TaxTMI 
TaxTMI 
2014 (12) TMI 105
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....ch was preferred by the Assessee. 2. These Appeals were directed against the order of the Commissioner of Income Tax (Appeals), Central-III, Mumbai dated 19th January 2009. 3. Mr. Ahuja appearing on behalf of Revenue submits that the questions of law at pages 7 and 8 of the paper book are substantial because the Tribunal's order is perverse. It does not take into consideration the issue of telescopic benefit of Rs. 3.52 Crores. That benefit has been granted without considering the fact that the Assessee admittedly does not maintain any books of accounts. He has nothing to support his oral stand that the investment in assets and expenditure had been incurred out of disclosure made after search operation. Similarly with regards to the q....
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.... Memo of Appeal and all Annexures thereto. There is a group called Jalaj Batra Group, a search operation was carried out under section 132 of the Act on 25th October, 2005. The Assessee and his Associates are also covered. The Assessee is stated to be involved in off the market transactions of Penny stocks. There were direct transfers from one beneficiary account to another and that is managed with the help of money lenders. The Complaint is that benami Bank Accounts and D.P. Accounts were opened in the name of several persons involved in this group. The prices of the scripts were manipulated by these persons and bulk deals in such scripts were utilized for bench marking of prices. Such type of transactions were carried out by the Assessee ....
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.... salary paid to staff, estimated addition of Rs. 10 lacs on account of nonbusiness income/expenditure and addition of Rs. 21,51,723/- on account of withdrawal attributable to consumption of income for nonbusiness purpose and dismissed other grounds. 8. That is how the cross Appeals to the Tribunal. 9. What we find from the Tribunal's order is that this entire material together with the rival contentions have been exhaustively noted. Thereafter, as rightly pointed out by the Counsel for the Assessee, no relief has been granted to the Assessee in relation to the grounds which were given up and particularly about M/s. Sonal Fin. Cap. Pvt. Ltd. The undisputed factual position has been noted by the Tribunal in as much as if there were ....
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....relating to service apartment at Hotel Hilton a similar exercise is carried out and the Assessee's contentions have been accepted. With regard to expenditure on household items that aspect also has been considered and the Tribunal concluded that the declaration of income is more than sufficient to take care of the expenditure. This could not have been a matter and which is not covered by the disclosure. From paras 9 to 15 we find that every single item or addition has been considered and with extensive reference to the findings of the Assessing Officer and that of the Commissioner. The materials in support of this claims or additions have also been noted. The finding of double taxation has been rendered after examining the matter in det....