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Since assessee had made purchase from the grey market which gives the assessee savings on account of non-payment of tax and others at the expense of the exchequer, and when sales were also not doubted, in such situation, in the facts and circumstances of the case, 12.5% dis allowance out of the bogus purchases meets the end of justice.
These are four appeals by the assessee and revenue against each other against the order of the Commissioner of Income Tax (Appeals)-XI & VIII, Ahmedabad, dated 25/11/2011 & 27/09/2012 for the Assessment Years (AYs) 2008-09 & 2009-10.
Briefly stated, the institution, Sri Visa Vadnagar Vanik Samaj, has earlier stated to have filed an application on 07-10-1988, seeking registration U/s.12A of the Income Tax Act, 1961 [Act]. It seems the said application has not been accepted/rejected by the Department. For the A.Y.2003-04 the AO has rejected the claim of assessee for exemption u/s.11(2) of the Act and has added an entire amount of Rs. 2,53,146/- to the income of assessee.
The only issue is to be decided as to whether the CIT-A justified in confirming the order of AO in determining the long term capital gain at Rs. 29,05,83,769/- against the claim of assessee as long term capital loss of Rs.25,05,20,775/- in the facts and circumstances of the case.
A division bench of the ITAT Kolkata comprising N.V.Vasudevan, Judicial Member and Waseem Ahmed, Accountant Member were ruled that the provisions of deemed dividend under section 2(22)(e) of the Income Tax Act would not applicable to Current Account Transactions.
The assessee failed to demonstrate as to what services have been rendered by her husband or the daughter to whom salaries have been paid. Therefore, the salary claimed by the assessee towards husband and daughter deserves to be disallowed.
On the facts and circumstances of the case and in law the learned CIT (A) as erred in deleting the addition of Rs.1,04,50,0001- made u/s 68 of the Income Tax Act, 1961 treating the credit in the books of the assessee as unexplained shown as receipt of share application money.
Author explains the intricacies and nuances of Section 2(22)(e) of the Income Tax Act, 1961 and the unsettled position on the controversy regarding the applicability of the provisions of deemed dividend.
The AO has imposed the penalty on the ground of disallowance of foreign exchange fluctuation. The assessee cannot be fastened with the law of penalty without there being a clear specific charge. Fixing a charge should not be in a casual manner and it has not been permitted under the law.
This appeal is filed against a common order of the Income Tax Appellate Tribunal (hereinafter referred to as the Tribunal) relating to Assessment Years 1997-98 onwards, for a period of eight years, till 2004-05. On the filing of the Appeal, an objection was raised by the respondent/ assessee, represented by Mr. P.R. Mullick, Advocate, that the Appeal is filed beyond time.
