Subscription   Feedback   New User   Login      
Tax Management India .com
TMI - Tax Management India. Com
Articles Highlights TMI Notes SMS News Newsletters Calendar Imp. Links Database Experts Contact us More....
Extracts
Home List
← Previous Next →

Soumya Bhattacharya, Kolkata Versus Income Tax Officer, Ward-55 (1) , Kolkata

Rejection of revised books of account u/s 145(3) - AO did not make an Ex-parte assessment or an estimated assessment but added amounts under section 69,69A,69B69C of the I.T.Act 1961 taking the figure from revised accounts - Held that:- The assesse has submitted the revised balance sheet and explanations to the differences and the balance sheet filed along with the return of income. But no defect has been pointed by the AO. Under such circumstances and facts of the case AO is not justified in in .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

f section 145(3) - Decided in favour of assessee.

Addition on gifts received u/s 69 from mother-in-law and from father - Held that:- The finding of the AO and the ld. CIT(A) that there was no drawing during the five days prior to the date of gift and mere cash withdrawal by the donor long back i.e. 120 days cannot make the act probable. Such reasonings by both the authorities below cannot convert the facts of genuineness and creditworthiness of the transactions. In such circumstances .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

e and the reconciliation and prayed to examine the differences between the revised balance sheet and audited balance sheet by us. Prima facie as appears from the order of ld. CIT(A) the assessee has stated to have reconciled the differences but the same has neither been examined by the AO in the right perspective nor by the ld. CIT(A). It will be in the interest of justice if it is set aside the matter to the file of AO, who will examine the issue in the right perspective being the differences b .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

rmity in the order of ld. CIT(A), who has rightly confirmed the action of AO. - Decided against assessee.

Additions in respect of entire chamber maintenance, printing and stationery, books and periodicals , electricity expenses and miscellaneous expenses - Held that:- As per the report of the AO which has not been rebutted by the ld. AR that assessee himself has admitted vide his submission dated 14.12.2010 which states that he has made a chamber at his ancestral home but rarely get t .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ta Shankar Roy, Adv. For the Respondent : Smt Ranu Biswas, JCIT ORDER Per: B P Jain, AM. This appeal of the assessee arises out of the order of ld.CIT(A)-XXXVI, Kolkata dated 17.09.2012 for Assessment Year 2008-09. 2. The assessee has raised the following grounds of appeal : "1. The Commissioner of Income Tax (Appeals) erred in upholding the order of the Income Tax Officer rejecting the assessee s revised books of account under section 145(3) of the Income Tax Act 1961 merely on the ground .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

Tax (Appeals) erred in upholding the order of the Income Tax Officer by not accepting the gift of ₹ 60,000 received from Father and making an addition of the said amount under section 69 of the Income Tax Act, 1961 as undisclosed. 4. The Commissioner of Income Tax (Appeals) erred in upholding the order of the Income Tax Officer by adding a part of the alleged difference in capital i.e. ₹ 11,20,339 as undisclosed investment of the assessee under section 69 of the Income Tax Act. 5. T .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

the total income. The Learned CIT(A) ought to have allowed these legitimate expenditures as a deduction under section 37(1) as they are expended wholly and exclusively for the purpose of the profession carried on by the appellant." 3. The brief facts of the case are that the assessee is a medical practitioner by profession. The books of account of the assessee are audited. Since the professional receipts during the financial year ending 31st March, 2008 exceeded ₹ 10,00,000/- the AO .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

25687/-Addition ₹ 5802046/- Closing ₹ 6127733/- P.O.MIS A/c 9811651Rs.300000/-NilRs.300000/Rs.300000/-Rs.300000/- Rs.600000/- Advance for flatRs.1721000/Rs.2056371/-Rs.37,77,371/-Rs.1721000/-Rs.2963431/- 46,84,453/- Furn. & FixtureRs.58,950/-NilRs.53,055/-Rs.58,950/-Rs/.1,64,233/- Rs.2,17,288/- Several other discrepancies were also noted by the AO and assessee was show caused to explain the said discrepancy in the books of account. The assessee made written submissions and submit .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

en pointed by the AO. Under such circumstances and facts of the case AO is not justified in invoking the provision of section 145(3) of the Act by simply calculating the differences between the revised balance sheet and the balance sheet in the audited accounts attached with the return of income and adding the same to the income of assessee. Therefore under such circumstances of the case this action of the AO for rejecting the books of account only on account of computation difference between th .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

avit of Shri Sachindra Mohan Bhattacharya, the father of assessee and written submissions submitted along with the affidavit and the bank statements. The AO not being satisfied with the genuineness and creditworthiness of the transaction added the same to the income of assessee vide page 4 of his order.5.1. Before the ld. CIT(A) the assessee submitted the explanation and the documents which were sent to the AO for report which was obtained. Accordingly after considering these submissions of the .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

the bank pass book and details of cash withdrawn which are available in the paper book. The assessee has submitted the explanation of availability of cash and therefore there is no question on the creditworthiness or identity or genuineness of the transactions. The finding of the AO and the ld. CIT(A) that there was no drawing during the five days prior to the date of gift and mere cash withdrawal by the donor long back i.e. 120 days cannot make the act probable. Such reasonings by both the aut .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

therefore, order of the ld. CIT(A) is reversed. Ground No.3 of the assessee is allowed. 8. As regards ground No.4 AO made addition of ₹ 11,20,339/- u/s 69 of the I.T.Act being undisclosed investment of the assessee due to difference in capital arising out of audit and revised balance sheet. The ld. CIT(A) confirmed the action of AO. 9. We have heard the rival contentions and perused the facts of the case. We find that the assessee has submitted the revised balance sheet during the course .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ice if it is set aside the matter to the file of AO, who will examine the issue in the right perspective being the differences between the revised balance sheet and the audited balance sheet and if the explanation is found satisfactory the addition may be deleted. The assessee may be afforded adequate opportunity of being heard. The assessee shall cooperate in the assessment proceedings and AO is directed to act accordingly. Thus ground no.4 of the assessee is allowed for statistical purposes. 1 .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 

what is new what is new
  ↓     Latest Happenings     ↓  

Notification: Exempts intra state supply of heavy water and nuclear fuels from DAE to NPCIL

Notification: Seeks to amend notification No. 12/2017-CT(R) to exempt right to admission to the events organised under FIFA U-17 World Cup 2017

Notification: Seeks to amend notification No. 11/2017-CT(R) to reduce CGST rate on specified supplies of Works Contract Services.

News: Tax on fuel more important for a dry state like Gujarat

Notification: Exempts intra state supply of heavy water and nuclear fuels from DAE to NPCIL

Notification: Seeks to amend notification No. 12/2017-UTT(R) to exempt right to admission to the events organised under FIFA U-17 World Cup 2017

Notification: Seeks to amend notification No. 11/2017- UTT(R) to reduce CGST rate on specified supplies of Works Contract Services

Notification: Exempts inter-state supply of heavy water and nuclear fuels from DAE to NPCIL

Notification: Seeks to amend notification No. 09/2017-IT(R) to exempt right to admission to the events organised under FIFA U-17 World Cup 2017

Notification: Seeks to amend notification No. 08/2017-IT(R) to reduce CGST rate on specified supplies of Works Contract Services

Highlight: For an ayurvedic medicine to be classified under Chapter 30 has to pass the test whether it is for cure of any disease. If the same is only meant for care, then such product would not fall under medicament.

Notification: All Industry Rates of Duty Drawback Schedule

Notification: The Customs and Central Excise Duties Drawback Rules, 2017

Highlight: Demand of interest - the period of limitation that applies to a claim for the principal amount should also apply to the claim of interest thereon.

Highlight: Government issues new notifications under CGST, IGST and UTGST to grant fresh exemptions in respect of certain supplies.

Circular: Extension of time limit for submitting the declaration in FORM GST TRAN-1 under rule 117 of the Central Goods and Services Tax Rules, 2017

Forum: 3B mistake

Forum: Excise duty credit on finished stock at additional place of business.

Forum: Input tax credit

Forum: Cess paid instead of SGST

Forum: Manpower Service provider

Forum: Construction of single unit bungalow

Forum: Duty Drawback & Input Credit - under GST

Article: SIMPLIFIED E-WAY BILL UNDER GST

Article: SERVICES UNDER REVERSE CHARGE UNDER GST REGIME

Highlight: Rate of exchange of conversion of the foreign currency with effect from 22th September, 2017 - Notification

Highlight: Companies (Acceptance of Deposits) Second Amendment Rules, 2017 - Notification

Highlight: Implementing Electronic Sealing for containers by exporters under self-sealing procedure prescribed by Circular 26/2017-Cus dated 1st July, 2017 and Circular 36/2017 dated 28 th August, 2017. reg. - Circular

Highlight: Amendment to Paragraph 2.72 (b) of the Handbook of Procedures of the Foreign Trade Policy (FTP) 2015-20 - Public Notice

Notification: Amendment in Appendix 3 (SCOMET items) to Schedule- 2 of ITC (HS) Classification of Export and Import Items 2012

Circular: Amendment to Paragraph 2.72 (b) of the Handbook of Procedures of the Foreign Trade Policy (FTP) 2015-20

Notification: Companies (Acceptance of Deposits) Second Amendment Rules, 2017

Notification: Rate of exchange of conversion of the foreign currency with effect from 22th September, 2017

News: Exchange Rate of Foreign Currency Relating To Imported and Export Goods Notified

Circular: Promote the officers of the Indian Revenue Service (Customs and Central Excise) to the grade of Principal commissioner of customs, GST & CX

Circular: Allocate the charges amongst the Members of the Central Board of Excise and Customs

Circular: Strategy for audits in 2017-18 consequent to GST - Audit by Central Excise and service Department to continue for the accounting year 2016-17 and for the past period

Circular: Appoint the IRS (C&CE) officers as Principal Commissioner (Revision Application) and ex-officio Additional Secretary

Circular: Time limit for filing intimation for composition levy under Rule 3(1) of the CGST Rules, 2017 extended to 16-8-2017

Circular: Extension of time limit for submitting the declaration in FORM GST TRAN-1 under rule 120A of the Central Goods and Service Tax Rules, 2017

Circular: C.B.E. & C. Advisory on Customs related matters on introduction of Goods and Services Tax regime

Circular: List of Reduced Tax Liabilities under GST regime in comparison to present combined Indirect Tax rates

Circular: Works Contract for construction of Flats, Complex Builders to pass on GST benefit to buyer otherwise anti-profiteering provisions of Section 171 of GST Act to apply

Circular: Clarification regarding applicability of section 16 of the IGST Act, 2017, relating to zero rated supply for the purpose of Compensation Cess on exports Regarding.

Circular: Clarification on Inter-state movement of various modes of conveyance, carrying goods or passengers or for repairs and maintenance- regarding

News: RBI Reference Rate for US $

Highlight: Addition u/s 23(1)(a) - deemed rent - once the property is let out and at any point of time this remained vacant during the same cannot be brought to tax under the head House properties income.

News: Haryana constitutes screening committee on anti-profiteering

Highlight: Valuation of imported goods - it is necessary to re-examine the matter of both license agreement as well as supply contract simultaneously, to see if the enhanced royalty was in the guise of adjustment of the price of components.

Notification: Levy of anti dumping duty on New/unused pneumatic radial tyres with or without tubes and/or flap of rubber (including tubeless tyres) having normal rim dia code above 16 originating in, or exported from China PR



|| Home || Acts and Rules || Notifications || Circulars || Schedules || Tariff || Forms || Case Laws || Manuals ||

|| About us || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members || Site Map ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.

Go to Mobile Version