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*Cases where EWB is required even if consignment value is less than Rs. 50000*
*Job Worker:* Where goods are sent by a
principal located in one State or Union territory to a job worker located in any other State or Union territory,
the e-way bill shall be generated either by the principal or the job worker, if registered, irrespective of the value of the consignment.
*Handicraft Goods:* Where handicraft goods are transported from one State or Union territory
to another State or Union territory
by a person who has been exempted
from the requirement of obtaining registration
under clauses (i) and (ii) of section 24,
the e-way bill shall be generated by the said person irrespective of the value of the consignment.
VINOD KUMAR GUPTA vs. DEPUTY COMMISSIONER OF INCOME TAX
HIGH COURT OF DELHI
Judge(s) : S. Ravindra Bhat & A.K. Chawla, JJ.
IT Appeal No. 1003 of 2017 and Civil Misc. Appln. Nos. 41767-41768 of 2017 and 3505 of 2018
Date of Decision 12th March, 2018
Source (2018) 2 NYPCTR 254 (Del)
Statutes referred to :
Income-tax Act, 1961, ss. 153A & 153C
Case decided in favour of :
In favour of : Revenue;
Decision pertains to :
Assessment year 2006-07
Search and seizure—Assessment under s. 153A—Composite search against two brothers through a common warrant—Search and seizure operations were conducted on the same date through one authorization at the separate premises of the assessee and his brother SK which were located in the same building—Warrant was issued in the names of SK, assessee and other members of the family—Panchnama was signed by both, the assessee and SK and their statements were recorded on the same date—Both were involved in common business and the assessee was in-charge of the accounts—Hence, there was no necessity of issuing notice under s. 153C and following the separate elaborate procedure prescribed therein—Statements made by SK, relevant documents in the form of the compromise/settlement and other details were made available to the assessee to enable him to make submissions before the AO—Therefore, the substance of the procedure prescribed under s. 153C was followed—CIT(A) apportioned the undisclosed interest income in the ratio of 40 respectively in the hands of the assessee and SK which has been upheld by the Tribunal—CIT(A) and the Tribunal premised their findings upon the admitted documents in the form of a compromise settlement in the course of which the relevant shares of the parties’ rights and liabilities have been settled by the company law Board—Interest income had to be apportioned between the two brothers as the same was generated which both of them were together before parting ways—Thus, the findings are based upon a rationale which is both convincing and reasonable—Hence, there is no error of law in the additions—As regards the unaccounted expenditure, the documents seized clearly revealed the total expenditure that the assessee incurred in respect of both his children—Those were not traceable to the books of account or the returns that he had disclosed earlier—Thus, the said addition was also justified
Held :
The search and seizure was conducted on the same date, even through one authorisation. The premises searched were S-511, Greater Kailash Part-II. The warrant, in fact, was issued in the name of SK., G, the assessee, V, VG and M. The Panchnama was signed by both the assessee and SK. The statements of both SK and assessee were recorded on the same date. Furthermore, the documents, cash and other books of accounts seized pointed to such circumstances that the Revenue was justified in arguing that a separate notice under s. 153C was unnecessary. These facts are that both the assessees are brothers. Both were involved in common business and the assessee was in-charge of the accounts. Hence, there was no necessity of issuing notice under s. 153C and following the separate elaborate procedure prescribed therein.
(Para 13)
So far as the materials seized from SK’s premises are concerned, arguendo the assessee’s submission that he had no control and had to be given a separate opportunity with respect to the documents attributable to his (assessee’s) accounts and the affairs would have been justified had he denied the relevant materials. However, such is not the case. The statements made by SK like the assessee’s own statement, the relevant documents in the form of the compromise/settlement and other details were made available to the assessee to enable him to make submissions before the AO. Therefore, the substance of the procedure prescribed under s. 153C was followed. In other words, there was no failure of natural justice nor opportunity denied to the assessee to explain reasonably about the inferences that could be drawn from materials recovered and sought to be attributed to his income.
(Para 14)
As far as the addition made and the proportion applied goes, the CIT(A) and the Tribunal premised their findings upon the admitted documents in the form of a compromise settlement in the course of which the relevant shares of the parties’ rights and liabilities have been settled. In these circumstances, the business, which had yielded such interest, had to be inevitably apportioned between the two brothers who had parted ways later. The income generated was during the period when both of them were together. Essentially, being factual, the findings are based upon a rationale which is both convincing and reasonable. In these given circumstances, the Court is of the opinion that there is no error of law with respect to the additions made. As far as the addition with respect to the unaccounted sum of Rs. 92,16,098 goes, besides contesting that the assessee’s son was nicknamed "Golu", there cannot be any denial that the documents seized clearly revealed the total expenditure that the assessee incurred in respect of both his children. Those were not traceable to the books of account or the returns that he had disclosed earlier. In these circumstances, the addition made was justified.
(Paras 15 & 16)
Conclusion :
Revenue authorities having conducted search and seizure operations on the same date through one authorization at the separate premises of the assessee and his brother which were located in the same building, and both the brothers having signed the Panchnama, there was no necessity of issuing notice under s. 153C and following separate elaborate procedure prescribed therein for making the assessment on the basis of the seized material in the hands of the assessee; since the impugned income was generated during the period when both the brothers were doing business together, the CIT(A) and the Tribunal were justified in apportioning the undisclosed interest income in the hands of the assessee and his brother in the ration of 40:60 on the basis of the settlement award made by the Company Law Board in the course of inter se disputes and differences; hence, there is no error of law in the additions made pursuant to the search proceedings.
*Glimpse of New requirements in ITR forms for AY 2018-19:*
1. Additional disclosure requirements for Ind AS Compliant Companies.
[Applicable for ITR 6]
2. Fees for late filing of return [Section 234F].
[Applicable for ITR 1 to 7]
3. Require more details of salary and house property income.
[Applicable for ITR 1 and 4]
4. Additional details to be furnished by taxpayers opting for presumptive scheme such as amount of secured/unsecured loans, advances, fixed assets, capital account etc.
Further, new ITR 4 seeks GSTR no. of the assessee and turnover as per GST return filed by him.
[Applicable for ITR 4]
5. Transfer of TDS Credit to Other Person.
[Applicable for ITR 2 to 7]
6. Capital Gains in case of transfer of unquoted shares.
[Applicable for ITR 2, 3, 5, 6 and 7]
7. Reporting of sum taxable as Gift.
[Applicable for ITR 2, 3, 5, 6 and 7]
8. Now Partners cannot use ITR 2.
9. Revised Depreciation Schedule i.e. the highest rate of depreciation for any block of asset is restricted to 40%
[Applicable for ITR 3, 5 and 6]
10. Details of business transactions with registered and unregistered suppliers under GST.
[Applicable for ITR 6]
11. Assessee claiming DTAA relief is required to report more details.
[Applicable for ITR 2, 3, 5 and 6]
12. Info relating to capital gains exemption to be furnished in detail.
[Applicable for ITR 2, 3, 5 and 6]
13. Disallowance of expenses in case of TDS default (for residuary income).
[Applicable for ITR 2, 3, 5, 6 and 7]
14. Taxability on remission of trading liability in case of 'Income from other source'.
[Applicable for ITR 2, 3, 5, 6 and 7]
15. Income from transfer of Carbon Credits.
[Applicable for ITR 2, 3, 5, 6, 7]
16. Impact on profit or loss due to ICDS deviation.
[Applicable for ITR 3, 5 and 6]
17. Details of GST paid and refunded.
[Applicable for ITR 3, 5, and 6]
18. Removal of 'Gender' from personal information.
[Applicable for ITR 2, 3 and 4]
19. Details of foreign bank account of non-residents.
[Applicable for ITR 2, 3, 4, 5, 6 and 7]
20. Reporting of CSR appropriations.
[Applicable for ITR 6]
21. Break-up of payments/receipts in foreign currency.
[Applicable for ITR 6]
22. Ownership information in case of unlisted company.
[Applicable for ITR 6]
23. Trusts to disclose more information in ITR.
[Applicable for ITR 7]
24. Details of fresh registration upon change of objects [Section 12A].
[Applicable for ITR 7]
25. Taxability of Dividend in excess of Rs. 10 lakhs.[Section 115BBDA]
[Applicable for ITR 7]
26. No deduction for corpus donations made to other institutions [Section 11].
[Applicable for ITR 7]
27. Political Parties to confirm if cash donations are received [Section 13A].
[Applicable for ITR 7]
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#RBI to launch campaign to make public aware of central bank's regulations, initiatives
The Reserve Bank is planning to launch a full-fledged multi-media and multi-lingual campaign to create general awareness among citizens about the regulations and initiatives of the central bank.
RBI's department of communication has sought applications from advertising agencies for designing the creatives for pan-India public awareness campaign.
"The campaign will be in 14 languages - Hindi, Assamese, Bangla, Gujarati, Kannada, Malayalam, Marathi, Odia, Punjabi, Sindhi, Tamil, Telugu, Urdu, and English with focus on regional languages," said the expression of interest document floated by the RBI in this regard.
The media mix will include traditional ones such as newspapers, magazines, radio, television channels and cinema halls and new ones that include digital including web portals.
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