2016 (4) TMI 1086 - ITAT AHMEDABAD
M/s Abdulkadar Kalabhai Trunkwala Versus ITO, Wad-5 (1) , Surat.
Applicability of provisions of section 44AF - Held that - Total turnover is shown at ₹ 11,31,029/- which is not doubted by the lower authorities at any stage and the purchases of the assessee are explained and the profits of ₹ 2,22,214/- shown by the assessee is much higher than the profit 5 of turnover of ₹ 11,31,029/- calculated at ₹ 56,551/-, we are of the view that assessee s disclosed income u/s 44AF of the Act at ₹ 2,22,214/- should have been accepted by the Revenue. Further as per second proviso to section 44AF assessee is also eligible for claiming deducti ....... - .......
2016 (4) TMI 554 - ITAT AHMEDABAD
Prakash Bhagwandas Versus Income-tax Officer, Ward-5 (3) , Surat.
Presumptive computation of profits for taxation for business - taxing the peak amount - presumptive profit u/s 44AD/44AF - Held that - A sum equal to 8 of gross receipts can be shown by assessee for being engaged in the work of exhibition of work contract (civil construction work) and as per the provisions of section 44AF when assessee is engaged in a retail business then a sum equal to 5 of the total turnover can be shown as income if the total income as per the books of accounts is less than the presumptive profit u/s 44AD/44AF of the Act. - We find that the assessee is having some income fr ....... - .......
2016 (3) TMI 276 - ITAT DELHI
Infoworld, C/o- Sh. Kapil Goel Versus Deputy Commissioner of Income Tax, Central Circle-14, New Delhi
Validity of assumption of jurisdiction under section 153C - additions made u/s 153C for want of any corresponding material/incriminating material unearthed during search operations - disallowance of cash purchases - Held that - In the absence of any incriminating material, the concluded assessments could not be interfered under Section 153A of the Act and further held that the documents seized has no reference to the income of the assessee for relevant assessment year and, thus, the Assessing Officer has no jurisdiction to make the re-assessment under Section 153A of the Act. In view of the ab ....... - .......
2015 (10) TMI 1758 - ITAT DELHI
Lakshya Seth Versus Income Tax Officer, New Delhi
Revision u/s 263 - as per CIT(A) AO has allowed benefit of section 44AD/AF erroneously without considering whether conditions thereto are fulfilled, and also not by applying provisions of section 69A of the Act - Held that - AO, after considering the totality of the facts and circumstances of the case, proceeded to estimate the business income of the assessee 8 of gross receipts and made an addition of ₹ 6,11,230/- which was accepted by the assessee without any further litigation. However, we cannot ignore that the AO in the operative part of the assessment order has referred to section ....... - .......
2015 (9) TMI 1416 - ITAT AHMEDABAD
The Income-tax Officer, Ward. 9 (2) , Surat Versus Shri Kishore c. Parmar Prop: M/s. Parmar Boot
Unexplained credit / deposits /investment - Held that - The appellant had submitted the copies of assessment orders of both these persons for A.Y. 2007-08 and it is seen that the original investment amounting to ₹ 8,00,000/- had already been taxed in the hands of both these persons and therefore, the same cannot be taxed in the hands of the appellant again. Since all these accounts were in joint name, the sale proceeds were deposited in these bank accounts. As a result the appellant gets relief of ₹ 8,00,000/- in the principal amount of investment as already taxed in earlier assess ....... - .......
2015 (11) TMI 4 - ITAT CHENNAI
M/s. Mydeen Packagings Versus The Income Tax Officer, Ward I (2) , Puducherry.
Penalty u/s.271(1)(c) - AO observed that the assessee firm had not furnished the audit report U/s.44AB - Held that - Assessing Officer has not heeded to the request of the assessee to while invoking the provisions of Section.44AF of the Act with respect to its actual turnover. It appears that AO had computed 5 of the turnover declared in the return of income or admitted by the assessee whichever is higher. On this issue, considering the facts and circumstances of the case, we are of the considered view that, the Ld. Assessing Officer should have computed 5 of the turnover on the actual turnove ....... - .......
2015 (12) TMI 1367 - ITAT MUMBAI
Shri Suharsh R Joshi Versus Income Tax Officer, 21 (2) (4) , Mumbai
Additions of Bank deposits made u/s 68 - applicability of provisions of sec. 44AF - Held that - In view of the fact that the deposits were found to have been made into the bank account from various cities, the theory of unexplained cash credit may not be applicable in view of the explanations furnished by the assessee. Hence, inclined to accept the claim of the assessee that the same represents business receipts. Accordingly, in my view, the provisions of sec. 68 do not have application to the facts of the present case. - Once it is held that the impugned deposits may represent sales collectio ....... - .......
2015 (6) TMI 648 - ITAT PANAJI
Good Luck Kinetic Versus ITO, Ward-2, Margao
Addition u/s 43B - statutory liabilities which had not been paid by the Assessee before the due date - Applicability of Sec. 43B when the return is filed applying the provisions of Sec. 44AF - Held that - The statutory liability in the present case has not been paid before the due date of filing the return. Further, the non-obstante clause in Sec. 43B has a far wider amplitude because it uses the words notwithstanding anything contained in any other provisions of this Act . Therefore, even assuming that the deduction is permissible or the deduction is deemed to have been allowed under any othe ....... - .......
2015 (3) TMI 647 - ITAT DELHI
Jeewan Chandra Punetha Cloth Merchant Khari Bazar Versus DCIT, Nainital Utrakhand
Suppressed profit - AO in upholding addition that out of the total business activity carried on in the same premises, 50 belonging to the father and son respectively - CIT(Appeal) sustaining addition to the extent of 50 of the business - Held that - One of the contention of the assessee that he is engaged in the business of retail trade, and its total turn over did not exceed the prescribed monetary limit and AO ought to have computed profit 5 of total turn over as prescribed u/s 44AF of the Act but admittedly, the assessee has not claimed in return of income that it is entitled for the rate a ....... - .......
2015 (2) TMI 254 - DELHI HIGH COURT
COMMISSIONER OF INCOME TAX DELHI-XIII Versus CHANDER PRAKASH PABREJA
Income from undisclosed sources - assessee s entitlement to the benefit of Section 44AF as had voluntarily disclosed receiving Rs. 16,07,240/- during the course of the assessment - assessee urged that the AO made no effort to discern as to the character of the amounts and that some of them at least constituted expenses - Held that - In the present case the assessee had sought the benefit of Section 44AF but the revenue found later that the amounts deposited in its account were far and excessive than what was disclosed. That the assessee did not dispute the deposit of ₹ 16 lacs ipso facto ....... - .......
2014 (10) TMI 173 - ITAT LUCKNOW
Income Tax Officer Versus Shri Anokhe Lal, Prop. M/s Suraj Traders
Reassessment - Reasons recorded shows income escaped or not Held that - CIT(A) recorded that the reasons do not show any income chargeable to tax that has escaped assessment and while completing the assessment, no addition for any income escaping assessment has been made - The addition made is in respect of estimation of income by rejecting the books of accounts - once the AO accepts the objection of the assessee and does not assess the income which was the basis of the notice, it is not open to him to assess income under some other issue independently - the addition was made in respect of est ....... - .......
2014 (6) TMI 284 - ITAT DELHI
ITO, Ward-34(4), New Delhi Versus Pankaj Sharma Alias Yatinder Sharma
Additions regarding non-furnishing of complete details on account of concealed income Held that - No return of income had been filed by the assessee for the year under consideration, contending that his income for the year under consideration was below the taxable limit - CIT (A) restricted the addition on the basis of the material available on record - after accounting for the cash deposits and the cash withdrawals, the source of the amount of Rs. 1,77,000/- as on 5.6.04, remained unexplained - CIT (A) treated this amount of Rs. 1,77,000/- as the assessee s income from undisclosed courses the ....... - .......
2014 (4) TMI 699 - ITAT MUMBAI
Smt. Ponidevi P. Choudhary, Gulab Sons Dairy Versus ITO Wd. 22(3) (3), Mumbai
Jurisdiction u/s 263 of the Act Validity of order of relooking of the cash deposits Applicability of section 44AF of the Act - Held that - An order cannot be termed as erroneous unless it is not in accordance with law - If an Income-tax Officer acting in accordance with law makes a certain assessment, the same cannot be branded as erroneous by the Commissioner simply because, the order should have been written more elaborately - AO has not applied his mind with respect to the deposit in bank account, which led to increase in the capital of the assessee - where the AO frames assessment without ....... - .......
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 column 33 sub clause (iii) - The assessee has not claimed the benefit of section 44AF in the return filed and also could not furnish the requisite vouchers to authenticate the purchases claimed by the assessee thus, there is no reason to interfere with the orders in making adhoc disallowance of 10 towards purchases Decided against Assessee. - Disallowan ....... - .......
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 income determined on the basis of highest peak balance on particular date of the two banks maintained by the appellant. - Held that - The assessees claimed that they were in retail business of saree, was not found genuine by the lower authorities, as ld. A.O. issued the summons to all parties, only one party responded back. The assessees were not substan ....... - .......