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 →

Gyarsi Lal Vijay Versus CIT & Others

Penalty u/s.271 (D) - deemed income u/s 68 versus loan or deposits u/s 269SS - Held that:- If any sum is found credited in the books of account and the assessee fails to offer satisfactory explanation regarding the nature and source so offered by him or fails to tender satisfactory explanation, the said amount can be treated as deemed income of the assessee, in our view once it has been held as deemed income of the assessee or an addition u/s.68, has been made the character of the said amount/ad .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

JUDGMENT ( Per Ranka, J. ) 1. Instant income tax appeal u/s.260A of the Income Tax Act, 1961 is directed against the order dt.26.9.2001 passed by Income Tax Appellate Tribunal, Jaipur Bench, Jaipur. It relates to the assessment year 1991-92. Following question of law was admitted by this Court :- "Whether on the facts and in the circumstances of the case the tribunal was justified in sustaining the penalty of ₹ 20000/- u/s.271 (D) of the Income Tax Act 1961 ?" 2. The brief facts .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

posit and the AO made a separate addition of ₹ 20000/- by invoking provisions of section 68. The said addition u/s.68 was confirmed by the CIT (A) as also by the Tribunal. 3. Proceedings for initiation of penalty u/s.271-D was initiated on the premise that the said amount of ₹ 20,000/- having been received in cash from Smt. Rukmani Devi, wife of the appellant is in violation on provisions of section 269-SS, penalty as such u/s.271-D was imposable. A show cause notice was issued and i .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

as a cash credit u/s.68 and separate addition of ₹ 20,000/- was made u/s.68 and once it has been held to be deemed income of the assessee it cannot be treated for the purposes of section 269-SS as a loan or deposit and thus this found favour with the CIT (A), who deleted the penalty. 5. The revenue assailed the said deletion before the Tribunal however the Tribunal upheld the penalty by holding that violation of section 269-SS and section 68 are two separate cause of action and even if it .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ly he contended that there is a reasonable cause as the transaction is in between husband and wife and there can always be inter se transaction between husband and wife on account of a bonafide belief that either spouse can deposit certain amount taking into consideration the close relationship. He further contended that once it has been held to be deemed income of the assessee u/s.68, it becomes real income of the assessee, then the character of the said amount does not remain as a loan or depo .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ts and therefore addition of ₹ 20,000/- was made. Since the said amount was shown as amount having been received in cash, therefore, there was violation of section 269-SS as well and admittedly the amount has been received from wife and it could not be anything except loan or deposit and the amount being in excess of the prescribed limit u/s.269-SS, penalty has been rightly sustained by the Tribunal. 8. We have considered the arguments advanced by the counsel for the parties, in our view 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

und credited in the books of an assessee maintained for any previous year, and the assessee offers no explanation about the nature and source thereof or the explanation offered by him is not, in the opinion of the [Assessing] Officer, satisfactory, the sum so credited may be charged to income-tax as the income of the assessee of that previous year : [Provided that where the assessee is a company (not being a company in which the public are substantially interested), and the sum so credited consi .....

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: 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.

Forum: 3B mistake

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.

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

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

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.

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

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: Due date of Filing TRAN-1



|| 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