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 →

The Commissioner of Income Tax-II, Amritsar Versus Sh. Indra Sen Aggarwal

2015 (9) TMI 1052 - PUNJAB & HARYANA HIGH COURT

Genuineness of the deposits and withdrawals made by the assessee in his bank accounts - revision order u/s 263 of CIT(A) set aside by ITAT observing that he was not justified in cancelling the assessment made by the Assessing Officer under Section 143(3) - Held that:- The entirety of the facts were required to be gone before upsetting the order of the CIT by the Tribunal. Further, the order dated 30.7.2012 (Annexure A-3) passed by the Tribunal is not a speaking order giving detailed reasons allo .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

d to deal with all aspects of factual matrix and then record its conclusions based thereon.

Thus the order of ITAT does not satisfy the requirements of being a reasoned order as enunciated by the Apex Court in M/s Kranti Associates Pvt. Ltd's case (2010 (9) TMI 886 - SUPREME COURT OF INDIA), noticed herein above - matter is remanded to the Tribunal for fresh adjudication - Decided in favour of revenue for statistical purposes. - ITA No. 40 of 2013 (O&M) - Dated:- 27-8-2015 - Ajay Kuma .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ing the following substantial question of law:- On the facts and in the circumstances of the case, Hon'ble ITAT passed the order without considering the facts available on the record that no enquiries were made to verify the genuineness of the deposits and withdrawals made by the assessee in his bank accounts. 2. The facts, in brief, necessary for adjudication of the instant appeal as narrated therein are that the assessee filed his return on 6.11.2007 for the assessment year 2007-08 in 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

sessment de novo after affording fresh opportunity to the assessee. Feeling aggrieved, the assessee filed an appeal before the Tribunal who vide order dated 30.7.2012 (Annexure A-3) allowed the appeal and set aside the order of the CIT passed under Section 263 of the Act. Hence, the present appeal by the revenue. 3. We have heard learned counsel for the parties. 4. Learned counsel for the revenue submitted that the Tribunal while reversing the findings of the CIT had not passed the reasoned spea .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

(P&H). 5. On the other hand, learned counsel for the assessee supported the order passed by the Tribunal and prayed for dismissal of the appeal. The learned counsel has placed reliance upon the following judgments:- I. Malabar Industrial Co. Ltd. v. Commissioner of Income Tax (2000) 243 ITR 83 (SC) II. Commissioner of Income Tax v. Max India Ltd. (2007) 295 ITR 282 (SC) III. Commissioner of Income Tax v. Munjal Castings (2008) 2 DTR Judgments 20 (P&H) IV. Commissioner of Income Tax v. U .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

by an authority whether administrative, quasi judicial or judicial, had laid down as under:- "17. The expression 'speaking order' was first coined by Lord Chancellor Earl Cairns in a rather strange context. The Lord Chancellor, while explaining the ambit of Writ of Certiorari, referred to orders with errors on the face of the record and pointed out that an order with errors on its face, is a speaking order. (See 1878-97 Vol. 4 Appeal Cases 30 at 40 of the report). 18. This Court alw .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

rt of its conclusions. (c) Insistence on recording of reasons is meant to serve the wider principle of justice that justice must not only be done it must also appear to be done as well. (d) Recording of reasons also operates as a valid restraint on any possible arbitrary exercise of judicial and quasi-judicial or even administrative power. (e) Reasons reassure that discretion has been exercised by the decision maker on relevant grounds and by disregarding extraneous considerations. (f) Reasons 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

ciple that reason is the soul of justice. (i) Judicial or even quasi-judicial opinions these days can be as different as the judges and authorities who deliver them. All these decisions serve one common purpose which is to demonstrate by reason that the relevant factors have been objectively considered. This is important for sustaining the litigants' faith in the justice delivery system. (j) Insistence on reason is a requirement for both judicial accountability and transparency. (k) If a Jud .....

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 judicial powers. Transparency in decision making not only makes the judges and decision makers less prone to errors but also makes them subject to broader scrutiny. (See David Shapiro in Defence of Judicial Candor (1987) 100 Harward Law Review 731-737). (n) Since the requirement to record reasons emanates from the broad doctrine of fairness in decision making, the said requirement is now virtually a component of human rights and was considered part of Strasbourg Jurisprudence. See (1994) 19EHR .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ess". 7. According to the revenue, the assessee had declared short term capital loss of ₹ 1,83,68,197/- on the sale of equity shares and long term capital loss amounting to ₹ 22,77,400/- on sale of long term investment in equity shares. The assessee had made deposits to the tune of ₹ 97.50 lacs and withdrawals amounting to ₹ 94,96,560/- from account No. 006601508908 on different dates. The source of credit entries in the bank account was not explained by the assessee .....

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
  ↓     bird's eye view     ↓  


|| 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