Since the profit determined is profit from undisclosed ...

Income Tax

July 7, 2016

Since the profit determined is profit from undisclosed sources/business, there should not be any separate additions made towards excess purchases and difference in sundry creditors balances as the same are to be construed only for the undisclosed businesses.

View Source

← Previous Next →

Since the profit determined is profit from undisclosed ...

Income Tax

July 7, 2016

You may also like:

Unexplained income - on money receipts - Peak addition - Once the business profit is determined at 8% of undisclosed receipts, then what is required to be seen is...

Addition u/s. 69A - income surrendered during survey - undisclosed business income or income from other sources - What has been found during survey is excess stock of...

Income from undisclosed sources - addition of agricultural income - Assessment of agricultural income declared by the assessee for various assessment years was...

Additions towards Bogus purchases - Estimation of profit - Purchases are to be removed, the corresponding sale is also required to be removed from the profit and loss...

Estimation of profit on the suppressed sale - Additional undisclosed income - the revenue has not brought any material on record suggesting that the assessee has made...

Additions on account of Client-code modification (CCM) - undisclosed profit on future and option transaction in shares - Whole basis of making additions in the hands of...

Addition of undisclosed net profit - addition relying upon one piece of paper which was provisional P&L Account - here was no other material available with the AO - No...

Addition based on voluntary disclosure made by the key person of the assesse group during the course of search which has subsequently been retracted - The statement...

Undisclosed investment - Addition based on loose sheet found in search - if ₹ 10.10 crores is added in the hands of the assessee, as done in the impugned...

Addition of negative reserves to the actuarial surplus for determining the profit from business of Life Insurance - AO has no power to make any adjustment against...

Addition made by CIT(A) on a new source - CIT(A) power to make an enhancement /addition upon an issue which does not arise from...

Addition u/s 40A(2) - Allegation of Excessive price paid to related parties - The provisions of section 40A(2) of the Act applies for making disallowance of expenses for...

Additions based on 26AS statement - undisclosed income - Petitioner has not made any complaint at any stage regarding any fictitious or wrong entries in the 26AS...

Undisclosed profit and unaccounted investment in undervalued goods - It was observed by the Tribunal that when the very basis on which the addition was made by the...

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...

Quick Updates: