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TaxTMI 
TaxTMI 
TaxTMI 
2014 (11) TMI 810
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....TAT was justified in law in admitting a new plea contrary to the facts on record that the net profit in respect of supervision charges should be linked to the receipts of booking of flats to the tune of Rs. 2.63 crores contrary to the provisions of Rule 29 read with rule 10 of the Appellate Tribunal Rules and to base its finding thereon. (2) Whether on the facts and circumstances of the case, the ITAT having held that assessee has received unaccounted receipts was justified in law in holding that the assessing officer has to discharge onus in respect of on-money by showing that assessee has invested Rs. 1,58,59,400 out of such receipts whereas claim of assessee for extra expenditure was foun....
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....nly the income and not the entire receipt. He has relied upon the decision of this Court in the case of Commissioner of Income Tax vs. President Industries reported in [2002] 258 ITR 654 wherein this Court rejecting the appeal took a view that unless there is a finding to the effect that investment by way of incurring the cost in acquiring the goods which have been sold has been made by the asessee and that has also not been disclosed, such addition could not be sustained. 4.1 Mr. Soparkar has also relied upon decision of this Court in the case of Commissioner of Income Tax vs. Gurubachhan Singh J. Juneja reported in [2008] 302 ITR 63 (Guj) wherein this Court has observed that in absence of any material on record to show that there was any....
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....Assessing Officer that the respondent - partnership firm received on money of Rs. 62 lakhs during the block period for sale of the flats, is not seriously in dispute. The Tribunal confirmed such findings arrived at by the Assessing Officer. However, the Tribunal did not permit the revenue to collect the tax on the entire receipt believing the it was only the income embedded in such receipt which can be subjected to tax. 10. As pointed out by the counsel for the respondent, this Court in the case of Commissioner of Income Tax v. President Industries, reported in (2002) 258 ITR 654 had taken a similar view. In the said case, during the course of survey conducted on the ....
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....a, reported in (2008) 302 ITR 63 (Guj.), once again a somewhat similar issue came up before this Court. In the said case, the assessee was engaged in the business of trading of tyres. Search proceedings were carried out at the residential and business premises of the assessee. On the basis of loose sheets which were seized during such search operation, the Assessing Officer held that sales to the extent of Rs. 10.85 lakhs was not found in the books of account. Such amount was included in the total income of the assessee. The Commissioner (Appeals) gave substantial relief to the assessee and reduced the income on the basis of gross profit rate. The Tribunal confirmed the order of the Commissioner (Appeals). On further appeal before the High ....
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....a. The said judgement of the Tribunal was apparently carried in appeal by the revenue. The High Court by a speaking order dated 24.4.2000, dismissed the appeal holding that no question of law was involved. Significantly, in case or Kishor Mohanlal Telwala, the assessee was engaged in the business of construction. In his case, unaccounted receipt of Rs. 1.47 crores was detected. In this background, the Division Bench confirmed the view of the Tribunal and did not accept the contention of the revenue that as no accounts had been maintained to substantiate the expenditure incurred by the assessee, the entire amount received by the respondent should be treated as income. The Court concluded that the Tribunal was justified in considering that th....