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Documents citing The Commissioner Of Income Tax vs Shri Ved Prakash Gupta on 1 December, 2004

Madhuri Developers,, Baroda vs Department Of Income Tax on 14 March, 2005

In the case of CIT Vs Ved Prakash (2004) 141 Taxman 377 (P & H) has observed that once entire amount stood assessed, there was no scope for issue of a fresh notice u/s 148 to assess the same income once again. Penalty proceedings during the course of subsequent reassessment proceedings could only be initiated if the AO had discovered any undisclosed income over and above the income which had already been assessed in original assessment proceedings. The levy of penalty under section 271(1)(c) has been cancelled."
Income Tax Appellate Tribunal - Ahmedabad Cites 15 - Cited by 0 - Full Document

B.B. Sharma, Meerut vs Department Of Income Tax on 11 February, 2006

"I have considered the AO's order, books of accounts of assessee and submissions of assessee. It is found that as per purchase deed, submitted by assessee, there was no mention of Rs. 18,00,000/- in the said purchase deed. The transaction of assessee is supported by a registered purchase deed, which in itself is a legal document. The ground of addition made by AO is only that Rs. 18,00,000/- were found written against the name of seller in one of the diaries seized during the search. However, there is no other document or evidence available in the hands of the AO, which could establish that such transaction of making payment of Rs. 18,00,000/- was made by assessee. Even the books of accounts of assessee do not establish the same. Therefore, additions merely on the basis of writing on loose diaries do not find any merit. Reference is also taken of the judgment laid down in the case of CIT v. D.K. Gupta 2009 308 ITR 230 (Del.) wherein it was held that "Search party discover some notings and jottings in the diaries and documents seized. Addition were made raising presumption u/s 132(4)(A) about the notings. Additions were deleted by CIT Appeals and ITAT. Held that Tribunal had recorded a finding that there was no corroborative or direct evidence to presume that notings and jottings had materialized into transactions given rise to income not disclosed in the books. There was no perversity in Tribunals findings."
Income Tax Appellate Tribunal - Delhi Cites 10 - Cited by 0 - Full Document
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