] [In favour of revenue]
Section 147 of the Income-tax Act, 1961 - Income escaping assessment - Non-disclosure of primary facts (Conditions precedent) - Assessment year 2006-07 - Whether where assessee had disclosed relevant particulars at time of original assessment, but they are found to be untrue on basis of material discovered by a later date by Assessing Officer, assessment would be validly re-opened under section 147(a) because in such a case, assessee would have failed to disclose truly and fully all material facts necessary for assessment and it would not be a case of mere change of opinion - Held, yes [Para 5] [In favour of revenue]
Words and Phrases - The term 'any expenditure' as occurring in section 37(1) of the Income-tax Act, 1961
IT : Scope of disallowance of expenses contemplated by section 40(a)(ia) is not limited to those expenses alone which fall under sections 30-38 but covers all those expenses which are specifically enumerated in section 40
■■■
[2015] 54 taxmann.com 220 (Cochin - Trib.)
IN THE ITAT COCHIN BENCH
Konthiyaparambil Coir Rubber Products
v.
Income-tax Officer, Ward-2, Alappuzha*
N.R.S. GANESAN, JUDICIAL MEMBER
AND CHANDRA POOJARI, ACCOUNTANT MEMBER
IT APPEAL NO. 813 (COCH.) OF 2013
[ASSESSMENT YEAR 2006-07]
AUGUST 28, 2014
Section 40(a)(ia), read with section 194C, of the Income-tax Act, 1961 - Business disallowance - Interest, etc., paid to resident without deduction of tax at source (Payment to contractors) - Assessment year 2006-07 - Whether scope of disallowance of expenses contemplated by section 40(a)(ia) is not limited to those expenses alone which fall under sections 30 to 38 but covers all those expenses which are specifically enumerated in section 40 - Held, yes - Whether where assessee-manufacturer made payment towards labour-contract work to its employees in pursuance of a contract, but did not deduct TDS under section 194C, said payment was to be disallowance under section 40(a)(ia) - Held, yes [Paras 9 and 13] [In favour of revenue]
Section 147 of the Income-tax Act, 1961 - Income escaping assessment - Non-disclosure of primary facts (Conditions precedent) - Assessment year 2006-07 - Whether where assessee had disclosed relevant particulars at time of original assessment, but they are found to be untrue on basis of material discovered by a later date by Assessing Officer, assessment would be validly re-opened under section 147(a) because in such a case, assessee would have failed to disclose truly and fully all material facts necessary for assessment and it would not be a case of mere change of opinion - Held, yes [Para 5] [In favour of revenue]
Words and Phrases - The term 'any expenditure' as occurring in section 37(1) of the Income-tax Act, 1961
No comments:
Post a Comment