Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: Central Excise rule to resale the machines to a new company :: cpt :: ACCOUNTING STANDARDS :: list of goods taxed at 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARD :: VAT RATES :: due date for vat payment :: VAT Audit :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TDS :: articles on VAT and GST in India :: form 3cd :: TAX RATES - GOODS TAXABLE @ 4% :: empanelment
 
 
From the Courts »
 M/S TEJ QUEBCOR PRINTING LTD. Vs. JOINT COMMISSIONER OF INCOME TAX
 Principal Commissioner Of Income Tax (Central) Vs. M/s A2z Maintenance & Engineering Services Ltd.
 Pr. Commissioner Of Income Tax-19 Vs. Shri Neeraj Jindal
 Rollatainers Ltd. Vs. Commissioner Of Income Tax
 CIT vs. G K K Capital Markets (P) Limited (Calcutta High Court)
 CIT vs. Arpit Land Pvt. Ltd (Bombay High Court)
 CIT vs. Abacus Distribution Systems (India) Pvt. Ltd (Bombay High Court)
  ACIT vs. Mahesh K. Shah (ITAT Mumbai)
  Malay N. Sanghvi vs. ITO (Bombay High Court)
 Pr. Commissioner Of Income Tax-Xviii Vs. Praveen Saxena
 Unitech Hospitality Services Limited Vs. Assistant Commissioner Of Income Tax

Presumption under Section 132(4A) is not available to authorities while framing the regular assessment
November, 21st 2006
Supreme Court Judgement   (Unreported)
Appeal (civil)  5673-5675 of 2002
P.R. Metrani
Versus
Commissioner of Income Tax,
Bangalore
Date of  Judgment: 15/11/2006

Bench: ASHOK BHAN & DALVEER BHANDARI


Presumption under Section 132 (4A) is available only in regard to the proceedings for search and seizure and for the purpose of retaining the assets under Section 132(5) and their application under Section 132B.  It is not available for any other proceeding. except where it is provided that the presumption under Section 132 (4A) would be available.  

            In our considered view, the High Court of Allahabad in Pushkar Narain Sarraf (supra) and the High Court of Delhi in Daya Chand (supra) have taken the correct view in holding that the presumption under Section 132(4A) is available only in regard to the proceedings for search and seizure under Section 132.   Such presumption shall not be available for framing the regular assessment.  The High Court of Karnataka in the impugned judgment has clearly erred in holding to the contrary.   Consequently, question No.1 of the Revenue is answered in the affirmative, i.e. against the Revenue and in favour of the assessee. 

It may be clarified that though presumption under Section 132(4A) is not available to authorities while framing the regular assessment but the material seized can be used as a piece of evidence in any other proceedings under the Act, all contentions are left open.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Wholesale Silver Jewelry

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions