Search Results Page

Search Results

1 - 4 of 4 (0.31 seconds)
Documents citing The D.C.I.T, Special Range And Addl. ... vs Prem Cables (P) Ltd. on 7 October, 2004

M/S. Deem Roll-Tech Ld.,, Ahmedabad vs The Acit, (Osd), Range-1, Now Dy. Cit, ... on 1 March, 2018

8. A perusal of the section would indicate that basically this section contemplates three conditions required to be fulfilled by an assessee. In other words, the assessee is required to give explanation which will exhibit nature of transaction and also explain the source of such credit. The explanation should be to the satisfaction of the AO. In order to give such type of explanation which could satisfy the AO, the assessee should fulfill three ingredients viz. (a) identity of the share applicants, (b) genuineness of the transaction, and (c) credit-worthiness of share applicants. As far as construction of section 68 and to understand its meaning is concerned, there is no much difficulty. Difficulty arises when we apply the conditions formulated in this section on the given facts and circumstances. In other words, it has been propounded in various decisions that section 68 contemplates that there should be a credit of amounts in the books of an assessee maintained by the assessee, (b) such amount has to be a sum received during the previous year, (c) the assessee offers no explanation about the nature and source of such credit found in the books, or (d) the explanation offered by the assessee is not, in the opinion of the Assessing Officer, satisfactory. The Hon'ble Delhi High Court in the case of CIT v. Novadaya Castles (P.)
Income Tax Appellate Tribunal - Ahmedabad Cites 15 - Cited by 2 - Full Document

Ayaana Comtrade Pvt. Ltd.,, Ahmedabad vs The Income Tax Officer, Ward-1(1)(4),, ... on 5 March, 2019

9. A perusal of the section would indicate that basically this section contemplates three conditions required to be fulfilled by an assessee. In other words, the assessee is required to give explanation which will exhibit nature of transaction and also explain the source of such credit. The explanation should be to the satisfaction of the AO. In order to give such type of explanation which could satisfy the AO, the assessee should fulfill three ingredients viz. (a) identity of the share applicants, (b) genuineness of the transaction, and (c) credit-worthiness of share applicants. As far as construction of section 68 and to understand its meaning is concerned, there is no much difficulty. Difficulty arises when we apply the conditions formulated in this section on the given facts and circumstances. In other words, it has been propounded in various decisions that section 68 contemplates that there should be a credit of amounts in the books of an assessee maintained by the assessee, (b) such amount has to be a sum received during the previous year, (c) the assessee offers no explanation about the nature and source of such credit found in the books, or (d) the explanation offered by the assessee is not, in the opinion of the Assessing Officer, satisfactory. The Hon'ble Delhi High Court in the case of CIT v. Novadaya Castles (P.) Ltd.
Income Tax Appellate Tribunal - Ahmedabad Cites 6 - Cited by 3 - Full Document

Mohan Brothers (P) Ltd., New Delhi vs Department Of Income Tax on 29 June, 2015

10. Ground no.4 is against the deletion of disallowance being employees' contribution to P.F. The undisputed fact is that the deposit was made after the due date prescribed in the Act, but well before the due date of filing of the return. The First Appellate Authority applied the decision of the Jurisdictional High Court in the case of CIT vs. PM Electronics P.Ltd. and allowed this ground of the assessee. We find no infirmity in the same. In the result this ground is dismissed.
Income Tax Appellate Tribunal - Delhi Cites 4 - Cited by 0 - Full Document
1