Court : Income Tax Appellate Tribunal ITAT Jodhpur
Reported in : (2007)107TTJ(Jodh.)510
..... on the facts and in the circumstances of the case, the learned cit(a) has erred in accepting the money-lending business in the status of huf since 1981 to 29th march, 1995 because the money-lending business is not evident, status of huf was never disclosed and it is neither supported by evidence found in the course of action under section 132 nor produced by the assessee in the course of assessment or appellate ..... on the facts and in the circumstances of the case, the learned cit(a) has erred in accepting the money-lending business in the status of huf since 1981 to 29th march, 1995 because the money-lending business is not evident, status of huf was never disclosed and it is neither supported by evidence found in the course of action under section 132 nor produced by the assessee in the course of assessment or appellate ..... on the facts and in the circumstances of the case, the learned cit(a) has erred in accepting the money-lending business in the status of huf since 1981 to 29th march, 1995 because the money-lending business is not evident, status of huf was never disclosed and it is neither supported by evidence found in the course of action under section 132 nor produced by the assessee in the course of assessment or appellate proceedings ..... (ii) not even a single paper/document/diary or any books relating to so claimed money-lending business was found in the possession of the assessee's group members at any of their residential as well as business premises during the course .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Jodhpur
Reported in : (2006)104TTJ(Jodh.)321
..... as per the learned authorised representative the amount of money written below (+) sign indicates the sale consideration and below (-) sign indicates the expenses which include stamp paper and other sundry ancillary expenses.upto 20th dec. ..... this is considered by ao as an afterthought, as the writing on this paper is clear, unambiguous and reveals that payment of rs. ..... the version of the revenue is solely based (on) presumptions raised on the seized paper, and that too on account of probabilities. ..... 1,25,000 was given to him as a token money against the total sale consideration. ..... the payment details are found recorded on this loose paper as under: on the back side of this paper it is mentioned that cheques of rs. ..... he has referred to his lengthy paper book to explain that the amount mentioned below (-) sign represents registration charges and not cash payments as has been observed by the learned cit(a) and the learned ao.10 ..... moreover, there is no proof that the assessee had paid in cash, over and above what is found recorded on this loose paper, or that the amount of rs. ..... as per this seized paper this fact is quite ..... as per this seized paper it was revealed that some sale transactions are recorded on ..... 10,75,000 is unexplained money of the assessee, particularly, when the same stands ..... 9 of the assessee paper book, which gives a summary of total cost involved in these sales) were borne by the ..... the loose paper is a sort of agreement or memorandum executed between the parties and duly signed by .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Jodhpur
Reported in : (2004)82TTJ(Jodh.)336
..... to by learned cit in his order are distinguishable on facts as in those cited cases it was the surplus money which was deposited in the banks for short-term and the interest was earned such deposits on surplus funds, whereas in the instant case it is not a deposit simpliciter but a deposit by way of margin money for opening letters of credit, bank guarantee, etc.directly linked with the setting up of plant and machinery ..... he has contended that the learned cit's observation that nothing has been done regarding share application money is not correct in as much as the assessee has filed the confirmations of 62 per cent ..... does not make any difference regarding the taxability of the interest income even if the interest is earned on deposit made as margin money, and the same cannot be set off until and unless there is loss.10. ..... legal position emanating from the above cited decision of the hon'ble apex court, together with the particular fact that the interest earned by assessee was on deposits against margin money required for obtaining letter of credit or bank guarantee, etc. ..... regarding the interest earned on fdrs of margin money, the learned authorised representative of assessee-appellant has contended that the said interest earned on margin money deposit in banks is non-taxable.he has relied on the following decisions: (ii) bangaigaon ..... 17 of paper book), wherein the learned cit raised the two points as under : (i) interest earned on fdrs (which were deposited as margin money), amounting .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Jodhpur
Reported in : (2006)284ITR1(Jodh.)
..... /assessment particulars where the shareholders are assessed to tax, confirmed copy of accounts of all the shareholders showing the particulars of receipt of share subscription money which was mostly by way of account payee cheques in all the cases and had been duly verified by the ao by making independent inquiries from the concerned bankers of the shareholders. ..... the said statement also contains the reference of the paper book page, at which, the documents submitted in respect of the shareholders, such as balance sheet, copies of computation of total income, copies of intimation and bank statement, etc. ..... we have heard both the parties and also perused the records and have gone through the paper book and decisions relied before us.12. ..... 140 to 145 of the paper book, the additions so made by the learned ao and confirmed by the learned cit(a), is liable to be deleted. ..... (e) as regards the production of shareholders, the necessary submissions are in para 2(d) at paper book page nos. 3 to 5. ..... 140 to 145 of the paper book, the addition so made by the ao and confirmed by the cit(a) is liable to be deleted. ..... shareholders byassessee/collected paper book by ao page no.1. ..... 40 of the paper book which may please be referred.21. ..... 43 to 94 of the paper book. ..... 220 and 221 of the paper book. ..... we have gone through the submissions made by the learned authorised representative vide its paper book at p. ..... 222 to 227 of the paper book. ..... the learned authorised representative has referred to his paper book at pp. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Jodhpur
Reported in : (2002)83ITD714(Jodh.)
..... he has contended that the learned authorised representative's contentions that all the persons including companies have remitted the money through cheque/demand draft and that all the persons have admitted that they have paid the money towards share application and they have received the shares are not believable for the detailed reasons discussed by ao whose findings have been ..... 63 ttj (del) 329 (333) (supra) it has been held by tribunal delhi that when the shareholder who is said to have invested money in shares of assessee-company had been identified and has confirmed the investment, addition of account cannot be made in the hands of the company. ..... changed new addresses have been given in the paper book and the pages of the same have also ..... march, 1997, and dd was obtained on the next day.it has been contended that the companies whose credits were obtained by the assessee are companies on paper or rather these are pocket companies having no genuine existence. ..... whenever they find it necessary to make legal compliance the person interested in such companies gets the entire papers prepared and this gives a colour of being genuine. ..... the company is placed on p 313 of paper book, copy of share capital account on ..... , 188 and 193 of paper book respectively as mentioned on ..... in compliance of ao's letter dt.10th march, 2000 (pp 386 to 388 of paper book). ..... paper ..... 305 of paper book, copy of allotment return of shares along ..... of paper book whereon the addresses of these parties being available with .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Jodhpur
Reported in : (2004)85TTJ(Jodh.)173
..... it is a fact that the assessee had deposited this amount in vijaya bank, jaipur, on 31st march, 1995 from the money withdrawn by him from his account in sbbj, jodhpur. ..... eventually, the agreement was cancelled and earnest money was returned back to the assessee on 17th dec. ..... 13 to 19 of the paper book.the assessee entered into an agreement to purchase a residential house situated at vivek vihar, jaipur, and paid earnest money of rs. ..... the assessee's case is that the money received as consideration of sale of plot on 4th jan. ..... 4 of the paper book : 1. ..... the earnest money of rs. ..... 4,01,000 and paid an earnest money of rs. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Jodhpur
Reported in : (2004)91ITD301(Jodh.)
..... . 4,88,050/- was made.it was alleged that these slips represent the money lending debtors.the list of money lender debtors was also found at the time of search.as per that list actual money lending debtors were to the tune of ..... purchase. property was not purchased.therefore, it can be assumed that the money advanced by the assessee towards the purchase consideration was given back to the ..... learned accountant member stated in the order that the specific receipt of money evidencing the payment back was not ..... cit(a) held that assessee did not establish debit entry in the bank account to prove that the money was utilized towards purchase of agricultural ..... from the panchnama it is clear that as on the date of search, money lending debtors were to the tune of ..... at the instance of the owner humaki chand revoked the agreement on 30/9/95 and returned money to the assessee in the financial year ..... huf was engaged in the business of money lending and manufacturing of gold ..... . indisputedly assessee did advance this money for the purchase of ..... considered. if the assessee explains inflow of money during the block period as disclosed or undisclosed income resulting from tangible or intangible addition it will reflect the availability ..... . this was duly reflected in her balance sheet, which is appended at page 275 of paper book no. ..... . i have perused the balance sheet, which is appended at page 232 of the paper ..... . 4 of the paper book no. ..... . letter in this regard is appended in the paper book .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Jodhpur
Reported in : (2005)92TTJ(Jodh.)766
..... the statement of the assessee, or anybody for that matter, has to be read in toto and not in piecemeal and since in this case search was conducted in some other persons case, namely, shri banarsidass mittal and paper was found and same was duly explained by assessee in his statement, so this cannot be a base for taking any action on assessee under it act, 1961 (hereinafter referred to as 'the act'). ..... the assessee did explain the existence of such a rukka and also explained that the money in question for which penalty has been levied did not pass hands. ..... the assessee on the other hand, has clearly stated that the rukka was given for a particular purpose and money was taken and has given the reasons for the same. ..... it is also true that the assessee had made statement that rukka was signed and executed by him for taking loan deposit from shri banarsidass mittal but it was advance rukka and no money passed hands. ..... in the evening, when this agreement did not materialise in the presence of this shri sahibram, the assessee informed shri anand prakash gupta that he no longer required the money in question. ..... the paper in the shape of rukka was found in other person's case. ..... 4 to 10 of paper book, wherein copies of statements of the assessee in which this assessee had clarified that his rukka was signed and executed by him as an advance receipt as the assessee had demanded a loan of rs. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Jodhpur
Reported in : (2006)99TTJ(Jodh.)405
..... we have also examined the facts, evidence and material placed on record and referred to the respective pages of the paper book to which our attention has been drawn. ..... it is also a fact that as and when money was required for meeting various expenses, the same was given to shri narayan singh and his account was credited as soon as the details of expenses incurred were submitted by him. ..... 269ss and 269t have been introduced in the act with a view to curb the black money. ..... he drew our attention to the respective pages of paper book, i.e., pp. ..... 1 of respective paper books which is a copy of current account of shri narayan singh, managing director in the books of account of both the companies. ..... 9 to 10 of the paper book which is copy of written submission made before the cit(a). .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Jodhpur
Reported in : (2005)92ITD611(Jodh.)
..... he took us through the relevant pages of the paper book to bring home the point that the assessee was entitled to deduction. ..... page 14 of the paper book is agreement for lease of land to the assessee in which it is clearly mentioned that this agreement is between the government and m/s chetak enterprises referred to as lessee "to mean and include its successors and assigns. ..... 11 onwards of the paper book, in which the aforesaid letter of chief engineer dated 27-8-1999, was considered as part of the agreement. ..... 5 of the paper book. ..... 19 of paper book in which again m/s chetak enterprises has been adopted as party to the agreement to mean and include "its successors and assigns". ..... 10 of paper book, took note of the assessee's letter dated 23-10-1998 and informed that their offer was accepted subject to terms and conditions specified therein. .....
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