Home Highlights March 2019 Year 2019 This

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1. Addition based on statements recorded u/s. 132(4) - Effect of retraction of statements recorded u/s. 132(4) of the Act - Taxation of capitation fee alleged to have been...

2. Penalty levied by the AO u/s. 271AAB r.w.s. 274 - levy penalty of 30% on undisclosed income - the reasons given by the AO to levy 30% penalty on undisclosed income is...

3. Addition of Undisclosed Income - Just because the statements u/s 132 (4) state that he paid Capitation Fee , it does not mean that it could result in an addition ipso...

4. Addition based on voluntary disclosure made by the key person of the assesse group during the course of search which has subsequently been retracted - The statement...

5. Undisclosed income - retraction of the statement - the assessee has been consistent in his statements so recorded even during the post search proceedings when his...

6. Assessment u/s 153A - undisclosed income - The only stress placed by Revenue is that the amount was accepted as undisclosed income in the statement recorded u/s 132(4)...

7. Penalty proceedings u/s.271AAB - In this case, the assessee has admitted undisclosed income in the statement recorded u/s.132(4) of the Act and substantiates the manner...

8. Use of materials seized and the statement furnished by the third parties against the assessee - the opportunity for the rebuttal to the assessee for the seized documents...

9. Penalty order u/s 271AAA - disclosure of additions income pursuant to search u/s 132 - In the present case the assessee has disclosed the entire source of income and...

10. Addition on account of income surrendered as per statement u/s 132(4) - though the statement recorded u/s 132(4) has a better evidentiary value but it is also a settled...

11. Statement recorded u/s 133A (3)(iii) is different than the statement recorded during search and seizure u/s 132(4), both have different evidentiary value

12. Validity of statement - retraction of statement - the statement recorded u/s. 132(4) cannot be discarded merely because the retractment statements were filed. The...

13. Addition based on retracted statement recorded on oath u/s 132(4)/133A - Statement taken even u/s 132(4) of the Act cannot be used as conclusive evidence if it is not...

14. Penalty u/s 271(1)(c) - assessment u/s 153A - addition was made on the basis of admission of additional income in the statement u/s 132(4) - admission is not akin to...

15. Penalty u/s 271AAB - document found during the search is not an incriminating material when the entry and the income were duly recorded in the books of account - income...