In our considered view therefore, although the name of the assessee does not feature in the panchnama, in view of the fact that warrant of authorization executed by the Department contained its name, the proceedings u/s 153A were validly initiated against the assessee.
Assessee needs to seek stay of outstanding demand since his Bank account has been attached by the department. Also he has financial stringency. Attachments to bank accounts withdrawn to enable assessee to pay tax demand.
Section 68 had no application when the shares were allotted by the assessee-company under a barter system as the respective parties did not receive cash nor did pay any cash, there was no real credit of cash in the cash book and the question of inclusion of the amount of the entry as unexplained cash credit could not arise.
HLG Memorial Hospital Pvt. Ltd. Vs ACIT (ITAT Kolkata) In the reasons supplied to the petitioner, there is no whisper, what to speak of any allegation, that the petitioner had failed to disclose fully and truly all material facts necessary for assessment and that because of this failure there has been an escapement of income […]
The assessee is a private limited company mainly engaged in the activity of running a football team. It filed its return of income for the Assessment Year 2012-13 declaring Nil Income.
The sole issue involved in this appeal of assessee is against the action of Ld. CIT(A) in confirming the addition of Rs.5,01,00,000/- made by AO u/s. 68 of the Income-tax Act, 1961 (hereinafter referred to as the Act) on account of bogus share capital including share premium
New Pooja Jewellers Vs ITO (ITAT Kolkata) In this case we find that these advances have subsequently been recorded as sales of the assessee firm and that these sales have been accepted as income by the AO during the year. He has not disturbed the sales of the assessee. When a receipt is accounted for […]
Computation of indexed cost of acquisition by the AO, taking the cost of acquisition at the cost price of 15.04.1976 without considering the provisions of section 55(2) clause (b) and taking the base cost inflation index at 406 is bad in law and we direct that Rs. 8,30,000/- must be taken as the cost of acquisition instead of Rs.1,122/-.. So we order accordingly.
Impugned disallowance u/s 40(a)(ia) does not apply in a case involving short deduction of TDS. ITAT therefore go by the very reasoning and direct the Assessing Officer to delete the impugned disallowance.
Neha Chowdhary Vs ITO (ITAT Kolkata) Bogus capital gains from penny stocks- It emerges that from a perusal of these case files that although the assessee has produced her documentary evidence before the lower authorities about the impugned sums to be in the nature of income derived from the sales of shares, the fact remains […]
