Home Highlights June 2013 Year 2013 This

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1. 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...

2. 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...

3. Addition of income on the basis of statement made by the employees/ director during the course of search - the statement which are made by the employees were indubitably...

4. Addition on the basis of statements u/s 132(4) - presumption u/s 292C - retraction should be supported by a strong evidence stating that the earlier statement was...

5. Bogus Purchases - Credibility of Statements - The tribunal was not convinced by the appellant's argument that the initial statements were made under duress or...

6. Addition - retraction of statement - It was voluntary and therefore, the retraction made after almost four years appears to be an afterthought, which had rightly been...

7. Addition u/s 68 - Addition on account of joint venture agreement - the addition made u/s. 68 of the Act only on the basis of two statements which could not stand the...

8. Validity of retraction of the statement made in survey proceedings u/s 133A - It is always open for the revenue authorities to examine the correction of the retraction...

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 - disclosure made by the assessee on the basis of documents impounded during the course of survey proceedings - The Tribunal deleted the addition holding...

11. Difference in stock found during the course the survey - addition on the basis of statements recorded during the survey u/s.133A does not empower any IT authority to...

12. 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...

13. 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...

14. Clandestine Removal - reliability on statements of witnesses - It is well settled law that though the statements carry good persuasive value but such untested statements...

15. Addition u/s 68 - Unexplained cash deposits - statement of the assessee admitting the income at the time of survey - subsequent retraction made by assessee - it is not...