2014 (4) TMI 155 - ITAT MUMBAI
M/s. Soonu Jamshed Davar Versus Income Tax Officer
Sale proceeds of inherited articrafts and Jewellry – personal effects - Capital gain OR income from other sources - Held that:- The assessee had sold some decorative vases and display plates, etc., which do not come within the purview of “capital ass ......
2014 (4) TMI 124 - BOMBAY HIGH COURT
Dr. Dinesh Jain Versus Income Tax Officer
Reliability of statement u/s 133A of the Act – Statement recorded on oath – cash receipts had been suppressed for the purposes of taking care of corruption at various - Held that:- Even u/s 133A of the Act dealing with survey proceedings, the revenue ......
2014 (3) TMI 929 - ITAT HYDERABAD
The ITO Ward-9(1), Hyderabad Versus Sri Durga Prasad V
Addition made – Valid explanation for sources of investment not made – Held that:- CIT(A) was of the view that the assessee explained usage of receipt which was used for payment to the landlords - the assessee has not explained the sources from whom ......
2014 (3) TMI 651 - GUJARAT HIGH COURT
Subodhchandra & Co. Versus Income Tax Officer
Suppressed sale – Excess consumption of gold in manufacture - Whether the Tribunal were right in raising inference on fact and in law that the alleged excess consumption of gold in manufacture of gold ornaments through various artisans, were suppress ......
2014 (3) TMI 645 - ITAT MUMBAI
Tejas Dharamdas Sodha Versus Income Tax Officer – 14(2) (1)
Addition towards profit on undisclosed turnover – Held that:- The turnover is reflected in the bank account in the name of the assessee’s proprietary concern, with the assessee itself stating it to be on account of his business, representing receipts ......
2014 (2) TMI 898 - GUJARAT HIGH COURT
Me And Mummy Hospital Versus Assistant Commissioner Of Income-Tax
Reference made to Valuation Officer u/s 142A(1) of the Act -Valuation of investment in the construction/renovation of the property - Whether the requirements of exercising such powers u/s 142A calling for DVO’s report are satisfied – Held that:- The ......
2014 (2) TMI 514 - ITAT COCHIN
Shri A. Abdul Salam M/s AS. Cashew Exporters Versus Dy. CIT, Cent. Cir. Kollam
Addition made u/s 43B of the Act - Assessee has not furnished any explanation to the proposal - Held that:- The assessing officer found that the sales were shown as net of trade discount - the assessee debited an amount in the profit & loss account a ......
2014 (2) TMI 433 - ALLAHABAD HIGH COURT
M/s. JK. Bankers Versus CIT.
Disallowance of Interest u/s 40(b) of the Act – Interest paid to Partners – Deletion made as unexplained cash credits – Survey u/s 133A of the Act – Held that:- The assessee has explained the source of the money in its hands and has, therefore, also ......
2014 (2) TMI 261 - ITAT AGRA
Smt. Vimla Rani Agarwal Versus Income-tax Officer
Addition made u/s 69A of the Act – unexplained money – Held that:- Several transactions through banking channel were carried out in their bank accounts in several lacs to prove that they were regularly getting the amounts on clearance and were withdr ......
2014 (1) TMI 1403 - ITAT MUMBAI
Mrs. Chanda B. Mali Versus Income Tax Officer, Mumbai
Applicability of section 69A - Held that:- The assessee filed before the AO the declaration of gifts, the bank statements of donors and also their source for giving the gifts - The initial onus is discharged by the assessee by proving the identity of ......
2014 (1) TMI 1396 - ITAT DELHI
ACIT, Circle 19 (1), New Delhi Versus Shri Ram Kishan Bhageria,. Prop. M/s. Raj Laxmi Knitting Co.
Addition on account of low G.P. rate - Held that:- The gross profit rate for the year under consideration comes to around 11.82% after reducing the value of excess stock found during search – The last year gross profit rate was 12.5% - The AO has mad ......
2014 (1) TMI 491 - PUNJAB AND HARYANA HIGH COURT
Dr. Raghuvendra Singh Versus Commissioner of Income Tax, Central Circle, Ludhiana
Undisclosed investment - Held that:- As per section 142A(1) inserted by Finance (No.2) Act, 2004 with retrospective effect from 15.11.1972 - Assessing Officer wherever considers fit to estimate the value of any investment referred to in Section 69 or ......
2014 (1) TMI 185 - ITAT HYDERABAD
Shiv Shankar Taparia Versus DCIT, Circle 2 (2), Hyderabad
Unexplained deposits u/s 69A - Held that:- when the assessee claims that he has withdrawn the amount on earlier occasion and the same was kept with him for some time and later it was deposited into the bank account, it is the duty of the assessee to ......
2014 (1) TMI 132 - ALLAHABAD HIGH COURT
Smt. Asharfi Devi Shiksha Samiti Versus The Commissioner Income Tax And Another
Unexplained cash credit in form of corpus donation - Held that:- The AO carried out enquiries to satisfy himself about the identities and creditworthiness of the donors and the genuineness of the transactions - The letters were sent to a number of do ......
2014 (1) TMI 130 - ITAT RAJKOT
M/s. MP. Scrap Traders, Shri Kishorebhai Mohanlal Versus The Asstt. CIT, Circle-5, Rajkot
Unexplained investment - unexplained excess cash - Held that:- The assessee has disclosed and accepted his income during the survey operation through return of income filed - He has also filed an affidavit in respect of retraction - After the assesse ......