2014 (4) TMI 240 - MADRAS HIGH COURT
KULATHUPUZHA SERVICE CO-OPERATIVE BANK LTD. Versus THE INCOME TAX OFFICER (INTELLIGENCE) AND UNION OF INDIA
Powers available to assessing officer u/s 133(6) of the Act Held that:- The decision in Kathiroor Service Co-operative Bank Ltd. and Others vs. Commissioner of Income Tax and Others [2013 (11) TMI 728 - SUPREME COURT] followed - The opinion of the ......
2014 (2) TMI 1118 - KARNATAKA HIGH COURT
COMMISSIONER OF INCOME TAX AND ASSISTANT COMMISSIONER OF INCOME TAX Versus M/s VASUDEV CONSTRUCTION
Search u/s 132 of the Act - Block Assessment Reference made to DVO for valuation u/s 133(6) of the Act - Notice under Section 158-BD of the Act issued Held that:- During the course of search, no incriminating documents were traced As on the da ......
2014 (2) TMI 135 - DELHI HIGH COURT
The Commissioner of Income Tax-IV Versus Empire Builtech Pvt. Ltd.
Deletion made u/s 68 of the Act Notices issued u/s 133(6) of the Act Burden to prove Held that:- The investors not only did not submit any confirmation and had concededly reported far less income than the amounts invested, the assessee could no ......
2014 (1) TMI 1489 - ANDHRA PRADESH HIGH COURT
Kernex Micro Systems (India) Ltd. Versus Deputy Commissioner of Income Tax, Hyderabad
Retraction of admission / statement - at the time of assessment the assessee did not retract the aforesaid admission making voluntary disclosure - Held that:- We fail to understand from where the case of retraction has been discovered by the Commiss ......
2014 (1) TMI 1224 - ITAT HYDERABAD
The Income Tax Officer Versus M/s. Trident Shelters Pvt. Ltd.
Deletion made u/s 68 of the Act Purchase of land from unsecured loans - Held that:- The assessee stated that the company purchased land in earlier years with unsecured loans - During this assessment year, the assessee-company allotted shares with p ......
2014 (1) TMI 1139 - ITAT KOLKATA
ACI. T- Cirle-2, Durgapur Versus Sri Rajan Kumar Srivastava
Supressed purchases Held that:- The ld. AO has issued notice u/s 133(6) of the IT Act to M/s. Hadia Steel Limited - A perusal of the information as provided by the seller when compared to the ledger account maintained by the assessee clearly show t ......
2013 (12) TMI 655 - ITAT KOLKATA
DCIT., Kolkata Versus Shri Amar Nath Banerjee
Calculation of value of stock Addition on account of labour charges - Held that:- When both expense and income elements are included in the manufacturing account the balance in manufacturing account cannot be further reduced The valuation of clos ......
2013 (11) TMI 728 - SUPREME COURT
Kathiroor Service Cooperative Bank Ltd. Versus Commissioner of Income Tax (CIB) & Others
Powers available to assessing officer under 133(6) of the Income tax act Power of enquiry, when the cases are not pending - In the instant case, by the impugned notice the assessing authority sought for information in respect of its customers which ......
2013 (10) TMI 314 - GUJARAT HIGH COURT
COMMISSIONER OF INCOME TAX VI. Versus HEENA SHARMA.
Genuineness of gifts received from different sources - Respondent assessee had shown receipt of gifts to the tune of Rs. 65,75,272/- from 12 different persons received through 11 demand drafts issued on a single day i.e. on 21.3.2003. One of the gift ......
2013 (9) TMI 300 - ITAT AHMEDABAD
Pino Bisazza Glass Private Limited Versus Asstt. Commissioner of Income Tax (OSD)
Transfer pricing - ALP - Shifting of profit outside India - Associate Enterprise suffered losses - Held that:- entire Chapter X in I.T.Act is devoted to determine Arms Length Price in respect of a cross border transaction made by an Indian entity, wh ......
2013 (7) TMI 59 - ITAT DELHI
ACIT, Circle-25(1) Versus Vijay Kumar & Sons(HUF)
Unaccounted sales Assessing Officer made addition to assessees income CIT allowed deletion of amount Held that:- Commissioner of Income Tax(A) took right approach to verify details submitted by assessee during assessment proceedings Details ......
2013 (6) TMI 592 - ITAT DELHI
ACIT Circle -21 (1), New Delhi Versus Goodwill Exports
Low gross profit disclosed - un-explained income - CIT(A) deleted the addition - Held that:- During the course of hearing assessee was required to explain the discrepancy pointed by AO on the basis of month-wise analysis of sales and purchases furnis ......
2013 (5) TMI 589 - ITAT AMRITSAR
Sh. Pritpal Singh, Prop. M/s Milap Foundry Versus Income Tax Officer, Ward 3(3), Amritsar
Unaccounted purchase of plot - rejection of books of accounts - assessee pleaded that he had purchased a plot of land with funds provided by his second wife who gave him cash of Rs. 9 lakhs and her two brothers has also gifted him Rs. 4 lakhs on the ......
2013 (5) TMI 474 - ITAT MUMBAI
Rinkesh Nathmal Jain Versus ITO., Mumbai
Unexplained expenditure u/s.69C - Notices u/s.133(6) - Held that:- Clearly, if the goods stand transported as well as processed by third parties, with even duty having been paid on such processing, it cannot be said that no goods at all have been pur ......
2013 (5) TMI 274 - ITAT DELHI
ITO, New Delhi Versus M/s Guddu Electronics Pvt. Ltd.
Addition towards book value of share purchased - CIT(A) deleted the addition - case of assessee having been selected for scrutiny under CASS - Held that:- No justification for the AO to insist upon the valuation of the shares by the auditors of the ......