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 →

COMMISSIONER OF INCOME TAX Versus RITESH AGRAWAL (SIMHAL)

Unaccounted transaction - AO made the addition on this issue on the basis of loose papers found during course of the search which are not included in the documents BS-1 to BS-8 - ITAT deleted the addition - Held that:- the assessee made detailed submission before the ld. CIT(A) noted above explaining each and every loose paper which are found recorded in BS-1 to BS-8. The papers and tabulations of the assessee were forwarded to the AO for his comments in which AO has not pointed out any mistake. .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

nts BS-1 to BS-8. It is settled law that in the block assessment, addition could be made on the basis of evidence recorded and found during course of the search. The submission of the ld. DR shows that even if some loose papers are recovered during course of the search, the computation of undisclosed income should be computed for whole of the block period. Such a submission itself would prove and support the findings of the fact recorded by ld. CIT(A) that there is no basis whatsoever in making .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

old ornaments weighing 1587.472 grams and unrecorded sales of ₹ 60,790/- are not recorded in the books of account as well as in BS-1 to BS-8. The ld. CIT(A) took the value of the same as 6,98,488 and applied n.p rate of 13% and make the addition of ₹ 90,903/- and further addition of ₹ 34,000/- being investment in the aforesaid sales. We have applied n.p rate of 3% in the case of the assessee being wholesale dealer. The same rate is applicable on this issue also therefore for un .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

orities below to take the profit on undisclosed sales at ₹ 22,830/- as against ₹ 1,85,593/- sustained by the ld. CIT(A) - Decided in favour of assessee. - ITA-78-2009 - Dated:- 7-7-2015 - RAJENDRA MENON AND SUSHIL KUMAR GUPTA, JJ. For The Appellant : Shri Sanjay Lal ORDER This is revenue appeal under section 260-A of the Income Tax Act, calling in question the concurrent orders passed by the Income Tax Appellate Tribunal and Commissioner (Appeals). The premises of the assessee, deali .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

t the order passed by the appellate authorities in deleting an addition of ₹ 1,04,14,407/- on the ground of unaccounted transaction referred by the Assessing Officer, which was recorded in the seized documents BS-1 to BS-8, and by ignoring the same, reduction of the amount is said to be unsustainable. Shri Sanjay Lal, learned counsel for the appellant, referring to the order of the Assessing Officer and the manner in which the entries made in the seized documents, indicated in BS-1 to BS-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

/- is worked out as per documents BS-1 to BS-8 as against an income of ₹ 1,45,06,000/- computed by the Assessing Officer. As regards further addition made by the Assessing Officer on account of peak investment amounting to ₹ 4,56,80,360/-, in my view, such huge addition of ₹ 4,56,80,360/- looking to the nature of business transactions found unrecorded in documents BS-1 to BS-8 appears to be too high. Peak investment is usually worked out when similar transactions are recorded o .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

conducted by the appellant where there is a quick turnover, I consider it fair and reasonable if addition on account of unexplained investment for doing unrecorded turnover as found recorded in documents BS-1 to BS-8 is taken at ₹ 30,00,000/- as against the peak investment taken by the Assessing Officer at ₹ 4,56,80,360/-. Thus, appellant will get relief of ₹ 5,03,48,756/- [(Rs.1,45,60,000/- + ₹ 4,56,80,360/-) (Rs.68,91,604/- + ₹ 30,00,000/- )]. Further, after cons .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

to BS-8. The detailed explanation of the assessee and tabulation with reference to BS-1 to BS-8 are reproduced by ld. CIT(A) at pages 22 to 51 of the appellate order. The papers and tabulations of the assessee were forwarded to the AO for his comments in which AO has not pointed out any mistake. The ld CIT(A) also verified the facts himself and gave a categorical finding that most of the transactions on documents/loose papers discussed by the AO in para 10 of the assessment order are found reco .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

erefore do not find any justification to interfere in the order of the ld. CIT(A) as regards the transaction entered into the documents BS-1 to BS-8. It is settled law that in the block assessment, addition could be made on the basis of evidence recorded and found during course of the search. The submission of the ld. DR shows that even if some loose papers are recovered during course of the search, the computation of undisclosed income should be computed for whole of the block period. Such a su .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

any investment in making those unrecorded sales. If the sales are there, there are bound to be purchases. The income however could be computed on the basis of unrecorded sales made outside the books of account for which evidence is recovered. The ld. CIT(A) on going through the submission of the assessee and material on record noted that the transactions relating to the sale of gold ornaments weighing 1587.472 grams and unrecorded sales of ₹ 60,790/- are not recorded in the books of accou .....

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 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

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

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