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: due date for vat payment :: cpt :: TDS :: Central Excise rule to resale the machines to a new company :: VAT Audit :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: list of goods taxed at 4% :: form 3cd :: VAT RATES :: ACCOUNTING STANDARD :: ACCOUNTING STANDARDS :: TAX RATES - GOODS TAXABLE @ 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: articles on VAT and GST in India :: empanelment
 
 
From the Courts »
 Micro Spacematrix Solution P Ltd vs. ITO (ITAT Delhi)
 CIT vs. Greenfield Hotels & Estates Pvt. Ltd (Bombay High Court)
 IndiaBulls Financial Services Ltd vs. DCIT (Delhi High Court)
 Maharao Bhim Singh of Kota vs. CIT (Supreme Court)
 Ravneet Takhar Vs. Commissioner Of Income Tax Ix And Ors.
 Jaiprakash Associates Ltd. Vs. Commissioner Of Income Tax
 Formula One World Championship Limited Vs. Commissioner Of Income Tax, International Taxation-3 And Anr.
 Commissioner Of Income Tax International Taxation-3 Delhi Vs. Formula One World Championship Ltd. And Anr.
 Reliance Communications Ltd vs. DDIT (ITAT Mumbai)
  Sushila Devi vs. CIT (Delhi High Court)
 Ashok Prapann Sharma vs. CIT (Supreme Court)a

Mrs. Anita S. Katara, 1205-C Wing, Raheja Sherwood, Near NSE Grounds, Goregaon (East), Mumbai 400063 Vs. The ITO-19(3)(1), 3rd Floor, Piramal Chambers, Lalbaug, Parel, Mumbai 400063
June, 10th 2015
                         ,                
              IN THE INCOME TAX APPELLATE TRIBUNAL
                    MUMBAI BENCHES `A' MUMBAI
            [ .. , Û è  .  ,                    è

            BEFORE SHRI        I.P. BANSAL, JUDICIAL MEMBER AND

            SHRI D.KARUNAKARA RAO, ACCOUNTANT MEMBER
                    . / ITA No.1788/MUM/2013
                    [ [ /Assessment Year 2006-07
     Mrs. Anita S. Katara,    / The ITO-19(3)(1),
     1205-C Wing, Raheja            3rd Floor, Piramal Chambers,
                               Vs.
     Sherwood,                      Lalbaug, Parel,
     Near NSE Grounds,              Mumbai 400063
     Goregaon (East),
     Mumbai 400063
     è    . /   . / PAN/GIR No. : AHBPK0947N
          ( /Appellant)        ..        (× / Respondent)

      Appellant by             Ms. Mrugakshi K. Joshi
      Respondent by            Shri Jeevanlal Lavidiya
                 / Da te o f Hearing        : 08/06/2015
               /Date of Pronouncement : 08/06/2015
                                     / O R D E R

PER I.P.BANSAL, J.M:

       This is an appeal filed by the assessee and it is directed against order
passed by Ld. CIT(A) -18, Mumbai dated11.01.2013 for assessment year 2006-
07. Grounds of appeal read as under:
       "On the facts and circumstances of the case and in law:
       1. The learned CIT(A) erred in upholding the penalty levied by the learned
       Assessing Officer of Rs.3,67,985/- u/s.271(1)(c) of the Income tax Act, 1961, in
       respect of disallowance of genuine gifts received by the Assessee from her sister,
       under section 68 of the Income Tax Act, 1961.




2.     The impugned penalty has been levied on the addition of Rs.7,90,000/-
and Rs.1,55,000/-, which were added to the income of the assessee being
unexplained cash credit.
                                            2                . / ITA No.1788/MUM/2013
                                                              [ [ /Assessment Year 2006-07




3.    During the course of hearing, it was brought to our notice that the
impugned addition on which the penalty has been levied was set aside by the
Tribunal   to   the    file   of   AO   vide    order    dated    21/2/2012       in   ITA
No.3294/Mum/2011 with the following observations:
      3. We have considered the issue and are of the opinion that the matter is to be re-
      examined by the Assessing Officer afresh. The contention that the provisions of
      section 56(1)(v) regarding the amount received from the relative was not there
      before Revenue authorities. Moreover it is to be established that the person who
      gifted money is assessee's sister as claimed. It was also to be established that
      the said sister is working as Dentist in U.K. The audit certificate placed before the
      CIT (A) with reference to the creditworthiness should have been admitted and
      examined by the CIT (A) which was not done. Therefore, without going to the
      merits of various claims, we restore the issue to the file of the Assessing Officer to
      consider the additional evidence filed before the CIT (A) and also examine other
      contentions afresh. The assessee is directed to furnish the necessary evidence to
      the Assessing Officer to substantiate the claims. Needless to state that adequate
      opportunity should be given to assessee in the consequential assessment
      proceedings. With these directions the issue of gift is restored to the file of the
      Assessing Officer to examine afresh on the basis of facts and law.




4.    It was further brought to our notice that in pursuance to aforementioned order
of the Tribunal, the AO has considered this issue and after examining the evidence
submitted by the assessee addition has been deleted and returned income of the
assessee has been accepted. Reference in this regard was made to order passed by AO
dated 30/11/2012, copy of which was placed on our record and was also given to Ld.
DR.


5.    In this view of the situation, after hearing both the parties we delete the
impugned penalty and appeal filed by the assessee is allowed.


        Order pronounced in the open court on 08/06/2015
           Û   08/06/2015    

           Sd/-                                                     Sd/-
(.   / D.KARUNAKARA RAO)                                  (..  / I.P. BANSAL)
 è / ACCOUNTANT MEMBER                           Û è / JUDICIAL MEMBER
  Mumbai;
                  Dated 08/06/2015
                            3           . / ITA No.1788/MUM/2013
                                        [ [ /Assessment Year 2006-07




    /Copy of the Order forwarded to :
1.    / The Appellant
2.   × / The Respondent.
3.    È() / The CIT(A)-
4.      / CIT
      È
5.    ,   ,             / DR, ITAT,
     Mumbai
6.   [  / Guard file.


                                            / BY ORDER,
×  //True Copy//

                           /             (Dy./Asstt. Registrar)
                             ,  / ITAT, Mumbai
.../Vm, Sr. PS

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - We Bring IT. Offshore software outsourcing company. We use Global Delivery Model (GDM) and believe in Follow The Sun principle

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