2016 (4) TMI 650 - ITAT HYDERABAD
The Income Tax Officer, Ward-4 (1) , Hyderabad, Mr. Krishna Yadav Potail Versus Mr. Krishna Yadav Potail, The Income Tax Officer,
Addition u/s 69A - sum was deposited after a period of two months from the date of agreement of sale - Held that - There is no requirement under the law that under the Act assessee has to deposit the entire sale consideration into his bank account immediately. The assessee may retain some amount for his personal or business needs and can subsequently make the deposit as per his convenience. Therefore, the reason on which the Ld. CIT(A) has made the disallowance is, in our opinion, not sustainable. The Hon ble jurisdictional High Court in the case of D.Yasodamma vs. CIT reported in (1966 (9) TM ....... - .......
2016 (4) TMI 130 - ITAT AHMEDABAD
DCIT, Cir. 2 Surat Versus Shri Mafatlal Nathalal Patel
Addition on account of difference in estimated value of shops and actual receipt - assessee has dissolved firm and distributed shop to partners - Held that - CIT(A) has examined the issue lucidly and that too of all possible angles. The firm was disallowed w.e.f. 1-4-2006. On dissolution of the firm, assets must have been distributed. Unsold stocks represented shops/offices space fallen to the assessee. The moment the firm was dissolved, this stock was converted into capital assets of the partners. The AO could have taken action as per section 45(4) of the Income Tax Act against the firm on it ....... - .......
2016 (4) TMI 821 - ITAT PUNE
Shri Anil Nandiram Ahuja Versus ITO, Ward-1 (3) , Kolhapur and Vica-Versa
Set off of business loss against the income added by the AO u/s.69A - Held that - when two views are possible on the same issue the view which is favourable to the assessee should be followed in view of the decision of Hon ble Supreme Court in the case of Vegetable Products Ltd. (1973 (1) TMI 1 - SUPREME Court ). In this view of the matter, we hold that the assessee is entitled to get set off of ....... - .......
2016 (4) TMI 1093 - ITAT DELHI
Smt. Sunita Gupta Versus DCIT, Central Circle-4, New Delhi and Vica-Versa
Addition on unexplained jewellery u/s 69A - Held that - In the present case, it is undisputed fact that the AO nowhere stated that the jewellery found during the course of search was more than what was declared by the assessee in the regular wealth tax return furnished much earlier to the search. As regards to the addition sustained by the ld. CIT(A) by presuming that the assessee might have incurred certain expenses for making the jewellery is concerned, it is noticed that nothing is brought on record to substantiate that all the jewellery was got remade during the year under consideration. I ....... - .......
2016 (5) TMI 105 - ITAT DELHI
Vinod Kumar Arora Versus ITO, Ward-2 (4) , Meerut and Vica-Versa
Sale of the plots - chargeable to tax as business income or capital gains - Held that - On reading of the entire documents placed before us, we could not find the relevant dates when the assessee converted this capital asset into stock in trade, if at all and what price(value), prevalent circle rates thereof,documents and actions of assessee for such conversion to convert the capital asset into stock in trade is not demonstrated. Further, from the remand report it is apparent not only the properties owned by the assessee, but the properties owned by the other person is also listed. Therefore, ....... - .......
2016 (3) TMI 329 - DELHI HIGH COURT
Commissioner of Income Tax Versus Harjeev Aggarwal
Cash payments made for purchase of property taxed as undisclosed income - Held that - There was a clear admission on the part of the Assessee that the payment of ₹ 60 lacs were from the sale of undisclosed stock. The statement was reiterated again after the search on 24th February, 1999 and it is difficult to contemplate that the letter dated 5th February, 1999 and the statement recorded on 24th February, 1999, which were much after the search, were not made voluntarily and of free will. In our view, the only inescapable conclusion that can be drawn from the surrounding facts is that the ....... - .......
2016 (3) TMI 1022 - ITAT PUNE
Mr. Ajay A Bafna Versus The Asst. Commissioner of Income Tax, Central Circle 2 (2) , Pune
Addition made on account of unexplained cash credit in Mauritius Bank Account - Held that - Find merit in the plea of assessee that where additional income is being added to the income of assessee, then credit for the amount offered by way of additional income, while recording the statement under section 132(4) of the Act should be allowed to the assessee. Another aspect to be noted in this regard is that the CIT(A) vide para 8.7 at page 8 has also allowed the said addition of Euro 2000 equivalent to ₹ 1,03,560/- to be adjusted out of additional income offered of ₹ 10 lakhs. The Re ....... - .......
2016 (4) TMI 511 - ITAT DELHI
Sh. Iftikhar Ali Khan Versus DCIT, Central Circle, New Delhi and Vica-Versa
Rejection of books of accounts - Held that - In view of the defects pointed out by the Assessing Officer and ld. CIT(A) in the books of account, we are of considered opinion that the books of account cannot be said to be correct in terms of Section 145(3) of the Act and we find the order of the ld CIT as well reasoned and no interference is required by us, accordingly, we uphold the finding of ld. CIT(A) on this issue in dispute - Decided against assessee - Addition on unexplained cash - Held that - The appellant does not have any explanation for the cash found during the search. Therefore the ....... - .......
2016 (3) TMI 1072 - ITAT COCHIN
DCIT, Cent. Cir. 1 Versus M/s. Alhind Tours & Travels Pvt. Ltd. & vice versa
Unaccounted deposits in the three accounts of the assessee company in Federal Bank - Held that - In view of the admission by the Id. AR as well as the fact the four hajj firms floated by the assessee company had no infrastructure of their own and they did not even had their own bank accounts, the income of the Hajj firms is to be assessed in the hands of the assessee company only. - As regards the merits of the addition is concerned, the assessee company had produced the details of all the transactions pertaining to the three accounts maintained in Federal Bank Calicut along with the copy of c ....... - .......
2016 (4) TMI 862 - ITAT KOLKATA
Sumit Kumar Sanei Versus I.T.O Ward 32 (2) , Kolkata
Addition representing cash/cheque deposits in undisclosed bank account maintained with ICICI Bank - Held that - The transactions in the undisclosed bank account maintained with ICICI Bank has to be brought to tax by adopting the peak credit method. Thus, the assessee is hereby directed to furnish the workings of the peak credit, which needs to be verified by the ld.AO about its veracity. Hence, we deem it fit and appropriate, in the interest of justice and fair play, to set aside this issue to the file of the ld.AO, to frame this addition based on the workings of peak credit as would be given ....... - .......
2016 (4) TMI 243 - ITAT MUMBAI
Hassan Ali Khan Versus Dy. CIT, Central Circle-2, Mumbai
Addition on account of living and life style expenses - Held that - The TIs dated 16/7/2000 and 23/7/2000 on UBS AG, Zurich have been issued from Dubai; from Hotel Intercontinental, Dubai, stated as his camp office. Then, the assessee has issued a notarized statement on 30.06.2003 at London, wherein he admits to have visited Switzerland in February, 2001. The same would entail, apart from travel expenditure, boarding and lodging costs, far in excess of that inures while staying at one s residence in India. The assessee is also suffering health problems and undergoing treatment from leading hos ....... - .......
2016 (4) TMI 703 - ITAT MUMBAI
Assisstant Commissioner of Income tax, Central Circle-29, Mumbai Versus Shri Shah Rukh Khan
Deduction deduction u/s 80RR - Held that - As relying on earlier AY 2003-04 15 of the expenses are reasonable and be attributed to earning foreign income from outside India. The AO is directed to compute deduction u/s 80RR of the Act accordingly. The appeal of the revenue on this ground is dismissed with the above direction. - Decided in favour of assessee - Addition on account of on money paid in respect of acquiring tenancy rights of heritage bungalow - payment made through undisclosed sources - CIT(A) deleted the addition - Held that - We find from the order of AO that during the year the a ....... - .......
2016 (4) TMI 695 - ITAT VISAKHAPATNAM
Suravaghala Kondala Rao Versus ITO, Ward-2 (2) , Visakhapatnam
Additions u/s 69A - Held that - In the present case on hand, though assessee filed cash flow statement and also affidavit from his wife affirming having income from tuitions and interest, he failed to furnish cogent evidences to prove the genuineness of the transactions. The assessee claimed to have savings from his salary income and agricultural income. His claim that his life time savings was kept in the form of cash and deposited into bank account is quite opposite to the human probability. The explanations offered by the assessee to prove the sources for cash deposit is purely a guess work ....... - .......
2016 (4) TMI 668 - ITAT DELHI
ACIT, Central Circle-03, New Delhi Versus Suresh Nanda and Vica-Versa
Addition on account of peak deposits in HSBC, Geneva account and interest thereon - CIT(A) deleted the addition - Held that - Since the principle amount in the HSBC Geneva Bank account is itself not taxable due to the non-resident status of the assessee, and as there is no proof that the income has accrued or arisen in India consequently, there can t be any addition on account of interest income on the amount of deposits in the same bank account. - Decided in favour of assessee - Addition on account of alleged non-utilisation of capital gains earned within the statutory period of three years - ....... - .......
2016 (4) TMI 579 - ITAT JAIPUR
Smt. Sarda Devi Jalan Versus The ITO, Ward- 4 (2) , Jaipur
Addition on account of unexplained cash deposits in bank account - Held that - Only a photocopy of agreement cannot be held as sufficient corroborative evidence for the explanation. During the course of hearing ld. Counsel on queries contended that the possession of plot was given at the time of agreement after receiving the cash from Mangilal Jalan of Gauhati. Though sale transaction was completed capital gains were not offered in the return as assessee assumed that sale was not liable for capital gains. Thereafter, assessee has lost track of close relative who has never legally demanded regi ....... - .......