Advanced Search Results

Surendra M. Khandhar Vs. Assistant Commissioner of Income Tax and ors.

Court : Mumbai

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 69, 132, 132A, 132A(1), 132B, 132(4), 132(4A), 132(5), 133, 133A, and 271(1); Finance Act, 2007 - Sections 292C

Reported in : (2009)224CTR(Bom)409

the case of Metrani (supra), the IT Act has been amended and Section 292C has been inserted by Finance Act, 2007 w.e.f. 1st Oct., 1975. The effect of said amendment is that where the document is seized in the

Harish Textile Engrs. Ltd. Vs. Deputy Commissioner of Income Tax

Court : Mumbai

Subject : Direct Taxation

452. (ii) In any view of the matter, Section 292 of the Act, which was introduced by the Finance Act, 2007 with retrospective effect from 1 October 1975, raise a presumption that any document found during the course of … been unable to prove the expenditure. The basis of the above finding is not correct in view of Section 292C of the Act which has been introduced with retrospecive effect from 1 October 1975. In the above view,

Commissioner of Income Tax Vs. D.R. Bansal and ors.

Court : Chhattisgarh

Subject : Direct Taxation

Reported in : (2010)228CTR(NULL)247

been so executed or attested.19. It was further brought to our notice that Section 292C was inserted by Finance Act, 2007 (22 of 2007) with retrospective effect from 1st Oct., 1975, which provides for presumption as to assets, books

Principal Commissioner of Income Tax (Central)-I vs.smt. Ritu Singal

Court : Delhi

Subject : Direct Taxation

search under section 132 is initiated on or after 1st June, 2007.‖ Section 271AAA was amended by the Finance Act, 2012 with effect from 01.04.2012. The effect of the amendment was that it became applicable in all cases … of Explanation 5 to Section 271(1)(c) on the one hand and insertion of Explanation 5A as well as Section 292C. The provision applies to income of the specified period, i.e. period for which return had not yet become

The Pr. Commissioner of Income Tax Central-3 vs.m/s. Dreamcity Buildwe ...

Court : Delhi

Subject : Direct Taxation

had received credit entries in the sum of Rs. 2.12 crores from one M/s. Shri Niwas Leasing & Finance Ltd. (SNLF). On account of failure on the part of the Assessee to establish the identity, creditworthiness and … a search it may be presumed that such document belongs to such person. It is similarly provided in Section 292C (1) (i). In other words, whenever a document is found from a person who is being searched the … account of unexplained cash credit under Section 68 of the Income Tax Act, 1961 (‗Act‘) adopting ‗a restrictive and pedantic interpretation‘ of the scope of … Section 68 of the Act by the assessment order dated 28th December, 2007.4. The appeal by the Assessee against the above assessment order was allowed

Commissioner of Income Tax Vs. M/s Mechmen 11-C, Bhopal

Court : Madhya Pradesh

Subject : Direct Taxation

Supreme Court decision was followed by the Hon'ble Delhi High Court in the case of New Delhi Auto Finance Limited; 300 ITR 83. The Hon'ble Supreme Court has laid down a proposition that the Assessing Officer making … some material on record to come out of the presumption of sec. 292C and which is possible only after confronting the impugned material to the … has been maintaining regular books of accounts, which were duly audited under Section 44AB of the Income Tax Act (hereinafter referred to as the IT Act). Further, it had filed returns under Section 139(1) of the IT

Principal Commissioner of Income Tax-9 vs.om Prakash Jakhotia & An ...

Court : Delhi

Subject : Direct Taxation

credit was not substantiated in any manner.17. This Court, in Commissioner of Income Tax v Divine Leasing & Finance Ltd., (2008) 299 ITR268held that: …"In this analysis, a distillation of the precedents yields the following propositions of … creditors without their addresses. Further the provisions of section 132( 4A) and 292C of the Act raise presumption that entries recorded in the seized diary … first respondent, Om Prakash Jakhotia made a statement recorded under oath under Section 132(4) of the Income Tax Act. The relevant details disclosed over pricing of bags/sacks of cement sold to the Dalmia Group. The statement regarding … Returned Income Additional Income disclosed 2006-07 17190 50000 2658320 20000 0 0 2007-08 176380 50000 3199650 25000 671861 50000 2008-09 171800 50000 2555490 30000 581080