2017 (8) TMI 1366

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.... The captioned appeal filed by the revenue pertaining to assessment year 2007-08 is directed against the order passed by CIT(A)-30, Mumbai, dated 08/02/2016, which in turn arises out of an order passed by the Assessing Officer under section 143(3) r.w.s 147 of the Income Tax Act, 1961 (in short 'the Act'), dated 26/03/2014. The revenue assailing the order of the CIT(A) had therein raised the foll....

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....up companies, viz. S/sh. Mukesh Choksi & Jayesh K. Sampat, which as per the information received by the A.O from the investigation wing of the Income-tax department revealed that the assessee as a beneficiary had taken accommodation entries of Rs. 31,92,484/-. The case of the assessee was reopened by the A.O on the basis of the aforesaid information and an addition of Rs. 31,92,484/-(supra) was ma....

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.... the Income Tax Appellate Tribunal had been revised retrospectively. The ld. A.R in order to drive home his aforesaid contention, therein filed a chart reflecting the calculation of the 'tax effect', which reads as under: Income   Returned Assessed Amount in Dispute Total Income 2,71,833 34,64,320 31,92,487 Tax 13,683 9,38,177 9,24,494 Surcharge &n....

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....pose of considering the amount of 'tax effect' as envisaged in CBDT Circular No. 21/2015, dated 10/12/2015, what has to be considered is the amount of tax excluding the amount of surcharge and education cess. We find that our aforesaid view stands fortified by an order passed by a coordinate bench of the Tribunal, in the case of the DCIT, Central Circle-1(1), Mumbai Vs. M/s. Tilaknagar Industries ....