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Income Tax - Highlights / Catch Notes

Home Highlights June 2016 Year 2016 This

Addition made on account of mismatch of AIR data - only on the ...

Income Tax

June 4, 2016

Addition made on account of mismatch of AIR data - only on the basis of AIR information no addition should be made-specially when there is no other material with the AO to demonstrate that the assessee had received income more than what was declared by it - AT

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  1. Additions on the basis of AIR information - if the payee does not amend its AIR information, the payer cannot be penalized for the same - AT

  2. Assessment u/s 153A – The addition was made on estimated basis and on assumptions without referring to the specific information in the seized material or any other...

  3. Review of Assessment of the dealers on the basis of 2A and 2B data mismatch for the Tax period First Quarter 2012-13. - Circular

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  5. Reopening of assessment u/s 147 - As reopening of the assessment has been made on the basis of AIR information which is not based on correct facts and the AO has not...

  6. Addition u/s 68 - AIR information - AO before making such addition on the basis of ITS information from the office of Sub Registrar should have issued a notice u/s....

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  8. Addition u/s 69B - On-money payment in cash - Unless something is brought on record or AO conducts inquiry that the said person in whose possession it was found has...

  9. Un-reconciled entries on account of non-reconciliation of AIR information - Entries in the 26AS form not accepted by the assessee - Addition on the basis of AIR...

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