Addition on account of suppression of sale - The entire amount ...

Income Tax

March 15, 2021

Addition on account of suppression of sale - The entire amount of suppressed sale cannot be treated as income of the assessee. It is because there was no evidence available with the AO that the assessee has made any investment in such suppressed sale. In the absence of documentary evidence, we are of the view that the amount of gross profit will only be subject matter of addition with respect to such unaccounted transaction - AT

View Source

← Previous Next →

Addition on account of suppression of sale - The entire amount ...

Income Tax

March 15, 2021

You may also like:

Unexplained cash credit - addition of cash deposit in bank account - It is important to mention here that the bank statements cannot be termed as books of accounts for...

On money receipts - additions based on the disclosure made before the Settlement Commission, however, the application was rejected by the commission - As a settled...

Addition of undisclosed income arising out of sale of land - on-money - Once, nature and character of land sold is established as agricultural land not to be treated as...

Estimation of profit on the suppressed sale - Additional undisclosed income - the revenue has not brought any material on record suggesting that the assessee has made...

Addition on account of cash deposit to the bank account of the assessee - assessee is consistently submitting that the assessee has two bank accounts in her name and the...

Suppression of sales turnover - estimation suppressed turnover - AO was wrong in estimating the additions which was solely based on one day sales - HC

Addition u/s 69 - unexplained investment - addition had been made by the AO by treating the amount deposited to the bank account owned by the brother of the assessee as...

Accrual of income - Money received under Marketing Assistance Programme [“MAP”] - It is also surprising that the AO chose to treat only the difference between the...

Addition on account of Suspense Account Treating it as income u/s 28(iv) - Income u/s 28(iv) on account of benefit can be assessed to tax only on receipt basis - the...

Sales suppression detected on survey - The assessee having filed its return claiming deduction for the entire expenditure incurred, there is no warrant for making...

Additions towards difference in interest income between interest as per Form 26AS and interest income shown in the Return of Income - Since the alleged accommodation...

Additions u/s 68 - Unexplained cash credit in bank account subsequent to sale deed - Once the sale consideration is accepted as a sale consideration by Sub-Registrar...

Forfeiture of amount - Addition of amount forfeited by assessee on share warrants u/s 43(5) - amount received on account of forfeiture of amount due to non payment...

Undisclosed income - addition u/s 68 - Undervaluation registration of property - The assessee led substantial evidence to establish that the amount treated to be...

Cash deposit in bank account treated as unexplained income - Agricultural income or not? - The Tribunal found discrepancies in the appellant's claims regarding...

Quick Updates: