Home Highlights December 2016 Year 2016 This

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1. Addition made u/s 69C - Unexplained huge expenditure to earn Agriculture income - once the assessee has not made any investment, the addition made u/s 69C of the Act is illegal.

2. Unexplained expenditure u/s. 69C - CIT(A) held that the AO was not justified in assuming that the assessee had made unaccounted purchases solitary on the basis that the...

3. GP addition for unaccounted sales - the assessee has failed to prove that he made un-accounted purchases. Therefore, his request for GP addition for unaccounted sales...

4. Unexplained purchase u/s 69C - Section 69C clearly refers to the “source of the expenditure” and not to the expenditure itself - AT

5. Unexplained expenditure u/s 69C - genuineness of purchases - Assessee statedly had made purchases from the three parties - Payments made through banking channels -...

6. Addition on account of sale of scrap out of books - unexplained sale - in all the years assessee has been generated unaccounted cash from the scrap sales outside books,...

7. Addition u/s.69C - unexplained expenditure - Admittedly, in the first round of proceedings, there was no addition made u/s. 69C by the revenue. AO could not have made...

8. Fall in GP rate - increase in cost of purchase - 95% of sales were made to related parties - Since no explanation was offered by the assessee before the AO regarding...

9. Unaccounted cash payments / expenditure - unaccounted cash receipts from patients - Addition u/s 69C - levy of tax u/s 115BBE at higher rate of tax - proof of source of...

10. Undisclosed profit from unaccounted sales - CIT(A) was fair and reasonable while applying the G.P. Rate at 20% on the undisclosed sales. - AT

11. Unexplained expenditures and unaccounted cash payment - Onus to proof - once the revenue has treated the entire amount of expenditure as unexplained expense under...

12. Unexplained cash credit u/s 68 r.w.s 115BBE - inflated sales pursuant to demonetization - Unaccounted Stock Due to Valuation Differences - The Tribunal held that the...

13. Estimated income from sale of plots- In this case, except agreement to sale for one plot, the AO does not have any other credible evidence to support his estimation of...

14. Estimation of income - Rate of Gross profit (GP) - rejection of books of account - Since the average of past history of GP declared by the assessee is considered as a...

15. Unexplained cash deposits - Deposits in regular bank account of the assessee, during demonetization period - the assessee was maintaining complete stock tally, the sales...