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Documents citing The Commissioner Of Income Tax, ... vs Motor General Finance Ltd. on 21 December, 2001

Motor And General Finance Ltd. vs Dcit, Spl. Range-16 on 29 January, 2004

In view of the factual position and the background of the instant matter and in view of the legal prepositions as culled out from the judicial pronouncements referred to above, we are unable to uphold the stand taken by the ld. CIT(A) for rejecting the claim of the assessee for deduction Under Section 80M of I.T.Act. We do so on the following grounds also:
Income Tax Appellate Tribunal - Delhi Cites 32 - Cited by 77 - Full Document

The Dcit, Spl. Range vs United Vanaspati Ltd. on 10 December, 2003

18. The core issue in this case is related to the property of the assessment. The AO repeatedly called for books assessee did not produce the same and came for relief a the higher level. If this is allowed, the provisions of section 143(3), 142(1) and 144 will become otiose. This has a support from the ratio laid down by Delhi High Court in the case of CIT v. Motor General Finance Ltd 254 ITR 449, in which it was held " As the assessee could not produce any document in this regard an adverse inference in terms of section 114 of the Evidence Act should be drawn to the effect that had those documents been produced the same would have gone against the interest of the assessee".
Income Tax Appellate Tribunal - Chandigarh Cites 22 - Cited by 19 - Full Document

Kay Cee Electricals vs Deputy Commissioner Of Income Tax on 13 January, 2003

The perusal of the above clearly shows that if the Revenue brings some direct or circumstantial evidence and the relevant information is within the special knowledge of the assessee then in the absence of disclosure of such information by the assessee, adverse inference can be drawn against the assessee. The Hon'ble Delhi High Court in the case of CIT v. Motor General Finance Ltd. (2002) 254 ITR 449 (Del) has held that if the assessee does not furnish the information/material in his possession then adverse inference can be drawn against the assessee. The relevant observations are quoted below :
Income Tax Appellate Tribunal - Delhi Cites 12 - Cited by 3 - Full Document

Siel Ltd.,, vs Assessee on 31 May, 2004

"For the parity of reasons and as the appellant did not get effective opportunity to support his claim, the matter of all the three disallowances is remanded back to the assessing officer for taking a decision afresh with a direction to find out whether the borrowed moneys or part of it have been utilized for non-business purposes and what is the quantum thereof that is attributable to the investment in shares or advances made interest free. He shall also pass a speaking order as to how the explanation of the appellant that such investment or advances were made out to interest free funds 5 ITA Nos.3467 & 3444/D/2004 available with them cannot be accepted. He shall have regard to the ratio laid by the Tribunal in Meenakshi Synthetics (P) Ltd. supra. He shall however, give effective and reasonable opportunity of being heard to the assessee before raising any presumption or drawing any adverse inference. The assessing officer shall also consider the board's circular no.11/2001 dated 23.7.2001 in respect of investment in shares etc. before attracting provisions of Section 14A of the I.T.Act inserted by the Finance Act 2002 w.e.f. 11.5.2001 and application of sub section 5 of Section 115(o) of the Act before quantifying any disallowance on account of interest if any. The assessee shall cooperate."
Income Tax Appellate Tribunal - Delhi Cites 19 - Cited by 0 - Full Document

Siel Ltd.,, vs Department Of Income Tax on 31 May, 2004

"For the parity of reasons and as the appellant did not get effective opportunity to support his claim, the matter of all the three disallowances is remanded back to the assessing officer for taking a decision afresh with a direction to find out whether the borrowed moneys or part of it have been utilized for non-business purposes and what is the quantum thereof that is attributable to the investment in shares or advances made interest free. He shall also pass a speaking order as to how the explanation of the appellant that such investment or advances were made out to interest free funds 5 ITA Nos.3467 & 3444/D/2004 available with them cannot be accepted. He shall have regard to the ratio laid by the Tribunal in Meenakshi Synthetics (P) Ltd. supra. He shall however, give effective and reasonable opportunity of being heard to the assessee before raising any presumption or drawing any adverse inference. The assessing officer shall also consider the board's circular no.11/2001 dated 23.7.2001 in respect of investment in shares etc. before attracting provisions of Section 14A of the I.T.Act inserted by the Finance Act 2002 w.e.f. 11.5.2001 and application of sub section 5 of Section 115(o) of the Act before quantifying any disallowance on account of interest if any. The assessee shall cooperate."
Income Tax Appellate Tribunal - Delhi Cites 19 - Cited by 0 - Full Document
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