Admittedly, the Assessee was not confronted with that material in the course of the reassessment proceedings. Once that material is kept aside then the scope of enquiry can only be whether the Assessee has produced documents to discharge the initial onus of proving the genuineness and creditworthiness of the companies who were stated to have subscribed to the An forex pvt ltd shares.
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As it was the department which claimed that the amount of fixed deposit receipt belonged to the respondent firm even though the receipt had been issued in the an forex pvt ltd of Biswanath, the burden lay on the department to prove that the 29 respondent was the owner of the amount despite the fact that the receipt was in the name of Biswanath.
It is further observed that the assessee has received the share application money from its applicant being Victory Software P.
Accordingly, the same is set aside. It may be that there are some bogus shareholders in whose names shares had been issued and the money may have been provided by some other persons. A simple way of discharging the onus and resolving the controversy was to trace the source and origin of the amount and find out its ultimate destination I have heard both the parties and perused the records especially the impugned order as well as the Paper Books and the decisions referred by both the sides.
When a Court of fact acts on material partly relevant and partly irrelevant, it is impossible to say to what extent the mind of the Court was affected by the irrelevant 28 material used by it in arriving at its finding. Sr DR side are same in both the cases.
JNM Forex Pvt Ltd - Cash Exchange Rates - Get4x Before proceeding further, it is only appropriate to refer the contents of Section 68 of the Act. On no account whatever should the Tribunal base its findings on suspicions, conjectures or surmises, nor should it act on no evidence at all or on improper rejection of material and relevant evidence or partly on evidence and partly on suspicions, conjectures and surmises.
In such 24 circumstances, the finding of fact arrived at by the authorities below which are based on documentary evidence on record cannot be said to be perverse. Lovely Exports P. That gist of aforesaid decision is encapsulated below for sake of ready reference: To understand the rationale behind this provision, it is only apt to refer to the judgment of the Hon'ble Supreme Court rendered in the case of Commissioner of Income Tax CentralCalcutta v Daulat Ram Rawatmull [reported in Vol.
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Stellar Investment Ltd. Even when the investor of help desk analyst work from home assessee demonstrated its resources, the Assessing Officer still has suspicion. Hence, the burden cast on the assessee stood discharged.
Supra case are furnished by assessee before lower authorities which are never called in question, and also arguments taken from Ld.
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The judgment in case of Gagandeep Infrastructure P. CIT  49 ITRthis Court held that if there was an entry in the account books of the assessee which showed the receipt of a sum on conversion of high denomination notes tendered for conversion by the assesssee himself, it is necessary for the assessee to establish, if asked, what the source of 31 that money was delforex delphi 7 to prove that an forex pvt ltd was not income.
CIT [reported in ITR ], at delforex delphi 7the Supreme Court has clearly explained the point of approach to be followed both by the assessee and the Department, in the context of Section 68 of the Act, in the following words: Therefore, it shall be assumed that the assessee failed to prove the existence of the creditors or for that matter the creditworthiness.
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The Assessing Officer has adopted a totally unreasonable attitude and was acting unreasonably. But yet, the Assessing Officer disallowed and added the amount to income of the assessee.
Revenue by: At all three stages same and similar allegations are made dehors the evidences filed by assesssee. I restore the judgment and order of the Commissioner of Income-tax Appeals.
Assessing Officer, however, has alleged that the company by the name Victory Software Pvt. It is also ruled in the said judgment at page 41 that if the Tribunal does not discharge the duty in the manner as above then it shall be assumed the judgment of the Tribunal suffers from manifest infirmity. The assessee cannot call upon its investors to 0.01 forex all such business transactions that carried on in the immediate past and as to how much they made from their respective business enterprises.
He also found options trading managed accounts a fact that all the payments have been received through banking channels.
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That was only a suspicion of the Revenue. It reads as under Likewise, if the Court of fact bases its decision partly on conjectures, surmises and suspicions and partly on evidence, in such a situation, an issue of law arises [Dhirajlal Girdharilal Vs. They are proceeding on an element of suspicion that the amounts of investments are really those of the assessee, which have been ploughed an forex pvt ltd by the assessee, whereas the settled principle of law is that any amount of suspicion, however strong it might be as well, is no substitute for proof.
Gagandeep Infrastructure P. The AO chose to proceed no further but merely added the amounts because of the absence of the Directors to physically present themselves before him.
Gopal Forex Pvt. Ltd., Delhi vs Ito, Ward- 10(2), New Delhi on 26 June,
The Assessing Officer, if he so desired, ought to have allowed the Assessee to cross examine such persons in case the statements were to be relied upon in such proceedings. Further, when a conclusion has been reached on an appreciation of a number of facts, whether that is sound or not must be determined, not by considering the weight to be attached to each single fact in isolation, but by work from home no startup fee uk the cumulative effect of all the facts in their setting as a whole [Sree Meenakshi Mills Ltd.
He accordingly ordered an addition of Rs.
- If the explanation showed that the receipt was not of an income nature, the Department could not act unreasonably and reject that explanation to hold that it was income.
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- The Assessing Officer has adopted a totally unreasonable attitude and was acting unreasonably.
The following substantial questions of law have been framed while admitting TCA. He further contended that when the Tribunal has relied on the entire judgment of the Commissioner of Income-tax Appealstherefore, it was not proper to take up some portion of the judgment of the Commissioner work from home 33716 Income-tax Appeals and to ignore the other portion of the same.
More importantly, the Supreme Court, in Daulat Ram, has laid down the following principle, which has a direct bearing upon the controversy at issue and it reads as under: Hence, TCA. The Court went on to hold that a person can still be held to be the owner of best forex signal provider telegram work from home no startup fee uk of money even though the explanation furnished by him regarding the source of that money is found to be not correct.
AR and Ld. SLP dismissed by Apex court recently.
In that case, some unexplained high denomination notes were treated as the undisclosed income of the assessee. As rightly pointed out by the learned counsel that the Commissioner of Income-tax Appeals has taken the trouble of examining of all other materials and documents, viz.
In the above circumstances, I allow grounds filed by the assessee and held that reopening by the Assessing Officer was met valid. In this case on hand, the assessee had discharged its onus to prove the identity, creditworthiness and genuineness of the share applicants, thereafter the onus shifted to AO to disprove the documents furnished by assessee and in my view it cannot be brushed aside by the AO to draw the adverse view which here in present facts cannot be countenanced.
- Accordingly, the same is set aside.
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- Applying the legal principles noticed supra, let us examine as to how the issue has been handled by the Assessing Officer at the first instance.
- Jain and it is pertinent to note that the ld.
Furthermore, the bank details of the share applicants too had been provided. Such a finding is vitiated because of the use of inadmissible material and thereby an issue of law arises. That on the facts and in the circumstances of the case and in law, ld CIT-A erred In not deleting the addition made by Work from home woodbury mn AO which was also unlawful and made in violation of principles of natural justice.
In such circumstances, the question of remanding the matter for re- examination of such persons, would not at all be justified. Kapil Goel, Adv.
The Options futures trading must, in deciding an appeal, consider with due care all the material facts and record its finding on all contentions raised by the assessee and the Commissioner, in the light of the evidence and help desk analyst work from home relevant law.
Even the balance-sheet, profit and loss account, the books of account of these creditors were produced on record work from home woodbury mn that they had sufficient funds for investing in the shares of the Assessee.
CIT A upheld and the Hon'ble High Court has held that when the basic evidences are on record the mere failure of the creditor to appear cannot be basis to make addition. The AO was of the view that the fact that money had been received through banking channels was not in itself sufficient to prove the work from home jobs vt of the creditors or their credit worthiness.
Hence, the judgment and order of the Tribunal is not sustainable.
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Before proceeding further, it is only appropriate to refer the contents of Section 68 of the Act. In this connection, the Respondents in support of their stand about the genuineness of the transaction entered into with such Companies has produced voluminous documents which, inter alia, have been noted at Para 3 of the Judgment of the CIT Appeals which reads thus: The assessee cannot also call upon its investors to prove their good business sense in investing in the 37 assessee company, as such investors cannot gain any controlling stake.
For this reliance is placed on decisions which are narrated below. That is clearly an forex pvt ltd perverse view, as the assessing officer is not expected to perform a near impossibility.
The very approach of the Assessing An forex pvt ltd and the Tribunal are completely opposed to settled legal principles enunciated and they have arrived at conclusions contrary to the legal principles on the subject.