Unaccounted purchases - unaccounted income of the assessee - it ...

Income Tax

January 10, 2023

Unaccounted purchases - unaccounted income of the assessee - it is difficult to accept the arguments of the assessee that income earned out of unaccounted sales is plugged back into the business and which is source for unaccounted purchases, because, unaccounted purchases noticed by the Department is more than the amount of additional income offered by the assessee. - AT

View Source

← Previous Next →

Unaccounted purchases - unaccounted income of the assessee - it ...

Income Tax

January 10, 2023

You may also like:

The ITAT Bangalore, in a case involving unexplained money u/s. 69A, addressed deposits in a bank account during the demonetisation period. The DR argued that the...

Unaccounted purchases - only the profit element in such unaccounted purchase should be made especially when there is no unaccounted stock found during the survey on...

Income accrue in India - PE in India - nature of income - the distribution revenue earned by the appellant-assessee cannot be taxed as royalty albeit as a business...

Estimation of income - bogus purchases - case of bogus bills arranged from the entities and diamonds purchased from somewhere else at a lower cost - The ITAT noted the...

Unaccounted income over and above the regular income registered in the books of account - There is no dispute that assessee was engaged for development of project of...

Agricultural income - When all the documents have been brought on record by the assessee during assessment proceedings but not examined by the AO assessee cannot put...

Addition u/s 40A - purchases in cash in excess of ₹ 20,000/ - case of the assessee that all the cash purchase are fully covered under Rule 6DD(e)(ii) of the Income...

Estimation of income - Excess stock found during the survey operation - The ITAT highlighted that only the profit element embedded in such purchases should be added to...

Unexplained investment - Purchase of vehicle - In the assessment order, the AO has also accepted that the assessee has sufficient bank balance to meet out for purchase...

Characterization of receipts - Treatment of interest income from staff loans and advances, interest income from other loans and advances and miscellaneous income -...

Rejection of books of accounts u/s 145 - Interestingly, if the observation of the AO is to be accepted, then, it would mean that once an assessee is visited with search...

Income accrues or arises or deemed to accrue or arise in India - Unexplained foreign income - residential status of the assessee - The Tribunal upheld the CIT(A)'s...

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...

Unaccounted purchase - Even if we consider the first purchase to have been made out of unaccounted income, the estimated profits from the unaccounted sales would be more...

Bogus purchases - the purchases shown by the assessee is not in doubt, but the assessee might have not purchased from these parties who he might have purchased it from...

Quick Updates: