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Income Tax - Highlights / Catch Notes

Home Highlights May 2016 Year 2016 This

Undisclosed income - Addition made on the basis of the statement ...

Income Tax

May 7, 2016

Undisclosed income - Addition made on the basis of the statement during the survey u/s. 133A is not sustainable in the eyes of law - AT

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  1. Addition on undisclosed income cannot be made on the basis of the statement recorded during the survey under section 133A - AT

  2. Undisclosed income - admission of declaration of income during survey u/s 133A - without physical verification of stock and examining books of accounts, additions on the...

  3. Addition u/s 68 - disclosure made by the assessee on the basis of documents impounded during the course of survey proceedings - The Tribunal deleted the addition holding...

  4. Difference in stock found during the course the survey - addition on the basis of statements recorded during the survey u/s.133A does not empower any IT authority to...

  5. Addition of loss claimed in Future & Options (‘F&O’) - Reliance on statement of third party (Broker) recorded during survey u/s. 133A - it is trite that the statement...

  6. Assessment of trust - Unaccounted fee receipts - reliance on statement recorded u/s 133A of Accountant of the Society - It is a settled law that statement recorded...

  7. The addition was made on the basis of statement recorded during the course of survey which was subsequently retracted and since no corroborative evidence was found, no...

  8. Additions on the basis of statement made u/s 133A - A statement made voluntary under Section 133A of the Act cannot be retracted unless the assessee files evidence to...

  9. Unexplained investment u/s 69 - The materials found in the course of survey could not be the basis for making any addition in the assessment. The word “may” used in...

  10. Statement recorded in the course of survey does not form the sole basis for making additions in absence of supportive evidence - AT

 

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