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

Court : Income Tax Appellate Tribunal ITAT Jaipur

Subject : Direct Taxation

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 … and adopting the estimation thereof for assessing the undisclosed income was beyond the scope of Chapter XIV-B of the IT Act. The AO is also not found to have rejected the books of account maintained by the assessee, and,

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

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 of Rs. 4,06,762 representing

Arvind Bhartiya Vidyalaya Samiti Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Jaipur

Subject : Direct Taxation

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

in respect of its income, the computation provisions as laid down under Chapters' IV, V and VI of the IT Act, 1961, did not remain relevant to the assessability and as such the application of Section 68 or Section

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.)

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. 2,08,617 on account of

Gorakhpur Petro Oils Ltd. Vs. Additional Commissioner of

Court : Income Tax Appellate Tribunal ITAT Allahabad

Subject : Direct Taxation

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

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 … the assessee has challenged the assessment for the block period completed under the provisions of Chapter XIV-B of the IT Act, 1961 (hereinafter called the Act).2.1. The assessee has listed as many as 11 grounds of appeal in the

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

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 … the sake of convenience.2. Proceedings in these cases 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 Sept., 1995, at the residential premises

Ellenbarrie Industrial Gases Vs. Joint Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Kolkata

Subject : Direct Taxation

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

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 … order of the CIT(A) confirming mostly the additions 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 the assessee-company on 22nd Jan., 1997

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

Court : Income Tax Appellate Tribunal ITAT Pune

Subject : Direct Taxation

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 … During the period of the said camp, the statements of ten persons were recorded under Section 131 of the IT Act. Certain similarities were noticed by the AO : All the persons were farmers. Main source of the income

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

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 … 1. This miscellaneous petition for 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 for asst, yr. 1997-98 is moved

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

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 … included as perquisite for rent-free accommodation and furniture and Rs. 13,200 towards conveyance at the value prescribed under the IT Act r/w IT Rules. He further reiterated that the amount in fact is in the nature of deductions from