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Amar Singh Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1995)54ITD375(Delhi)

..... hold that the statements recorded from shri banarsi dass cannot be made use of against shri amar singh.if that evidence is excluded and if there is no clinching evidence that the enteries in the impugned papers relate to only shri amar singh and none else and when enteries can also be capable of being explained away to be relating to other assessee like m/s vishwa nath amar singh, it is highly ..... identified that another linked up question which arises for consideration before him was whether the ito in the assessee's case under consideration could decide the evidentiary value of the impounded papers during the present assessment proceedings on the basis of statements of shri banarsi dass and also of the assessee recorded the assessment proceedings of m/s slbp which evidence and statements ..... (3) no clear picture regarding any money transactions emerges from these loose papers.the assessing officer had not at all tried properly to appreciate the entries and was not able to give any meaning to the accounts about the ..... of the money shown in those loose papers could not ..... dass for coming to his conclusion that the moneys in the impugned papers belonged to shri amar singh, the assessee before us but did not represent moneys belonging to m/s. ..... subsequent assessment years, it is clearly established that no such investment has ever been made by the assessee out of any money which was noticed in those papers. ..... money was shown to have been paid back during the period mentioned in those loose papers .....

income-tax Officer Vs. Gokal Chand Jagan Nath Nahar

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1982)1ITD469(Delhi)

..... on these facts, the assessee claimed that the assessee was not only carrying on business of paper board but it was also carrying on business of money-lending for profit and gain which business was an integral part of the main business and was incidental to it.5. ..... according to the ito, the claim of the assessee for allowing the aforesaid amount as bad debt could not be accepted because (i) the assessee did not possess the money lending licence, (h) the partners of the assessee-firm and the shareholders of the said company were common, and (hi) the claim for rs. ..... lalvani (supra), the financing transaction in which that assessee incurred the loss was connected with the carrying on of the business of paper and also incidental to such business but in the present case we have already held that the advances were made not in the course of the assessee's business but for enabling the aforesaid company to establish a ..... declined but the money advanced to them earned interest and such interest was shown as income of the paper business in the profit and loss account. ..... thereafter, the assessee changed its pattern of doing business and instead of giving security deposits the assessee started advancing moneys in a running account which was adjusted against the goods purchased. ..... the true nature of the transaction in this case is that by forming a private limited company the partners have advanced money to themselves and it is the loss of a part of that money that they are claiming as a trading loss. .....

Napar Drugs Pvt. Ltd. Vs. Dcit

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2006)98ITD285(Delhi)

..... note of the serious submissions of the learned dr in an attempt to shake the judicial consciousness, the overwhelming impact of serious allegations made, documents found and identical ingenuous explanation that everyone needed money direly calls for a moment to pause and seriously reconsider since it is a little surprising that in the case of almost 5-6 companies allegedly floated by the searched person or taken care ..... the serious submissions of the learned dr in an attempt to shake the judicial consciousness, the overwhelming impact of serious allegations made, documents found and identical ingenuous explanation that everyone needed money direly called for a moment to pause and seriously reconsider that in the case of almost half a dozen companies allegedly floated by the searched person or taken care of professionally by ..... note of the serious submissions of the learned dr in an attempt to shake the judicial consciousness, the overwhelming impact of serious allegations made, documents found and identical ingenuous explanation that everyone needed money direly calls for a moment to pause and seriously reconsider, it is a little surprising that in the case of almost 5-6 companies allegedly floated by the searched person or taken care of ..... it was pointed out that the various pages in the paper book wherein the claim for money on account of dire need of different shareholders has been made this fact and evidence found at the time of the search should be considered and analysed by .....

Bansal Strips Pvt. Ltd. Vs. Asstt. Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2006)99ITD177(Delhi)

..... vi) without prejudice to the above, in the unlikely event that your honours decide that the assessee is bound by the presumption under section 132(4a) and that the said papers belong to the assessee, even then the undisclosed income emerging therefrom will not work out to rs. ..... the additions could not be sustained merely on the basis of rough noting made on some loose papers unless the assessing officer brought on record some independent and corroborative material to prove that the noting revealed undisclosed income or investment or expenditure of the assessee. ..... the assessee had been consistent in his submissions before the revenue authorities that the said loose papers did not belong to him and the same were in the nature of dumb documents. ..... shukla , wherein the hon'ble supreme court held that loose sheets of papers could not be considered as books and the entries therein wee inadmissible evidence and could not be relied upon. ..... the figures on the loose papers did not specify whether the same was amount of money or weight of goods or whatever. ..... the learned counsel argued that in this view of the matter the additions based on loose papers was altogether beyond the purview of chapter xivb of the act. ..... during the course of hearing before the learned cit(appeals) the assessee argued that the de-codification of figures mentioned on loose papers at pages 7, 8, 10 and 11 and inferences drawn thereon were erroneous. .....

Hansalaya Properties Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1983)4ITD475(Delhi)

..... the learned ito had not brought on record even a single instance where any of the buyers of the flats were interrogated as to how they had accounted for the alleged 'on-money' which they were assumed to have paid to the assessee in their personal assessments ; or whether they had been at all assessed in respect of the alleged undisclosed investments in ..... buyers of different flats at different points of time.whereas paras 65 to 103 deal with the question as to whether any addition is called for on the ground that the assessee-firm realised more money by way of sale proceeds of flats to different buyers in different years than what has been accounted for in the books of account maintained for the respective years.3. ..... the commissioner (appeals) further observed that in the face of this market situation, if the ito had been able to find several cases which established that on-money had been charged by the assessee, he was perfectly entitled to assume that the other sales were also not shown in the books of account at the correct rates but ..... particular reference is made to clause 4 of the agreement for transfer of the flats which stipulates that the time is the essence of the contract and the advance money would be forfeited as liquid damages in case there is a default committed by the buyer.according to the learned departmental representative, this would show that the assessee would not have ..... 'since the papers have been returned to them at the time of receiving back the money, i cannot .....

Pragati Construction Co. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1995)54ITD153(Delhi)

..... computing the income of the assessee of the previous year in which the amount of such debt or part thereof is written off or of an earlier previous year; or (b) it should represent money lent in the ordinary course of banking or money-lending which is carried on by the assessee.the cit(a) held that the condition mentioned at (iv)(a) is not satisfied in the case of the assessee inasmuch as the assessee had not taken into ..... slum wing, dda and observed that it was evident that the said company was still contesting in the high court against the forfeiture of the earnest money and that the final decision in the matter was still awaited and the said company has not considered the forfeiture of the amount and the matter ..... since the said party had bid in the auction for the plot in which the commercial space was to be built and had deposited the earnest money for the same which stood forfeited, in the absence of any asset from which the amount advanced by the assessee could be realised, the assessee's claim ..... lose any rights or interest in the shares or in the controlled company, ppm.it was possible because the transfer was a mere paper transfer having no impact on the real ownership of the asset being the shares and on the power of exercising control over ..... page 7 of the paper book, wherein the company was informed that their request for refund of earnest money cannot be acceded to as the bid of the plot had been cancelled and the amount of earnest money was forfeited by the chairman .....

Pioneer Publicity Corpn. and ors. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Delhi

..... could be said with certainty that the amount belonged to the four concerns and it came out of their cash balances standing in their cash book on the relevant dates and given to their employees as imprest money for incurring day-to-day expenses at site and in the absence of any such material the explanation so offered stands without any support and the same cannot be accepted. ..... counsel has submitted that names and addresses of the four parties from whom the cash was received was duly supplied and the same appears at page 114 of the paper-book which contained bank account of vijay bank showing particulars of the parties and the amounts of cheques. ..... 158bc only on the basis of evidence found during the course of search and since no incrementing paper was found during search and seizure indicating suppression of purchase consideration no adverse inference could be drawn in the block ..... it was also contended that investment in the said property was disclosed and there was no paper or incriminating document or any evidence whatsoever found during the course of search on the basis of which inference could be drawn that the assessee suppressed the ..... the diaries and other papers found do not have any indication that moneys shown to have been advanced have fully been recovered and was available on the date of search with the partners as cash-in-hand or ..... there is also no material to show that the assessee was keeping imprest money out of the cash balance of the various concerns in which he was .....

Saw Pipes Ltd. Vs. Additional Commissioner of

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2005)94TTJ(Delhi)1036

..... this connection during the course of assessment the appellant submitted a chartered accountant's certificate certifying that the said sum of money was shown as income in the preceding years and in the year under consideration has been duly written off in ..... the appellant have filed details of the borrowings in the paper book showing that the same have been borrowed @ 13 to 17.86 per cent whereas money has been lent @ 16 per cent and the main lending is to subsidiary company ..... learned cit has alleged that the appellant has advanced huge sum of money to its subsidiary and other corporates, body and has claimed huge amount ..... chd) 543 : (2003) 127 taxman 150 (chd)(mag) (ix) the main thrust of the cit's objection is that ao had failed to examine the nexus between borrowed funds and money, and for this he relied on case law as mentioned supra in his show-cause notice. ..... and 48.90 crores by way of inter-corporate loans to other corporate bodies.the ao had allowed the entire claim of interest by accepting appellant's contention that the borrowed funds have no nexus with money advanced as loans without proper examination despite clear-cut legal pronouncements against assessee. ..... accountant's certificate, without making enquiries and proper examination be not considered to be erroneous and prejudicial to the interests of revenue.in this regard it was submitted by the authorised representative that the said sum of money was due from a public sector company, m/s hindustan petroleum corporation ltd. .....

Bharat Steel Tubes Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1985)13ITD108(Delhi)

..... tribunal also held in that order that the department had failed to discharge the onus that lay on it to prove that 'on money' was paid to the assessee even on the rejected pipes and scrap which were the only goods purchased by surekhas from the ..... details of dates of transactions, specification of goods, price billed, price actually charged on surekhas, the resultant 'on money' particulars regarding rates and types of goods purchased from bst and others during the period 2-4-1973 to 21-10-1973. ..... respectively being project expenses incurred in a newsprint paper mill project which did not materialise ..... stood debited to the trading account prepared by the assessee vide page 612 of the paper book filed before the ito. ..... . on page 6a of the paper book is a copy of the letter issued by the commissioner (appeals), patiala, granting exemption under section 80g ..... 119 of paper book) and the department has not brought on surface any information to the contrary although specified opportunity was given by the commissioner (appeals) to the department for the purpose during ..... pointed out that the government issued the letter of 24-7-1975 following the assessee's application dated 26-6-1975 (at page 36 of paper book 1). ..... also invited by the counsel to a booklet published under the caption 'announcements of joint plant committee' (page 149 of paper book). ..... referred us to page 17 of the paper book. ..... 25 of paper book) showing the comparative prices charged by jindals and bst for ten different varieties of goods picked up .....

S. K. Gupta Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Delhi

..... if at all any such transaction took place, who were the parties to the transaction, what were the dates of the transaction, what did the figure noted in the piece of paper represent and whether in any manner the paper in question has any relevance to the determination of income.it is pointed out that the ao related the transaction to property at m-37, greater kailash, which belongs to m/s aerens developers & engineers ..... any corroborating evidence on record to support their findings and the fact remains that these papers were found outside the residence of the assessee from the sewer line where other sewer lines ..... the parties to the transaction, what was the date of the transaction, what did the figure noted on the piece of paper represent, and whether in any manner the paper in question has any relevancy to the determination of the income in the hands of the assessee. ..... any such transaction took place, who were the parties to the transaction and what was the date of the transaction, what did the figures noted in the piece of paper represent and whether in any manner the paper in question has any relevance to the determination of income in the hands of the assessee. ..... (supra) it was submitted that no addition could be made merely on the basis of a notorious fact that on-money is involved in property deals, particularly when the ao has not made any such allegation in the present case and no evidence was found during the course of search ..... any such paper to show that it is not on money of the .....