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KOLKATA TRIBUNAL on 8.9.2019 held that Section 68 of the Act provides that if any sum found credited in the year in respect of which the assessee fails to explain the nature and source shall be assessed as its undisclosed income. In the facts of the present case, both the nature & source of the share application received was fully explained by the assessee. The assessee had discharged its onus to prove the identity, creditworthiness and genuineness of the share applicants. The PAN details, bank account statements, audited financial statements and Income Tax acknowledgments were placed on AO’s record. Without doing so, the addition made by the AO is based on conjectures and surmises cannot be justified. In the facts and circumstances of the case, no addition was warranted under Section 68 of the Act. The amount of Rs. 31,75,000/-, as it pertains to the previous assessment year is deleted and for balance sum of Rs.2,66,00,000/- received during the year, the assessee has proved identity, genuineness and creditworthiness of the share subscribers, hence, same is deleted. (Para 38) EVERGREEN RESIDENCY PVT. LTD. vs ITO
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For the purpose of carrying forward the loss in terms of section 72 read with section 80 of the Act, in a case where search operations have been conducted under section 132 of the Act, the time to file the return within the meaning of section 139(3) of the Act has to be regarded as the reasonable time afforded by the consequent notice under section 153A(1)(a) of the Act.
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When search operations are conducted under section 132 of the Act, the obligation of the assessee to file any return remains suspended till such time that a notice is issued for such purpose under section 153A(1)(a) of the Act. If the return is filed by the assessee within the reasonable time permitted by such notice under section 153A(1)(a) of the Act, such return would then be deemed to have been filed within the time permitted under section 139(1) of the Act for the benefit under section 139(3) of the Act to be availed of by the assessee.
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The consideration that the loss in any year may be carried forward to the subsequent year and set off against the profits and gains in the subsequent year is a question that has to be determined by the assessing officer who deals with the assessment of the subsequent year.
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On 26th Oct 2018 AHMEDABAD TRIBUNAL held that Action u/s 263 can be justified only when twin condition is fulfilled as held by The Karnataka High Court in the case of CIT Vs. Shri D.G. Gopala Gowda i.e. assessment order should be erroneous and it should cause a prejudice to the Revenue. In the instant case Assessee argued the moment addition on account of disallowance of the deprecation would be made to the assessee’s income, it will be allowed as deduction u/s80IA/80IC. Therefore, order of the Commissioner is not sustainable on this issue.
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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