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PR. Commissioner of Income Tax Versus Pawan Kumar Bansal

Assessment of undisclosed income - addition on the basis of noting on the loose papers recovered during search or on account of a statement recorded of the Respondent Assessee during the course of search - ITAT deleted addition - Held that:- There is no retraction as such by the company of its letter dated 1st September 2006 or of any of the other statements made subsequently. Further, the statement made by the Respondent Assessee on 12th September 2006 in response to Question No.3 which require .....

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the Respondent Assessee that the above income had been earned by him in his individual capacity. The cumulative effect of the letter dated 1st September, 2006 and both the statements rendered them unreliable. There was no other corroborative material. In the circumstances, the course adopted by the CIT (A), and concurred with by the ITAT, to determine the undisclosed income on the basis of loose papers found during the search does not appear to be erroneous. - Decided against revenue. - ITA No. .....

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e ITAT erred in upholding the order of the Commissioner of Income Tax (Appeals) [CIT(A)] which in turn held that the income of the Respondent Assessee was to be determined on the basis of the undisclosed income as per the noting on the loose papers recovered during search and consequently deleted the addition of ₹ 3,07,00,000/- which was made on account of a statement recorded of the Respondent Assessee during the course of search. 3. The central plank of the Revenue's case is a letter .....

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Respondent Assessee in his individual capacity. 4. It transpires that the above letter was followed by other letters and statements made on 8th and 12th September 2006. The ITAT has pointed out a contradiction in the answers given in the subsequent statements by the Respondent Assessee where he suggested that the said income of ₹ 7 crores was partly earned by him and partly by Mr. Mahesh Kumar Gupta. The ITAT in the impugned order has pointed out that the Department did not confront the A .....

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hat the only addition which can be sustained is ₹ 7, 90,000. 5. Mr. Rohit Madan, learned Senior Standing counsel for the Revenue placed reliance on the decision of the Allahabad High Court in S.C. Gupta v. Commissioner of Income Tax [2001] 248 ITR 782 (All) and submitted that even a retracted statement made during the course of search could form the basis of an assessment. 6. The Court finds that the said decision is distinguishable in its application to the facts of the present case. Ther .....

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Forum: Manpower Service provider

Forum: Due date of Filing TRAN-1

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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

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Notification: All Industry Rates of Duty Drawback Schedule

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

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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

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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.

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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.

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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: Construction of single unit bungalow

Article: SIMPLIFIED E-WAY BILL UNDER GST

Article: SERVICES UNDER REVERSE CHARGE UNDER GST REGIME

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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



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