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 →

Shri Heera Chand Jain Versus The ITO, Ward- 1 (3) , Jaipur

Addition on account of alleged statement recorded at the time of survey - Addition on unexplained purchases - Held that:- Find merit in the contentions of the ld. DR and find that these deliberate lapses are attributable to assessee due to distortion of facts as he failed to intimate the adverse order for the assessment year 2003-04 to successor CIT(A). Such non-disclosure may have been one of the reason for the successor CIT(A) to delete the additions. Similarly nonfiling of appeal by the Depar .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

2014 for the assessment year 2003-04 raising therein mainly following grounds:- (i) The ld. CIT(A) has erred in confirming the addition of ₹ 3.00 lacs made to the income of the assessee by the AO on account of alleged statement recorded at the time of survey u/s 133A of I.T. Act, 1961 without appreciating the totality of the facts placed before him. (ii) The ld. CIT(A) has erred in confirming the finding recorded by the AO that assessee has made unexplained purchases of ₹ 17,764/- an .....

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 sale bills from the financial year 203-04 onwards were found and impounded. The assessee never maintained any books of account; the stock on the date of survey was valued at ₹ 12,78,794/- and it was also found that assessee had commenced construction of a house about 06 months back from the date of survey wherein estimated investment of ₹ 15.00 lacs was made. In view of all this assessee, in the statement recorded during the course of survey admitted to offer following income for 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

the said declared income from business at ₹ 22,613/- but additional income of ₹ 92,300/- declared by the assessee as addition u/s 68 and as per calculation made on page 3 of assessment order the AO worked out unexplained purchases of ₹ 17,664/- which was assessed as unexplained expenditure u/s 69C and further made disallowance of ₹ 17,664/- under proviso to Section 69C and besides these the AO also added the amount of ₹ 3.00 lacs on account of income surrendered by .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

The ld. AR of the assessee further contends that the AO in assessment order for 2003-04 and 2004-05 made addition of Rs. 3.00 lacs on the basis of statement of survey without giving any deduction for income surrendered by assessee in return while in A.Y. 2005-06, 2006-07 & 2007-08 the AO made addition of ₹ 6.00 lacs, ₹ 8.00 lacs and ₹ 8.00 lacs respectively but allowed deduction of income surrendered by assessee in return making addition of ₹ 4.50 lacs, ₹ 5.09 l .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

urse of survey amounting to ₹ 12,78,794/- and investment in construction of house amounting to ₹ 15.00 lacs got explained from the accounts prepared and returns filed by assessee for A.Y. 2003-04 to 2008- 09. The addition of ₹ 15,69,673/- in A.Y. 2008-09 made by AO is on account of unexplained investment in house over and above ₹ 15.00 lacs which has been made on the basis of report of Valuation Officer, against which appeal has been filed by assessee which is pending bef .....

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 incumbent. The assessee wantonly did not produce the earlier order for the assessment year 2003-04 passed by ld. CIT(A) before his successors in appeal proceedings for AY 2004-05 to 2007-08. Thus the facts about by the confirmation of additions by ld. CIT(A) for 2003-04 were not disclosed before the successor ld. CIT(A). Thus due to non disclosure of proper facts successor CIT(A) misdirected himself in deleting the additions. As a consequence of distorted facts now there exist two contrary 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

 

 

 

 

 

what is new what is new
  ↓     Latest Happenings     ↓  

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

Forum: GST Invoice

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.

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

Highlight: Penalty u/s 271(1)(c) - additional income disclosure - surrender of income post survey u/s 133A - he disclosure made by the assessee is voluntary in nature, in the revised return - no penalty

Highlight: Reopening of assessment - notice u/s 148 issued on the directions of JCIT / CIT - a perusal of reasons for initiating reassessment proceedings clearly show that they are against the sprit of provisions u/s 147

Highlight: MAT - Adjustment to book profit - computation u/clause (f) of Explanation-1 to section 115JB(2) is to be made without resorting to the computation as contemplated u/s 14A r.w.Rule 8D of I.T. Rules.

Highlight: Addition on account of alleged suppression of service value received - the addition made simply believing the Form 26AS will be an arbitrary exercise of power which cannot be sustained

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

Highlight: Liability to pay duty on import of software - Though no authorization was given by the appellant to DHL, it is an undisputed position that the software has, in fact, been ordered by the appellant and have been delivered to them by DHL - the appellant is to be considered as the importer



|| 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