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 →

KANAIYALAL BADSHAMAL DODANI Versus INCOME TAX OFFICER OR HIS SUCCESSORS TO OFFICE AND 1

Reopening of assessment - cash deposit in the bank account is much more than the amount of sales shown the return - income escaping assessment - AIR information - Held that:- The fact that the petitioner had made sizable cash deposits in the bank accounts was known to the Assessing Officer. There was no failure on the part of the assessee to disclose these material facts called upon by the Assessing Officer. In fact, the Assessing Officer appears to have been convinced that the assessee who was .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

TION NO. 9412 of 2016 - Dated:- 18-10-2016 - MR. AKIL KURESHI AND MR. A.J. SHASTRI, JJ. FOR THE PETITIONER : MR RK PATEL, ADVOCATE with MR DARSHAN R. PATEL FOR THE RESPONDENT : MR KM PARIKH, ADVOCATE ORAL JUDGMENT (PER : HONOURABLE MR.JUSTICE AKIL KURESHI) 1. The petitioner has challenged a notice dated 30.03.2016 issued by the respondent Assessing Officer for reopening the assessment of the petitioner for the assessment year 2009-10. Brief facts are as under. 2. Petitioner is an individual and .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

recorded following reasons: On verification of information generated through the system in AIR, it is noticed that the assessee has deposited cash of ₹ 1,97,59,000/- in Saving Bank Account in F.Y. 200809. Further, it is noticed that assessee has filed return of income for the F.Y. 200809 relevant to A.Y. 200910 but on going through the P & L A/c., it is noticed that assessee has shown sales/turnover of ₹ 1,37,78,424/- . Thus, there was an escapement of income for the financial ye .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ord and contended that the sole issue pressed in service by the Assessing Officer is of cash deposit of ₹ 1.97 crores (rounded off) in the bank account of the assessee during the financial year 2008-09 relevant to assessment year 2009-10. Such issue was however examined by the Assessing Officer during the original assessment proceedings by calling for details of bank statements. Only thereupon, the order of assessment was passed, making no additions in the returned income. There is no mate .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

deposits during the original assessment. Petition may therefore be dismissed. 5. As noted, impugned notice has been beyond the period of four years from the end of relevant assessment year. During the original scrutiny assessment, the Assessing Officer under a letter dated 10.06.2011, had called for the following details: PARTICULARS OF ACCOUNTS AND/OR DOCUMENTS REQUIRED 1. Detailed sale & purchase a/cs 2. Copy of the all bank pass book 3. Detail of unsecured loan 4. Copy of audit report 6. .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

urnished and details called for. The assessee is doing the trading of Gutakha and other provisional items. His business is of cash and current bank accounts and paid cheques to the creditors of the goods. On verification of the AIR entries, it is noticed that the total transactions made were shown double time i.e. all the entries of deposit and withdrawal sides were taken in AIR information. The bank statements are verified. The case is discussed. After discussion, the return income as accepted. .....

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: Input tax credit

Forum: GST on Notional rent

Forum: GST ON SALES PROMOTION

Forum: 3B mistake

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

Forum: PROCEDURE FOR SHIFTED OF FINISHED GOODS FROM AP KARNATAKA TO UP

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

Forum: Input credit of gst paid on urd

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

News: Auction for Sale (Re-issue) of Government Stocks

Article: TDS APPLICABILITY ON GOVERNMENT CONTRACTS UNDER GST (Under Section 51 of the CGST Act, 2017)

News: Manmohan takes potshots at note ban, 'hasty' rollout of GST

News: GST on petrol, diesel requires wider discussion: Nitish

Article: WHEN CAN ONE TAKE ITC FOR RCM CASES?

Notification: TDS liability under Section 51 of CGST, 2017 come into force w.e.f. 18-9-2017 - Persons liable to deduct TDS from payment made or credited to the supplier of taxable goods or services specified

Notification: Central Goods and Services Tax (Seventh Amendment) Rules, 2017

Notification: Seeks to extend the last date for filing the return in FORM GSTR-3B for the months of August to December, 2017

Circular: Filing of Special Leave Petition against Orders of Hon'ble High Courts staying Collection of Tax under GST- reg.

Highlight: Exemption u/s 54F - LTCCG - once entire net consideration is invested, the absence of completion certificate cannot be a ground to deny the benefit of deduction.

Highlight: Deduction u/s 10B - initial AY - Mere authorization to enable the Assessee to import material or export produce in the earlier date would not ipso facto tantamount to commencement of substantial activity of ‘manufacture’/’production’.

Circular: Sub:- Procedure to be followed for Import under DEEC/EPCG Scheme- reg.



|| 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