Daily Updation 11-10-2014 New morning +New aim +New decision +New dream +New idea +New thinking +New ambition =GREAT SUCCESS May God give u everything in life Good morning CA. Vinay Mittal, Ghaziabad - - - - - -------------- Section 269SS, read with section 271D, of the Income-tax Act, 1961 - Deposits - Mode of taking/accepting (Loan/Deposit) - Whether money coming into current account cannot be called loan or deposit - Held, yes - Whether further, if money is accepted as share application money, same cannot be construed as loan or deposit for purpose of section 269SS - Held, yes [Paras 15, 22 & 25] [In favour of assessee] Words and Phrases : Word Deposit as occurring in section 269SS of the Income-tax Act, 1961 [2014] 49 taxmann 74 (Chandigarh - Trib.) Eqbal Inn & Hotels Ltd. v. Joint Commissioner of Income-tax -------------------------------------- I. Section 68 of the Income-tax Act, 1961 - Cash credit (Share application money) - Assessment year 2006-07 - Assessing Officer made addition on account of share application money received by assessee as cash credit from two companies - Identity of said two companies as sister concerns stood established, their bank accounts, IT returns and balance sheet in addition to their confirmation letters were produced - Whether since assessee had discharged its initial burden, addition under section 68 was to be deleted - Held, yes [Paras 10 and 11] [In favour of assessee] II. Section 69 of the Income-tax Act, 1961 - Unexplained investments (Unsecured loans) - Assessment year 2006-07 - Two directors of assessee-company advanced unsecured loans to assessee - One of them had produced his bank statement along with return to justify his creditworthiness but other partner did not produce any document - Whether addition as unexplained investment on account of partner who had produced relevant books had to be deleted and as regards other partner was to be upheld - Held, yes [Para 7] [Partly in favour of assessee] [2014]49 taxmann 13 (Delhi) HIGH COURT OF DELHI Commissioner of Income-tax v Nipuan Auto (P.) Ltd. --------------------------------------Section 145 of the Income-tax Act, 1961 - Method of accounting (Additions to income - Consignment sales) - Assessment year 2004-05 - Assessee was engaged in business of making purchases of readymade garments from various merchandisers for J - Those goods were sold to J at actual cost plus 2 per cent handling charges and applicable sales-tax - In course of assessment, Assessing Officer made an addition on account of unaccounted consignment sales - Whether impugned addition in respect of consignment sales not included in turnover of assessee was against guidelines issued by ICAI, and, therefore, same deserved to be deleted - Held, yes [Para 6][In favour of assessee] [2014]49 taxmann 169 (Delhi - Trib.) Income-tax Officer, Ward 4 (1), New Delhi v.Jaintex Apparels (P.) Ltd. ================== Officers of Central Excise shall continue to conduct audit, as provided in the statute. This clarification may be brought to the notice of the field formations. Circular No. 986/ 10/ 2014-CX dated 09.10.2014 --------------- CA. Vinay Mittal, Ghaziabad 9910691575 9310556351 vncgzb@gmail
Posted on: Sat, 11 Oct 2014 04:31:32 +0000
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