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Income Tax - Highlights / Catch Notes

Home Highlights July 2016 Year 2016 This

Mrely because additions have confirmed in appeal or no appeal ...

Income Tax

July 8, 2016

Mrely because additions have confirmed in appeal or no appeal has been filed by assessee against additions made, it cannot be the sole ground for coming to the conclusion that assessee has concealed any income - No penalty u/s.271(1)(c) - AT

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  1. Addition on account of unexplained marriage expenses - The statement of the partner cannot be the sole criteria for making an addition - AT

  2. CENVAT Credit - denial of credit on the sole ground that the service provider has not deposited the same with the Revenue - credit cannot be denied on this ground.

  3. Reopening of assessment - case was reopened on a ground but additions were made on different ground - it was not open to him to make the addition for unaccounted investment

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

  5. Addition u/s 68 - the additional ground raised by the assessee that addition cannot be made u/s 68 of the Act on the basis of the bank statement is rejected.

  6. Addition u/s 69A on the ground of household expenses - no evidence prodced that any drawings made by wife of assessee for contribution to household expenses - addition...

  7. Penalty u/r 25 of CER - storage of goods outside factory premises - imposition of penalty on the sole ground of non-observing of procedural requirement of Rule 4(4)...

  8. Admission of additional grounds - Addition made under MAT provisions - The assessee can raise legal grounds at any stage of the appellate proceedings. In view of above...

  9. The purchases made cannot be held as bogus merely on presumption and surmises and on the sole reasoning that the assessee was unable to produce delivery challan / angadia receipts.

  10. Addition u/s 68 - the addition for the reason that the denomination of notes withdrawn and re-deposited was different, it cannot be a ground to make the addition - AT

 

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