Feedback   New User   Subscription   Demo   Login      
Tax Management India. Com TMI - Tax Management India. Com
Acts / Rules Notifications Circulars Tariff/ ITC HSN Forms Case Laws Manuals Short Notes Articles SMS News Highlights
        Home        
Extracts
Home List
← Previous Next →

Principal Commissioner of Income Tax-4 Versus Shah Foils Pvt. Ltd.

2018 (2) TMI 675 - GUJARAT HIGH COURT

Reopening of assessment - unaccounted sales - sales of manufactured goods to specific party was found bogus - eligibility of reasons to believe - Held that:- From the statement of the Director, it can be culled out that the finished goods manufactured by the assessee stated to have been sold to M/s H K Impex Pvt. Ltd would first reach the premises of M/s. H. K Impex Pvt. Ltd., Umbergaon from where under the instructions of the recipient the same would be diverted to Vasai or Bhayandar without di .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

al No. 994 of 2017 - Dated:- 7-2-2018 - MR. AKIL KURESHI AND MR. B. N. KARIA, JJ. For The Appellant : MRS MAUNA M BHATT, ADVOCATE ORAL ORDER (PER : HONOURABLE MR.JUSTICE AKIL KURESHI) 1. These appeals arise in similar background involving the same assessee. We may record facts from Tax Appeal No. 993 of 2017. The appeal is filed by the Revenue to challenge the judgement of the Income Tax Appellate Tribunal dated 28.04.2017 by which, the Tribunal annulled the action of the department in reopening .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

leted on 20.11.2007 determining total income at ₹ 28,51,250/-. Since the tax as per MAT was higher than that of the normal provisions of the I.T.Act, the income was finally determined at ₹ 10116390 as per the MAT. It is pertinent to mention here that an action was carried out by DGCEI, Vapi at the premise of M/s. H.K.Impex Pvt. Ltd. Umbergaon, Gujarat and consequently at the factory premise of M/s. Shah Foils Pvt. Ltd at Santej, Kalol and Ambica Transport Services, Ahmedabad. During .....

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 assessment year 2005-06. As per the copies of ledger accounts, the purchases amounting to ₹ 6972741 for A.Y. 2005-06 have been shown by M/s. H.K.Impex Pvt. Ltd from the assessee which is the unaccounted sales of the assessee company. Since the unaccounted sales as narrated above has not been shown by the assessee in the trading result for A Y 2005-06 the assessee's action has resulted into under assessment of income to the extent of ₹ 6972741/- for the asst, year 2005-06. 2. .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 

Discussion Forum
what is new what is new
 


Share:            

|| Home || About us || Feedback || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.

Go to Mobile Version