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Income Tax - Highlights / Catch Notes

Home Highlights June 2013 Year 2013 This

Addition - solely on basis of statement of any partner, addition ...

Income Tax

June 13, 2013

Addition - solely on basis of statement of any partner, addition made in assessment of assessee (firm) are liable to be set aside - SC

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  1. Validity of assessment order - whether the AO can make additions solely relying upon the third party statement and without any further corroborative evidence - Held No - HC

  2. Evidentiary value of a statement made on oath by the assessee for making additions - The assessee can explain or withdraw the admission, if any, made by him in such...

  3. 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...

  4. Addition of excess stock found during the course of survey - unexplained investments u/s 69 r.w.s.115BBE - The Tribunal observed that the assessee provided plausible...

  5. Addition solely on the basis of Departmental valuation report – addition cannot be justified solely relying upon the valuation report - HC

  6. Addition on account of unexplained marriage expenses - The statement of the partner cannot be the sole criteria for making an addition - AT

  7. Addition u/s 68 - disclosure made by the assessee on the basis of documents impounded during the course of survey proceedings - The Tribunal deleted the addition holding...

  8. Assessment u/s 153A - addition made in respect of completed assessment in absence of any incriminating material - The tribunal found that the additions made to the...

  9. Penalty u/s 271(1)(c) - addition made on protected assessment - addition in this case was made on protected assessment/addition on estimated basis which is against the law - AT

  10. Addition u/s 68 - the additional ground raised by the assessee that addition cannot be made u/s 68 of the Act on the basis of the bank statement is rejected.

 

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