Subscription   Feedback   New User   Login      
Tax Management India .com
TMI - Tax Management India. Com
Forum Articles Highlights TMI Notes SMS News What's New Calendar Imp. Links Database More...
Extracts
Home List
← Previous Next →

Shri S.J. Suryah Versus The Income Tax Officer, Media Ward III, Chennai

Unexplained investment under section 69 - Held that:- Had it been genuine transaction, the assessee should have been explained the entire transaction between the assessee and Shri Prasad Potluri and the circumstances under which it was paid by Shri Prasad Potluri to the assessee on behalf of Indira Production Pvt. Ltd. Further, the Assessing Officer during the course of assessment requested Indira Production Pvt. Ltd. for the personal appearance and explains it. But, instead of personal appearan .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

roperly explained. Therefore, the provisions of section 69 of the Act was rightly invoked by the Assessing Officer and confirmed by the ld. CIT(A). - Decided against assessee - Adhoc addition towards gross remuneration for “Kushi” – Hindi version of movie - Held that:- Admittedly, in this case, the assessee has filed a statement before us confirming the receipt of income from Narasimha Enterprises owned by Shri Bonny Kapoor for ₹.1,15,96,414/-. In addition to this, it is to be noted 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

ider the revised computation of income for the assessment year 2002-03 with reference to the income at ₹.1,27,28,414/- subject to our finding in para 3.5 herein below. In other words, the assessee is not entitled for loss of ₹.11 lakhs in respect of “Kushi” Telugu movie. - Decided in favour of assessee - I.T.A.No.1863/Mds/2014 - Dated:- 27-7-2016 - Shri Chandra Poojari, Accountant Member and Shri Duvvuru RL Reddy, Judicial Member For The Appellant : Shri T. Banusekar, C.A. For The Re .....

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 Brief facts of the case are that at the time of assessment proceedings, the Assessing Officer found that the assessee has deposited an amount of ₹.30 lakhs in his bank account maintained in Dena Bank, T. Nagar Branch, Chennai in account No. 10728, which had been invested on the same day in the fixed deposit in FD/4461/3 on 21.12.2001. The Assessing Officer has called for explanation for this amount regarding source and nature of the transactions. The assessee has not filed any details b .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

n amount of ₹.30.00 lakhs was passed on to the assessee on 14.12.2001 by way of journal entry paid to the assessee through Shri Prasad Potluri on behalf of the company. According to the ld. AR, the said amount was received by the assessee from Indira Production Pvt. Ltd. through Shri Prasad Potluri and it has to be considered as explained. The ld. DR has submitted that the evidence brought on record was not sufficient to hold that the source of ₹.30 lakhs is properly explained. 2.3 W .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

There is no counter confirmation from Shri Prasad Potluri. Had it been genuine transaction, the assessee should have been explained the entire transaction between the assessee and Shri Prasad Potluri and the circumstances under which it was paid by Shri Prasad Potluri to the assessee on behalf of Indira Production Pvt. Ltd. Further, the Assessing Officer during the course of assessment requested Indira Production Pvt. Ltd. for the personal appearance and explains it. But, instead of personal ap .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

not properly explained. Therefore, the provisions of section 69 of the Act was rightly invoked by the Assessing Officer and confirmed by the ld. CIT(A). Thus, we find no infirmity in the orders of authorities below on this issue and accordingly, the same is confirmed. 3. The next ground raised in the appeal of the assessee is that the ld. CIT(A) has erred in confirming the addition of ₹.1 crore as income of the assessee based on the statement of Shri Bonny Kapoor without considering the f .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ssued to the assessee after survey conducted at the premises of the assessee on 04.09.2003 and issued a notice under section 148 of the Act on 30.03.2004. The assessee received remuneration for the Hindi version of film Kushi of ₹.50 lakhs from Shri Bonny Kapoor and claimed an expenditure of ₹.10 lakhs. The net income shown was ₹.40 lakhs. Against enquiry with Shri Bonny Kapoor, who has stated that the original agreement for directing Hindi version of Kushi , it was agreed 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

e time of assessment, the assessee filed revised computation of income which reads as under: Rs. Income admitted as return dated 15.09.2004 40,00,000 Add: Amount paid treated as advance originally 05.10.2001 10,00,000 02.11.2001 10,00,000 12.02.2002 5,00,000 01.04.2002 10,00,000 Difference in statement treated as personal and not related profession as per statement 16,25,028 Outstanding payment due 34,13,386 85,38,414 Sri Surya Movies: Telugu Kushi remunerations 13,00,000 1,38,38,414 Less: Loss .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

83,00,000 Less: Office expenses and air ticket 14,61,586 Assessed income 1,68,34,414 3.2 Before the ld. CIT(A), the assessee challenged the ad-hoc addition of ₹.1.00 crore towards gross remuneration for Kushi - Hindi version of movie. The ld. CIT(A) confirmed the addition of ₹.1.00 crore. 3.3 Against this, the assessee is in appeal before the Tribunal. 3.4 We have heard both sides, perused the materials on record and gone through the orders of the authorities below. The contention 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

 

 

 

 

 

  ↓     Latest Happening     ↓  

Forum: GST rates on mobile recharge business

Forum: Cess paid instead of SGST

Circular: Constitution of National Anti-profiteering Authority (NAA) under GST-reg.

Forum: import purchase

Highlight: Sharing of expenses - BAS - promotion of business of group companies - sharing of expenditure for common facilities cannot be treated as service by one to another in such arrangement.

News: RBI Reference Rate for US $

Forum: 3B mistake

Forum: Input credit of gst paid on urd

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

Circular: Certain Clarifications sought on Construction Services provided in the Real Estate Sector – reg.

Forum: transfer of shares

Forum: Input tax credit

News: Anti-dumping duty on import of bus/truck tyres from China

News: Fast-track GST refund, else ₹ 65K cr may be stuck: Exporters

Highlight: It is open to the Settlement Commission to use best judgment in arrival of the figure. Nonetheless it has to explain the manner in which the best judgment figure has been arrived at by the Settlement Commission - HC

Highlight: Deemed dividend u/s 2(22)(e) - advances given to societies - in the absence of legal right of the assessee in the said society the amount advanced cannot be treated as deemed income.

Highlight: When electrical installations are treated as plant and machinery the depreciation has to be allowed @ 25% as per provisions contained u/s 32

TMI Note: Capital Gain - transfer of right in the land or transfer of land itself - addition u/s 50C - Harassment to the honest tax payers

Highlight: Option to avail composition scheme under GST by electronically filing an intimation in FORM GST CMP-02 and FORM GST ITC-03 upto 30-9-2017 - See Rule 3(3A)

TMI Note: Does ICDS apply for the purposes of computing exemption u/s 11 to 13.

Highlight: Voluntary Reporting of Estimated Current Income and Advance Tax Liability - CBDT issues draft notification

TMI Note: Certain ICDS provisions are inconsistent with judicial precedents. Whether these judicial precedents would prevail over ICDS.

Highlight: Provisions of ICDS shall prevail w.e.f. AY 2017-18 to the transactional issues dealt therein over earlier judicial pronouncements.

Notification: Levy of anti dumping duty on New/unused pneumatic radial tyres with or without tubes and/or flap of rubber (including tubeless tyres) having normal rim dia code above 16 originating in, or exported from China PR

News: Voluntary Reporting of Estimated Current Income and Advance Tax Liability

TMI Note: In case of conflict between ICDS and other specific provisions of the Income-tax rules, 1962 governing taxation of income like rules 9A, 9B etc. of the Rules, which provisions shall prevail.

TMI Note: Does ICDS apply to computation of Minimum Alternate Tax (MAT) u/s 115JB of the Act or Alternate Minimum Tax (AMT) u/s 115JC of the Act.

TMI Note: Where a term has not been defined under ICDS, nor under the Act, but has different interpretations given to it by the courts in tax cases, and in ICAI Accounting Standards, which interpretation would prevail while interpreting ICDS.

TMI Note: Whether the provisions of ICDS apply to a non-resident who claims the benefit of a double taxation avoidance agreement (DTAA).

TMI Note: In case any of the ICDS provisions is contrary to a circular or press release issued by the CBDT, which would prevail over the other.

TMI Note: ICDS-I requires disclosure of significant accounting policies and other ICDS requires specific disclosures. Where is the taxpayer required to make such disclosures specified in ICDS.

Notification: Income Computation and Disclosure Standards (ICDS) - New ICDS to be effective from AY 2017-18

News: RBI Reference Rate for US $

Highlight: GST - Detention of goods under transport - discrepancy in documents - the statutory provisions provide a mechanism for adjudication following detention of goods including for the provisional release thereof pending adjudication - HC

Highlight: Reassessment - first few paragraphs of the assessment order dealt with objections and disposed of accordingly - Unfortunately, the manner in which the AO has decided the issue is wholly unsustainable in law - HC

Highlight: Business expenditure u/s 37 - liquidated damage - breach of contract terms - Expenditure was not incurred for any purpose which is an offence or which is prohibited by law - cannot be disallowed - HC

Highlight: Valuation - inclusion of reimbursement of expenses - managing participation of clients in certain mela, fairs, promotional activities etc. - They are liable to service tax on the gross amount received - They cannot restrict their tax liability to only agency commission

Highlight: TDS liability - ITAT confirmed the liability - We do not see how it is possible for us to uphold the order of the Tribunal and when it purports to decide two Appeals of the Revenue by single paragraph conclusion - HC

Highlight: Reopening of assessment - sufficiency of material available with the AO to form a belief that income chargeable to tax had escaped assessment - bogus purchases - seller refused to respond - notice would not be interfered with - HC

Highlight: Exemption u/s 11 - education activities - transport and hostel facilities surplus cannot be considered as business income of the assessee society

News: Draft Notification for insertion of new rule 39A in the Income-tax Rules, 1962 – comments and suggestions-reg.

Highlight: Genuineness of labour wages expenses, embroidery charges, fabrication expenses etc. - getting work done through small workmen who do not have any permanent place of residence - disallowance of ad hoc expenditure deleted.

Highlight: Project import - Since the goods were never used for the purpose for which it was imported, the actual user condition has been violated - Redemption fine and penalty imposed.

Highlight: Penalty u/s 112 (a) - CHA - Lack of due diligence and failure to take more precautions can not, by itself, bring in penal consequences

Highlight: Import of services - GST - The fact that those services were received outside India will not change the fact that the services have been paid for by the beneficiary appellant, who is located in India. - Demand confirmed.

Notification: SEZ for IT/ITES at Madhurwada Village, Visakhapatnam District in the State of Andhra Pradesh - denotified.

Highlight: Merely because payment is received in Indian rupee, it cannot be said that payment against export has not been received in convertible foreign exchange.

Highlight: Merely vehicle numbers was not mentioned on the invoices cannot be the reason to deny Cenvat Credit

Highlight: Extension of time limit for submitting the declaration in FORM GST TRAN-1 under rule 120A of the Central Goods and Service Tax Rules, 2017 - Circular

Circular: Extension of time limit for submitting the declaration in FORM GST TRAN-1 under rule 120A of the Central Goods and Service Tax Rules, 2017



|| 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