Denial of deduction u/s 35AC on the basis of statement of ...

Income Tax

January 30, 2021

Denial of deduction u/s 35AC on the basis of statement of Trustee - AO ought to have provided material used against the assessee apart from providing an opportunity to cross examine deponent whose statement was used against the assessee. Besides the said statement there is no substantive material to disbelieve the claim of assessee. - AT

View Source

← Previous Next →

Denial of deduction u/s 35AC on the basis of statement of ...

Income Tax

January 30, 2021

You may also like:

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...

Reopening of assessment - bogus purchases - When the assessee has subsequently requested the AO to provide an opportunity to cross examine the person, whose statement is...

Denial of deduction claimed under Chapter VI-A i.e. Section 80G/ 80GGA read with Section 35AC - The Appellate Tribunal noted that the appellant had not claimed the...

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...

Addition u/s 69B on account of difference in stock statement given to the Bank - the stock statement tally with the stock statement submitted to the bank at the end of...

Unexplained cash credit u/s 68 - sham transaction - Revenue authorities referred and relied on material and statements of various broker or entry operator recorded or...

Addition u/s 69 - addition based on the estimation of the cost of acquisition of the property - The ITAT observed that the AO had relied heavily on statements obtained...

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

Deduction u/s 80IAB on the disallowance of depreciation on Water-use Rights (Intangibles Asset) - The Tribunal acknowledged the payment made by the assessee for...

Non-deduction of TDS - When the assessee has submitted necessary declaration in Form Nos.15G/15H for non-deduction of TDS and also for reversal of TDS deduction on...

Assessment of trust - Unaccounted fee receipts - reliance on statement recorded u/s 133A of Accountant of the Society - It is a settled law that statement recorded...

Addition on account of the peak unaccounted investment - addition on the basis of confessional statement - There was no material to corroborate the statement made by the...

Bogus accommodation entry - addition in dispute is not solely on the basis of the statement of the persons and the Assessing Officer has relied on other materials. The...

Clandestine removal - merely on the basis of statement of employees it cannot be concluded that the imported raw material has not been used in manufacture by the Appellant.

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...

Quick Updates: