AI OCR 
TaxTMI 
TaxTMI 
TaxTMI 
2021 (5) TMI 482
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...., 1961 (hereinafter referred to as 'Act', for the assessment year 2017 - 18, whereby the Ld. CIT(A) has dismissed the appeal filed by the assessee against the assessment order passed u/s 143 (3) of the Act. 2. The brief facts of the case are that a survey u/s 133 A was carried out on 14.09.2016 at the business premises of the assessee and M/s Ambika Medicos. During the course of survey proceedings, a notebook pertaining to M/ s Sharma Overseas Services was found, in which entries were recorded regarding cash collection of Rs. 10 lacs during the period from April, 2016 to August 2016. The assessee contended that he was the proprietor of M/s Sharma Overseas Services, which carried out its business from 01. 04. 2016 to 31. 08. 2016. The asses....
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....the Ld.CIT(A) suffers from legal infirmity as the AO had wrongly treated the amount of Rs. 10 lacs declared by the assessee during the survey proceedings as undisclosed income under section 68 of the Act. The Ld. Counsel further submitted that this issue is covered in favour of the assessee by the decision of the ITAT Chandigarh Bench in the case of Shri Bhuwan Goyal Vs. DCIT in ITA No. 1385/Chd/2019 and since the findings of the Ld. CIT(A) are not in accordance with the decision of the Jurisdictional Tribunal, the same is liable to be set aside. The Ld. Counsel further pointed out that as per the decision of the Delhi Bench of the ITAT, in the case of M/ s. Agson Global Private Ltd. ITA No. 3741- 3746/Del/2019, income which is the part of ....
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....the Act in the said case, the assessee had surrendered an amount of Rs. 3. 64 crores in the statement recorded u/s 132(4) of the Act, which was made on the basis of the entries in the pocket diary found and seized during the course of search. The authorities below computed the tax under the provisions of section 115 BBE of the Act. The matter travelled to the ITAT. The ITAT set aside the orders of the authorities below and directed the AO to tax the entire surrendered income of Rs. 3. 64 crores at the normal rate of tax. The findings of the coordinate Bench read as under: 10. We have considered the submissions of both the parties and perused the material available on the record. In the present case it is not in dispute that the assessee ....
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.... amount of income-tax with which the assessee would have been chargeable had his total income been reduced by the amount of income referred to in clause(i). 2. Notwithstanding anything contained in this Act, no deduction in respect of any expenditure or allowance or set off of any loss shall be allowed to the assessee under any provision of this Act in computing his income referred to in clause(a) and clause (b) of sub-section (1). From the aforesaid provisions it would be clear that the provisions of Section 115BBE (1)(a) of the Act are applicable to the income which is referred in section 68, 69, 69A, 69B, 69C or 69D reflected in the return of income furnished under section 139 of the Act. However, in the present case no such income w....
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....se transactions were entered by me in Individual capacity and nothing to do with the company i.e. M/s A.P. Refinery Pvt. Ltd." The said explanation given by the assessee to the Ld. CIT(A) has not been rebutted, therefore the provisions of Section 69 of the Act were not applicable as the business transactions were recorded in the books of account and the assessee either earned commission or profit on all those Real Estate transactions. The income earned from the Real Estate transactions was claimed to be utilized for making the investment in the property. In the present case it is not brought on record to substantiate that the said income was utilized by the assessee elsewhere and not in the investment of the property. Therefore, we are of....