449 (Madras), Sterling Machine Tools v. CIT

JCIT(OSD), CC-1, Noida vs. Jai Kishore Totlani, New Delhi

In the result, the appeal of Department of Revenue i

Bench: BEFORE, SHRI M. BALAGANESH (Accountant Member), SHRI VIMAL KUMAR (Judicial Member)

…purchase bill to be discussed and reconcile with management", in view of the ratio of decision in case of B. Kishore Kumar Vs. Deputy Commissioner of Income Tax, Central Circle- IV(1), Chennai (2014) 52 taxmann.com 449 (Madras), Sterling Machine Tools V. CIT 122 ITR 926 and Bhagirath Aggarwal V. CIT 122 ITR 926. Learned CIT(A) erred in deleting the addition of Rs. 4,55,00,000/- made by A.O. Relying on page no. 2 & 3 of annexure A-1 seized during search and part of unaccounted cash of Rs. 1,45,00,000/- has been received by the assessee and deposited in its bank account. Learned CIT(A) also erred in holding that t…

JCIT(OSD), CC-1, Noida vs. Ram Avtar Ramsisaria, Kolkata

In the result, the appeal of Department of Revenue i

Bench: BEFORE, SHRI M. BALAGANESH (Accountant Member), SHRI VIMAL KUMAR (Judicial Member)

…purchase bill to be discussed and reconcile with management", in view of the ratio of decision in case of B. Kishore Kumar Vs. Deputy Commissioner of Income Tax, Central Circle- IV(1), Chennai (2014) 52 taxmann.com 449 (Madras), Sterling Machine Tools V. CIT 122 ITR 926 and Bhagirath Aggarwal V. CIT 122 ITR 926. Learned CIT(A) erred in deleting the addition of Rs. 4,55,00,000/- made by A.O. Relying on page no. 2 & 3 of annexure A-1 seized during search and part of unaccounted cash of Rs. 1,45,00,000/- has been received by the assessee and deposited in its bank account. Learned CIT(A) also erred in holding that t…

JCIT, (OSD) Central Circle-1, Noida vs. Puspahas Agrawal, Noida

In the result, the appeal of Department of Revenue i

…purchase bill to be discussed and reconcile with management", in view of the ratio of decision in case of B. Kishore Kumar Vs. Deputy Commissioner of Income Tax, Central Circle- IV(1), Chennai (2014) 52 taxmann.com 449 (Madras), Sterling Machine Tools V. CIT 122 ITR 926 and Bhagirath Aggarwal V. CIT 122 ITR 926. Learned CIT(A) erred in deleting the addition of Rs. 4,55,00,000/- made by A.O. Relying on page no. 2 & 3 of annexure A-1 seized during search and part of unaccounted cash of Rs. 1,45,00,000/- has been received by the assessee and deposited in its bank account. Learned CIT(A) also erred in holding that t…

DCIT, CC-1, Noida vs. Amit Modi, Delhi

In the result, the appeal of Department of Revenue i

…purchase bill to be discussed and reconcile with management", in view of the ratio of decision in case of B. Kishore Kumar Vs. Deputy Commissioner of Income Tax, Central Circle- IV(1), Chennai (2014) 52 taxmann.com 449 (Madras), Sterling Machine Tools V. CIT 122 ITR 926 and Bhagirath Aggarwal V. CIT 122 ITR 926. Learned CIT(A) erred in deleting the addition of Rs. 4,55,00,000/- made by A.O. Relying on page no. 2 & 3 of annexure A-1 seized during search and part of unaccounted cash of Rs. 1,45,00,000/- has been received by the assessee and deposited in its bank account. Learned CIT(A) also erred in holding that t…

Amit Modi, Delhi vs. DCIT, CC-1, Noida

In the result, the appeal of Department of Revenue i

Bench: BEFORE, SHRI M. BALAGANESH (Accountant Member), SHRI VIMAL KUMAR (Judicial Member)

…purchase bill to be discussed and reconcile with management", in view of the ratio of decision in case of B. Kishore Kumar Vs. Deputy Commissioner of Income Tax, Central Circle- IV(1), Chennai (2014) 52 taxmann.com 449 (Madras), Sterling Machine Tools V. CIT 122 ITR 926 and Bhagirath Aggarwal V. CIT 122 ITR 926. Learned CIT(A) erred in deleting the addition of Rs. 4,55,00,000/- made by A.O. Relying on page no. 2 & 3 of annexure A-1 seized during search and part of unaccounted cash of Rs. 1,45,00,000/- has been received by the assessee and deposited in its bank account. Learned CIT(A) also erred in holding that t…

Jai Kishore Totlani, Delhi vs. DCIT, CC-1, Noida

In the result, the appeal of Department of Revenue i

Bench: BEFORE, SHRI M. BALAGANESH (Accountant Member), SHRI VIMAL KUMAR (Judicial Member)

…purchase bill to be discussed and reconcile with management", in view of the ratio of decision in case of B. Kishore Kumar Vs. Deputy Commissioner of Income Tax, Central Circle- IV(1), Chennai (2014) 52 taxmann.com 449 (Madras), Sterling Machine Tools V. CIT 122 ITR 926 and Bhagirath Aggarwal V. CIT 122 ITR 926. Learned CIT(A) erred in deleting the addition of Rs. 4,55,00,000/- made by A.O. Relying on page no. 2 & 3 of annexure A-1 seized during search and part of unaccounted cash of Rs. 1,45,00,000/- has been received by the assessee and deposited in its bank account. Learned CIT(A) also erred in holding that t…

Puspahas Agrawal, Noida vs. DCIT, Central Circle, Ghaziabad

In the result, the appeal of Department of Revenue i

…purchase bill to be discussed and reconcile with management", in view of the ratio of decision in case of B. Kishore Kumar Vs. Deputy Commissioner of Income Tax, Central Circle- IV(1), Chennai (2014) 52 taxmann.com 449 (Madras), Sterling Machine Tools V. CIT 122 ITR 926 and Bhagirath Aggarwal V. CIT 122 ITR 926. Learned CIT(A) erred in deleting the addition of Rs. 4,55,00,000/- made by A.O. Relying on page no. 2 & 3 of annexure A-1 seized during search and part of unaccounted cash of Rs. 1,45,00,000/- has been received by the assessee and deposited in its bank account. Learned CIT(A) also erred in holding that t…

ACIT, Central Circle, Ghaziabad vs. Jaipal Singh Sharma Trust, Ghaziabad

In the result, the appeal of the assessees is allowed and the appeals of the Revenue are dismissed

Bench: Sh. C. M. Gargdr. B. R. R. Kumar

…at where income, same was to be levied tax on basis of admission without scrutinizing documents, This decision has been confirmed by apex court vide order dated July, 02, 2015 [2015] 62 tamxamnn.com 215(SC). Further, in the case Sterline Machine Tools Vs. CIT 122 ITR 926 the court held that the legal value of an admission is that is the best evidence that an opposite party can rely upon and though not conclusive, is decisive of the matter unless unsuccessfully withdrawn or proved erroneous. 4.1 From the above discussion on the unsecured loans received by the assessee trust during the FY 2015-16, it is clear that…

ACIT, Central Circle, Ghaziabad vs. Jaipal Singh Sharma Trust, Ghaziabad

In the result, the appeal of the assessees is allowed and the appeals of the Revenue are dismissed

Bench: Sh. C. M. Gargdr. B. R. R. Kumar

…at where income, same was to be levied tax on basis of admission without scrutinizing documents, This decision has been confirmed by apex court vide order dated July, 02, 2015 [2015] 62 tamxamnn.com 215(SC). Further, in the case Sterline Machine Tools Vs. CIT 122 ITR 926 the court held that the legal value of an admission is that is the best evidence that an opposite party can rely upon and though not conclusive, is decisive of the matter unless unsuccessfully withdrawn or proved erroneous. 4.1 From the above discussion on the unsecured loans received by the assessee trust during the FY 2015-16, it is clear that…

Ait, Central Circle, Ghaziabad vs. Ankit Sharma, Ghaziabad

In the result, the appeal of the assessees is allowed and the appeals of the Revenue are dismissed

Bench: Sh. C. M. Gargdr. B. R. R. Kumar

…at where income, same was to be levied tax on basis of admission without scrutinizing documents, This decision has been confirmed by apex court vide order dated July, 02, 2015 [2015] 62 tamxamnn.com 215(SC). Further, in the case Sterline Machine Tools Vs. CIT 122 ITR 926 the court held that the legal value of an admission is that is the best evidence that an opposite party can rely upon and though not conclusive, is decisive of the matter unless unsuccessfully withdrawn or proved erroneous. 4.1 From the above discussion on the unsecured loans received by the assessee trust during the FY 2015-16, it is clear that…

ACIT, Central Circle, Ghaziabad vs. Nidhi Sharma, New Delhi

In the result, the appeal of the assessees is allowed and the appeals of the Revenue are dismissed

Bench: Sh. C. M. Gargdr. B. R. R. Kumar

…at where income, same was to be levied tax on basis of admission without scrutinizing documents, This decision has been confirmed by apex court vide order dated July, 02, 2015 [2015] 62 tamxamnn.com 215(SC). Further, in the case Sterline Machine Tools Vs. CIT 122 ITR 926 the court held that the legal value of an admission is that is the best evidence that an opposite party can rely upon and though not conclusive, is decisive of the matter unless unsuccessfully withdrawn or proved erroneous. 4.1 From the above discussion on the unsecured loans received by the assessee trust during the FY 2015-16, it is clear that…

Ankit Sharma, Ghaziabad vs. DCIT, Central Circle, Ghaziabad

In the result, the appeal of the assessees is allowed and the appeals of the Revenue are dismissed

Bench: Sh. C. M. Gargdr. B. R. R. Kumar

…at where income, same was to be levied tax on basis of admission without scrutinizing documents, This decision has been confirmed by apex court vide order dated July, 02, 2015 [2015] 62 tamxamnn.com 215(SC). Further, in the case Sterline Machine Tools Vs. CIT 122 ITR 926 the court held that the legal value of an admission is that is the best evidence that an opposite party can rely upon and though not conclusive, is decisive of the matter unless unsuccessfully withdrawn or proved erroneous. 4.1 From the above discussion on the unsecured loans received by the assessee trust during the FY 2015-16, it is clear that…

Rathi Special Steels Ltd., New Delhi vs. ACIT, Central Circle- 16, New Delhi

In the result, the appeals for the AYs 2009-10 to 2013-14 in the case of Rathi Special Steels Ltd

Bench: Shri Anil Chaturvedi & Shri Amit Shukla

…statement recorded u/s 132(4) has a great evidentiary value, he has referred to Hon’ble Allahabad High Court in case of Sterling Machine Tools vs. Commissioner Of 22 ITA Nos.1162, 1252 to 1256 & 1327 /Del./2018 ITA Nos.1163, 1258 to 1262/Del./2018 Income-Tax 122 ITR 926 (All.) and various other judgments. For the Finally, he strongly relied upon the order of the AO. DECISION 16. We have heard the rival submissions, perused the relevant findings given in the impugned orders as well as the material referred to before us. As discussed in the foregoing paragraphs, the major addition in all the years pertains to es…

Rathi Special Steels Ltd., New Delhi vs. ACIT, Central Circle- 16, New Delhi

In the result, the appeals for the AYs 2009-10 to 2013-14 in the case of Rathi Special Steels Ltd

Bench: Shri Anil Chaturvedi & Shri Amit Shukla

…statement recorded u/s 132(4) has a great evidentiary value, he has referred to Hon’ble Allahabad High Court in case of Sterling Machine Tools vs. Commissioner Of 22 ITA Nos.1162, 1252 to 1256 & 1327 /Del./2018 ITA Nos.1163, 1258 to 1262/Del./2018 Income-Tax 122 ITR 926 (All.) and various other judgments. For the Finally, he strongly relied upon the order of the AO. DECISION 16. We have heard the rival submissions, perused the relevant findings given in the impugned orders as well as the material referred to before us. As discussed in the foregoing paragraphs, the major addition in all the years pertains to es…

Rathi Bars Limited, New Delhi vs. ACIT, Central Circle-16, New Delhi

In the result, the appeals for the AYs 2009-10 to 2013-14 in the case of Rathi Special Steels Ltd

Bench: Shri Anil Chaturvedi & Shri Amit Shukla

…statement recorded u/s 132(4) has a great evidentiary value, he has referred to Hon’ble Allahabad High Court in case of Sterling Machine Tools vs. Commissioner Of 22 ITA Nos.1162, 1252 to 1256 & 1327 /Del./2018 ITA Nos.1163, 1258 to 1262/Del./2018 Income-Tax 122 ITR 926 (All.) and various other judgments. For the Finally, he strongly relied upon the order of the AO. DECISION 16. We have heard the rival submissions, perused the relevant findings given in the impugned orders as well as the material referred to before us. As discussed in the foregoing paragraphs, the major addition in all the years pertains to es…

Rathi Bars Limited, New Delhi vs. ACIT, Central Circle-16, New Delhi

In the result, the appeals for the AYs 2009-10 to 2013-14 in the case of Rathi Special Steels Ltd

Bench: Shri Anil Chaturvedi & Shri Amit Shukla

…statement recorded u/s 132(4) has a great evidentiary value, he has referred to Hon’ble Allahabad High Court in case of Sterling Machine Tools vs. Commissioner Of 22 ITA Nos.1162, 1252 to 1256 & 1327 /Del./2018 ITA Nos.1163, 1258 to 1262/Del./2018 Income-Tax 122 ITR 926 (All.) and various other judgments. For the Finally, he strongly relied upon the order of the AO. DECISION 16. We have heard the rival submissions, perused the relevant findings given in the impugned orders as well as the material referred to before us. As discussed in the foregoing paragraphs, the major addition in all the years pertains to es…

Rathi Bars Limited, New Delhi vs. ACIT, Central Circle-16, New Delhi

In the result, the appeals for the AYs 2009-10 to 2013-14 in the case of Rathi Special Steels Ltd

Bench: Shri Anil Chaturvedi & Shri Amit Shukla

…statement recorded u/s 132(4) has a great evidentiary value, he has referred to Hon’ble Allahabad High Court in case of Sterling Machine Tools vs. Commissioner Of 22 ITA Nos.1162, 1252 to 1256 & 1327 /Del./2018 ITA Nos.1163, 1258 to 1262/Del./2018 Income-Tax 122 ITR 926 (All.) and various other judgments. For the Finally, he strongly relied upon the order of the AO. DECISION 16. We have heard the rival submissions, perused the relevant findings given in the impugned orders as well as the material referred to before us. As discussed in the foregoing paragraphs, the major addition in all the years pertains to es…

Rathi Bars Limited, New Delhi vs. ACIT, Central Circle-16, New Delhi

In the result, the appeals for the AYs 2009-10 to 2013-14 in the case of Rathi Special Steels Ltd

Bench: Shri Anil Chaturvedi & Shri Amit Shukla

…statement recorded u/s 132(4) has a great evidentiary value, he has referred to Hon’ble Allahabad High Court in case of Sterling Machine Tools vs. Commissioner Of 22 ITA Nos.1162, 1252 to 1256 & 1327 /Del./2018 ITA Nos.1163, 1258 to 1262/Del./2018 Income-Tax 122 ITR 926 (All.) and various other judgments. For the Finally, he strongly relied upon the order of the AO. DECISION 16. We have heard the rival submissions, perused the relevant findings given in the impugned orders as well as the material referred to before us. As discussed in the foregoing paragraphs, the major addition in all the years pertains to es…

Rathi Bars Limited, New Delhi vs. ACIT, Central Circle-16, New Delhi

In the result, the appeals for the AYs 2009-10 to 2013-14 in the case of Rathi Special Steels Ltd

Bench: Shri Anil Chaturvedi & Shri Amit Shukla

…statement recorded u/s 132(4) has a great evidentiary value, he has referred to Hon’ble Allahabad High Court in case of Sterling Machine Tools vs. Commissioner Of 22 ITA Nos.1162, 1252 to 1256 & 1327 /Del./2018 ITA Nos.1163, 1258 to 1262/Del./2018 Income-Tax 122 ITR 926 (All.) and various other judgments. For the Finally, he strongly relied upon the order of the AO. DECISION 16. We have heard the rival submissions, perused the relevant findings given in the impugned orders as well as the material referred to before us. As discussed in the foregoing paragraphs, the major addition in all the years pertains to es…

Rathi Special Steels Ltd., New Delhi vs. ACIT, Central Circle- 16, New Delhi

In the result, the appeals for the AYs 2009-10 to 2013-14 in the case of Rathi Special Steels Ltd

Bench: Shri Anil Chaturvedi & Shri Amit Shukla

…statement recorded u/s 132(4) has a great evidentiary value, he has referred to Hon’ble Allahabad High Court in case of Sterling Machine Tools vs. Commissioner Of 22 ITA Nos.1162, 1252 to 1256 & 1327 /Del./2018 ITA Nos.1163, 1258 to 1262/Del./2018 Income-Tax 122 ITR 926 (All.) and various other judgments. For the Finally, he strongly relied upon the order of the AO. DECISION 16. We have heard the rival submissions, perused the relevant findings given in the impugned orders as well as the material referred to before us. As discussed in the foregoing paragraphs, the major addition in all the years pertains to es…