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-XIII Versus Ashwani Kumar

Addition on consignment purchases made by the assessee - CIT(A) deleted the addition confirmed by ITAT - Held that:- CIT (A) held that the single instance did not call for complete rejection of the Assessee’s books of accounts. The CIT(A) gave a further opportunity to the Assessee to explain the discrepancy since the P&L Account was debited to an extent of ₹ 11,43,016/- towards ‘own purchase’, whereas the sale of milk had been shown as consignment sale to Apollo Hospital. The Assessee then .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

an incorrect figure had been given by the Assessee by mixing the figures of monthly sales with monthly purchases in some months or by mixing up opening or closing stock at the end of the month with the relevant monthly purchases. The actual closing stock out of the consignment purchases amounted to ₹ 31,755/- which had been duly disclosed in the balance sheet. The An explanation offered by letter dated 15th February, 2006 had been accepted by the AO. The figures had been corrected on 22nd .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

id S/o Fazal, who had been summoned was a wrong person and he had denied having a dealing with the Assessee. This was supported by a letter dated 9th March, 2006 of the Chartered Accountant. It was also urged before the CIT (A) that no serious attempt was made to summon vendors who lived in remote areas of UP and Haryana. The CIT (A) then asked the AO to conduct another inquiry and send a report. This report showed that the transactions were conducted with fourteen of the creditors in cash. 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

TA No. 183/2013 - Dated:- 16-11-2015 - S. Muralidhar And Vibhu Bakhru, JJ. For the Petitioner : Mr. Kamal Sawhney, Senior Standing Counsel with Mr. Raghvendra Singh, Junior Standing Counsel and Mr. Shikhar Garg, Adv For the Respondent : Mr. M.P. Rastogi and Mr. K.N. Ahuja, Adv ORDER 1. This appeal under Section 260A of the Income Tax Act, 1961 (the Act) by the Revenue is directed against the order dated 18th May, 2012 passed by the Income Tax Appellate Tribunal (ITAT) in ITA No.1513/Del/2007 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

it worthiness and genuineness of the transactions with the assessee's creditors had not been duly established?" 2. The Assessee is engaged in the business of supply of milk and milk products. The Assessee also trades in the said products on consignment basis, acting as a commission agent for supply of such items directly by the vendors to reputed hospitals, hotels, restaurant, etc. The manufacturing unit/works of the Appellant is located in a DDA flat in Motia Khan, Delhi. 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

of income for the AY in question on 31st October, 2003. The return was picked up for scrutiny and a questionnaire was sent to the Assessee on 29th November, 2004. 4. Apropos the two issues that have been urged by the Revenue for consideration in this appeal, a perusal of the assessment order dated 30th March, 2006 passed by the Assessing Officer (AO) reveals that pursuant to the questionnaire, by a letter dated 15th February, 2006, the Assessee informed the AO that the consignment purchases and .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

o thirteen (13) consignment vendors under Section 133(6) of the Act. Of the 13 notices issued, 6 were returned unserved by the postal authorities. The Assessee produced four of the consignment vendors whose statements were recorded by the AO under Section 131 of the Act. The AO concluded that the alleged consignment purchases and sales were actually the own trading of goods of the Assessee which had been introduced in the books of accounts. Accordingly the AO rejected the books of accounts as ma .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

income. 5. Another issue considered by the AO was the amount owed to creditors shown as ₹ 1,02,72,113/-. The AO concluded that the Assessee could not demonstrate the identity, genuineness and creditworthiness of the said creditors and directed the addition of ₹ 1,02,72,113/- to the income of the assessee on account of bogus creditors shown in the books under the garb of consignment vendors. Besides the aforementioned creditors, the AO also considered the issue of further three credi .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

documents such as sales tax assessment order, confirmed copies of accounts from vendors etc. A remand report was submitted thereon by the AO on 11th December, 2006. It was noted by the CIT (A) that the AO did not rebut the additional evidence tendered by the Assessee. The CIT(A) observed that it was clear from the report of the AO that the consignment vendors whose statements were recorded admitted to having supplied milk and milk products to different parties on consignment basis on which the 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

16/- towards own purchase , whereas the sale of milk had been shown as consignment sale to Apollo Hospital. The Assessee then filed a chart giving the break-up of the sale of milk to Apollo Hospital which showed that the purchase of the milk sold to it was already debited to the P&L Account. However, the sales of milk worth ₹ 21,65,485/- made to Apollo Hospital was not included in the P&L Account. After accounting for the commission income at 0.94 per cent the net addition of ͅ .....

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 balance sheet. The An explanation offered by letter dated 15th February, 2006 had been accepted by the AO. The figures had been corrected on 22nd March, 2006 during the course of assessment proceedings. On this a remand report was requisitioned. After considering the report of the AO the CIT (A) was satisfied that the discrepancy in the figures had been satisfactorily explained by the Assessee and accordingly deleted the said addition. 8. As regards the addition of ₹ 1,22,52,846/- on th .....

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     ↓  

Forum: GST on RCM on rent in a unregistered state

Forum: COMPOSITION SCHEME

Forum: Input Tax Credit - Reg

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.

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.

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.

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

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

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