The facts of the case are that the assessee is a jeweller and it is in this business for the last number of years. There was a search at the assessee’s premises by the DRI on 13th Feb., 1993 in which they found that the assessee had purchased silver weighing 1,913.295 kgs. and the same was seized. The stand of the assessee was that it had purchased silver of 194.25 kgs. from M/s Dilipkumar Hirachand, Jalgaon and the balance 1,713.80 kgs. through the agent in Mumbai who arranged the purchases of this quantity from 18 NRIs who had brought it from Middle-East countries. The DRI did not accept the contention of the assessee and seized the entire silver on the contention that the assessee did not prove that it was a legal purchase.
Period of six months as provided in Sub-section (2) of Section 12AA is not mandatory. Though the word ‘shall’ has been used but it is well known that to ascertain whether a provision is mandatory or not, the expression ‘shall’ is not always decisive. It is also well known that whether a statutory provision is mandatory or directory has to be ascertained not only from the wording of the statute but also from nature and design of the Statute and the purpose which it seeks to achieve.
Voluntarily means out of free will without any compulsion. When the assessee concealed incriminating material in the form of transactions in the aforesaid account of the two parties, surrender cannot held to be voluntarily. Surrender of income after the department has collected incriminating material with regard to the income so disclosed, cannot be voluntary surrender, because it was made under the constraint of exposure to adverse action by the Department.
Assessee is a limited company. The Government of Gujarat floated Sale Tax Deferment Scheme. For facilitating the industrial units to avail such benefit of the Sale Tax Incentive Scheme in the State, pari passu charge was to be created in favour of the Sales Tax Department, as decided by the Government of Gujarat and as such deferred amount of sales tax was considered as a “deemed loan” and the present respondent acted as a nodal agency for the scheme.
Vide letter dated 27.04.2013 the CBDT has informed the names of 141 Income Tax Officers who are to be appointed in the grade of Assistant Commissioner of Income-tax (ACIT) in the pay scale of Rs. 15,600 – 39,100 (plus grade pay of Rs. 5,400 in Pay Band -3). Download CBDT letter dated. 27.04.2013
1. For incorporating a private limited company, there must be: At Least 2 Promoters: Promoters who will promote/ incorporate the company. Promoters may be individual or body corporate. AND
