Undisclosed stock - relevant assessment year - additions for the ...

Case Laws Income Tax

July 13, 2020

Undisclosed stock - relevant assessment year - additions for the financial year 2012-2013 relevant to assessment year 2013-2014 - Once the statements have been accepted by the survey team the tax should be calculated by them for the relevant years accepted by the assessee. In view of the above findings noted by us, it should be taxed in the assessment year 2012-2013. - Additions deleted.

View Source

← Previous Next →

Undisclosed stock - relevant assessment year - additions for the ...

Case Laws Income Tax

July 13, 2020

You may also like:

Assessment u/s 153A - undisclosed income - addition based on statement of the assessee - when there is no difference in rate of tax for both the assessment years, i.e....

Assessment u/s 153A - In the case on hand, the search was conducted on 10.08.2017 and the relevant six assessment years immediately preceding the assessment year...

Capital gain - JDA entered - Transfer u/s 2(47) - We are not in agreement with the argument of the learned AR that the transfer took place in the assessment year...

Disallowance on account of foreign exchange fluctuation loss - It is an undisputed fact that for the assessment year 2012-13, 2013-14 and 2016-17, the assessee declared...

Additions u/s 41(1) - There cannot be cessation of liability twice - Therefore, when as per Explanation (1) there would be cessation of liability in the FY 2012-13 i.e....

Disallowing the loss u/s 79 - change in shareholding of the assessee company - any loss that is coming from the assessment year 2013-14 is not allowable against the...

Addition of interest on overdue deposits - ascertained liability or not - Additions made in the rectification proceedings u/s 154 - when the Assessing Officer himself...

Revision u/s 263 - Deduction u/s 80I - what the learned tribunal ought to have noted is that whether the assessing officer/PCIT can revisit the claim which was accepted...

Credit for withheld tax - Foreign Tax Credit - Both the parties below have recorded concurrent finding that the assessee company has not made any claim for credit...

Capital Gain - Transfer of capital asset u/s 2(47) - year of assessment - since the property was actually transferred in A.Y. 2013-14 the computation of short-term...

Capital Gain - Transfer u/s 2(47)(v) - assessment year - AO himself has given credit for the amount of capital gains declared for the assessment year 2013-14, while...

Addition on account of interest u/s. 244A - Admittedly, the interest on income tax refund for the assessment year 2012-13 was received by the appellant society during...

Enhanced rate of tax @60% u/s 158BBE on Unexplained / Undisclosed income - prospective or retrospective - Section 115 BBE was inserted by Finance Act 2012 w.e.f...

Levy of fee u/s 234E - TDS statement was filed u/s 200A belatedly - The respondent had had imposed the late fee only u/s 234E of the Act for the assessment years...

The ITAT Mumbai, in a case involving addition u/s 68 for unexplained cash credit from loans taken from various parties, held that only loans taken during the current...

Quick Updates: