2016 (2) TMI 277 - DELHI HIGH COURT
Pr. Commissioner of income tax-12 Versus RL Allied Industries
Validity of assessment u/s 153 C - Held that - In the present case, there is no doubt that it was only on 24th March 2009 that the AO of the Assessee received the documents seized and it was on that date a notice under Section 153C (1) was issued and served upon the Assessee. Consequently, this Court finds no legal error in the conclusion of the ITAT that notice under Section 153C (1) could not have been issued for AYs 2001-02 and 2002-03. - Decided in favour of assessee.
2016 (1) TMI 1085 - ITAT JAIPUR
Jypore Manufacturing Jewellers (P) Ltd., The ACIT Central Circle- 3, Jaipur Versus The JCIT (OSD) , Central Circle- 3, Jaipur, Jypore Manufacturing Jewellers (P) Ltd.
Validity of assessments u/s 153A - Held that - Original notice was issued u/s 153A and there as neither any warrant or search on assessee. Similarly while issuing notice u/s 153C no satisfaction in this behalf in the case of Modi group nor there was any assessment in the case of Shri Govind Dev as the 153A proceedings were dropped in that case. The satisfaction recorded by AO initiating 153C is silent regarding the pending proceeding initiated u/.....
2016 (2) TMI 197 - ITAT DELHI
Dharampal Premchand Ltd. Versus DCIT, Cent. Circle-4, New Delhi
Assessment under Section 153 A - Eligibility of deduction u/s 80IB and 80IC denied - Held that - None of the material seized during the search relates to the year under appeal.None of the material found relate to the goods transfer to one unit from other for the period. BR BR None of the material relates to the purchases from sister concerns.None of the material suggest that the material transferred to eligible undertaking is less than the market.....
2016 (2) TMI 168 - ITAT CHENNAI
The Assistant Commissioner of Income Tax, Central Circle IV (2) , Chennai Versus Shri Mustaq Ahmed and The Assistant Commissioner of Income Tax, Central Circle IV (2) , Chennai Versus Shri Ishtiaq Ahmed
Deemed dividend addition u/s 2(22)(e) - CIT(A) deleted the addition - whether the advance made by M/s Adampur Distributors Pvt. Ltd. is for business transaction or it is a loan or advance? - Held that - The ledger extract of M/s Adampur Distributors Pvt. Ltd. clearly establishes that M/s Adampur Distributors Pvt. Ltd. purchased gold from M/s Mustafa Gold Mart, a proprietary concern of the assessee. It is also not in dispute that upto 2007-08, M/s.....
2016 (2) TMI 81 - ITAT AHMEDABAD
Shri Mathew C. Abraham Versus Asstt. CIT, CC-4, Surat
Unexplained investment in purchase of flat - Valuation of the residential flat - adoption of value as per jantri rate by CIT(A) - Held that - The assessee who is not having any business income and is only earning income from salary and interest is not required to maintain any books of account. However, assessee has submitted details of cash book ledger, balance sheet and purchase bills and submitted that all the investments made in residential fl.....
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.....
2015 (12) TMI 1081 - DELHI HIGH COURT
PR. Commissioner of Income Tax -03 Versus M/s Flucky Leasing & Finance Pvt. Ltd.
Assessment u/s 153C - assumption of jurisdiction by the AO under Section 153C - Held that - Admittedly, the Assessee was not one of the entities that was subjected to search and seizure operation under Section 132 of the Act. The assessments were also framed under Section 153C of the Act; although the assessments order reflect that the assessments were framed under Section 143(3)/153A(b) of the Act, the orders passed by the CIT(A) indicates the s.....
2015 (12) TMI 1082 - DELHI HIGH COURT
PR. Commissioner of Income Tax-06 Versus Matchless Glass Services Pvt. Ltd.
Additions under section 68 - ITAT deleted the addition - whether the impugned additions have been made under section 153A /143(3) of the Act without reference to any material found as a result of search? - Held that - It was for the fact- finding authorities to finally examine the evidence on record and determine whether the Assessee could satisfactorily explain the credit entry in its books and could establish the genuineness of the transactions.....
2015 (12) TMI 1330 - ITAT MUMBAI
ACIT, Central Circle 32, Mumbai Versus M/s. Jogia Properties Ltd.
Addition u/s 68 - assessment u/s 153A - CIT(A) deleted the addition - Held that - Hon ble Supreme Court in the case of Lovely Exports Pvt. Ltd. 2008 (1) TMI 575 - SUPREME COURT OF INDIA has clearly laid down the law that once the assessee has given the complete details and the information of the investors who have made investments in the share capital of the company and proved identify then no addition can be made in the hands of the assessee com.....
2015 (12) TMI 1118 - ITAT KOLKATA
D.C.I.T, CC-1, A.C.I.T, CC-XII Kolkata Versus Shri Sheo Kumar Kajaria, M/s. Gopal Das Kothari (HUF) , Shri Sajjan Kumar Patwari (HUF)
Penalty u/s 271(1)(c ) - income offered after the search but in the return filed u/s 153A / 153C - Held that - The assessee has cumulatively satisfied all the conditions stipulated in Clause 2 of Explanation 5 to Section 271(1)( c) of the Act and hence entitled for immunity from levy of penalty for all the assessment years under appeal. BR BR The assessee had made voluntary disclosure during the course of search assessment proceedings after filin.....
2016 (1) TMI 987 - ITAT KOLKATA
ACIT, CC-XXVII, Kolkata, DCIT Versus M/s Kanchan Oil Industries Ltd.
Assessment u/s 153A - Deduction u/s 80IB denied - Held that - It is an admitted fact that no incriminating materials were found during the course of search by the revenue in order to disturb the claim of deduction u/s 80IB of the Act which is given by way of a categorical finding by the Learned CIT(A) in his appellate order and which is also not controverted by the revenue before us. In the instant case, no incriminating materials are found relat.....
2015 (12) TMI 702 - ITAT CHANDIGARH
M/s Times Finvest & Commerce Ltd. Versus The D.C.I.T. And Vice-Versa
Assessment u/s 153A - disallowance u/s 14A - Held that - In the absence of any incriminating material found during the course of search and the assessment proceedings having not been abated at the time of search, the Assessing Officer has no jurisdiction to make the addition under sect ion 153A of the Act . - Decided in favour of assessee.
2015 (12) TMI 699 - ITAT JAIPUR
Shri Radhey Shyam Mittal Versus The DCIT, Jaipur
Penalty u/s 271(1)(c) - surrender of income - suo motu further income declared in the returns filed u/s 153A - Held that - It is trite law that penalties should not be imposed unless the case falls under the four corners of law mandating the penalty. Thus such laws are to be strictly implemented. Adverting to explanation 5A to section 271(1)(c) if explicitly refers to Where, in the course of a search initiated under section 132 on or after the 1s.....
2015 (12) TMI 1114 - ITAT KOLKATA
Narendra J. Thacker Versus. D.C.I.T, CC-XXIV, & vice versa
Penalty on account of Explanation 5 to Section 271(1)(c ) - income offered after the search but in the return filed u/s 153A of the Act - Held that - The CIT(A) rightly held that it is not relevant whether any return of income was filed by the assessee prior to the date of search and whether any income was undisclosed in that return of income. In view of specific provision of Section 153A of the I.T.Act, the return of income filed in response to .....
2015 (12) TMI 304 - DELHI HIGH COURT
PR. Commissioner of Income Tax-06 Versus Nikki Drugs & Chemicals Pvt. Ltd.
Validity for assessment u/s 153A - Notice u/s 153C - Held that - The documents in question could not be said to belonging to the Assessee. In Pepsico India Holdings Pvt. Ltd. (2014 (8) TMI 898 - DELHI HIGH COURT), this Court has explained that the expression belongs to must not be confused with the expression relates to . As an illustration, this Court has referred to a registered sale deed which, although, registered by the vendor would belong t.....