×Latest Case Laws on Income Tax by various Income Tax Appellate Tribunals in India
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11-01-2019, MARKS CONSOLIDATED, Section 147, 144, 151, Tribunal Delhi
This appeal filed by the assessee is directed against the order passed by the Ld. CIT(A)-6, Delhi on 09.10.2017 in relation to the assessment year 2003-04 on the following grounds:-
1. The AO has erred in law and facts by passing the order u/s. 144 read with section 147 of the Income Tax Act, 1961 which is bad in law and against the facts and circumstances of the case. The order therefore deserves to be quashed.
2. The AO has erred in law and facts by issuing notice u/s. 148 of the Income Tax Act, 1961 as reasons recorded and satisfaction accorded is not within the meaning of section 151 of the Income Tax Act, 1961. The order therefore is liable to be quashed.
3. The AO has erred in law and facts by making addition of Rs. 93,45,714/- made by the AO by erroneously invoking provisions of section 68 of the Income Tax Act, 1961.
4. That the appellant craves leave to add, alter, amend, forgo any of the grounds of appeal at the time of hearing.
2. The facts in brief are that the in this case information has been received from the Director of Income Tax (Investigation), New Delhi that the assessee has received an amount of Rs. 1,53,11,000/- from various parties. On perusal of the bank statement, there is a cash deposit in the bank on the preceding day of the day of entry given. Hence, it was presumed that the assessee has given cash to the parties and has taken the cheques after paying commission at prevailing rates i.e. from 1 to 2% of amount involved. Hence, the assessee has given a commission of Rs. 1,38,114/- @ 1.5% of amount involved. hence the assessee has given a commission of Rs. 1,38,114/- @ 1.5% of the amount involved in the entries taken from the parties. Therefore, an amount of Rs. 93,45,714/- )Rs. 92,07,600 + Rs. 1,38,114) was considered to be the undisclosed income of the assessee which was added back to the income of the assessee u/s. 68 of the Act and AO completed the assessment at Rs. 94,45,720/- vided his order dated 27.12.2010 passed u/s. 147/144 of the Income Tax Act, 1961.
3. Aggrieved with the aforesaid assessment order dated 27.12.2010, assessee appealed before the Ld. CIT(A) who vide his impugned order dated 9.10.2017 has affirmed the action of the AO and dismissed the appeal of the assessee.
4. At the time of hearing, Ld. A.R. for the assessee stated that there is a delay in filing the present appeal of 283 days for which the Assessee has filed the Application for condonation of delay alongwith its affidavit. In the said application, the assessee has submitted that the delay was occurred due to the serious injury that the Director of the assessee suffered in his leg. The Director was operated and was advised 14 weeks completed bed rest followed by rehabili ation, which last till days. It was further stated in the application that assessee is a 71 years old who got operated and his rehabilitation and recovery took longer and soon after somehow recovery of the assessee, the assessee has filed the present appeal before the Tribunal. Alongwith this application, the assessee has also attached the Medical /Sickness Certificate. In support of his contention, he relied upon the decision of the Hon’ble Supreme Court of India in the case of N. Balakrishnan vs. M. Krishnamurthy, AIR 1998 SC 3222; Shakuntala Devi Jain vs. Kuntal Kumari AIR 1969 SC 575; State of West Bengal vs. the