Sponsored
    Follow Us:

Case Law Details

Case Name : Punjab & Sind Dairy Products Pvt Ltd Vs Dy. CIT (ITAT Mumbai)
Appeal Number : ITA No 7965/Mum/2010
Date of Judgement/Order : 11/06/2015
Related Assessment Year : 2008-09
Become a Premium member to Download. If you are already a Premium member, Login here to access.
Sponsored

Brief of the case:

ITAT Mumbai held in Punjab & Sind Dairy Products Pvt Ltd Vs Dy. CIT that in the case of assessee itself in earlier year, ITAT had rejected the books of accounts on the basis that assessee failed to produce books of accounts as demanded by ITAT. But in the year under consideration as assessee had presented all the books of accounts and documents as required by AO and CIT(A) so the same could not be rejected just by applying the assessee’s case of earlier year because in that case of earlier year facts and materials were different, in that case assessee failed to produce the books of account but in the present case as assessee had produced all the relevant document required for assessment. So the books of accounts rejected by AO and confirmed by CIT(A) was wrong. The same should be accepted.

If during search, cash was found of individuals directors then addition could not be made to the income of company.

Facts of the case:

The assessee was a company incorporated on 31st March, 2005 with main object of carrying on the business of manufacturers and traders in all kinds of dairy/Milk products through various retail outlets and its business premises. A survey operations were conducted on 8th March, 2007 u/s 133A, on the business premises and retail outlets which was converted into search u/s 132(1) on the same date. The search and seizure operation was carried out not only on the business premises of the assessee, but also on residential premises of the Directors and family members. During the course of search & seizure and survey operation conducted by the Investigation Wing, statements of various persons including Directors and employees were recorded and certain papers/documents were also seized. In pursuance of such search and seizure action, notices u/s 153A were sent and assessments were completed for the AYs 2006-07 and 2007-08, wherein the main addition was made on the ground that the sale of milk products have been camouflaged as sale of milk to reduce the tax liability, after rejecting the books of accounts u/s 145(3). Assessee field an appeal with ITAT regarding the rejection of books of accounts.

Please become a Premium member. If you are already a Premium member, login here to access the full content.

Sponsored

Join Taxguru’s Network for Latest updates on Income Tax, GST, Company Law, Corporate Laws and other related subjects.

Leave a Comment

Your email address will not be published. Required fields are marked *

Sponsored
Sponsored
Search Post by Date
July 2024
M T W T F S S
1234567
891011121314
15161718192021
22232425262728
293031