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 →

Joseph Prince and others Versus The Assistant Commissioner of Income Tax, Central Circle I (5) Chennai

Legality of assessment u/s.153A - Held that:- There are certain additions made by the Assessing Officer on the basis of information which was available with the assessing authorities in the form of earlier returns of income and financial statement attached thereof. In our opinion, additions could be made in the case of completed assessments (assessment years which were not abated) only on the basis of incriminating material found during the course of search. Admittedly, the Assessing Officer did .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

Regarding jewellery, we make it clear that if the assessee has already disclosed jewellery in the regular return of income, it cannot be considered for addition in assessment completed u/s.143(3) of the Act r.w.s.153A of the Act. Accordingly, we direct the Assessing Officer to pass fresh order in the light of the order of the Special bench in the case of All Cargo Global Logistics Ltd (2012 (7) TMI 222 - ITAT MUMBAI(SB) ). With these observations, all these appeals filed by the assessees are re .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

operly explain the source. The Assessing Officer stated that the gift has been received by the assessee from a person who is a close relative to him. According to the Assessing Officer, the assessee filed a gift deed on the stamp paper of I20/- which was purchased on 27.05.2006 and this document does not have complete address of the donor and the gift which was issued in the form of cash only. The assessee explained that he received the gift from Shri. T.P. Joseph who is his close relative. Afte .....

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 penalty is deleted. - Decided in favour of assessee. - I.T.A. Nos.2739, 2740, & 2741/Mds/2014,I.T.A. Nos.2742, 2743 & 2744/Mds/2014,I.T.A. Nos.2745, 2746, 2747, 2748 & 2749/Mds/2014 - Dated:- 25-6-2015 - Shri Chandra Poojari & Shri V. Durga Rao, JJ. For the Petitioner : Shri. S. Sridhar, Advocate For the Respondent : Shri. Krishnamurthy, IRS, CIT. ORDER PER CHANDRA POOJARI, ACCOUNTANT MEMBER These appeals filed by three different assessees are against different orders of the Commissioner .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

during the course of search action u/s.132 of the Act. Further, it was stated by the assessee that the issue is squarely covered by the order of the Special Bench in the case of All Cargo Global Logistics Ltd 137 ITD 287 (Mum) (SB). 3. The brief facts of the case are that there was search action in these group on 2.11.2010 and consequent to this, search notice u/s.153A was issued to the assessees and the assessments were framed. For better understanding, we herein narrate the basis of addition h .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

24,588/- Gross Total Income : 32,08,267/- Less: Deduction u/c VIA as claimed : 1,00,000/- Total income : 31,08,267/- ITA No.2741/Mds/2014 for the assessment year 2008-09 Gross total income as per return 41,88,425 Add unproved an unexplained gifts 66,195 Disallowance of depreciation 3,34,647 Unexlained cash credit 14,793 4,15,635 Assessed Income 46,04,060 Less Deduction under Chapter VIA 1,00,000 Taxable income 45,04,060 Sheeba Prince ITA No.2742/Mds/2014 for the assessment year 2005-06 Total 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

lared by the assessee 1,34,69,681 Addition u/s.69A 10,63,043 Total income 1,45,32,724 Princeson Jose ITA No.2745/Mds/2014 for the assessment year 2005-06 Total income (as returned) 90,52,420 Add Income from undisclosed sources (as discussed) 5,30,000 Total Income 95,82,420 ITA No.2746/Mds/2014 for the assessment year 2006-07 Total income (as returned) 2,02,97,344 Add Income from undisclosed sources (as discussed) 46,000 Total Income 2,03,43,344 ITA No.2747/Mds/2014 for the assessment year 2007-0 .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

l Income 2,14,68,066 According to the ld. Authorised Representative for assessees additions made by the Assessing Officer were only on the basis of particulars disclosed by the assessees in their original returns of income which were filed before the due date of filing return of income and also before date of search and there was no incriminating material found during the search to suggest additions. Further, he submitted that certain additions in assessment years 2007-08 & 2008-09 were made .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

Mariam Aysha vs. CIT 104 ITR 381 wherein it is held that consent of the assessee cannot give jurisdiction to Assessing Officer and the taxing authorities can act only if there is power under the statute to do so. He further relied on the order of the co-ordinate bench in ITA Nos.559,560, 561, 562, 563 & 564/Mds/2014 for the assessment years 2004-05 to 2009-10 in the case of A.R. Murugadoss vide order dated 16.06.2014, wherein the Tribunal held that in case no incriminating material is found .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

llai & Sons and others vide order dated 05.02.2015 for the above propositions. He also relied on the order of Special Bench in the case of All Cargo Global Logistics Ltd. 4. On the other hand, the ld. Departmental Representative placed reliance on the order of the Commissioner of Income Tax (Appeals) and submitted that there were excess cash and jewellery found and the addition was made on this count also in certain assessment years and re-assessment was framed on the basis of search action .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

on the basis of incriminating material found during the course of search. Admittedly, the Assessing Officer did not found any incriminating material warranting addition. Being so, we are inclined to direct the Assessing Officer to make addition only on the basis of incriminating material if any found during the course of search. Further, regarding addition on account of cash disclosed by Sheeba Prince for the assessment year 2011-12, if the said cash belongs to her family members, addition cann .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

(cited supra). With these observations, all these appeals filed by the assessees are remitted to the Assessing Officer to make addition only on the basis of seized material found during course of search action in these cases. Thus, the appeals of the assessees are partly allowed for statistical purposes. 6. Coming to the ITA No.2745/Mds/2014, the issue in this appeal is with regard to levy of penalty u/s.271(1) (c) of the Act. 7. The facts of the case are that the assessee is one of the Directo .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

initiate penalty proceedings. Since the assessee did not prove the genuineness of the gift, the same was added to assessee s total income and penalty proceedings u/s.271(1) (c) of the Act were initiated and levied penalty of I1,61,733/-. Aggrieved the assessee preferred an appeal before the Commissioner of Income Tax (Appeals). 8. On appeal, the Commissioner of Income Tax (Appeals) confirmed the penalty by observing that the assessee failed to offer satisfactory explanation before the Assessing .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

bove, the action of the Assessing Officer is justified in levying the penalty of I1,61,733/- u/s.271(1) (c) of the Act. As per the provisions of section 271(1) (c), if the Assessing Officer or the Commissioner of Income Tax or Commissioner of Income Tax (Appeals), in the course of any proceedings under the Act, is satisfied that any person has either concealed the particulars of his income or (ii) furnished inaccurate particulars of such income, he may, in addition to the tax, if any payable, di .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

Officer imposing penalty had before him and if that record can sustain the finding that there has been concealment, that would be sufficient to sustain the penalty. The assessee has returned the income at I93,02,420/- (including agricultural income of I2,50,000/-). However, during the assessment proceedings, the Assessing Officer has made additions to the tune of I5,30,000/- to the returned income of I93,02,420/- while doing so, the Assessing Officer has asked the assessee to furnish the fresh .....

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     ↓  

Highlight: Levy of additions tax u/s 115O on distribution of dividend - shares of its profits declared as distributable among the shareholders is not impressed with the character of the profit from which it reaches the hands of the shareholder - not to be bifurcated as agriculture and non-agriculture dividend - SC

Highlight: Rate of GST on old and scrap buses - 28% or 18% - at such initial tender process initiated by the Respondents-KSRTC, the present petitions filed by the petitioners are premature and misconceived and do not require any interference by this Court at this stage. - HC

Forum: Rent a cab operator

Highlight: In view of amendment made u/s 132A of the Income Tax Act, 1961 by Finance Act of 2017, the 'reason to believe' or 'reason to suspect', as the case may be, shall not be disclosed to any person or any authority or the Appellate Tribunal, SC dismissed the appeal of the assessee

Highlight: Validity of Assessment Order - period of limitation u/s 153 (2A) is applicable even if the entire order was not set aside but matter was remanded back for for limited aspects with directions - HC

News: Note ban was a shake-up, achieved its main objectives

Notification: Amendments in the notification No.5/2017- Integrated Tax (Rate) dated the 28th June, 2017.

Highlight: Levying interest u/s 234C - interest is to be charged on the returned income and not on assessed income.

Highlight: Accrual of income - sale of right to develop and sell incentive FSI under LOI - till the conditions of LOI are fulfilled transfer is not complete and income does not accrue to the assessee

Highlight: TPA - determination of ALP - TP adjustment by applying Bright Line Test (BLT) is not sustainable on protective basis having no statutory mandate.

Highlight: Safeguard Duty - Advance License Scheme - as there is no exemption from safeguard duty leviable under Section 8C, which is imposed on the goods imported from China, the importer has to pay safeguard duty

Highlight: Manufacture - process of cutting of waste plastic container - Such plastic containers before and after cutting are nothing but waste / scrap - Not a manufacturing activity as no new product emerges.

News: NITI Aayog and Govt. of Assam organizes workshop on health sector reforms in Guwahati; launches SATH- Sustainable Action for Transforming Human Capital

Notification: Seeks to amend notification no. 5/2017- central tax(rate) dated 28.06.2017 to give effect to gst council decisions regarding restriction of refund on corduroy fabrics

Notification: Seeks to amend notification no. 2/2017- central tax(rate) dated 28.06.2017 to give effect to gst council decisions regarding gst exemptions

Forum: GSTR 3B Rectification

Notification: seeks to exempt Skimmed milk powder, or concentrated milk

Notification: Seeks to amend notification no. 2/2017- integrated tax(rate) dated 28.06.2017 to give effect to GST council decisions regarding GST exemptions.

Forum: 3B mistake

Notification: Seeks to amend notification no. 1/2017- central tax(rate) dated 28.06.2017 to give effect to gst council decisions regarding gst rates

Notification: Seeks to amend notification no. 1/2017- integrated tax(rate) dated 28.06.2017 to give effect to gst council decisions regarding gst rates.

Forum: GST - TRAN1 - filed - Data uploaded with Remarks Processed with Error - Not coming in Electronic credit ledger - need suggession guidance

News: Notification Issued For GST Actionable Claim On Branded Food Products

Highlight: Classification printed computer stationary/manifold Business Forms - to be classified under Chapter Heading 4820.00 or under Chapter Heading 4901.90 - items like A4 sheets, advertisement and job card to be classified under Chapter 49

Forum: GST Invoice

Article: Websites of Government Departments need lot of improvement. We are noticing detoriations in them for example, case of website of ITAT.

Article: RCM Applicability to persons not liable to get registered us 23(1)

Article: Credit of unsold stock [Section 140(3)] - Actual Credit as well as Notional Credit - Part-I - GST Transitional provisions

News: GST Refund - Blockage of Working Capital of Exporters - earlier also there was a normal blockage of funds for a period of 5-6 months at least

News: Clarification about Transition Credit - ₹ 1.27 lakh crore of credit of Central Excise and Service Tax was lying as closing balance as on 30th June, 2017 - claim of credit of ₹ 65,000 crore is not unexpected

Article: 20 Things You must know about E Way Bills in GST Law

Article: MISTAKES IN DRAFTING

Forum: Duty Drawback- Urgent

Highlight: The Customs and Central Excise Duties Drawback Rules, 2017 and All Industry Rates (AIRs) of Drawback related changes -reg. - Circular

Highlight: The definition of "subsidiary company" or "subsidiary" u/s 2(87) of the Companies Act, 2013 shall come into force w.e.f. 20-9-2017

Highlight: Central Government notified the All Industry Rates of Duty Drawback Schedule w.e.f. 1.10.2017 - Notification

Notification: All Industry Rates of Duty Drawback Schedule w.e.f. 1.10.2017

Circular: Investment by Foreign Portfolio Investors in Corporate Debt Securities Review

Notification: Exemptions on supply of services under UTGST Act

Notification: Rates for supply of services under UTGST Act

Notification: Exemptions on supply of services under IGST Act

Notification: Rates for supply of services under IGST Act

Notification: List of Exempted supply of services under the CGST Act

Notification: Rates for supply of services under CGST Act

Highlight: Acceptance of deposits by companies from its members - conditions relaxed in case of Specified IFSC Public company and a private company - Rule 3 amended

Notification: Rate of exchange of conversion of the foreign currency with effect from 8th September, 2017

News: Tax Payers Advised To Confirm Identities Of Income Tax Search Authorities

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

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

Circular: The Customs and Central Excise Duties Drawback Rules, 2017 and All Industry Rates (AIRs) of Drawback related changes -reg.



|| 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