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1.       COMMISSIONER OF INCOME TAX VS. NARESH KUMAR AGGARWALA, INCOME TAX APPEAL NO. 225 OF 2004, DATE OF DELIVERY OF JUDGEMENT : 07.02.2011, HIGH COURT OF DELHI

In the Instant case, the AO calculated the cost of the property at a higher value and Consequently, took the difference as unaccounted investment made by the assessee in the property. In the due course , he relied upon a fax message found during the course of search operations. The other letter purportedly dated 25.2.92 was later produced in assessment proceedings. If this letter had been written at the relevant time this would have been certainly found and seized at the time of search. Such a vital document could not have escaped the attention of the authorized officers. Secondly the letter itself is tailor made to retrieve the damage caused by the seizure of the earlier fax message.

Learned counsel for the respondent-assessee submitted before us that the Tribunal rightly deleted the addition made by the AO since no addition could be made under Section 69 of the Act merely on presumption basis. He submitted that no documentary evidence was brought on record by the Department to show that the assessee had passed more money outside the account books with regard to the purchase of the property in question. He urged that no presumption could have been drawn under Section 132(4A) of the Act against the assessee in the absence of any documentary proof in this regard. He also submitted that the letter.

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2.      M/S FRICK INDIA LTD. VS. COMMISSIONER OF INCOME TAX, INCOME TAX APPEAL NO. 168 OF 1993, DATE OF DECISION : 01.09.2010, HIGH COURT OF DELHI

The assessee in the return filed by it for the assessment year 1982- 83 had claimed weighted deduction under Section 35B of the Income Tax Act on the ground that it had paid certain commission to the agents outside India.  This was denied by the Assessing Officer on the ground that no relationship between the assessee and  those persons to whom the commission was paid was established.

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What's New

• Finance Minister Pranab Mukherjee released the Report of the Task Force on Transaction Cost in Exports  (Click for detail)

• Plastic Rules - Use of plastic materials in sachets banned  (Click for detail)

• General Circular No: 2 /2011 - Co. Law - Direction under Section 212(8) of the Co. Act  (Click for detail)

• Circular No.17 - Allocation of cotton yarn export not being made today  (Click for detail)

• PUBLIC NOTICE NO 27 - Delistment of Pre-Shipment Inspection Agencies from Appendix 5 of Handbook of Procedures Vol-I (Appendices and Aayat Niryat Forms) 2009-2014  (Click for detail)

• SEZ Instruction No. 75 - Clarification on Rule 47(3) of SEZ Rules, 2006-Duty for sale of power from SEZ to DTA  (Click for detail)

• Notification No. 19 - Prohibition on export of Onions – Exemption for export of Bangalore rose onions and Krishnapuram onions  (Click for detail)

• Notification No. 20 - Prohibition on Export of Non-basmati Rice – exemption for export to Bangladesh  (Click for detail)

• Notification No. 21 - Prohibition on Export of Non-basmati Rice – exemption for export of Sona Masuri, Ponni Samba and Matta rice  (Click for detail)

• RBI/2010-11/ 399 - Scheme of 1% interest subvention on housing loans up to Rs. 10 lakh  (Click for detail)

         

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CA. Sanjay Kumar Agarwal, Founder - Voice of CA
Member  Central Council - ICAI
Former Chairman - NIRC
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