PROFORM INTERIORS PRIVATE LIMITED,GURGAON vs. DCIT CC-20, NEW DELHI

Section 164.'. Thus, as held in CIT v. Anjum\nM.H.Ghaswala 119 Taxman 352/252 ITR 1 (SC), by the Constitutional Bench that\n'it is a normal rule of construction that when a statue vests certain powers in a\nauthority to be exercised in a particular manner then the said authority has to\nexercise it only in the manner provided

PROFORM INTERIORS PRIVATE LIMITED,GURGAON vs. DCIT CC-20, NEW DELHI

In the result, all the appeals for

Section 119 of the Act. Vide Para 9 of Chapter 3 of Volume-II\n(Technical), a clear procedure is devised i.e., how an approval is to be granted for draft\nassessment for passing of assessment order in search cases. According to the Manual,\nthe Assessing Officer should submit the draft assessment order for such approval well in\ntime

PROFORM INTERIORS PRIVATE LIMITED,GURGAON vs. DCIT CC-20, DELHI

In the result, all the appeals for

Section 119 of the Act as noticed above, we find that while Section\n119(1) of the Act, restrains the Board from issuing any instructions to subordinate\nauthorities, which may lay down instructions of such a nature requiring the Income\nTax Authorities to make particular assessment in a particular manner or to\ninterfere with the discretion

PROFORM INTERIORS PRIVATE LIMITED,GURGAON vs. DCIT CC-20, DELHI

Section 164.'. Thus, as held in CIT v. Anjum\nM.H.Ghaswala 119 Taxman 352/252 ITR 1 (SC), by the Constitutional Bench that\n'it is a normal rule of construction that when a statue vests certain powers in a\nauthority to be exercised in a particular manner then the said authority has to\nexercise it only in the manner provided

PROFORM INTERIORS PRIVATE LIMITED,GURGAON vs. DCIT CC-20, NEW DELHI

Section 119 of the Act. Vide Para 9 of Chapter 3 of Volume-II\n(Technical), a clear procedure is devised i.e., how an approval is to be granted for draft\nassessment for passing of assessment order in search cases. According to the Manual,\nthe Assessing Officer should submit the draft assessment order for such approval well in\ntime

ACIT, CC-30, NEW DELHI vs. AMARJYOTI VANIJYA PVT. LTD., NEW DELHI

In the result, all the appeals of the Revenue are dismissed

Bench: Shri Amit Shukla & Shri B.R.R. Kumar

b. Unexplained cash credit under section 68 of the Act on account of share application money received during the year Rs. 8,53,47,000/- c. Unexplained investment as a share application money in M/s Prakash Industries Ltd. Rs. 3,95,38,700/- on protective basis. d. Unexplained expenditure on account of brokerage @ 0.5% of 37,63,01,300i.e

ACIT, CENTRAL CIRCLE- 30, NEW DELHI vs. PARKASH INDUSTRIES LTD, HISAR

Bench: Shri Amit Shukla & Shri B.R.R. Kumar

68 of the act unexplained 20,79,200 deleted department and brokerage @5% additional ground by assessee salary paid in cash 11,78,500 confirmed assessee and u/s 69c additional ground by assessee purchase of scrap @ 1,39,28,065 confirmed 0.75% Rs. Assesseeand 1% of turnover 104,46,052 and deleted 0.25% Rs. department 34,82,013 shifting

ACIT, CENTRAL CIRCLE- 30, NEW DELHI vs. PARKASH INDUSTRIES LTD, HISAR

Bench: Shri Amit Shukla & Shri B.R.R. Kumar

68 of the act unexplained 20,79,200 deleted department and brokerage @5% additional ground by assessee salary paid in cash 11,78,500 confirmed assessee and u/s 69c additional ground by assessee purchase of scrap @ 1,39,28,065 confirmed 0.75% Rs. Assesseeand 1% of turnover 104,46,052 and deleted 0.25% Rs. department 34,82,013 shifting

PRAKASH INDUSTRIES LTD.,NEW DELHI vs. ACIT, CC- 30,, NEW DELHI

Bench: Shri Amit Shukla & Shri B.R.R. Kumar

68 of the act unexplained 20,79,200 deleted department and brokerage @5% additional ground by assessee salary paid in cash 11,78,500 confirmed assessee and u/s 69c additional ground by assessee purchase of scrap @ 1,39,28,065 confirmed 0.75% Rs. Assesseeand 1% of turnover 104,46,052 and deleted 0.25% Rs. department 34,82,013 shifting

ACIT, CENTRAL CIRCLE- 30, NEW DELHI vs. PRAKASH INDUSTRIES LTD., HISAR

Bench: Shri Amit Shukla & Shri B.R.R. Kumar

68 of the act unexplained 20,79,200 deleted department and brokerage @5% additional ground by assessee salary paid in cash 11,78,500 confirmed assessee and u/s 69c additional ground by assessee purchase of scrap @ 1,39,28,065 confirmed 0.75% Rs. Assesseeand 1% of turnover 104,46,052 and deleted 0.25% Rs. department 34,82,013 shifting

PRAKASH INDUSTRIES LTD.,NEW DELHI vs. ACIT, CC- 30,, NEW DELHI

Bench: Shri Amit Shukla & Shri B.R.R. Kumar

68 of the act unexplained 20,79,200 deleted department and brokerage @5% additional ground by assessee salary paid in cash 11,78,500 confirmed assessee and u/s 69c additional ground by assessee purchase of scrap @ 1,39,28,065 confirmed 0.75% Rs. Assesseeand 1% of turnover 104,46,052 and deleted 0.25% Rs. department 34,82,013 shifting

PRAKASH INDUSTRIES LTD.,NEW DELHI vs. ACIT, CC- 30,, NEW DELHI

Bench: Shri Amit Shukla & Shri B.R.R. Kumar

68 of the act unexplained 20,79,200 deleted department and brokerage @5% additional ground by assessee salary paid in cash 11,78,500 confirmed assessee and u/s 69c additional ground by assessee purchase of scrap @ 1,39,28,065 confirmed 0.75% Rs. Assesseeand 1% of turnover 104,46,052 and deleted 0.25% Rs. department 34,82,013 shifting

PRAKASH INDUSTRIES LTD.,NEW DELHI vs. ACIT, CENTRAL CIRCLE- 30, NEW DELHI

Bench: Shri Amit Shukla & Shri B.R.R. Kumar

68 of the act unexplained 20,79,200 deleted department and brokerage @5% additional ground by assessee salary paid in cash 11,78,500 confirmed assessee and u/s 69c additional ground by assessee purchase of scrap @ 1,39,28,065 confirmed 0.75% Rs. Assesseeand 1% of turnover 104,46,052 and deleted 0.25% Rs. department 34,82,013 shifting

PRAKASH INDUSTRIES LTD.,NEW DELHI vs. ACIT, CC- 30,, NEW DELHI

Bench: Shri Amit Shukla & Shri B.R.R. Kumar

68 of the act unexplained 20,79,200 deleted department and brokerage @5% additional ground by assessee salary paid in cash 11,78,500 confirmed assessee and u/s 69c additional ground by assessee purchase of scrap @ 1,39,28,065 confirmed 0.75% Rs. Assesseeand 1% of turnover 104,46,052 and deleted 0.25% Rs. department 34,82,013 shifting

ACIT, CENTRAL CIRCLE- 30, NEW DELHI vs. PARKASH INDUSTRIES LTD, HISAR

Bench: Shri Amit Shukla & Shri B.R.R. Kumar

68 of the act unexplained 20,79,200 deleted department and brokerage @5% additional ground by assessee salary paid in cash 11,78,500 confirmed assessee and u/s 69c additional ground by assessee purchase of scrap @ 1,39,28,065 confirmed 0.75% Rs. Assesseeand 1% of turnover 104,46,052 and deleted 0.25% Rs. department 34,82,013 shifting

ACIT, CC-30, NEW DELHI vs. AMARJYOTI VANIJYA PVT. LTD., NEW DELHI

In the result, all the appeals of the Revenue are dismissed

Bench: Shri Amit Shukla & Shri B.R.R. Kumar

b. Unexplained cash credit under section 68 of the Act on account of share application money received during the year Rs. 8,53,47,000/- c. Unexplained investment as a share application money in M/s Prakash Industries Ltd. Rs. 3,95,38,700/- on protective basis. d. Unexplained expenditure on account of brokerage @ 0.5% of 37,63,01,300i.e

ACIT, CENTRAL CIRCLE- 30, NEW DELHI vs. PRAKASH INDUSTRIES LTD., HISAR

Bench: Shri Amit Shukla & Shri B.R.R. Kumar

68 of the act unexplained 20,79,200 deleted department and brokerage @5% additional ground by assessee salary paid in cash 11,78,500 confirmed assessee and u/s 69c additional ground by assessee purchase of scrap @ 1,39,28,065 confirmed 0.75% Rs. Assesseeand 1% of turnover 104,46,052 and deleted 0.25% Rs. department 34,82,013 shifting

ACIT. CENTRAL CIRCLE- 30, NEW DELHI vs. AMARJYOTI VANIJYA (P) LTD., NEW DELHI

In the result, all the appeals of the Revenue are dismissed

Bench: Shri Amit Shukla & Shri B.R.R. Kumar

b. Unexplained cash credit under section 68 of the Act on account of share application money received during the year Rs. 8,53,47,000/- c. Unexplained investment as a share application money in M/s Prakash Industries Ltd. Rs. 3,95,38,700/- on protective basis. d. Unexplained expenditure on account of brokerage @ 0.5% of 37,63,01,300i.e