Siemens Healthcare Pvt Ltd Vs Union of India & Ors. (Delhi High Court) Writ petition was filed due to reason that ongoing audit was transferred to Anti-evasion wing of CGST Commissionerate and a show cause notice was also issued by Anti-evasion Wing. No such power were conferred by the statute. Time was granted to respondent […]
It was submitted of behalf of assessee that the appeal filed by the Revenue is hit by recently issued CBDT Circular No.09 of 2024 dated 17.09.2024 revising the previous thresholds pertaining to tax effects.
In the matter abovementioned ITAT Delhi vitiated penalty proceedings after examining that non mentioning of charge for which penalty is to be levied makes the notice as much defective as non striking of irrelevant clauses in the notice.
In the matter abovementioned ITAT deleted addition made on account of undisclosed cash deposits during demonetization period after observing that assessee has substantiate means of income for depositing cash.
IT Department during demonetization (from November 9, 2016, to December 30,2016) identified various individuals who had deposited substantial sums of cash, under the initiative “Operation Clean Money”.
The assessee earned income from selling milk and filed her return for AY 2017-18 declaring income of Rs.1,78,110/-. The case was selected for limited scrutiny with the reason of “large value cash deposits during demonetization period as compared to returned income”.
Show cause notice u/s 148A(b) was issued for AY 2022-23 calling upon the assessee to show cause as to why the receipts should not be taxed as interest income during the year under consideration. Response was submitted by the assessee.
Before ITAT it was submitted that AO determined the total income/revised income as Rs.12,84,93,150/-. Thus the assessed income is lesser than the returned income of Rs.13.30 crores.
Assessee has not violated the provision of the Act u/s 271B as the assessee has Audited his accounts as per the provisions of section 44AB within the stipulated time but only filed the same belatedly.
Case was reopened after recording proper reason. Assessment was completed u/s.147 r.w.s. 144B of the Act on 25.03.2022, wherein addition of Rs.1 Crore was made in respect of unexplained investment in the immovable property.
