Addl. CIT v. Jay Engineering Works Ltd.

Income Tax Officer Ward-2(2), Allahabad vs. Monad Infrasolution Limited, Allahabad

In the result, the appeal of the revenue is allowed for statistical purpose and the Cross-objection of the assessee are dismissed

Bench: Shri.Vijay Pal Rao & Shri Ramit Kocharassessment Year: 2015-16 Income Tax Officer, V. Monad Infrasolution Limited, Ward-2(2), Allahabad C-80 Gtb Nagar Kareli, Allahabad, 211016 U.P. Pan-Aajcm2155J (Appellant) (Respondent) C.O. No. 01/Alld/2021 In Assessment Year: 2015-16 Monad Infrasolution Limited, V. Income Tax Officer, C-80 Gtb Nagar Kareli, Ward-2(2), Allahabad Allahabad, 211016 U.P. Pan-Aajcm2155J (Appellant) (Respondent)

…usiness. That being the case, the accounts are relevant and afford prima facie proof of the entries and the correctness thereof under section 34 of the Evidence Act. Hon'ble Delhi High Court in the case of CIT vs. Jay Engineering Works Ltd. reported in (1978) 113 ITR 389 wherein their lordships have observed and held as under:- "While the word "evidence" may recall the oral and documentary evidence as may be admissible under the Indian Evidence Act, the use of the word ITA No. 62/ALLD/2020 and C.O. No. 01/ALLD/2021 (arising out of ITA No. 62/Alld/2020) Assessment Year 2015-16 Monad Infrasolution Lmt. Allahabad.…

Shri Farooq Ahmad Ahangar, Srinagar vs. Income Tax Oficer, Ward-3(1, Srinagar

In the result, both the appeals are allowed

Bench: Dr. M. L. Meena & Sh. Anikesh Banerjee

…he year under consideration assessee had either shown certain expenses in abnormal terms or that certain expenses were debited for an abnormal Farooq Ahmad Ahangar v. ITO amount. Hon’ble Delhi High Court in the case of Additional CIT Vs Jai Engineering Works 113 ITR 389 (Del.) had the occasion to consider a question that whether the report of the Auditor could be said to be ‘material’ on which reliance could be placed by the Income Tax Authorities. The Hon’ble High Court while approving the order passed by the Tribunal ruled that in case where books are not made available for AO’s verification the AO should re…

Shri Farooq Ahmad Ahangar, Srinagar vs. Income Tax Officer, Ward-3(1), Srinagar

In the result, both the appeals are allowed

Bench: Dr. M. L. Meena & Sh. Anikesh Banerjee

…he year under consideration assessee had either shown certain expenses in abnormal terms or that certain expenses were debited for an abnormal Farooq Ahmad Ahangar v. ITO amount. Hon’ble Delhi High Court in the case of Additional CIT Vs Jai Engineering Works 113 ITR 389 (Del.) had the occasion to consider a question that whether the report of the Auditor could be said to be ‘material’ on which reliance could be placed by the Income Tax Authorities. The Hon’ble High Court while approving the order passed by the Tribunal ruled that in case where books are not made available for AO’s verification the AO should re…

Shri Patel Enterprises, Korba(Cg) vs. Dy. Commissioner of Income Tax, Circle- Korba

In the result, the appeal of the assessee is partly allowed for statistical purpose in terms of our observations as discussed herein above

Bench: Shri Ravish Sood, Jm & Shri Arun Khodpia, Am आयकर अऩीऱ सं./Ita No.112/Rpr/2017 (ननधाारण वषा / Assessment Year : 2012-2013) M/S Patel Enterprises, Vs Dcit, Circle-Korba A-3, Vikas Complex, First Floor, Power House Road, Korba (C.G.) Pan No. : Aajfm 0718 Q (अऩीऱाथी /Appellant) (प्रत्यथी / Respondent) ..

…evant entries in assessee's books of account. Therefore, it must be presumed that the Auditor had done so and had found that the books of account supported the claim for deductions made by the assessee as held in Addl. CIT v. Jay Engineering Works Ltd. (1978) 113 ITR 389, 391-2 (Del.). The details filed on the basis of audited accounts were not proved as false nor was the mandatory certification given in the Audit Report u/s. 44AB by the Statutory Auditors regarding the correctness and completeness of the accounts of the assessee - filed along with the return - was proved as false and hence the impugned assessmen…

State Bank of India vs. The Joint Commissioner of Income Tax

In the result, the order dated 24

Bench: ALOK ARADHE,HEMANT CHANDANGOUDAR

…OF INDIA LTD.', (2002) 123 TAXMAN 433 (DELHI), 'CIT VS. KELVINATOR OF INDIA LTD.', (2010) 187 TAXMAN 312 (SC), 'BANKIPUR CLUB LTD VS. CIT', (1971) 82 ITR 831 (SC), 'CIT VS. NCR CORPORATION (P.) LTD' supra, and ACIT VS. JAY ENGINEERING WORKS LTD, (1978) 113 ITR 389. 5. On the other hand, learned counsel for the revenue submitted that assessment proceedings have been re-opened in accordance with law and the same does not suffer from any infirmity. It is also urged that burden was on the assessee to show that he was the owner of depreciable asset and that the amount has been expended wholly for the pu…

ACIT Circle-3, Mathura vs. Shobha Ram Sharma Contractor, Mathura

In the result, the appeal of the assessee is partly allowed and that

…ation assessee had either shown certain expenses in abnormal 9 I.T.A No. 306/Agra/2017 I.T.A No. 296/Agra/2017 terms or that certain expenses were debited for an abnormal amount. Hon’ble Delhi High Court in the case of Additional CIT Vs Jai Engineering Works 113 ITR 389 (Del.) had the occasion to consider a question that whether the report of the Auditor could be said to be ‘material’ on which reliance could be placed by the Income Tax Authorities. The Hon’ble High Court while approving the order passed by the Tribunal ruled that in case where books are not made available for AO’s verification the AO should rely…

ACIT Circle-3, Mathura vs. Shobha Ram Sharma Contractor, Mathura

In the result, the appeal of the assessee is partly allowed and that

…ation assessee had either shown certain expenses in abnormal 9 I.T.A No. 306/Agra/2017 I.T.A No. 296/Agra/2017 terms or that certain expenses were debited for an abnormal amount. Hon’ble Delhi High Court in the case of Additional CIT Vs Jai Engineering Works 113 ITR 389 (Del.) had the occasion to consider a question that whether the report of the Auditor could be said to be ‘material’ on which reliance could be placed by the Income Tax Authorities. The Hon’ble High Court while approving the order passed by the Tribunal ruled that in case where books are not made available for AO’s verification the AO should rely…

Hindustan Shipyard Ltd, Visakhapatnam vs. DCIT, Circle-3(1), Visakhapatnam

In the result, appeal of the assessee is partly allowed for statistical purpose

Bench: Shri V. Durga Rao& Shri D.S. Sunder Singhआयकर अपील सं./I.T.A.No.451/Viz/2017 (ननधधारण वर्ा/ Assessment Year: 2010-11) M/S Hindustan Shipyard Ltd., Vs. Dy.Commissioner Of Gandhigram Income Tax Visakhapatnam Circle-3(1) Visakhapatnam [Pan : Aaach4275P] (अपीलार्थी/ Appellant) (प्रत्यर्थी/ Respondent) अपीलधथी की ओर से/ Appellant By : Shri G.V.N.Hari, Ar प्रत्यधथी की ओर से/ Respondent By : Shri D.K.Sonowal, Cit Dr सुनवधई की तधरीख / Date Of Hearing : 18.01.2019 01.02.2019 घोर्णध की तधरीख/Date Of Pronouncement : आदेश /O R D E R

…n subsequent years, in which the bills have been processed adhering to the procedures. In support of the claim of the assessee relied on the decision of CIT Vs. Marshall Sons Co.(I) Ltd. (1995) (124 CTR 213) and Addl.CIT Vs. Jay Engineering Works Ltd. (1979) (113 ITR 389). The AO considered the submissions of the assessee and observed that the assessee 4 I.T.A. No.451/Viz/2017 M/s Hindustan Shipyard Ltd., Visakhapatnam is following mercantile system of accounting and as per the system of accounting followed by the assessee, the assessee has to claim the expenditure as well as the income on accrual basis. The AO…

Rishav Shelters P Ltd, Agra vs. JCIT Range-4, Agra

In the result, appeal of the assessee is partly allowed and that of the

…the contentions raised by the assessee. Now in the facts of the case, besides furnishing Ledger Accounts, 'Audit Report' was available on records and as held and resolved by the Hon'ble Delhi High Court in the case of ‘Additional CIT Vs Jay Engineering Works’ 113 ITR 389(Del) where the question was whether the report of the auditor could be said to be 'material' on which reliance could be placed by the Income Tax Authorities. The Hon'ble High Court while approving the order of the Tribunal held that in the event books are destroyed, the Tribunal should mainly rely on the Audit Report because the said evidence is…