Home Highlights September 2020 Year 2020 This

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1. Excess stock found during the search - A.O. has not held that there was any difference in quantity of stock as per valuation report and as per hooks of accounts. There...

2. Excess stock found during survey - search conducted u/s 133A - the excess stock found during search is nothing but business stock carried on by assessee which is not...

3. Revision u/s 263 - Additions u/s 69 r.w.s. 115BBE - excess stock found during the course of survey as admitted to be the undisclosed business income of the assessee, by...

4. Re-determinination of value of opening stock - Addition of excess stock found during the course of survey - Once additions is made towards excess stock found during the...

5. Penalty u/s. 271AAB - value of excess stock considered to be ‘undisclosed income’ - there is no merit in the argument that the excess stock found noted in the stock...

6. Validity of Initiation of proceedings u/s 153C - as argued satisfaction note of the searched person and satisfaction note of the petitioner (other than the searched...

7. Under valuation of closing stock of rice - improper maintenance of stock register by the assessee-firm - the method of valuation was adopted by the Ld. AO in closing...

8. Rejection of books of accounts - difference in the opening stock as well as the closing stock - the assessee has shown excess opening stock - The AO did not care to...

9. Unexplained investment u/s. 69B and levy of tax u/s 115BBE - income towards difference in stock - excess stock found during the course of survey - AO directed to assess...

10. Disallowance - excess consumption of Tendu leaves - AO's addition 1/3rd, was found to be reasonable - HC

11. Claim of bad debts against the undisclosed income found during search not allowed - AT

12. Addition u/s 69B - higher rate of tax u/s 115BBE - excess stock surrendered during the course of survey - There is no infirmity in the finding of Ld. CIT(A) rightly...

13. Validity of Assessment u/s 153A - The information obtained from outside agencies which was confronted with the assessee during the search cannot be considered as...

14. Higher rate of tax u/s 115BBE - As noted that the assessee has declared additional income towards excess stock found during the course of survey and assessee has...

15. Deduction u/s. 10B - Even though an estimation of excess stock in the middle of the year, while accepting the Books of Accounts of the year, is not generally permitted...