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Demonetisation, Section 115BBE, 69, 154, 133A- ITAT- Jaipur- on 9 June, 2020 held that the provisions of section 115BBE which are contingent on satisfaction of requirements of section 69 cannot be independently applied by invoking the provisions of section 154 of the Act when provisions of section 69 have been invoked by the Assessing officer while passing the assessment order u/s 143(3) and at the same time, he has failed to apply the rate of tax as per section 115BBE of the Act. ACIT… vs Shri Sudesh Kumar Gupta, Alwar. In Favour of the assessee
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Section 32, 37, 36(1)(iii), 37(1), 131, 133A, 56, 147 AY 2012-13, 2013-14, 2014-15 After going through the various terms of the deed if it is loan/finance arrangement between the parties then the assessee is entitled only to claim interest as expenditure u/s 36 (1) (iii) and depreciation and is not entitled to claim the principal component of alleged lease rent paid as ‘revenue expenditure’ u/s 37(1). FASTWAY TRANSMISSION (P) LTD. vs. ACIT ITAT CHANDIGARH May 6, 2020
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ITAT Ahmedabad on 11th March, 2020-Diary seized, surrender made and survey statement recorded under section 133A. But having no corroborative evidences. Exorbitant profit is not possible in the line of business of the assessee. No other business is found. No unexplained investment is found. It was held that Since it is business receipt only GP based on past history can be added as income.
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It is well settled that in case the books of accounts are rejected the income of the business in which the Assessee was engaged can be determined by estimating the profit rate considering past history.
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सर्वे के दौरान अगर आप ने कोई आय सरेंडर करते समय यह लिखा कि यह आय इनकम फ्रॉम बिजनेस एंड प्रोफेशन से है तो यह आय इनकम फ्रॉम बिजनेस एंड प्रोफेशन स्की मानी जाएगी एवं प्रॉफिट एंड लॉस अकाउंट में इनकम सरेंडर के रूप में दर्शाई जाएगी और पूरा प्रॉफिट एंड लॉस अकाउंट निकाला जाएगा लेकिन यहीं आय आपने इनकम फ्रॉम अदर सोर्सेज बताइ तो यह आय इनकम फ्रॉम अदर सोर्सेस मानी जाएगी। कृपया ध्यान रखें इसका बहुत फर्क पड़ता है
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incriminating material found in survey