2016 (1) TMI 1029 - ITAT DELHI
M/s Gardenia India Limited Versus Deputy Commissioner of Income Tax, Central Circle-7, New Delhi
Unexplained money - Addition as income from other sources - Held that - Section 69A is applicable where the assessee is found to be the owner of any money, bullion, jewellery or other valuable article and such money, bullion, jewellery or valuable article is not recorded in the books of account, and the assessee offers no explanation about the nature and source of acquisition, or the explanation offered by him is not satisfactory in the opinion o.....
2016 (1) TMI 182 - GUJARAT HIGH COURT
Pr. Commissioner of Income Tax-3 Versus Shri Indrajeet Zandusing Tomar
Peak credit - undisclosed bank account - ITAT deleted the addition - Held that - CIT (A) and Tribunal committed no error. There was nothing with the department to suggest that entire deposit of ₹ 2.46 crores represents the income of the assessee. CIT (A) instead of adding 1 of ₹ 2.46 crores adopted peak credit theory, which was also upheld by the Tribunal. No question of law arises. - Decided against revenue
2016 (2) TMI 340 - ITAT DELHI
DCIT, Circle-12 (1) , New Delhi Versus M/s Hi-Tech Residency Pvt. Ltd.
Unexplained credits introduced in the garb of unsecured loans - Accommodation entries - Held that - CIT(A) has rightly held that when the assessee had provided the AO with the latest address of the squared up cash creditor (as the assessee had no such control on them therefore they were unable to produce before the AO and no further enquiries have been done of any kind by the AO) Ld. CIT(A) found that even the basic step i.e. summons or query let.....
2016 (2) TMI 156 - ITAT CHANDIGARH
The ITO, Ward-2, Panchkula Versus M/s C. Max Healthcare
Addition on non confirmation of advances by the parties - CIT(A) deleted the addition - Held that - The assessee did not furnish the confirmation letters from the concerned parties. It appears that assessee did not cooperate with the Assessing officer and the Ld. CIT(A) has admitted the alleged additional evidence in violation of provisions of Rule 46A of the I.T. Rules, 1962. Sub Rule (2) provides that the CIT(A) while admitting such evidence mu.....
2015 (12) TMI 902 - ITAT MUMBAI
Hassan Ali Khan Versus Dy. CIT, Central Circle-2, Mumbai
Income from undisclosed sources by way of pay orders from Union Bank of Switzerland (UBS) AG for US 4 million - Held that - We find nothing on record to suggest any link between the assessee and the said company, which appears to be an Indian company and is only to be regarded as a distinct legal entity. And income due to or receivable by it could be regarded as the assessee s income only on the strength of evidence which leads to the inference o.....
2016 (1) TMI 576 - ITAT KOLKATA
Mr Arun Kumar Verma Versus Deputy Commissioner Of Income Tax Circle-40, Kolkata
Addition u/s 69A - excess cash found during the Survey operations - whether the said excess cash was duly explained by late Shri Ramautar Prasad Verma and his son by filing proper cash-flow statements? - Held that - Plea of the asessee is duly substantiated by the cash flow statement of Shri Arun Kumar Verma, assessee s son and personal cash book of the assessee. The fact that such an explanation was not given at the time of survey cannot be the .....
2016 (2) TMI 121 - ITAT KOLKATA
Ved Prakash Lohia Versus Income Tax Officer, Ward-36 (4) , Kolkata
Addition u/s 69A representing realization of assets inherited from mother pursuant to her WILL - Held that - The said WILL is a valid WILL and the same regulated the succession as declared by the testator, i.e. the mother of the assessee. In respect of page no.16, where the Profit & Loss account belonging to the mother of the assessee is produced, wherein it shows that she has invested in shares, particularly, in MKJ Development Ltd., Starlig.....
2015 (12) TMI 202 - DELHI HIGH COURT
Pradip Burman Versus Income Tax Office
Undisclosed income - the petitioner sought staying of the criminal proceedings against him on the ground that against the Assessment Order ( AO ), the petitioner had already filed an appeal, which is pending for adjudication - Held that - Proceedings once initiated in a warrant trial case, there is no provision under the Code of Criminal Procedure, 1973, except U/s 258 Cr.P.C., where the proceedings of the case can be stayed by the Magistrate suo.....
2015 (12) TMI 986 - ITAT HYDERABAD
Shri G. Mahesh Babu Versus Dy. Commissioner of Income-tax, Central Circle 7, Hyderabad and Vica-Versa
Addition as income from other sources as against agricultural income declared by the assessee - Held that - There is no dispute that there was earlier a search and seizure operation conducted in the case of the assessee in the year 2008, in pursuance of which an assessment was made under S.143(3), wherein the Assessing Officer had accepted the agricultural income declared by the assessee in the original return of income. It is also relevant to no.....
2016 (1) TMI 616 - ITAT MUMBAI
Atul Kumar And Raj Kumar Agarwal Versus Income Tax Officer
Unexplained cash deposits in the assessee s, a salaried person, bank account - Held that - The assessee has not specified the cash required for house-hold and/or personal purposes, as well as toward investments, if any, made from f.y. 2005- 06 onwards, to have any purposeful assessment of the cash with him in June, 2007 and January, 2008, whereat excess cash of ₹ 3.50 lacs and ₹ 0.25 lacs is stated to be available. BR BR Further still.....
2016 (1) TMI 411 - ITAT BANGALORE
Smt. Shubhalaxmi D Huilgol Versus Income-tax Officer, Ward -1, Gadag
Addition as agricultural income - Held that - No doubt, there cannot be a surmise that it was not probable for an assessee to retain cash withdrawn from bank account, without utilizing the same. However, here the explanation for the same was not withdrawal from the bank, but earnings from agricultural income. It is difficult to believe that a person who was having a bank account would have kept as much as 18 lakhs in cash in her / his house witho.....
2016 (2) TMI 78 - ITAT CHANDIGARH
Subhash Chander Goel Versus Income-tax Officer, Ward 1 (3) , Chandigarh
Reopening of assessment - marriage expenses and jewellery gifted at the time of marriage - AO referred to the statement given to the police on 09.12.2009 under section 161 CrPC as well as Will of his mother dated 04.07.2002 - Held that - The re-opening of the assessment only on the basis of verification of the facts is not permissible under the law. The Assessing Officer is not empowered to reopen the assessment nor verify the facts for re-assess.....
2016 (1) TMI 612 - ITAT AHMEDABAD
Shri Pareshkumar Dalsukhbhai Pate Versus Income Tax Officer, Ward-3, Gandhinagar
Addition u/s. 69A - Held that - The issue in the present case is with respect to addition of cash deposits made in the bank account. We find that ld. CIT(A) has not accepted the submission of the Assessee of cash deposits to be out of the advance money on sale of land because he has noted that the land was not sold till the time of appellate proceedings and there was nothing on record to demonstrate the registration of land or of money having ret.....
2015 (12) TMI 188 - ITAT DELHI
ITO, Ward 33 (3) , New Delhi Versus Rajeev Boobna
Validity of assessment completed u/s 144 without - valid service of notice u/s 142(1) questioned - addition on account of cash deposited in bank - Held that - The notice u/s. 142(1) dated 05.11.2007 was issued by ITO ward 41(4), New Delhi to the assessee through speed post to direct the assessee to furnish his return of income for A.Y. 2005-06. The said notice was not received back undelivered. The second show cause notice under Section 142(1) da.....
2016 (1) TMI 677 - ITAT PUNE
ITO, Central-3, Nashik Versus Shri Shivaji Pandurang Chumble
Unexplained cash paid for acquiring the right to dredge sand - CIT(A) deleted the addition on the ground that the assessee had explained the source of funds which is from agricultural income of the Chumble family which was kept in common family pool and it was introduced in the business as and when required - Held that -Considering the family holding of 93 Acres of agricultural land, where different crops such as Grapes, Khurasana, Tomato, Masur,.....