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 →

Income Tax Officer Versus Shri S.P. Natarajan

Undisclosed deposits in bank account - Held that:- From the order of the CIT(A) it appears that a sum of ₹ 10 lakhs was deposited in bank by Shri Subramanian and not by the assessee. When Shri Subramanian deposited the money and the bank account relates to all the family members, this Tribunal is unable to accept the contention of the ld. DR. Therefore, the CIT(A) has rightly deleted the addition made by the Assessing Officer. When the deposit of ₹ 10 lakhs cannot be added in the han .....

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 appeal of the Revenue and cross objection of the assessee are directed against the order of the Commissioner of Income-tax (Appeals)-2, Tiruchirapalli, dated 17.12.2014 for assessment year 2006-07. 2. The first ground of appeal is with regard to addition of ₹ 10 lakhs. 3. Shri A B Koli, ld. Departmental Representative submitted that the assessee claimed before the Assessing Officer that he received a loan of ₹ 10 lakhs from Shri N Krishnamurthy alias N Vaidyalingam. According to t .....

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 ₹ 10 lakhs was received as loan, the Assessing Officer doubted the explanation of the assessee and made addition of ₹ 10 lakhs u/s 69 of the Act. On appeal by the assessee, the CIT(A) however, found that there was no bank account in the assessee's name and the money deposited in the bank account represent the transaction of all the family members and not the assessee alone. According to the ld. DR, when the assessee claims that he has not taken any loan from any one during 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

matured amount of ₹ 1,51,35,594/-. According to the ld. DR, since the addition of ₹ 10 lakhs was added in the hands of the assessee, the interest accrued has also to be added in the hands of the assessee. 5. On the contrary, Shri Philip George, ld. Counsel for the assessee submitted that the assessee maintains only one bank account for all transactions of the entire family members. Therefore, the deposits and withdrawals made in the bank do not represent the transaction of the asses .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

round of litigation, this Tribunal remanded the matter back to the file of the Assessing Officer. In the meantime, the Assessing Officer reopened the assessment u/s 147 of the Act. According to the ld. Counsel, once the assessment was reopened, the earlier assessment would abate, therefore, the assessment made in the earlier assessment cannot continue. Hence, the assessee has filed cross objection. Since the Department has not claimed that the transaction in the bank account represents the asse .....

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 has to be made in the hands of Shri Subramanian and not in the hands of the assessee. 6. We have considered the rival submissions on either side and also perused the material available on record. The assessee claims that only one bank account was maintained which reflects the transaction of all the family members. This fact is not disputed by the Revenue. The only contention of the ld. DR is that in the earlier proceedings the assessee claimed that no loan was borrowed from any one during 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

 

 

 

 

 

what is new what is new
  ↓     Latest Happenings     ↓  

Forum: GST Invoice

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: Amendments in the notification No.5/2017- Integrated Tax (Rate) dated the 28th June, 2017.

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

Notification: seeks to exempt Skimmed milk powder, or concentrated milk

Article: Websites of Government Departments need lot of improvement. We are noticing detoriations in them for example, case of website of ITAT.

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.

Article: RCM Applicability to persons not liable to get registered us 23(1)

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.

Article: Credit of unsold stock [Section 140(3)] - Actual Credit as well as Notional Credit - Part-I - GST Transitional provisions

News: Notification Issued For GST Actionable Claim On Branded Food Products

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

Forum: Duty Drawback- Urgent

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.

News: GST implementation smoother than expected: Jaitley

Forum: GST - TRAN1 - filed - Data uploaded with Remarks Processed with Error - Not coming in Electronic credit ledger - need suggession guidance

Forum: 3B mistake

Forum: Input tax credit

Forum: Excise duty credit on finished stock at additional place of business.

Forum: Due date of Filing TRAN-1

Highlight: Diversion of income at source - Joint venture agreement - 97% of the receipt transfer to M/s TRG Industries (P) Ltd. - scope of the agreement - it is diversion by overriding title - not taxable in the hands of assessee - HC

Highlight: Expenditure on eligible projects or schemes u/s 35AC - After 01.04.2017 the legislature desired to withdraw such deduction. - The Union legislature was competent to introduce such amendment - HC

Highlight: Transfer of trading assets at cost price, the profit component also stood transferred to the outgoing Directors, which otherwise belonged to the Company - the fact that AO has made the addition in the hands of the Directors would not make any difference - additions confirmed - HC

Highlight: The interest u/s 234B of the Act cannot go beyond the stage of S.245D(I) before the Settlement Commission - HC

Highlight: Galvanized iron pipe is a different commercial commodity than a iron pipe, therefore the activity of galvanization in our considered opinion amounts to manufacture - Deduction u/s 80-IB allowed - HC

Highlight: Penalty u/s 271C - non deduction of TDS on interest paid to sister concerns in terms of Section 194A - Levy of penalty confirmed - HC

Highlight: Disallowance of interest - reference to section 179 - The legislature has also recognised, that the doctrine of lifting of veil in the matter of tax dues is to be applied to prevent fraud etc. and not where the company has suffered despite its normal bona fide function. - HC

News: RBI Reference Rate for US $

Notification: Amendment in Notification No. S.O. 3118(E), dated the 3rd October, 2016

Highlight: Discount on ESOP to be allowed as business expenditure u/s 37(1), during the years of vesting on the basis of percentage of vesting during such period, subject to upward or downward adjustment at the time of exercise of option.



|| 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