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Khopade Kisanrao Manikrao Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (2000)74ITD25(Pune.)

..... in this case the learned am has recorded a finding that seized material consisting of bharna register, diaries and loose papers are the complete record of unaccounted transactions and therefore, undisclosed income has to be restricted to the amounts mentioned in the seized material regarding excess money charged by the assessee on the sale of plots. ..... (c) the seized materials consisting of bharna register, diaries and loose papers are the complete record of unaccounted transactions and therefore, the undisclosed income has to be restricted to the amounts mentioned in the seized material regarding excess money charged by the assessee on the sale of plots. ..... if no other registers or diaries or loose papers were found in the search, now it cannot be presumed that the assessee might have been getting on money and recording the same in some other books.the human probability suggests that if he has maintained a personal record, he would not maintain a false record showing receipt of on money in some cases and not showing receipt of any such on money in cases of others. ..... as regards the contention of the learned d.r.that pages 41, 42 and 33 of the paper book shows only advances, the learned counsel for the assessee submitted that the cash flow statement, the on money in respect of transactions where sales have been completed is shown in the year in which the sale is effected.bharna registers 89,90 and 91 and other records only show advances (and not on money) for a particular land. .....

Khopade Kisanrao Manikrao Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Pune

..... for another will not charge any excess money.though the quantum of on money charged can vary but it would be unrealistic to accept that the transactions recorded in the loose papers or bharna register were only ones in which on money was charged.since the variation in on money earned had been accepted, according to the ao, the average rate method was the best method and she applied the same so as to cover the excess charged from one ..... this case the learned am has recorded a finding that seized material consisting of bharna register, diaries and loose papers are the complete record of unaccounted transactions and, therefore, undisclosed income has to be restricted to the amounts mentioned in seized material regarding excess money charged by the assessee on the sale of plots. ..... the seized materials consisting of bharna register, diaries and loose papers are the complete record of unaccounted transactions and, therefore, the undisclosed income has to be restricted to the amounts mentioned in the seized material regarding excess money charged by the assessee on the sale of plots. ..... no other registers or diaries or loose papers were found in the search, now it cannot be presumed that the assessee might have been getting on money and recording the same in some other books.the human probability suggests that if he has maintained a personal record, he would not maintain a false record showing receipt of on money in some cases and not showing receipt of any such on money in cases of others. .....

Chander-mohan Mehta Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (1999)65TTJ(Pune.)327

..... (ahd) 135.in view of the aforesaid decision, it was submitted by him that the contents of loose paper found in the course of survey should be accepted in toto and the fact that the assessee has borrowed money from the persons as mentioned in the loose paper should be accepted.secondly-it was contended that the provisions of s. ..... he also drew our attention to the order of assessment to show the fact that assessee was engaged in the money-lending business has been accepted by the assessing officer in the earlier years, which shows that in the past also the assessee must have made borrowings and lendings in the ..... referred to a pronote appearing on the last page of the paper book to show that assessee was in the habit of borrowing money on the basis of pronotes and, therefore, cash transactions could ..... contained the names of the persons to whom the assessee had advanced monies as loan on interest at the rate of 36 per cent p.a, it is further explained that the other list in the loose papers contains the names of the persons from whom the assessee had borrowed the money on interest at the rate 24 per cent. ..... papers found from the premises of the assessee contained the names of the persons from whom the assessee had borrowed money as well as the names of the persons to whom the money ..... the aforesaid premises of the assessee in the course of which some loose papers were found containing.the money-lending activities of the assessee. ..... the loose paper whether it pertains to money-lending business .....

Chander Mohan Mehta Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Pune

..... he also drew our attention to the order of assessment to show the fact that assessee was engaged in the money-lending business has been accepted by the ao in the earlier years, which shows that in the past also the assessee must have made borrowings and lendings in the earlier years, ..... referred to a pronote appearing on the last page of the paper book to show that assessee was in the habit of borrowing money on the basis of pronotes and, therefore, cash transactions could not ..... sake of arguments, that burden lies on the assessee to prove the genuineness of the borrowings mentioned in the loose papers, we are of the view that the initial burden which lies on the assessee has been discharged. ..... that the other list in the loose papers contains the names of the persons from whom the assessee had borrowed the money on interest at the rate 24 per cent ..... aforesaid decision, it was submitted by him that the contents of loose paper found in the course of survey should be accepted in toto and the fact that the assessee has borrowed money from the persons as mentioned in the loose paper should be accepted. ..... papers found from the premises of the assessee contained the names of the persons from whom the assessee had borrowed money as well as the names of the persons to whom the money ..... at the aforesaid premises of the assessee in the course of which some loose papers were found containing the money-lending activities of the assessee. ..... from the loose paper whether it pertains to money-lending business. .....

The Dhanvarsha Builders and Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (2006)102ITD375(Pune.)

..... was no reason to hold that the document should be held to be a dumb document as on the basis of the books of account of the assessee as well as enquiries of the ao, it is clear that the document speaks of receipt of proceeds by way of cheque and 'on money' by way of cash.coming to the working out of the profit, the case of the learned dr was that onus of proving the expenditure was on the assessee. ..... not bear the name of the assessee, ii) no evidence has been found regarding actual receipt of cash, and iii) the paper does not contain the dates on which respective cash amounts were allegedly received.therefore, his case was that the impugned document is a dumb document and, therefore, it cannot be relied upon for the purpose ..... if the learned dr's arguments regarding expenditure were to be accepted, then, the figures of cash receipts mentioned in the seized paper will also have to be ignored.such course of action will be against the tenor of the evidence seized in the course of search operation, more particularly, when the evidence gives clear picture of the undisclosed income of ..... the learned counsel also referred to various agreements for the construction of the commercial complex placed in the paper book from pages 105 to 110 and two bills from shri anup agrawal and shri rajender agrawal dated 23.12.1996 and 24.12.1996 regarding the construction ..... the learned counsel again referred to the seized document regarding 'on money' and pointed out that this paper does not bear any name. .....

Parakh Foods Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (1998)64ITD396(Pune.)

..... bardana is part of the raw material as held by the supreme court in the case of eastern paper industries (supra) and, therefore, unsold stock in bardana has to be valued at the end of ..... of the record shows that this amount was converted into share application money, as is apparent from the balance-sheet of the assessee for the ..... he drew our attention to the list of shareholders as on 31-3-1990 appearing at page 742 of the paper book which consists of 15 persons.besides, there was a nominee of the sicom on the board of directors.the partners of the firm merely held 7311 shares in aggregate out of the total shareholdings of ..... though it has been mentioned by the partners that this money was given as share application money, but from the balance sheet of the assessee-company ..... been enjoyed by the assessee.if any money has been transferred from one person to another against consideration, then it cannot be said that money of the former has been enjoyed ..... of the paper book to show that the partners of pfi not only invested in the assessee-company, but also invested money in shares ..... assessee is under no obligation to disclose in his return of income all the moneys which are received by him which do not partake of the character of income ..... from the list of shareholders furnished at page 742 of the paper book, it is also clear that shareholdings of the partners of pfi were mere 7311 shares out of total shareholdings of 26500 shares which means that partners of pfi were holding only 27.59% of .....

Dy. Commissioner of Income-tax, Vs. Spirax Marshall Ltd.

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (2008)110ITD229(Pune.)

..... bank guarantee is attendant with significant risks, and where the agreement provides for acceptance test for satisfactory performance in lieu of which certain money was retained by the contractee, that amount will accrue as income only on satisfactory performance of the test and acceptance by the contractee.our aforesaid findings are in line with the ..... the expenditure and income can be treated differently, depending upon whether one or both had accured or not on the basis of method of accounting followed by the assessee and, v) receipt of retention money by furnishing unconditional bank guarantee may or may not amount the accrual of income which will have to be considered on the basis of terms and conditions of the contract however, furnishing of unconditional ..... meaning of the term 'debt owed' under the wealth-tax act, 1957.5.3 at this stage, the learned counsel was required to state the basis on which retention money was offered for taxation in subsequent years.his argument was that such matter does not exist before the tribunal and, therefore, it does not have jurisdiction to go into ..... submitted to the dcit, special range iii, pune, in the paper relating to 'note on retention money' that- though this amount was received by the company, it referred to this as retention money, as it takes a view that it cannot be appropriated until the period of guarantee is over in fact, no part of the said retention money of rs. .....

Shri Nagnath Hanumantrao Jalkote Vs. the Asstt. Commissioner of

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (2008)110ITD549(Pune.)

..... no detailed and proper enquiries were made by the ao it was pointed out that many entries were signed by the corresponding parties and, therefore, it was clear that the entries were in relation to money-lending activity carried on by the assessee.5.17 the learned counsel had also raised argument that the impugned entry does not show who lent the ..... to that extent, we difer with the decision of the learned cit(a) that additions dan only be made if all the trappings of money-lending business are found in possession of the assessee.9.3 the assessee had also taken up a ground to the effect that this very issue was subject matter of appeal before the learned cit(a)-i, ..... gifts received by the fathers of three partners from nri purchasers of flats and amount declared by way of receipt of "on-money" in statement recorded from one partner under the provisions of section 132(4), which was subsequently retracted. ..... the assessee explained that the loose papers contained names of three or four persons from whom some money was taken for booking of flats constructed by the assessee firm and some other figures represented income/expenditure in respect of transactions in ..... by the ao about the money lending transaction of the appellant is not based on correct appreciation of facts and evidences on record.it may be mentioned here that the learned dr objected to the fact that various documents such as notices, replies and the order of the learned cit(a) were not placed in the paper book in full form. .....

Dhunjibhoy Stud and Agricultural Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (2002)82ITD18(Pune.)

..... assessee in the course of assessment proceedings (para 9 of the order).by recording such finding, he has rejected the contention of mr.pathak, learned counsel for the assessee, that the back side of the loose paper is a fresh evidence, since it has been shown for the first time before the tribunal by the senior departmental representative and it was never shown to the assessee either by the ao in the ..... established by facts and attendant circumstances of a particular case.in the present case, the assessee had denied the receipt of on-money.but when a man of high status in the society had admitted at the first instance, giving of on-money and also had paid tax on it, these circumstances themselves coupled with the fact that the transaction of purchase of flat ..... 214 itr 15 (bom).he further pointed out that one cannot overlook the notorious fact that in real estate transactions on-money is paid for the purchase and sale of immovable properties and this fact has been taken note by the hon ..... therefore, when the purchaser says that he had paid the unaccounted money and he had also paid the tax thereon, even if the seller denies the receipt of the on-money, i cannot overlook this notorious practice which is published in ..... . the report has discussed the prevalence of notorious practice of payment of black money in real estate transaction in the metropolitan city of mumbai, though technically the report of national institute of public finance and policy, cannot be substituted for evidence, .....

Dhunjibhoy Stud and Agricultural Vs. Dy. Cit

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (2000)82ITD18(Pune.)

..... of opinion between the accountant member and judicial member, the following questions were referred to a third member : (1) whether, on the facts and in the circumstances of the case, can it be said that back side of the loose paper was shown or disclosed by the assessing officer to the assessee if not, can it be considered as an admissible evidence for making addition (2) whether, on the facts and in the circumstances of the case as well as in law, the assessing officer was ..... in the present proceedings; more so in view of the fact that in the present case the notings on the documents have been admitted as pertaining to the assessee and it was further admitted that the amount as recorded in the paper was actually paid to the assessee.the decision of the tribunal, pune bench in the case of bala prasad r.lokamanyawar (supra) is also not relevant to the facts of the present case. ..... the learned accountant member further observed that it is very naive on the part of the learned counsel to submit that the back side of the seized paper was never confronted to the assessee by the assessing officer and the commissioner because the seized paper is the fulcrum point on which the whole case revolves and it is too much to say that such vital evidence on which the authorities below based their conclusions was not shown ..... the paper mentions so-money figures in cash and it is not known as to how the assessing officer has adopted the figure of rs. .....