The onus lying on the assessee to prove the nature and source of the credit is not discharged if the creditors in whose names amount is standing in the books of the assessee denied to have any knowledge of such credits. It is for the assessee to bring to the A.O. Shri R.N. Parikh and furnish necessary evidence that in fact, it was he who...

No action can be taken under the section 147 after the expiry of four years from the end of the relevant assessment year unless the income chargeable to tax has escaped assessment by reason of the failure on the part of the assessee to disclose fully and truly all material facts necessary for his assessment for that assessment year...

Where the revenue has failed to establish before the Court that there was a failure on the part of the assessee to disclose fully and truly all the material facts necessary for the assessment, the exercise of the power to re-open the assessment beyond a period of four years of the end of the relevant assessment year would fail to fulfill ...

The work that the respondents perform is in the nature of a creative art and their work is neither subject to an order required from the Art Director nor from any of the artists. In performing their work, they have to bring to their work, their artistic ability, talent and a sense of perception for the purpose of production of drama invol...

The Assessee for the relevant year filed return declaring "Nil" income. He case though processed under Section 143(1) was selected for scrutiny. The Assessee had shown the gross total income for the relevant year as Rs.6,92,453/- and deducted therefrom the amount applied for charitable purposes to the extent of Rs.27,28,001/-. The Assesse...

For arriving at the above conclusion, strength is drawn from the decision of Mumbai `L' Bench of the Tribunal in the case of UCB India P. Ltd. v. ACIT [121 ITD 131 (Mum.)] where it was held that section 92C read with Rule 10B(1)(e) deals with Transactions Net Margins Method (TNMM) and it refers to only net profit margin realized by an ent...

Ingredient about a bona fide claim is that assessee should be able to show or prove some intermediate steps in whole process of transaction; if it is not able to give evidence in respect of any step in whole process of transaction then it can be said that explanation furnished by assessee is not bona fide and is nothing but a bald claim f...

If the facts of the case are tested on the ratio of aforesaid decisions, in our considered opinion, the Id. Commissioner cannot deny renewal of registration on the ground that the assessee had claimed double deduction in respect of depreciation as well as capital expenditure i or had not applied the requisite income for the objects. If th...

Penalty proceedings- Mere submitting a claim which is incorrect in law would not amount to giving inaccurate particulars of income of assessee, but if claim besides being incorrect in law is malafide, Explanation 1 to section 271(1)(c) comes into play and work to disadvantage of assessee....

In the light of the concurrent findings recorded by Commissioner (Appeals) as well as the Tribunal, it is apparent that the assessee had bona fide made a claim for deduction under section 80IA of the Act, which came to be rectified by filing a revised return withdrawing the claim and that as such there was no concealment or furnishing of ...