Brief facts are that during the relevant financial year 2000-01, assessee purchased incomplete flat in a multi-storied building situated at Juhu Sai Darshan, 5th N.S. Ext. Road, JVPD Scheme, Mumbai-400 049 for a total consideration of Rs.64.65 lakhs ..
On the facts and in the circumstances of the case and in law, the learned CIT(A) erred in deleting the premium on transfer fees of Rs. 10,60,000 received from members relying on the decision of the Mumbai High Court in the case of Sind Coop. Hsg. Soc..
Ground nos.1 and 2 deal with the deletion of addition of ‘.49,99,680 on account of adjustment made to arm’s length price (ALP) in respect of international transaction with Associated Enterprise (AEs). Briefly stated the facts of these grounds are tha..
Brief facts of the issue are that while during the scrutiny assessment, the Assessing Officer observed that out of Rs.40,68,500/- received by the assessee towards share capital account, an amount of Rs.39,00,000/- relating to the share application mo..
Briefly stated facts of the case are that the assessee firm is engaged in the business of export. The scrutiny assessments u/s 143(3) were completed for the assessment years 2002-03 and 2003-04 on 31.1.2005 and 14.9.2005 determining the total income ..
Firstly it is noticed that this ground arises very much from the order passed by the learned CIT(A). Secondly a letter dated 08.11.2007 addressed to the Registry, I.T.A.T, by Shri Pankaj Kumar, ACIT, Circle 1(1), Mumbai is there on record containing ..
The short issue in the present appeal by the assessee is with reference to addition of Rs.9,45,000/-, a gift received from the sister of the assessee brought to tax under section 68 of the Income Tax Act. The Assessing Officer was of the view that th..
In the facts and in the circumstance of the case, the Ld.CIT(APPEAL) erred in bifurcating the interest free advance of Rs. 2.43 crores granted to M/s. Tarajyot Polymers Pvt. Ltd. partly as business advance for the part of the year and partly as non-b..
The assessee is engaged in the business of trading in chemicals. The sales shown in the Profit & Loss Accounts were Rs. 3,15,85,478/- and against that purchases were shown as Rs. ,93,31,117/- on which gross profit of Rs. 7.95% was declared. The asse..
The appeal by the Revenue was filed on 17.12.2008 and the appeal by the assessee was filed on 27.11.2008. The assessee is a public sector undertaking and, therefore, as per the decision of Hon'ble Supreme Court in the case of ONGC Vs CCE [1995] Suppl..
These rather elaborate grounds of appeal attempt to highlight the factual matrix in which the assessee’s grievance is set out and the arguments in support of the assessee’s grievance. However, short grievance of the assessee, as is clearly discernibl..
We find that under the scheme of Section 271 AAA, there is a complete paradigm shift so far as penalty in respect of unaccounted income unearthed as a result of search operation carried out on or after 1st June 2007 is concerned. Unlike in the case o..
It was observed that certain advances were received by the assessee from the intending buyers in terms of agreement dated 30.01.1999 for providing electrical connection and fire fighting equipments. These advances were not considered to be receipts i..
It was observed that the balance in the shares account is Rs.23,52,580/- whereas as per books of account and as per trial balance it is Rs.22,93,130/- and assessee has failed to explain the difference or substantiate his plea that there is no differe..
When these facts were brought to the notice of the ld. counsel for the assessee, he fairly submitted that the second appeal could not have been filed against the same order when the first appeal had already been dismissed by the ld. CIT(Appeals). On ..
At the time of hearing, the learned AR submitted that the assessee company has not received assessment order passed by the Assessing Officer u/s 148 r/w section 143(3) for the assessment year 2002-03 as stated by the Assessing Officer that the order ..
Having regard to Rule 19(2) of ITAT Rules, 1963 and following various decisions of the Tribunal including in the case of CIT vs. Multiplan India (P) Ltd., reported in 38 ITD 320 (Del.) and the judgment of Hon’ble Madhya Pradesh High Court in the case..
The issue in appeal lies in a very narrow compass of material facts. The assessee is engaged in the business of rendering stevedoring and CFS (container freight station) services. During the course of assessment proceedings, the Assessing Officer not..
Despite sending defect memo and notice of hearing sufficiently in advance, assessee did not respond either to defect memo or notice of hearing. So, it is inferred that the assessee is not interested in prosecution of this appeal..
The brief facts necessitating the present revision petition are that acting on intelligence that large quantity of ball bearing were being smuggled from Nepal into Delhi, the DRI kept surveillance in and around Delhi. On 04.08.1992, the DRI intercept..
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