Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
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) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
 
 
 
 
Popular Search: due date for vat payment :: empanelment :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT RATES :: ACCOUNTING STANDARDS :: TAX RATES - GOODS TAXABLE @ 4% :: articles on VAT and GST in India :: ACCOUNTING STANDARD :: VAT Audit :: form 3cd :: Central Excise rule to resale the machines to a new company :: TDS :: cpt :: list of goods taxed at 4%
 
 
From the Courts »
 M/s Fiberfill Engineers Vs. Deputy Commissioner Of Income Tax
 Commissioner Of Income Tax, Del Vs. Mrs. Tara Sinha
 Unitech Wireless (Tamil Nadu) Pvt. Ltd. Vs. Principal Commissioner Of Income Tax, New Delhi & Ors.
 Pr. Commissioner Of Income Tax – 3 Vs. Delhi State Industrial Infrastructure Development Corp. Ltd.
 CIT vs. D. K. Garg (Delhi High Court)
 The Citizens Cooperative Society Ltd vs. ACIT (Supreme Court)
 Digipro Import & Export Pvt. Ltd vs. UOI (Delhi High Court)
  CIT vs. Hindustan Petroleum Corporation Ltd (Supreme Court)
  DCIT vs. Hita Land Private Limited (ITAT Mumbai)
 GTC Industries Limited vs. ACIT (ITAT Mumbai) (Special Bench)
 Premlata Purshottam Paldiwal vs. CIT (Bombay High Court)

B. Kishore Kumar vs. DCIT (Madras High Court)
November, 12th 2014

Admission of undisclosed income by assessee constitutes good evidence. Loose sheets found during search can be relied upon


(i) With regard to the undisclosed income of Rs.52,73,920/- supported by printouts, in the sworn statement dated 29.8.2006, the assessee says that he had separate business income which was not included in his income tax returns. Therefore, admission of undisclosed income of Rs.52,73,920/- is categoric and undisputed. When there is a clear and categoric admission of the undisclosed income by the assessee himself, there is no necessity to scrutinize the documents. The document can be of some relevance, if the undisclosed income is determined higher than what is now determined by the department. Moreover, it is not the case of the assessee that the admission made by him was incorrect or there is mistake. In fact, when there is a clear admission, voluntarily made, by the assessee, that would constitute a good piece of evidence for the Revenue.

(ii) The assessee relied upon a decision of the Delhi High Court in Commissioner of Income Tax v. Girish Chaudhary, [2008] 296 ITR 619 to plead that loose sheets of papers should not be taken as a basis for determining undisclosed income. However, in the case on hand, loose sheets found during the search are not the sole basis for determining the tax liability. It is a piece of evidence to prove undisclosed income. The printout statements of undisclosed income is not disputed by the assessee and in his sworn statements it is accepted. The entire exercise by the department to bring to tax undisclosed income, we find has been generous and simple. There appears to be no confusion in the quantification of the tax liability and we uphold the order of the Tribunal.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Our Team

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