Tax Management India. Com TMI - Tax Management India. Com
Case Laws Acts / Rules Notifications Circulars Tariff/ ITC HSN Forms Manuals News SMS Articles Highlights
← Previous Next →
  • Contents
  • Cases Cited


User Login
Stay sign in     

Forget password        New User/ Regiser


Our database contains Statutory Provisions, Notifications, Circulars / Trade Notices, Forms, Tariff, Schedules etc. and case laws on various topics.

Large number case laws include cases from Supreme Court, High Courts, Tribunals, Advance Rulings Authority related to various laws including, Direct Taxes, Indirect Taxes and corporate laws are being updated on daily basis. Forward linking and Backward linking of cases laws (i.e. cited case laws, referred case laws) is also being done for each reference.

Landmark cases / Importance cases which has been referred in another cases are also being updated on daily basis for easy reference and use.

Topics Covered by us:   Income Tax, DTAA, Wealth Tax and Other Direct Tax related Provisions, Benami Transactions, Money-Laundering (PMLA), Goods and Services Tax (CGST, IGST, UTGST, SGST, Cess, etc.), Customs, FEMA, SEZ and FTP, Companies Law, Insolvency & Bankruptcy, etc., Finance Acts, Finance Bills and Others and Service Tax, Central Excise, Cenvat Credit, CST etc.

Note: Statutory Provisions, Notifications, Tariff Tables etc. are being updated from time to incorporate latest amendments.

Additional Features: we also provide subscription free services such as Discussion Forum, Articles, News, Highlights of important update etc.

We strive continuously to provide latest and updated information.



2015 (9) TMI 959

Head Note / Extract:
Estimation of sales consideration - unaccounted business in the real estate activity - CIT(A) directed AO to adopt the profit as the profit from real estate business and other activities which remain to be accounted in the books of accounts and restrict the addition - Held that:- computation of the income of the assessee is based on substantial evidence provided by the assessee and explanation given for the same. The Assessing Officer in the remand report has no material to suggest the gross income from the sale of plot at ₹ 5,68,02,885/- and contrary to this, the Assessing Officer estimated the sale value of the property without any supportive material on his hand. In our opinion, the assessee’s version of gross receipt from the sale of property is based on evidence brought on record and further loan amount considered by the Assessing Officer as unexplained income to the tune of ₹ 44,50,000/- was considered by the Commissioner of Income Tax (Appeals) and there is no reason to doubt the same and it is to be considered as explained credit only. Further, it is noted that the Assessing Officer even at the assessment stage accepted the total receipt of the plot at ₹ 2,71,16,000/-. However, the Assessing Officer was not ready to compute the income on the basis of investment method instead he adopted the income on the estimation basis. In our opinion, when the material brought on record suggests the correct state of affairs of the assessee, it is not appropriate to estimate the income of the assessee on the basis of irrelevant consideration. Hence, the Assessing Officer cannot substitute his own view to the results show in the books of accounts. - Decided against revenue.

Payment of scrap sales to Mrs. Vijayalakshmi - CIT(a) deleted the addition - Held that:- In this case, the Commissioner of Income Tax (Appeals) deleted the addition on the reason that it was paid out of unaccounted income generated and such income was confirmed by the Commissioner of Income Tax (Appeals) for the assessment year 2008-2009 at ₹ 87,24,139/-. Thus, the Commissioner of Income Tax (Appeals) gave a telescopic benefit out of the addition made in the earlier assessment year towards unexplained investment of ₹ 57,00,000/-. Being so, we do not find any infirmity in the order of the Commissioner of Income Tax (Appeals) on this issue and the ground of the Revenue is dismissed.- Decided against revenue.

Sale proceeds of scrap from Sri Mahendran to build up source - CIT(Appeals) confirmed only ₹ 1,27,000/- as commission from scrap sales - Held that:- It is an admitted fact that the assessee had obtained power of attorney from Mrs. Vijayalakshmi and the assessee was thereby authorized to dispose the scrap on behalf of Mrs. Vijayalakshmi. The special power of attorney dated 21.05.2008 specifically stating that the assessee was agent to manage the share of Vijayalakshmi’s properties in M/s. Standard Steel Rolling Mills, a partnership firm. Consequent to the power of attorney the assessee sold scrap on 12.02.2009 at ₹ 67,25,000/-. This fact is not disputed by the Revenue authorities. The assessee is entitled to receive commission at ₹ 1,27,000/- from this transaction and the same was offered to tax. Considering these facts the Commissioner of Income Tax (Appeals) deleted the addition made by the Assessing Officer to the tune of ₹ 67,25,000/-. The contention of the department is that cash flow statement shows ₹ 67,25,000/- as receipt. The assessee admitted to have received this money on behalf of Mrs. Vijayalakshmi, it should be shown as receipts and not to be shown as application of money in the cash flow statement. We do not find any infirmity in the order of the Commissioner of Income Tax (Appeals) - Decided against revenue.


← Previous Next →




Discussion Forum
what is new what is new

Let's just recapitulate:

|| Home || About us || Feedback || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members ||

© [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.