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Income Tax - Highlights / Catch Notes

Home Highlights January 2016 Year 2016 This

Addition as unrecorded profit on sale of flats - there was no ...

Income Tax

January 8, 2016

Addition as unrecorded profit on sale of flats - there was no factual or legal basis to contemplate any notional or hypothetical sale consideration in the absence of any specific evidence or material in the possession of the AO to counter the stand of the assessee - AT

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  1. Classification of head of Income – adventure in the nature of trade or sale of capital asset - sale of property after getting the flats constructed - taxable as capital...

  2. Taxability of profits arising on sale of three flats through execution of sale deeds - proportionate cost of construction for three flats out of total eight flats comes...

  3. Additions against Suppressed sales - huge variance in sale price of flats - ld. AO is directed to give consequential relief by applying this weighted average rate - AT

  4. Addition to the valuation of unsold flats - the valuation of unsold stock at the close of an accounting period is a necessary part of the process of determining the...

  5. Estimating the profit on alleged unrecorded sales - A.O. directed to make addition by estimating profit @ 15% of the amount so deposited in the bank account with respect...

  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. Addition on net profit on account of money receipts - sale of bogus tenancy flat - the addition was merely made on presumptive basis, which cannot stand on its legs,...

  8. Undisclosed receipt on sale of flats/space - Sale of flats of VT [Vatika Triangle] - The burden shifted to the Revenue to show, on the basis of some reliable and...

  9. The issue raised for the first time with reference to computation of income is not a legal issue, but a pure factual issue, which were never agitated before the A.O - AT

  10. Reassessment - The audit objection is based upon the legal opinion expressed by them and not pointing out any factual error or omission - reopening of assessment was not valid - AT

 

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