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 →

Sudhir S. Jhunjunwala HUF Versus ACIT

Assessment u/s. 144 - unexplained cash purchases/sales - additions/disallowances as unexplained income - Held that:- Commissioner of Income Tax (Appeals) duly examined the facts u/s. 68 along with various case laws and finally affirmed the additions as unexplained income u/s. 68 of the Act by examining each assessment year separately. We are satisfied with the reasoning contained in the impugned order under the facts and the circumstances available on record. We have also examined the material a .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

as nothing to say in his defence. Thus, we find no infirmity in the conclusion drawn by the ld. Commissioner of Income Tax (Appeals), consequently all these appeals are having no merit, therefore, dismissed. - Decided against assessee. - ITA NO.657 to 660/Mum/2011, ITA NO.662 to 663/Mum/2011, ITA NO.665/Mum/2011 - Dated:- 13-3-2015 - Shri Joginder Singh And Shri Sanjay Arora JJ. For the Appellant : None For the Respondent : Smt. Heena Singh Pandey - ORDER Per Joginder Singh (Judicial Member): Al .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

xcess of ₹ 20,000/-, made in cash of the respective assessment years. 2. During hearing of the appeals, Nobody was present for the assessee whereas Mrs. Heena Singh Pandey, ld. CIT-DR was present for the revenue . We note that on 24/8/2013 nobody was present for the assessee, therefore, registered AD notice was sent to the assessee. On 12.12.2013, these appeals were adjourned to 12.2.2014. at the request of the assessee. On 3.6.2014, at the request of the assessee adjournment was made for .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

resented the assessee . Thus, we are constrained to proceed ex-parte qua the assessee and tend to dispose off these appeals on the basis of material available on record. The ld. CITDR contended that even before the Assessing Officer the assessee never co-operated and finally ex-parte assessment u/s. 144 of the Act was framed. Likewise, before the ld. First appellate authority the assessee did not file necessary details, that too, inspite of repeated opportunity, therefore, the assessee is a habi .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

he specified time, therefore, notice u/s. 271F was issued for non-filing of return on 28.7.2009. Ultimately, final opportunity was granted vide letter issued on 6.10.2009. Notice u/s. 142(1) along with annexure was served upon the assessee . There was no compliance by the assessee . On one occasion the assessee attended but did not file any return. Inspite of so many opportunities/notices the assessee neither filed its return nor filed the requisite details. Ultimately, the Assessing Officer fra .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

lained income(Rs.) Disallowance made u/s.40A(3)(Rs.) 2002-03 5,45,600 92,020 2003-04 5,90,100 1,00,070 2004-05 6,75,500 1,06,025 2005-06 6,90,830 1,08.104 2006-07 6,74,970 1,04,440 2007-08 6,98,940 1,12,345 2008-09 7,68,834 1,23,579 3.1 The ld.AO examined the seized material /impounded material and also on the basis of available record he made the assessment u/s. 144 of the Act on the reasoning contained para 5.1 of the assessment order by concluding that the assessee group was indulging in unex .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ference:- 2.3.1. I have carefully and dispassionately considered the facts and circumstances of the case. The appellant has not been attending to notices and opportunities given to them as discussed by the Assessing Officer on page 1 and 2 of the impugned assessment order. Ld. Assessing Officer issued notice u/s.153A on 3/11/2008, u/s.271F on 28/7/2009. Opportunity letter on 4/8/2009, second opportunity letter on 6/10/2009 and then notice u/s.142(1) on 9/11/2009. Unfortunately, the appellant nev .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

/5/2010. Nobody attended on 25/5/2010 and another opportunity was given to the appellant. Ld. AR furnished third adjournment letter vide letter dated 8/6/2010 and the appeal was adjourned to 29/6/2010. Fourth adjournment letter was furnished by letter dated 18/6/2010 and the appeal was adjourned to 7/7/2010 at 10.30 A.M. Fifth letter of adjournment was furnished on 6/7/2010 and on Ld. AR's request appeal was adjourned to 5/8/2010 at 11.30 A.M. Sixth letter of adjournment was furnished on 4/8 .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ng paragraphs. Appeal was adjourned to 22/9/2010 at his request. Ld. AR vide their letter eighth letter of adjournment dated 20/9/2010 requested for another adjournment and on their request last and final hearing was granted to the appellant on 12/10/2010 for final argument. Ld. AR Shri Jaidev, Advocate and partner of M/s. M.L. Bhuwania & Co. attended and again no details could be furnished. Again, on his request last and final opportunity was granted to the appellant and their Ld. ARs for f .....

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     ↓  

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

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

Forum: GST Invoice

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.

News: GST implementation smoother than expected: Jaitley

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

Forum: 3B mistake

Forum: Input tax credit

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

Forum: Due date of Filing TRAN-1

Highlight: Diversion of income at source - Joint venture agreement - 97% of the receipt transfer to M/s TRG Industries (P) Ltd. - scope of the agreement - it is diversion by overriding title - not taxable in the hands of assessee - HC

Highlight: Expenditure on eligible projects or schemes u/s 35AC - After 01.04.2017 the legislature desired to withdraw such deduction. - The Union legislature was competent to introduce such amendment - HC

Highlight: Transfer of trading assets at cost price, the profit component also stood transferred to the outgoing Directors, which otherwise belonged to the Company - the fact that AO has made the addition in the hands of the Directors would not make any difference - additions confirmed - HC

Highlight: The interest u/s 234B of the Act cannot go beyond the stage of S.245D(I) before the Settlement Commission - HC

Highlight: Galvanized iron pipe is a different commercial commodity than a iron pipe, therefore the activity of galvanization in our considered opinion amounts to manufacture - Deduction u/s 80-IB allowed - HC

Highlight: Penalty u/s 271C - non deduction of TDS on interest paid to sister concerns in terms of Section 194A - Levy of penalty confirmed - HC

Highlight: Disallowance of interest - reference to section 179 - The legislature has also recognised, that the doctrine of lifting of veil in the matter of tax dues is to be applied to prevent fraud etc. and not where the company has suffered despite its normal bona fide function. - HC

News: RBI Reference Rate for US $

Notification: Amendment in Notification No. S.O. 3118(E), dated the 3rd October, 2016

Highlight: Discount on ESOP to be allowed as business expenditure u/s 37(1), during the years of vesting on the basis of percentage of vesting during such period, subject to upward or downward adjustment at the time of exercise of option.

Notification: Central Government appoints the 20th September, 2017 as the date on which proviso to clause (87) of section 2 of the Companies Act 2013, shall come into force

Notification: Companies (Restriction on number of layers) Rules, 2017

Highlight: Penalty u/s 271(1)(c) - additional income disclosure - surrender of income post survey u/s 133A - he disclosure made by the assessee is voluntary in nature, in the revised return - no penalty

Highlight: Reopening of assessment - notice u/s 148 issued on the directions of JCIT / CIT - a perusal of reasons for initiating reassessment proceedings clearly show that they are against the sprit of provisions u/s 147

Highlight: MAT - Adjustment to book profit - computation u/clause (f) of Explanation-1 to section 115JB(2) is to be made without resorting to the computation as contemplated u/s 14A r.w.Rule 8D of I.T. Rules.

Highlight: Addition on account of alleged suppression of service value received - the addition made simply believing the Form 26AS will be an arbitrary exercise of power which cannot be sustained

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

Highlight: Liability to pay duty on import of software - Though no authorization was given by the appellant to DHL, it is an undisputed position that the software has, in fact, been ordered by the appellant and have been delivered to them by DHL - the appellant is to be considered as the importer



|| 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