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 :: ARTICLES ON INPUT TAX CREDIT IN VAT :: empanelment :: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARD :: Central Excise rule to resale the machines to a new company :: list of goods taxed at 4% :: VAT RATES :: VAT Audit :: articles on VAT and GST in India :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: form 3cd :: ACCOUNTING STANDARDS
 
 
From the Courts »
 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
  Vatsala Shenoy vs. JCIT (Supreme Court)
  Vatsala Shenoy vs. JCIT (Supreme Court)
 M.K.Overseas Pvt. Ltd. Vs. Pr.Commissioner Of Income Tax-06
 Arshia Ahmed Qureshi Vs. Pr. Commissioner Of Income Tax-21

Manju Kunchal, C/o. L. M. Agarwal & Co, Chartered Accountaant, KA-32, Kavi Nagar, Ghaziabad Vs. ITO, Ward-1(4), Ghaziabad
July, 20th 2015
                IN THE INCOME TAX APPELLATE TRIBUNAL
                       DELHI BENCH `SMC-II', NEW DELHI
        BEFORE SHRI J. SUDHAKAR REDDY, ACCOUNTANT M EMBER

                                  ITA No. 5239/Del/2014
                                 Assessment Year: 1997-98


            Manju Kunchal,                Vs.    ITO,
            C/o. L. M. Agarwal & Co,             Ward-1(4),
            Chartered Accountant,                Ghaziabad
            KA-32, Kavi Nagar,
            Ghaziabad
            PAN:AEHPK2374J
             (Appellant)                         (Respondent)

                  Appellant by  :       Sh. L.M. Agarwal, CA
                  Respondent by :       Sh. Manoj Kr. Chopra, Sr. DR

                               Date of Hearing    : 13.07.2015
                        Date of pronouncement     :   17.07.2015

                                        ORDER

      This appeal is filed by the assessee against the order dated 04.10.2013 of
Ld.CIT(A), Muzaffarnagar pertaining to the Assessment Year 1997-98 on the
following ground which reads as under:-




      "1.   That the Learned CIT (A) erred in Law as well as on fact by reject the
      appellant Ground No 1 "Regarding again addition of Rs. 160224/ - U/s 68 of I.
      Tax Act, as made by AO when all books of accounts was produced with
      evidence as per direction of 1TAT" Vide ITA No. 5022/DEL/03 dt 07/11/2 008.

      2. That the learned CIT (A) erred in Law as well as on fact by reject Ground
      No. 2 & 3 in spite of that all information and evidence has been place on
      records and copy of books of accounts also filed.

      3.  That in any case sustained of addition of Rs. 1,60,224/- is illegal and
      against ma terial available on the records. "

2.    This is the second round of appellate proceedings. The short point for
consideration is whether addition of Rs.1,60,224/- u/s 68 of the Income Tax Act,
1961 is sustainable. The assessee submits that these are not fresh credits, but only
repayments of amount due from the parties and these amounts are part of the
opening outstanding balances. An affidavit to that extent and copy of accounts have
been filed by the assessee. The AO has not produced any evidence to contradict the
                                                                            Page 2 of 2




submission of the assessee. No investigation or verification is done by the AO. There
is no evidence to disbelieve the affidavit and material evidence produced by the
assessee. Under these circumstances the addition in question cannot be sustained.
In the result the addition is deleted and the grounds raised by the assessee are
allowed.
      Order pronounced in the Open Court on 17th July, 2015.

                                                       -Sd/-

                                                  (J. SUDHAKAR REDDY)
                                                   ACCOUNTANT MEMBER

Dated:17th July, 2015
AKK

Copy forwarded to: -
1.    Appellant
2.    Respondent
3.    CIT
4.    CIT(A)
5.    DR, ITAT
                          TRUE COPY
                                                                        By Order,
                                                               ASSISTANT REGISTRAR

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
E-catalogue online catalogue E-brochure online brochure online product catalogue online product catalogue e-catalogue Indi

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