2014 (2) TMI 562 - ITAT MUMBAI
Shri Bhimraj D. Jain Versus Income Tax Officer 24(1) (3), Mumbai
Estimation of income - applicability of section 44AF - Disallowance for Non-furnishing of authentic vouchers and payments – Held that:- The AO is of the view that the assessee does not claim the benefit under section 44AF and writes Nil profit in c ......
2013 (11) TMI 124 - ITAT HYDERABAD
Shanthi Fire Works Versus Income-tax Officer
Assessment u/s 147 –- Held that:- The assessee himself has admitted 6 percent income on the sales effected which is more than that provided under section 44AF – Assessed the income of the assessee at 6 percent on the sales effected as against 8 perce ......
2013 (11) TMI 62 - ITAT AHMEDABAD
Dilipkumar Vasantlal Thakkar And others Versus ITO Ward 5(1), Surat
Presumptive income u/s 44AF of the Income Tax Act – Presumptive income rejected and assessment was done u/s 144 - Assessees are individual and are in retail trading business of sarees and dress materials since many years – additions of undisclosed i ......
2013 (2) TMI 287 - ITAT AGRA
Ashok Kumar Varshney Versus Income-tax Officer, 3(4), Hathras
Penalty u/s. 271-A - non-maintenance of books of account required u/s. 44AA - Held that:- The assessee did not maintain any books of account or other documents to show his correct income to support the income declared in the return. The assessee furn ......
2012 (11) TMI 137 - ITAT CUTTACK
Shri Subhrajee Mallick, Prop. M/s. BPL. Distributors Versus Income-tax Officer, Ward-2, Paradeep.
Retail trade u/s 44AF - Income below the rate of 5% as prescribed u/s 44AF - Penalty u/s 271(1)(b) for non-compliance and u/s.271(1)(c) holding a view the addition was the result of submission of inaccurate particulars of income in violation to the p ......
2012 (10) TMI 671 - ITAT, DELHI
Bhupinder Singh Versus Income-tax Officer, Ward 33(4), New Delhi
Ex parte assessment u/s 144 - addition on unexplained cash deposited in his bank account - Held that:- The medical certificate dated 12.3.2010 for the period 4.10.2009 to 28.2.2010 mentioned complete bed rest. It is mentioned in the said certificate ......
2012 (9) TMI 581 - ITAT INDORE
ITO-1(2), Bhopal Versus Dharmendra Pandit
Addition made on account of unexplained cash credits u/s 68 as the assessee failed to prove the source of such deposits in his bank account - assessee claims it to be out of sale proceeds of retail business - return filed u/s 44AF - Held that:- Admit ......
2012 (5) TMI 332 - ITAT, Kolkata
Kapil Dey Versus ITO
Addition of bank deposits u/s 69 - Assessee assessed u/s 44AF - assessee is engaged in the business of supply of building material on retail basis and submitted its return of income as on 31.03.2004, 16.11.2005 and 31.03.2007 for the relevant assessm ......
2009 (2) TMI 254 - ITAT MADRAS-C
Smt. A, Rukmani. Versus Income-tax Officer, Ward Iv(1), Tiruchirapalli.
Retail Business ......
........... has wrongly chosen to apply the provision of section 154 of the Income-tax Act, 1961 to complete the assessment and determine the total business income in dispute which is contrary to the provision of the Income-tax Act, 1961. As per the citation, cited by the learned counsel for the assessee, we are of the view that the facts of the case decided by the Income-tax Appellate Tribunal, Delhi Bench is identical to the facts of the present case. Therefore, we are of the considered opinion that the learned Assessing Officer has wrongly applied the provision of section 154 of the Income-tax Act, 1961 in the case of the assessee and the learned first appellate authority has also wrongly upheld the same without going through the facts and law relating to the issue in dispute. Therefore, we cancel the impugned order dated 20-6-2008 passed by the Commissioner of Income-tax (Appeals) by accepting the appeal of the assessee. 6. In the result, the appeal filed by the assessee is allowed.
2007 (8) TMI 496 - ITAT COCHIN
Leyland Automobiles Versus Income-tax Officer, Ward-II, Kollam
Retail business ......
........... required under section 44AB though belatedly. Otherwise it would have specified/mentioned in the section itself to that effect. Further on many occasions the various Courts have held that filing of audit report is only procedural in nature and the assessee cannot be denied the benefit of exemption claimed by it, to quote an example is the decision in the case of CIT v. A.N. Arunachalam 75 Taxman 529 (Mds.). 9. In view of the above discussions, we are of the considered opinion that the lower authorities went wrong in totally denying the benefit of sub-section (5) of section 44AF to the assessee in this case. Hence, we direct the Assessing Officer not to apply the provisions of section 44AF(1) of the Income-tax Act, 1961 as it is not the remedy for the non/late filing of the audit report as required under section 44AB of the Act, before the specified date. In this view of the matter we allow the appeals of the assessee. 8. In the result, the appeals of the assessee are allowed.
2007 (8) TMI 399 - ITAT PUNE-B
Darshan Enterprises. Versus Income-tax Officer, Ward - 1, Panvel.
For Concealment Of Income ......
........... equences and incidents which, if the putative state of affairs had in fact existed, must inevitably have flowed from or accompanied it. One must not permit his imagination to boggle when it comes to the inevitable corollaries of that state of affairs. 19. In the present case, the assessee-firm was admittedly engaged in retail business and his total turnover did not exceed Rs. 40 lakhs and, therefore, it was governed by the deeming provisions of sub-section (1) of section 44AF. And because of the non obstante clause the provisions of sections 28 to 43C do not apply. Therefore, it could not be said that there was any concealment or furnishing of inaccurate particulars of income on the part of the assessee within the meaning of section 271(1)(c) of the Act. In the circumstances, therefore, we are satisfied that this was not a fit case for levy of penalty under section 271(1)(c). The penalty is accordingly cancelled. 20. In the result, the appeal filed by the assessee is allowed.
2006 (4) TMI 192 - ITAT COCHIN
Leyland Automobiles. Versus Income-tax Officer, Ward-ii, Kollam.
Retail Business ......
........... red under section 44AB though belatedly. Otherwise, it would have specified/mentioned in the section itself to that effect. Further on many occasions the various Courts have held that filing of audit report is only procedural in nature and the assessee cannot be denied the benefit of exemption claimed by it, to quote an example is the decision in the case of CIT v. A.N. Arunachalam 1994 75 Taxman 529 (Mad.). 9. In view of the above discussions, we are of the considered opinion that the lower authorities went wrong in totally denying the benefit of sub-section (5) of section 44AF to the assessee in this case. Hence, we direct the Assessing Officer not to apply the provisions of section 44AF(1) of the Income-tax Act, 1961 as it is not the remedy for the non/late filing of the audit report as required under section 44AB of the Act, before the specified date. In this view of the matter, we allow the appeal of the assessee. 10. In the result, the appeal of the assessee is allowed.
2006 (4) TMI 49 - ITAT, CHENNAI
SRI BALAJI AGENCIES Versus INCOME-TAX OFFICER
Revenue contended that (i) Assessee income assessed u/s 44AF of ITA, 1961 (ii) Deduction allowed to the extent of Rs. 48,000 instead of Rs.83,995 - Held that (i) Matter remanded for reconsideration (ii) Allowed revenue contention ......
2006 (2) TMI 227 - ITAT HYDERABAD-B
Parul Toys. Versus Income-tax Officer, Ward 5(3), Hyderabad.
Retail Business ......
........... determination of income is done under section 44AF, is to such income determined at 5 per cent of the turnover, and not the Book Profit as per the Profit and Loss Account. Further, the income determined as a percentage of turnover in terms of section 44AF, in the cases of small traders covered by such section, is only a notional figure of income for assessment, and its scope cannot extend to the computation of allowable deduction under section 40(b) towards partners remuneration against such income, especially when the proviso to section 44AF quantified the deduction allowable against such income, as subject to conditions and limits prescribed in section 40(b) without any qualification. For these and other reasons discussed in the order of the CIT(A) impugned herein, I do not find merit in the contentions of the assessee, which are, therefore, rejected. The order of the CIT(A) impugned herein, is upheld accordingly. 6. In the result, assessee s appeal is allowed accordingly.
2006 (1) TMI 460 - ITAT BANGALORE
ASSISTANT COMMISSIONER OF INCOME-TAX, CENTRAL CIRCLE, MANGALORE Versus LALITH BAR & RESTAURANT
Retail business, Method of accounting - Estimation of profit ......
........... basis of an estimation of turnover for the whole year. 9. In the instant case, it is clear that income is to be estimated as the accounts are not correct and complete. Looking to the nature of discrepancies pointed out, it will be fair and reasonable if the net profit is estimated. Section 44AF provides application of net profit rate of retail sale. The sale is bar is retail sale while the sale in restaurant is of eatables prepared and hence not retail sales. The Assessing Officer has estimated bar sales at Rs. 29,33,184 and sale of food items at Rs. 26,01,127. Bar sales are estimated at Rs. 25 lakhs and net profit as per section 44AF will be Rs. 1.25 lakhs. Sales of food items estimated at Rs. 22 lakhs and net profit of 15 per cent is upheld. Net profit on food items will be Rs. 3.3 lakhs. Hence, net profit before remuneration to partners will be Rs. 4.55 lakh as against Rs. 8.30 lakh estimated by Assessing Officer. In the result, the appeal of the revenue is partly allowed.