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Income Tax - Highlights / Catch Notes

Home Highlights December 2015 Year 2015 This

Addition on account of income not shown in the P&L account - AO ...

Income Tax

December 7, 2015

Addition on account of income not shown in the P&L account - AO made disallowance on the basis that the expenditure could not be verified from the Gujarat Electricity Board [GEB] - CIT(A) delted the addition - claim of expenses allowed - AT

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  1. Disallowance on an ad-hoc basis - in the absence of necessary documentary evidence the AO had no alternative except to make the disallowance on an ad-hoc basis.

  2. Additions u/s 40A(3) - Payment made in Cash - Since the AO has not doubted the genuineness of the expenses as no such disallowance has been made and the AO has made only...

  3. Additions towards Undisclosed profit from contract work and transport income - The tribunal found that the assumptions made by Ld. AO are without any basis, on the...

  4. Travelling & conveyance (Director) expenditure - assessee shown its inability to produce any documentary evidence - Disallowance of 25% made by the AO is not unreasonable - AT

  5. 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...

  6. Profit from own chity investment - the addition made by the AO on estimate basis towards profit from own chity investment was not justifiable - AT

  7. Genuineness of purchases - AO rightly rejected the books of account and made the additions on estimate basis - jugglery of book entries has been played - HC

  8. Alleged Under invoicing and suppression of additional turnover - merely on the basis of SCN issued by the Commsisioner, of Central Excise, additions made by the AO...

  9. Disallowance of an expenditure incurred representing the interest paid - case was selected for limited scrutiny on different issues - A.O. has not made any...

  10. Mark-to-market loss treated as contingent loss - no prudent trader would care to show increased profits before actual realization - the addition made by the AO deleted - AT

 

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