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Income Tax - Highlights / Catch Notes

Home Highlights July 2016 Year 2016 This

Addition towards probable speculation income - mere speculation ...

Income Tax

July 23, 2016

Addition towards probable speculation income - mere speculation cannot be a ground for addition of income. There must be a some material substance either in the form of documents or the like to arrive at a ground for addition of income. - HC

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  1. Genuineness of the purchases and total cost incurred towards the construction - on the basis of such half baked facts addition cannot be made on mere presumption and surmises.

  2. Income earned from trading in Shares, Future and Options and derivatives - speculative business or not - Assessee has shown better income from sale and purchase of...

  3. Addition income u/s 68 - the assessee had not earned any speculation income but had merely laundered his undisclosed income for speculation profits by entering into...

  4. Estimation of income - additions towards unapproved creditors - once income is estimated, no additions can be made towards trade creditors which is arised out of such...

  5. Additions towards VAT component of unaccounted sales - Since, the net profit of the assessee has been estimated on total turnover, there is no need for separate...

  6. Set off of business losses - The expression “any“ business clearly includes all businesses, without making any distinction between speculation and non-speculation...

  7. Taxability may be decided on the basis of probable normal human conduct, surrounding circumstances, preponderance of probabilities & legal propositions - ITAT

  8. Since assessee was trading at un-recognised stock exchange, therefore, income arising out of trading of commodities at such unrecognized stock exchange also amounts to...

  9. Unexplained money u/s. 69A - cash deposit made by the assessee during the demonetization period i.e. from 09.11.2016 to 30.12.2016 - mere possibility of assessee earning...

  10. Additions towards income earned from undisclosed investment - The addition of income earned from the investment is also solely based upon the admission by the ex-partner...

 

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