TaxTMI 
TaxTMI 
2016 (1) TMI 1405
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.... appeals and on receipt of notice in Revenue's appeals, assessee has filed Cross Objections. Since the common issues are involved, therefore, we heard all the appeals & Cross Objections together and deem it proper to dispose of these appeals and Cross Objections by this common order. In the Cross Objections assessee has challenged reopening of the assessment. Since it is a jurisdictional issue, therefore, we take up the Cross Objections in asst. years 2007-08 and 2008-09. The assessee has raised an additional ground of appeal in the Cross Objections, wherein it has pleaded that since the Assessing Officer has not made any addition on the issues for which assessment was reopened, therefore, the Assessing Officer is precluded to make any ....
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....or the assessee did not press this ground. Therefore, it is rejected. 4. As far as AY 2007-8 & 2008-09 are concerned, the issue raised by the assessee by way of additional ground of appeal is concerned it is a legal issue and it can be agitated at any stage. Hon. Supreme Court in the case of NTPC vs. CIT reported at 229 ITR 383 has observed that if an issue is going to affect the taxability of an assessee and no fresh investigation of facts is required then assessee will be at liberty to raise such an issue before the Tribunal for the first time. Considering the judgment of Hon. Supreme Court in the above case, we permit the assessee to raise additional ground of appeal for AY 2007-08. 5. Ld. counsel for the assessee on the strength o....
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.... available, total income of the assessee is computed as under : Total income as per computation Rs.53,640/- Add: Disallowance/addition as discussed above (i) On account of remuneration expenses as per para 5 Rs.1,23,258/- (ii) Unexplained sundry creditors as per para 6 Rs.5,21,020/- (iii) Unverifiable expenses as per para 7 Rs.4,88,057/- Rs.11,32,335/- Total income Rs.11,85,975/- Rounded off u/s 288A Rs.11,85,970/ Assessed u/s 143(1) of the Income-tax Act, 1961. Charge interest u/s 234A/B & C of the Act as applicable. Give credit to the prepaid taxes, if any. Issue demand notice and challan accordingly. Issue pe....
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....ways (I) Ltd. 331 ITR 236 (Bom), we are of the view that expression "and also" employed in section 147 of the Act has denuded the Assessing Officer to make any addition on any such other income found during the course of assessment proceedings unless addition is being made on an issue for which assessment is reopened. We allow the Cross Objections and quash the reassessment orders. 9. Apart from the above, we find that tax effect in the appeals of Revenue is less than Rs. 10 lakhs. In view of the latest Instructions bearing No. 21/2015 issued by on 10.12.2015 by the CBDT, these appeals, otherwise are not so maintainable before the Tribunal. With prejudice to our decision on merits of cross objections, even Cross Objections are not allowe....
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....ismissed. 13. As far as assessée's appeal for Asst. Year 2006-07 is concerned, it has taken following grounds :- (1) ITO has erred in law and on facts to initiate proceedings u/s 147 of IT Act, 1961, on the basis of finding given by lower Service Tax Authority and when appeal filed by the appellant before Customs, Excise & Service Tax. Appellate Tribunal Ahmedabad is pending to be decided to initiate proceedings u/s 147 are not legal. (2) Proceedings initiated against appellant u/s 147 of IT Act, 1961 are without valid reason. (3) ITO has erred in law and on facts to come to a finding that amount of Rs. 1,31,266/- (Rs.17,66,427/- Deposits made with DCB Bank -Rs.16,35,161/- receipts as per profit & lo....
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....the Assessment Order. According to the Assessing Officer assessee failed to explain the source of these loans and, therefore, he made the addition of Rs. 1,85,000/- with the aid of section 68 of the IT Act, 1961. Appeal to the CIT(A) did not bring any relief. 15. Before us ld. counsel for the assessee contended that these amounts are opening balance in this year. He took us through the copies of the balance sheet as on 31st March, 2005 as well as on 31st March, 2006. These copies are placed on page no.45 and 40 of the paper book. On perusal of page 45 of the paper book it is seen that assessee has shown loans from friends and relatives and names of all these ten persons have been shown in the balance sheet. The credit balance against the....