Register Price / Packages DEMO Option My Bookmarks Daily Newsletters Feedback/ Suggestions
Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding


Case Laws Acts Notifications Circulars Classification Forms Manuals Articles News D. Forum Highlights Notes
TMI - e-Newsletter     TaxTMI    LTCG - deduction u/s 54F - Ownership of more than...     TaxTMI    Deductions u/s 80IC - audit report in Form 10 CCB,...     TaxTMI    Seeking grant of bail - Evasion of GST - The High...     TaxTMI    Territorial Jurisdiction - seeking transfer of...     TaxTMI    Eligibility for Composition scheme - ice-cream -...     TaxTMI    Characterization of receipt - amount received by...     TaxTMI    Validity of assessment order - SCN as also the...     TaxTMI    Seeking reimbursement of GST amount paid by the...     TaxTMI    Condonation of delay in filing an appeal before the...     TaxTMI    Valuation of imported goods - inclusion of royalty...     TaxTMI    Denial of Input Tax Credit (ITC) - Proof of...     TaxTMI    Rectification petition - Validity Of Order passed -...     TaxTMI    Service of SCN - Breach of principles of natural...     TaxTMI    The Ministry of Finance's recent notification...     TaxTMI    Disparity between the petitioner's GSTR 1 and GSTR...     TaxTMI    Latest Case-Laws     TaxTMI    Latest Notifications + Circulars     TaxTMI    GST Council Decisions     TaxTMI       Right Stop
  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
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

View Source

 

← Previous Next →

 

You may also like:

  1. Mere non-payment will not be a ground to invoke proviso to Section 73(1) of the Act - there was no material against the respondent for invoking the extended period.

  2. 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.

  3. Seeking grant of bail - Smuggling - psychotropic substances - admissibility of confessional statement recorded under Section 67 of the NDPS Act - In the absence of any...

  4. 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...

  5. 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...

  6. Reopening of assessment - addition u/s 68 - there is absence of link between alleged tangible material and formation of belief. At the most, it could be inferred that...

  7. 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...

  8. 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...

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

  10. Reassessment - Futures & Options loss - speculation loss or not - The mere fact that the transactions were not delivery based, does not amount to tangible material -...

 

Quick Updates:Latest Updates

F: Notification No. 3/2023 - Compensation Cess (Rate) dt. 26.07.2023-Is i...
H: Grant of Regular Bail - Forged tax invoices - Non-existent ghost busin...
H: Recovery of tax arrears from the Former director of the Company - Atta...
H: Seeking grant for Anticipatory Bail - Allegations of availing ineligib...
F: Man power supply to Poultry Farm - Taxable or exempt
H: Seeking activation of GSTIN and granting final certificate of registra...
H: Classification of goods - rate of tax - Classic Malabar Parota - Whole...
H: Cancellation of GST Registrations - The High Court observed that the p...
H: Violation of principles of natural justice - Mode of Communication - p...
F: iterest liability
F: Credit Note
H: Cancellation of GST registration of petitioner - The High Court acknow...
H: Correct head of income - Income from leasing or letting out the proper...
H: Validity of reopening of assessment - The High court observed that the...
H: Revision u/s 263 - CSR expenses - admissibility as the deduction u/s 3...
H: Acquittal of charge u/s 276CC - respondent has failed to comply with t...
H: Denial of specific request for personal hearing - The High Court noted...
F: gst rule 96(10)
H: Deduction u/s 80P - interest income(s) derived from such nationalized/...
H: Additions based on Cash Expenditure - Disclosure were made by the appe...
N: Rate of exchange of one unit of foreign currency equivalent to Indian ...
C: Partial modification to the circular no. IBBI/LIQ/61/2023 dated 28th S...
C: Circular on Standardization of the Private Placement Memorandum (PPM) ...
C: Discontinuation of Safeguard measures on import of Isopropyl alcohol (...
N: Notify “Public Tech Platform for Frictionless Credit” as the system wi...
N: Seeks to rescinds Notification G.O. (P) No.123/2023/TAXES dated the 12...
A: The onus is entirely on the Revenue to establish existence of PE every year
A: Know the Contrasts between PF and ESIC
A: RECENT SUPREME COURT JUDGMENTS ON ARBITRATION
A: If tax liability including interest has been paid subsequently SCN can...