Advanced Search Results

S.S. Gems International Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Jaipur

Subject : Direct Taxation

as a result of search or requisition of books of account or documents and such other material or information as are available with the AO. In this step, the emphasis is on the total income and the … 7,000.16. The AO has made the addition by treating the same as unexplained deposit within the meaning of Section 68 of the IT Act as the assessee has not furnished any return of income upto the due date

Trident Shipping Agencies Ltd. Vs. Joint Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Subject : Direct Taxation

Reported in : (2005)98TTJ(Mum.)881

principal's account.5. As per the agreement, the appellant-company was required to furnish to the principal weekly statements containing information of the freights collected, port trust charges, taxes paid to the Customs and IT Departments. It was not … dt. 21st Oct., 2004, on the following grounds of appeal: (i) Regarding addition of Rs. 13,26,78,581 made under Section 68 of the IT Act; (ii) Addition of Rs. 3,64,235 on account of entertainment under Section 37(2); (iii) Addition

Arvind Bhartiya Vidyalaya Samiti Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Jaipur

Subject : Direct Taxation

Reported in : (2005)94TTJ(JP.)614

also on 28th April, 2004 and placing reliance thereon, it was pointed out that the AO collected various information and those information were considered simply by raising questions to the assessee and thus failed to make necessary … of the IT Act, 1961, did not remain relevant to the assessability and as such the application of Section 68 or Section 145 of the IT Act also had no material effect to the Order being erroneous which

M.B. Stock Holding (P) Ltd. Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Subject : Direct Taxation

Reported in : (2003)84ITD542(Ahd.)

received by the appellant-company in the year under appeal.3. Besides, a sum of Rs. 47,01,000 was added under Section 68 of the IT Act on account of unproved cash credits. The AO also disallowed a sum of Rs. … Sr. No. 2 is relating to the confirmation letter in respect of cash credits. The CIT(A), in the first round had recorded a finding of fact that the assessee has not been given sufficient opportunity to produce

Gorakhpur Petro Oils Ltd. Vs. Additional Commissioner of

Court : Income Tax Appellate Tribunal ITAT Allahabad

Subject : Direct Taxation

Reported in : (2005)95TTJ(All.)489

itself should communicate the reason or contain the details of income escaping assessment, the omission to contain such information was held to be of procedural nature, which would not go to vitiate the proceeding. In the case … v. CIT (1991) 187 ITR 688 (SC), was admitted on 14th March, 2000, and it was only thereafter, that the appeal was heard with respect … assessment orders and copy of share allotment applications, the appellant had discharged the onus put on it by Section 68 of the Act and for this purpose relied on the decision of the Tribunal reported as Rishi Electronics

Cas Card Finance Ltd., Rathore Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Subject : Direct Taxation

Reported in : (2003)78TTJ(Ahd.)55

any investment in the purchase of shares or having made any deposits with the appellants. In certain cases, information was received by the AO that, the parties did not exist at the given address. In some cases, … Act wherein the Hon'ble High Court in their order dt. 12th Sept., 2000, has dismissed the appeal on the ground that "findings of the Tribunal … addition had been made on the basis of surmises which was not permissible in case of addition under Section 68 or 69. The Hon'ble Rajasthan High Court in the case of CIT v. R.S. Rathore (1995) 212 ITR … were initiated under Section 158BC read with Section 158BD of the IT Act, 1961, consequent to the search and seizure operations carried out on 5th

Ellenbarrie Industrial Gases Vs. Joint Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Kolkata

Subject : Direct Taxation

Reported in : (2002)83ITD111(Kol.)

the search was deferred for a collateral purpose. In the instant case, in the absence of any definite information about the actual state of affairs, we are not in a position to come to the conclusion which … an impression that the undisclosed income includes those that are treated as deemed incomes like cash credits under Section 68; unexplained investments under Section 69,; unexplained money, etc. not recorded in books under Section 69A; investment not fully … made in the block assessment completed under Sections 143(3)/158BC(c) of the IT Act, 1961.2. The search and seizure operations took place in the premises of

Deputy Commissioner of Income Tax Vs. Sanjay Waman and Co.

Court : Income Tax Appellate Tribunal ITAT Pune

Subject : Direct Taxation

facts, the AO sent a questionnaire to all the 16 donors. Replies were received from 15 persons. The information received indicated that all the donors were farmers of village Siswa and adjoining area in Gujarat. They were … CTT (ITA No. (SS) 2/Pn/97. The Tribunal vide order dt. 18th Feb., 2000 Isince reported at (2002) 74 TTJ (Pune) 793--Ed] held as under : … of this appeal relates to the addition of Rs. 6 lacs on account of unexplained cash credits under Section 68 and addition of Rs. 49,241 on account of interest on the said cash credits.2. The brief facts giving … statements of ten persons were recorded under Section 131 of the IT Act. Certain similarities were noticed by the AO : All the persons were

Finquick Finance (P) Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Delhi

Subject : Direct Taxation

Reported in : (2003)81TTJ(Delhi)319

had adverted in writing his dissenting order.23. In reply the learned counsel for the assessee stated that complete information had been given to the AO, but he did not issue a notice proposing adverse action at any … record particularly when conscious decision was taken by the Tribunal in respect of the various additions made under Section 68. If there is any mistake, that can be rectified but in the guise of Section 254(2), the parties … rectification of mistakes apparent from record under Section 254(2) of the IT Act, arising out of order dt. 24th Aug., 2001, in ITA No. 842/DeI/2000

Garrick D'Silva Vs. Joint Commissioner Of Income Tax

Court : Income Tax Appellate Tribunal ITAT Delhi

Subject : Direct Taxation

Reported in : (2006)105TTJ(Delhi)445

stock option by the assessee in the previous year relevant to asst. yr. 1998-99. In response, the following information was furnished by the assessee in regard to grant, exercise and sale of stock options:S.No Date Grant/ Basis … shares, was liable to tax as income from 'capital gains'. This sub-Clause (iii)(a) was deleted by the Finance Act, 2000 w.e.f. 1st April, 2001 and a new proviso to sub-Clause (iii) of Clause 2 of Section 17 was … (in US$) (in US$) Price1. 21.6.1994 53.38 Average of high 1000 11.3.1998 68 & low price at 18. From these details, it was noticed by