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Income Tax - Highlights / Catch Notes

Home Highlights November 2013 Year 2013 This

Undisclosed income (investment) – Affidavits were nothing but ...

Income Tax

November 2, 2013

Undisclosed income (investment) – Affidavits were nothing but self serving document hence cannot be relied upon in tax proceedings specially when there is no independent corroborative evidence - AT

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  1. Unexplained deposits in the bank - sale of land - Affidavit of assessee is a self serving document, therefore, on the basis of affidavit, the additions made by the AO...

  2. Undisclosed investment - mere fact of producing an affidavit by the wife or mother of the assessee may not be treated by the Assessing Officer as sufficient explanation...

  3. Revision u/s 263 - Scope of the affidavit relief upon by the AO - It is not self serving affidavit of the assessee but of concerned party from whom allegedly the...

  4. 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...

  5. When the departments relied upon document on the basis of which demand is raised, without such documents made available to the assessee, no proceeding can be concluded.

  6. Addition of undisclosed net profit - addition relying upon one piece of paper which was provisional P&L Account - here was no other material available with the AO - No...

  7. Duty demand - Non supply of proper documents - adjudicating authority directed to supply the ‘non-relied upon documents’ to the appellants - AT

  8. Undisclosed income - addition of value of unaccounted assets - search and seizure - It is judicially well settled that when a document is found during the course of...

  9. Demand of duty - Appelalnt sought the grant of inspection of the investigation file and the non-relied upon documents (Non-RUDs) - appellant allowed to investigate the...

  10. Violation of principle of natural justice - Relied upon documents by Revenue in the order-in-original were not provided to appellants - matter remanded back - AT

 

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