If unaccounted production was taxed and on the other hand, ...

Income Tax

September 26, 2013

If unaccounted production was taxed and on the other hand, unaccounted purchase are also taxed, then the correct position should have been that the unaccounted purchases, alleged to have been utilized for the said production, ought to have been reduced from the unaccounted production - HC

View Source

← Previous Next →

If unaccounted production was taxed and on the other hand, ...

Income Tax

September 26, 2013

You may also like:

In a situation when the unaccounted stock had been taxed u/s 69B, on one hand, and on the other hand the sale value of the stock was also taxed – the correct position...

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...

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...

In case where the sale or purchase is exempt from tax, the dealer would not be in a position to recover the additional tax from the purchaser, thereby frustrating the...

Income accrued in India - interest income and commitment fees earned by DZ Bank from its Indian clients - PE in India - Once entire interest revenues earned in India in...

Levy of purchase tax payable - purchase of turmeric - Section 12 (2) of the Tamil Nadu Value Added Tax, 2006 - There was a paradigms shift from TNGST Act, 1959 when...

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...

Determination of quantum of GST - used/ second hand gold jewellery - In the case of applicant dealing in second hand goods and invoicing his supplies as “second hand...

Valuation - Input Tax Credit - Purchase and sale of second hand goods being old jewellery - the applicant can claim the input tax credit on such purchases if he is...

Input tax credit - Denial of ITC in the hands of purchasing dealer or recovery from the seller for failure to deposit the tax - Prior to amendment and substitution of...

Unaccounted investment for the purchase of land - taxability in the hands of individual assessee or company - Suspicion howsoever strong cannot take the place of evidence - AT

Unexplained cash deposits - assessee is having joint account - AO simply brushed aside the explanation and taxed the deposits in the hands of the assessee. When the...

Unexplained jewellery u/s 69A - mere purchase bills are not sufficient to explain the source of purchase of silver items where such purchases are made in cash and in...

Unexplained expenditure u/s. 69C - the profit element embedded in unaccounted purchases would have to be brought to tax. Considering the facts of the case as well as the...

Availment and setting off of Input tax credit (ITC) - purchases of demo vehicles - car dealer - The demo vehicles are purchased all along for further supply with the...

Quick Updates: