2016 (5) TMI 46 - ITAT AHMEDABAD
The Dy. Commissioner of Income-tax, Central Circle – 3, Surat Versus M/s. Divine Developers
Addition on account of undisclosed net profit - difference in sales turnover - Assessment u/s 153C - Held that - There was a bonafide mistake committed by the assessee in filing the original return of income of AY 2008-09 filed on 27.07.2009 which was rectified by it by filing revised return on 30.09.2009 even before receiving the notice u/s 153C dated 18.01.2010. Return of Income for AY 2009-10 declaring a total income of ₹ 4,75,47,402/- was filed on 30.09.2010 on the same day when the revised return of income was filed for AY 2008-09. The Assessing Officer simply relied upon the statem ....... - .......
2016 (4) TMI 805 - ITAT JAIPUR
Damodar Das Agarwal and Nirmal Kumar Agarwal, Versus A.C.I.T., Central Circle-1, Jaipur
Assessment u/s 153A - disallowance of interest U/s 36 - Held that - The notices U/s 153A were issued on 15/1/2010 in all the years. Even for A.Y. 2007-08 in both the cases, no notice U/s 143(2) was issued on or before 31/8/2008. It is settled law when no assessment proceedings are abated on the date of search, no notice can be sent U/s 153A of the Act to the assessee in the case of no incriminating documents were found and seized during the course of search. Therefore, we have considered view that notice issued by the Assessing Officer U/s 153A for A.Y. 2004-05, 2005-06 and 2007-08 in the case ....... - .......
2016 (3) TMI 1023 - ITAT BANGALORE
The Senate Versus Deputy Commissioner of Income-tax
Validity of assessment u/s 153C - real owner of the document seized - presumption - Held that - The satisfaction note recorded by the AO is identical for all the years except for difference in the assessment year. From the material seized, though there was a reference to the name of the assessee-firm, equally there are some documents which do not even contain name of the assessee-firm but there is nothing to indicate that these documents were disclaimed by Indian Builders Corporation in whose case search was conducted. The AO has not referred to any material to indicate that the assessee is th ....... - .......
2016 (4) TMI 749 - ITAT MUMBAI
The ACIT Central Circle- 13, Mumbai Versus M/s. Giriraj Devlopers and Vica-Versa
Validity of assessment u/s 153C - Held that - In the case on hand, it is an admitted fact recorded in the orders of assessment that the incriminating documents in the form of diaries were found during the survey proceedings undertaken in the business premises of the assessee firm. It is therefore clear that the concerned documents/diaries did not emanate from out of seizures made in the course of search action. In this factual matrix of the case on hand, we find that the essential condition of section 153C of the Act is not fulfilled. Further, the Assessing Officer vide letter dt. 16/10/2015 h ....... - .......
2016 (3) TMI 53 - ITAT DELHI
Assistant Commissioner of Income Tax, M/s Bhatia Propcon Pvt. Ltd. (formerly known as M/s Shield Home Pvt. Ltd.) Versus M/s Shield Home Pvt. Ltd., Assistant Commissioner of Income Tax
Validity of the issue of notice u/s 153C - Held that - The first and foremost step for initiation of proceedings u/s 153C i.e., the recording of the satisfaction by the Assessing Officer of the person searched is missing, the proceedings are invalid and, therefore, the other arguments of the assessee need not be examined in detail. We, therefore, respectfully following the decision of Hon ble Jurisdictional High Court in the case of RRJ Securities Ltd. (2015 (11) TMI 19 - DELHI HIGH COURT ) and ....... - .......
2016 (4) TMI 581 - ITAT DELHI
DCIT, Circle 4 (1) , New Delhi Versus M/s. Jindal Dyechem Industries Pvt. Ltd. and Vica-Versa
Validity of assessment u/s 153 - period of limitation - extension of period of audit - Held that - There was no application for extension of period of audit and therefore order u/s 142(2C) of the Act dated 13.7.2006 granting extension till 17.7.2006 was not a valid order. In view of the above the only conclusion emerges that audit was to be completed by 7th of July 2006 and, as such the period from 17.02.2006 to 07.07.2006 is to be excluded in terms of Explanation to section 153 of the Act. Further, after considering the period of 60 days, as provided in the proviso to Explanation 1 to section ....... - .......
2016 (3) TMI 456 - ITAT JAIPUR
M/s Bansal Oil Mills Ltd Versus Asstt. Commissioner of Income Tax
Reopening of assessment - Held that - The case has been reopened U/s 148 on the basis of search conducted in the case of M/s B.C. Purohit and company group on 12/4/2005. M/s Bansal Oil Mills Ltd. (assessee) also found beneficiary and had received accommodation entry of ₹ 3 lacs from M/s K.G. Petrochem (P) Ltd. Therefore, the Assessing Officer had reason to believe to reopen the case U/s 147 of the Act. Accordingly the action of the Assessing Officer on reopening is confirmed. - Addition u/s 68 - non providing of cross examination - Held that - CIT(A) had not provided cross examination of ....... - .......
2016 (3) TMI 641 - ITAT KOLKATA
DCIT, C.C XXVIII, Kolkata Versus M/s. Pratap Properties Pvt. Ltd
Penalty u/s 271(1)(c ) - whether the assessee is entitled for immunity from levy of penalty on account of Explanation 5 to Section 271(1)(c ) of the Act in respect of income offered after the search but in the return filed u/s 153C of the Act - 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. - The assessee had filed the returns u/s 153C and u/s 139(1) of the Act as the case may be, and the same has been a ....... - .......
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 ....... - .......
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 ....... - .......
2016 (3) TMI 85 - ITAT KOLKATA
DCIT, CC-XII, Kolkata Versus M/s. Akshara Shelters Consortium
Penalty u/s 271(1)(c ) - Addition in the order passed u/s 153C/143(3) - selection of assessment year - Held that - We hold that the assessee had offered the business income on sale of flats in Asst Year 2009-10 in respect of cheque portion of sale consideration which has been accepted by the department in section 143(3) proceedings. Therefore the unaccounted cash element received on sale of flats was also assessable only in Asst Year 2009-10 and not in Asst Year 2008-09 as per the accounting practice followed by the assessee and also as held in the various decisions relied upon hereinabove. We ....... - .......
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/s 153A by notice dtd. 29.12.2009 in the case of the assessee. The proceedings though purported to be initiated u/s 153C the assessments are completed ....... - .......
2016 (2) TMI 741 - ITAT HYDERABAD
M/s. Saraiwala Agro Refineries Ltd. Versus The DCIT, Central Circle-3 (1) , Hyderabad.
Revision u/s 263 - incorrect assessments under section 143(3) read with section 153A - Central subsidy given for installing the food processing units is to be tretaed as income of assessee as per CIT(A) - Held that - A.O. could not have considered any other material, other than the material found during the course of search, during the assessments completed under section 143(3) read with section 153A of the I.T. Act. The Hon ble Bombay High Court in the case of Continental Warehousing Corporation (2015 (5) TMI 656 - BOMBAY HIGH COURT ) has clearly held that the assessments under section 143(3) ....... - .......
2016 (2) TMI 624 - ITAT DELHI
ASSTT. COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-25, NEW DELHI Versus M/s GOODVIEW TRADING (P) LTD. AND VICA-VERSA
Addition u/s. 68 - addition based on statement of third party - Held that - As assessee during the course of proceedings has discharged its by submitting necessary evidence available to establish the bonafide of the transactions. Thereafter, the onus shifted on the revenue to prove that the claim of the assessee was factually incorrect. Simply by pointing out that the applicant companies did not have sufficient income or that the bank accounts indicated credits and debits in rapid succession leaving little balance does not discharge the burden cast upon the revenue to take an adverse view in t ....... - .......
2016 (1) TMI 988 - ITAT DELHI
Mr. Pawan Kumar Jain Versus Deputy Commissioner of Income Tax, Central Circle-3, New Delhi and Vica-Versa
Validity of the jurisdiction u/s 153C - Held that - In the present case no incriminating material was unearthed during the course of search or requisition of document or undisclosed income or property discovered in the course of search which were not produced or not already disclosed or made known in the course of original assessment. We, therefore, by keeping in view the ratio laid down by the Hon ble Jurisdictional High Court in the aforesaid referred to case of CIT Vs Kabul Chawla ( 2015 (9) TMI 80 - DELHI HIGH COURT ) decide the case in favour of the assessee and against the revenue and ho ....... - .......