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Documents citing Express Movers (P) Ltd. vs Deputy Commissioner Of Income Tax on 3 April, 1997

Microland Ltd. vs Assistant Commissioner Of Income Tax on 17 March, 1998

In this connection, we would like to rely on the discussions made by Tribunal, Delhi Bench 'C' in the case of Express Movers (P) Ltd. vs. Dy. CIT (1997) 59 TTJ (Del) 227 : (1997) 61 ITD 528 (Del) as cited by the learned representative of the assessee himself. It was held therein that if the entry or transaction representing income has been shown as a liability or a loan, and not as income, it will still come within the ambit of the definition of "undisclosed income". Hence, in our view even if the claim of allowance of certain expenses, liability or deduction be found to be bogus on the basis of materials discovered during the search and seizure operation, the addition in that regard will have to be considered to be of the nature of the undisclosed income as envisaged in the relevant section.
Income Tax Appellate Tribunal - Bangalore Cites 94 - Cited by 25 - Full Document

Cas Card Finance Ltd., Rathore ... vs Assistant Commissioner Of Income Tax on 28 August, 2002

In the case of Express Movers (P) Ltd. v. Dy. CIT (1997) 59 TTJ (Del) 227 : (1997) 61 ITD 528 (Del), the Tribunal found that no incriminating documents were found during the course of search, that the assessee (sic-not) had in any manner inflated the expenditure in question. It was on these facts that the Tribunal held that the addition on the basis of the entries in the books of account maintained in the regular course was not permissible in block assessment This decision is distinguishable on facts.
Income Tax Appellate Tribunal - Ahmedabad Cites 54 - Cited by 11 - Full Document

Ravi Kant Jain vs Assistant Commissioner Of Income Tax on 29 February, 2000

5. The AO took into consideration the inference drawn by the Special Auditors that profit/gain earned on sale and purchase of property should be charged as income from business and profession and not as income from capital gain. He called upon the assessee to explain as to why his submission that observations of auditors were illegal and arbitrary be not rejected. The assessee submitted that he was holding the property as investment and capital gains were shown out of transactions. All the transactions were recorded in the books of account, regarding purchase and sale of the property. It was also the case of the assessee that in block assessment proceedings, the assessee was to explain only about unexplained investment or income but in the case in hand all the transactions were recorded in the books of account and same stand assessed. There was no undisclosed income. Reliance was placed on the decisions of different Benches of the Tribunal particularly the cases of Sunder Agencies vs. Dy. CIT (1997) 59 TTJ (Mumbai) 610 : (1997) 63 ITD 245 (Mumbai), Express Movers (P) Ltd. vs. Dy. CIT (1997) 59 TTJ (Del) 227 : (1997) 61 ITD 528 (Del), R. Ramanathan vs. Asstt. CIT (1998) 65 ITD 108 (Mad) and Parakh Foods Ltd. vs. Dy. CIT (1998) 64 ITD 396 (Pune). The AO considered all these case laws as well as submissions of the assessee and was of the opinion that only issue before him was as to whether income which had been returned under particular section of the Act could be brought to tax under different heads of income during the block assessment period or not. He referred to the provisions of s. 14 of the Act which provides heads of the income and further provide that all incomes shall for the purpose of charge of income-tax and computation of total income be classified under the head "A" to "F". According to AO the assessee was carrying on the business of purchase and sale of immovable property and his income was to be assessed under the head "business income".
Income Tax Appellate Tribunal - Delhi Cites 29 - Cited by 8 - Full Document

Ravikant Jain vs Assistant Commissioner Of Income Tax on 29 February, 2000

2.3. The assessing officer took into consideration the inference drawn by the Special Auditors that profit/gain earned on sale and purchase of property should be charged as income from business and profession and not as income from capital gain. He called upon the assessee to explain as to why his submission that observations of auditors were illegal and arbitrary be not rejected. The assessee submitted that he was holding the property as investment and capital gains were shown out of transactions. All the transactions were recorded in the books of account, regarding purchase and sale of the property. It was also the case of the assessee that in block assessment proceedings, the assessee was to explain only about unexplained investment or income but in the case in hand all the transactions were recorded in the books of account and same stand assessed. There was no undisclosed income. Reliance was placed on the decisions of different Benches of the Tribunal particularly the cases of Sunder Agencies v. Dy. CIT (1997) 59 TTJ (Mumbai) 610: (1997) 63 ITD 245 (Mumbai), Express Movers (P) Ltd. v. Dy. CIT (1997) 59 TTJ (Del) 227 : (1997) 61 TTD 528 (Del), R. Ramanathan v. Assistant Commissioner (1998) 65 TTD 108 (Mad) and Parakh Foods Ltd. v. Dy. CIT (1998) 64 ITD 396 (Pune). The assessing officer considered all. these case laws as well as submissions of the assessee and was of the opinion that only issue before him was as to whether income which had been returned under particular section of the Act could be brought to tax under different heads of income during the block assessment period or not. He referred to the provisions of section 14 of the Act which provides heads of the income and further provide that all incomes shall for the purpose of charge of income-tax and computation of total income be classified under the head "A" to 'Y'. According to assessing officer the assessee was carrying on the business of purchase and sale of immovable property and his income was to be assessed under the head "business income".
Income Tax Appellate Tribunal - Delhi Cites 23 - Cited by 5 - Full Document
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