Treating additional income earned on sale of shops as income u/s. ...

Case Laws Income Tax

May 17, 2021

Treating additional income earned on sale of shops as income u/s.69A - whether undisclosed income is “business income” or “income from other sources” - As per the assessee, the amount is net of expenses, therefore the said income would be assessable under the head business income without deducting any expenses from it, however, as noted by us above, that assessee has claimed proportionate expenses, which is not acceptable. - AT

View Source

← Previous Next →

Treating additional income earned on sale of shops as income u/s. ...

Case Laws Income Tax

May 17, 2021

You may also like:

Classification of Income - Business income or income from other sources - the purpose of construction of the commercial complex and the sale of shops was done with the...

Correct head of income - lease income received by the assessee - the income earned by the assessee by constructing the shopping mall and letting out the same by...

Unaccounted income disclosed during the course of survey - In the present case, not only one partner of the assessee made discloser of additional undisclosed income, but...

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...

Addition u/s 69A - unexplained money - since the assessee is a non-resident Indian and except earning income from fixed deposits, there is no iota of evidence which...

Addition u/s. 69A - income surrendered during survey - undisclosed business income or income from other sources - What has been found during survey is excess stock of...

Surplus earned on the sale of plot - ‘capital gain‘ OR ‘business income’ - There is no clause in the partnership deed about making investment in the land and to earn...

Addition of income u/s 69A or Business income - surrender of income during survey proceedings - when all the incomes earned by the assessee are only from the business...

Additional income offered on account of excess stock during the course of survey - business income of the assessee OR income from other sources liable to be taxed at a...

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

Whether the undisclosed income is agricultural income eligible for exemption u/s 10 of the Income Tax Act – 50% of the income treated as agriculture income - AT

Correct head of income - income earned out of sale of property - business income or capital gains - when the asset was converted into stock-in-trade - the assessee has...

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...

IT - Family arrangement by a deed – The sale proceeds earned by the assessee out of sale of shares held in private limited companies cannot be treated as the income of...

Additions towards income earned from undisclosed investment - The addition of income earned from the investment is also solely based upon the admission by the ex-partner...

Quick Updates: