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

Shri Suresh J. Patel Versus DCIT, Cir. 3 Surat

Unexplained investment - search under section 132 - joint holder of property - Held that:- We find that the addition was made on the basis of documents found during the course of search, which is purchase deed. The purchase deed was in the name of two persons who have purchased this land in equal shares. Therefore, addition of total investment cannot be made in the hands of the assessee. We direct the AO to treat unexplained investment to the extent of 50% of ₹ 4,85,000/-. Addition to this .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

iate to set aside this issue to the file of the ld.CIT(A) for fresh adjudication. While dealing with this issue, the ld.CIT(A) shall keep in mind the order of the ITAT in the case of Kanishka Prints P.Ltd. (2013 (7) TMI 14 - ITAT AHMEDABAD ) . This ground of appeal is allowed for statistical purpose in all the assessment years. - ITA.No.1931/Ahd/2014 - Dated:- 1-6-2017 - SHRI RAJPAL YADAV, JUDICIAL MEMBER, AND SHRI AMARJIT SINGH, ACCOUNTANT MEMBER For The Appellant : Shri Mehul Shah For The Reve .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

, we heard all appeals together and deem it appropriate to dispose of them by this common order. 3. First we take independent ground raised in the Asstt.Year 2006-07, which is not common in all other years. This is ground no.1. The assessee has pleaded that the ld.CIT(A) has erred in confirming addition of ₹ 4,85,000/-. 4. Brief facts of the case are that search under section 132 of the Income Tax Act, 1961 was conducted on 8.6.2010 in the cases of different builders at Surat. The assessee .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

this purchase deed indicated that the assessee had purchased the above land along with Shri Farookbhai Valibhai vide purchase deed dated 17.9.2005. The land was purchased for a consideration of ₹ 4,85,000/-. The AO further observed that though the purchase consideration was shown at ₹ 4,85,000/- in the purchase deed, but for the purpose of stamp duty valuation, its value was adopted at ₹ 95,85,200/-. After debiting the purchase cost of ₹ 4,85,000/-, the ld.AO worked out 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

eeming fiction can be made in the hands of the purchaser. Therefore, the ld.CIT(A) has deleted the addition made by the AO on the basis of deeming purchase consideration paid by the assessee. However, the ld.CIT(A) has observed that the sale consideration of ₹ 4,85,000/- shown in the purchase deed was not shown as investment in the books of accounts, therefore, the ld.CIT(A) has treated this amount as unexplained investment. The ld.counsel for the assessee submitted that the land was purch .....

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 name of two persons who have purchased this land in equal shares. Therefore, addition of total investment cannot be made in the hands of the assessee. We direct the AO to treat unexplained investment to the extent of 50% of ₹ 4,85,000/-. Addition to this extent is confirmed and this ground of appeal is partly allowed. 7. Ground nos.3 and 4 in assessment year 2006-07 are common with ground nos.2 and 3 in all other years. These grounds are general in nature and do not call for recording .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

Act, 1961. 9. The ld.counsel for the assessee at the very outset submitted that in the Asstt.Year 2006-07 the assessee has raised a specific ground to this effect before the ld.CIT(A). He took us ground no.2 raised before the ld.CIT(A). It reads as under: 2. On the facts and circumstances of the case as well as law on the subject, the ld.AO has made a mistake in charging of interest u/s.234B of the IT Act, 1961. 10. Similar ground was raised in other years. The ld.CIT(A) has not recorded any fin .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

h, ₹ 50.00 lakhs were found in cash which were seized. The assessee had moved an application on 14.9.2010 requesting the AO to adjust the cash seized towards advance tax required to be paid by the assessee. The assessee has specifically requested that a sum of ₹ 10 lakhs ought to be adjusted for the Asstt.Year 2007-08 and 2010-11 and ₹ 30 lakhs should be adjusted for the Asstt.Year 2011-12. In support of his contentions, the ld.counsel for the assessee produced inventory of cas .....

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 Happening     ↓  

Highlight: Notification regarding GST rate for branded cereal, pulses and flour

News: Notification regarding GST rate for branded cereal, pulses and flour

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

Highlight: Cabinet approves Extension of time period of the Scheme "Special Industry Initiative for J&K" (Sll J&K) - Udaan

Highlight: Non-payment of service tax - maintenance and repair charges - appellants had knowingly and deliberately shown the repair charges as job work charges to mislead about their taxability - demand confirmed.

Highlight: BAS - execution of the project of smart card for vehicle registration – implementing the SOC-VRC project - The fact that the Government has outsourced some part of the work and paid certain consideration for such outsourced work, does not make the activity subject to service tax.

Forum: Input tax credit

Forum: Cess paid instead of SGST

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

Circular: Amendments in Hand Book of Procedures 2015-20 –reg.

News: Cabinet approves Extension of time period of the Scheme "Special Industry Initiative for J&K" (Sll J&K) - Udaan

Highlight: Constitution of National Anti-profiteering Authority (NAA) under GST-reg. - Trade Notice

Highlight: Amendments in Hand Book of Procedures 2015-20 –reg. - Various amendments are made in Chapter-4 of Hand Book of Procedures 2015-2020.

Forum: GST rates on mobile recharge business

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

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.

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.



|| 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