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Income Tax - Highlights / Catch Notes

Home Highlights April 2015 Year 2015 This

Addition u/s 69C - Neither during the course of search at Litika ...

Income Tax

April 28, 2015

Addition u/s 69C - Neither during the course of search at Litika Group nor during the course of survey at assessee’s premises nor during the enquiries made after survey reveal that assessee had transferred cash of ₹ 3.99 crores to Litika Group - provisions of Section 69C are not attracted - AT

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  2. Validity of assessment u/s 153A - ‘Document’ was seized during the course of the search proceedings from the premises of Cosmos group, therefore, as per Sec. 132(4A)(i)...

  3. Levy of penalty u/s 271(l)(c) - additional income disclosed due to search and survey at the premises - wherein the returned income has been accepted, penalty cannot be imposed - AT

  4. Additions made u/s 69B - excess stock found during survey - assessee contended that as per the books during the course of survey was without the opening stock - no merit...

  5. Penalty levied u/s 271AAB - conversion of survey action into search - detection of undisclosed income u/s 133A or u/s 132 - The objection of ld. CIT-DR for the revenue...

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  7. Assessment u/s 153A - As per section 292C,, the loose sheets, books of accounts found during the course of search /survey are presumed to be belonging to the assessee,...

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  10. Credit purchases are nothing but expenditure and if sundry credits are not proved by the assessee addition can be made by the AO by resorting to section 69C - HC

 

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