GST Helpdesk   Subscription   Demo   New User   Login      
Tax Management India .com
TMI - Tax Management India. Com
Extracts
Home List
← Previous Next →

2016 (1) TMI 182 - GUJARAT HIGH COURT

2016 (1) TMI 182 - GUJARAT HIGH COURT - TMI - Peak credit - undisclosed bank account - ITAT deleted the addition - Held that:- CIT (A) and Tribunal committed no error. There was nothing with the department to suggest that entire deposit of ₹ 2.46 crores represents the income of the assessee. CIT (A) instead of adding 1% of ₹ 2.46 crores adopted peak credit theory, which was also upheld by the Tribunal. No question of law arises. - Decided against revenue - Tax Appeal No. 908 of 2015 .....

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 facts that the undisclosed bank account had total credit entries of ₹ 2,46,75,333/- and the source of the same was never substantiated / proved by the assessee either at the assessment proceedings or appellate proceedings?" (B) "Whether on the facts and circumstances of the case and in law, the ITAT was justified in ignoring the decision of Gujarat High Court delivered in case of CIT-1 Vs. Sarwantkumar Sharma, (2014) 49 taxman 101 (Gujarat) which is squarely applicable 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

a that he was earning only 1% commission on the total turnover and therefore, only such amount which represents 1% of the total deposit be added as income. 3. CIT (A) did not accept the assessee's plea of income of 1% by way of commission and at the same time, also did not accept the Assessing officer's addition of the entire amount of ₹ 2.46 crores credited in these two bank accounts. He instead added 1% of ₹ 2.46 crores on the basis of peak credit in two accounts. This appr .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 



|| 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