AO couldn't make addition on estimated basis without rejecting books of account
November 11, 2014[2014] 49 taxmann.com 489 (Jodhpur - Trib.)/[2013] 158 TTJ 25 (Jodhpur - Trib.)
IT : Without rejecting books of account addition on estimate basis was not justified
IT : Where assessee earned dividend on investment in tax-free bond and such investment was made out of partners' current capital which was non-interest bearing, no disallowance could be made under section 14A
IT : Where assessee pledged FDR as security for EOU, interest on same was to be considered as export income eligible for deduction under section 10B
Issue of notice straightaway through affixture is not proper & renders proceedings void. On the expiry of the limitation period valuable rights accrue to the assessee
(i) The Tribunal took note of the fact that (a) the issuance of a notice straight away through affixture is not proper; (b) no efforts were made to send the notices to the partners through registered post with acknowledge due; and (c) even in the matter of affixture of notices, two defects have crept in viz., (i) affixture was on a totally incorrect premises; and (ii) the procedure prescribed for affixture was i.e., taking signature of two persons living in the locality, was not followed. The appellant has no answer for all these defects pointed out by the Tribunal.
(ii) The limitation has its own important role to play in the proceedings, that are initiated under the relevant enactments. In case of limitation for institution of the original proceedings, the repercussions are serious enough and if it is about the filing of the appeals, they are relatively less serious. Either way, with the expiry of limitation, valuable rights accrue to the opposite party. For instance, if a person has lent money to another, and failed to institute any proceedings to recover the same, for a period of three years, his right to recover the amount stands taken away, not withstanding the fact that there is no denial of the fact that the amount has been lent and the other person is under obligation to repay. By the same analogy, if the Department was under obligation to initiate proceedings within a stipulated time, on expiry of the same, the assessee gets a valuable right, in this behalf. The rigour in this regard may be less, if it is a case of expiry of limitation for filing appeals, particularly where there exists a facility for condonation of delay.
As banks have started offering mobile banking services at different points of time, there are differences in procedures adopted by banks for registering customers for mobile banking as well as in the channels of delivery and authentication process. Generally, banks are offering mobile banking services through the SMS, Application-based solutions and USSD channels
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