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 →

DCIT, Circle 12 (1) , New Delhi Versus M/s. Gee Diamond Steels (P) Ltd., C/O S. Kumar Jain & Associates

Reopening of assessment - Addition u/s. 68 - Investigation made by the Investigation Wing of the Department to conclude that nothing but a sham transaction of accommodation entry - Held that:- As the assessee remain non-cooperative before the AO and did not file requisite documents before the AO, thus the entry remains unexplained in the hands of the assessee and also no independent inquiry has been undertaken by the AO in the instant case and AO has mainly relied upon the Investigation Wing Rep .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

resaid directions. Appeal filed by the Revenue stands allowed for statistical purposes. - ITA No. 5154/DEL/2012 - Dated:- 11-9-2017 - SHRI H.S. SIDHU, JUDICIAL MEMBER AND SHRI L.P. SAHU, ACCOUNTANT MEMBER For The Department : Sh. Arun Yadav, Sr. DR For The Assessee : None ORDER PER H.S. SIDHU, JM : This appeal by the Revenue is directed against the Order of the Ld. Commissioner of Income Tax (Appeals)-XV, New Delhi dated 03.7.2012 pertaining to Assessment Year 2002-03 on the following grounds:- .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

(hereinafter referred as the Act). Thereafter, a notice u/s. 148 of the Act was issued in the case of the assessee on 31.3.2009 after duly recording the reasons for reopening and after taking the necessary approval. As per the provisions of the aforesaid notices, the assessee was required to file a return of income within 30 days of the service of such notice. The assessee, vide its letter filed on 09.09.2009, has stated that the return originally filed may be treated to have been filed in resp .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

which is factually wrong. The satisfaction recorded by AO during the reopening of assessment is that I have gone through the report and associate record on the basis of the same / have reason to believe that undisclosed income to the tune of ₹ 11383772/- for A. Y 2002-03 has escaped assessment". Therefore, the objection of assessee company is disposed off as objection was not based on facts. However, the assessee has not furnished any details whatsoever despite a number of opportunit .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

rnished any evidence whatsoever in this regard. Thus entry remains unexplained in the hands of the assessee as has been arrived by the Investigation wing of the Department. As such entries of ₹ 1,13,83,772/- received by the assessee are treated as an unexplained cash credit in the hands of the assessee and added to its income and accordingly assessment order passed u/s. 143(3)/148 of the Act by assessing the income of the assessee at ₹ 1,13,92,022/-. Against the assessment order, the .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

its authorized representative appeared to prosecute the matter in dispute, nor filed any application for adjournment. Keeping in view the facts and circumstances of the present case and the issue involved in the present Appeal, we are of the view that no useful purpose would be served to issue notice again and again to the assessee, therefore, we are deciding the present appeal exparte qua assessee, after hearing the Ld. DR and perusing the records. 5. We have heard the Ld. DR and perused 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

e received from Ayushi Stock Broker (P) Ltd a ₹ 1,13,83,772/- but factually the transactions on 19.06.2001 is of ₹ 6,00,000 and not ₹ 60,00,000 (as mentioned by the Investigation Wing), therefore the AO has wrongly added the amount of ₹ 1,13,83,772. 7.1. It is seen from the perusal of balance sheet as on 31.03.2001 (i.e. prior to the year under consideration) which is filed alongwith the return of income for Assessment Year 2001-02, the appellant had made various investme .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ccount of these sale of shares through Ayushi Stock Brokers (P) Ltd. the appellant in the year under consideration received, ₹ 59,83,772 the information of which was made available to the AO from the Investigation Wing at ₹ 1,13,83,772 as the sale on 19.06.2001 which was actually for ₹ 6,OO,OOO but wrongly taken by the Investigation Wing for Rs..60,00,000. 7.2 It is also worth mentioning here that Ayushi Stock Broker is assessed to tax and has a PAN NO.AADCA0825F and in support .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

nd made addition under Section 68. 7.3 The appellant further submitted the broker's note and bank statement of Ayushi Stock Brokers (P) Ltd. evidencing the transfer of funds on account of sale of shares through them and claiming that the said transaction is a genuine business transaction. From the perusal of the assessment order and the assessment folder and from the facts available on record, it is seen that no notices or enquiry have been done by the AD in respect of the transaction the 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

urther also I find that no material has been brought on record by the AO as to under what circumstances, the business transaction by the appellant is not a genuine transaction. I find that AO has blindly relied on the information received from the Investigation Wing and AO has not brought any material or evidence on record which can prove that the said money was appellant's own undisclosed income. 7.6 In the light of the above discussion, I am inclined to agree with the arguments and evidenc .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

, 1961. 8. In the result, appeal is partly allowed. 6. On going through the aforesaid findings of the Ld.CIT(A) as well as the finding of the Assessing Officer made in the assessment order, we find that AO has passed the assessment order u/s. 143(3)/148 of the Income Tax Act, 1961 by holding that Investigation made by the Investigation Wing of the Department clearly shows that this was nothing but a sham transaction of accommodation entry. He further held that the transactions were routed throug .....

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     ↓  

Highlight: Restriction on number of layers for certain classes of holding companies - More than two layers of subsidiaries not allowed subject to certain exceptions.

Forum: GST on RCM on rent in a unregistered state

Forum: COMPOSITION SCHEME

Forum: Input Tax Credit - Reg

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.

Highlight: Levy of additions tax u/s 115O on distribution of dividend - shares of its profits declared as distributable among the shareholders is not impressed with the character of the profit from which it reaches the hands of the shareholder - not to be bifurcated as agriculture and non-agriculture dividend - SC

Highlight: Rate of GST on old and scrap buses - 28% or 18% - at such initial tender process initiated by the Respondents-KSRTC, the present petitions filed by the petitioners are premature and misconceived and do not require any interference by this Court at this stage. - HC

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.

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.

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

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

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



|| 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