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: articles on VAT and GST in India :: VAT RATES :: ARTICLES ON INPUT TAX CREDIT IN VAT :: cpt :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT Audit :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARD :: due date for vat payment :: TDS :: form 3cd :: empanelment :: ACCOUNTING STANDARDS :: TAX RATES - GOODS TAXABLE @ 4% :: list of goods taxed at 4%
 
 
From the Courts »
  Avtec Limited Vs. Dy. Commissioner Of Income Tax
 Avtec Limited Vs. Dy. Commissioner Of Income Tax
  Indus Towers Limited Through: Its Authorised Signatory Mr. Amish Mehta, Chief Financial Officer Vs. Deputy Commissioiner Of Income Tax, Circle- 11(1) & Anr.
 ITO vs. Gravity Systems Pvt. Ltd (ITAT Delhi)
 Mehsana District Central Co-op Bank Ltd vs. ACIT (Gujarat High Court)
 ACIT vs. Vireet Investment Pvt Ltd (ITAT Delhi) (Special Bench)
  B.A.Mohota Textiles Traders Pvt. Ltd vs. DCIT (Bombay High Court)
 Principal Commissioner Of Income Tax, Delhi-1 Vs. Amadeus India Pvt. Ltd.
  AAA Paper Marketing Ltd vs. ACIT (ITAT Lucknow)
 CIT vs. Mettler Toledo India Pvt. Ltd (Bombay High Court)
 B.A.Mohota Textiles Traders Pvt. Ltd vs. DCIT (Bombay High Court)

Mrs. Anita S. Katara, 1205-C Wing, Raheja Sherwood, Near NSE Grounds, Goregaon (East), Vs. The ITO-19(3)(1), 3rd Floor, Piramal Chambers, Lalbaug, Parel, Mumbai 400063
June, 09th 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 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Portal Design Website Design Portal Designing Website Designing Web Design Professional Portal Design Professional Website Design Professional Web Design Portal Design India Website Design India Portal Designing India Website Designing India Web Design India Professional Portal Design India Professional Website Design India Chicago Professional Web Design New York Professional Web Design California Website Design Florida Website Design New Jersey Website Design Britain UK Website Design London Manchester Website Design

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