Within the reassessment legal proceeding, the newest Assessee had submitted a letter dated whereby brand new Assessee registered a modified go back in addition to factors which they excluded the number of enough time-identity investment acquire proclaimed to your purchases of your own told you assets. This get was before offered to taxation regarding the fresh go back and you may after that reopening are held by AO to ease the same because brief capital development. Funds deed dated are executed within Assessee additionally the consumer when the Hon’ble Delhi High Courtroom cancelled brand new deeds getting sale from above mentioned property. Sunshine Engg. Performs (P.) Ltd. 64 Taxman ITR 297.
The fresh new Tribunal kept that when the newest sales purchase are corrected and you will the newest house was owned and held by Assessee as being the seller, basically zero resource acquire can be said for accrued so you can the Assessee at all. This new selling of the property try cancelled on hence, the very basis in order to prohibit the newest LTCG from taxable income is not available during submitting brand new return of cash in response to 
notice below point 148 plus in reality, it turned available on account of your own change in things during the the category away from reading in the reassessment proceedings alone.
Next, the fresh new Assessee got and contended one page old should be considered due to the fact an effective rectification software u/s 154 of your Act. Yet not, brand new Cash debated you to definitely such as for example letter failed to mention is a loan application u/s 154 of one’s Operate and therefore, cannot be considered as such as for example.
They seen one to what exactly is related is that a mistake was brought to the knowledge of the AO. Next, it is an excellent trite laws that in case substantial fairness and you will tech attention are pitted up against both, the reason behind good fairness has a right to be common. If the substantive law confers good results with the Assessee less than a law, it can’t be studied aside by adjudicatory power into mere details. And this, too hyper-technology otherwise legalistic method is going to be averted from inside the thinking about a supply and that should be equitably interpreted and justly applied. This article 265 of Constitution off India lies down one to zero income tax will be levied except by the power of rules. And this, merely genuine income tax is going to be recovered.
But not, the low bodies rejected this save into Assessee by the counting with the wisdom of your Top legal within the CIT v
A vintage circular no. 14(XL35) dated 11th April 1955 given by the CBDT instructs you to officers must not enjoy the lack of knowledge away from an enthusiastic Assessee since is among the most its requirements to greatly help taxpayer as well as would be to just take step inside the powering new taxpayer. Counsel included in the rounded is even legitimately joining with the the field officials. Hence, the fresh new Tribunal directed new AO to alleviate the newest page dated since a credit card applicatoin u/s 154 and you may and thus exclude the long term money obtain on the profit of said assets. (AY.2009-10 & 2012-13)
S. 194C: TDS – conditions away from Sec 194C relevant as long as assessee has paid down or credited people charges shielded thereunder – Projected continuously waste treated while the And also make costs – addition you/s 40(a)(ia) to possess non-deduction out-of TDS you/s 194C with the presumed amount, becoming way too much waste handled as the and work out costs, isn’t sustainable [S.40(a)(ia)]
Which different off funding obtain try over considering the failure for the a portion of the customer to really make the costs pursuant in order to which the Assessee submitted a suit until the Hon’ble Delhi High Judge getting mediation and you will conciliation
Assessee Jeweller engaged in Precious jewelry manufacturing had reported wastage into the track out of six.dos %. A great.O estimated the conventional waste at around 1 %, and therefore handled the brand new wastage variation just like the and then make charges because of the following the elizabeth u/s 40(a)(ia) for non-deduction off TDS u/s 194C.