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Income Tax - Highlights / Catch Notes

Home Highlights November 2016 Year 2016 This

Undisclosed investment - purchase of land - difference between ...

Income Tax

November 18, 2016

Undisclosed investment - purchase of land - difference between the said seized paper and the seized ledger - Assessee has no answer to the question as to whether said sum was recovered from the vendor - Additions confirmed - HC

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  1. Undisclosed investment u/s.69 - Since, the partnership deed is subsequent to the date of purchase of land, the partnership firm by no means could have made investment...

  2. Unexplained investment under section 69 - assessee could not reconcile the difference between purchases as debited in the trading account and purchases as per TCS...

  3. Unexplained investment in agricultural lands - loose paper seized relied upon - The ITAT found that the firm had shown the sale of some lands and offered the gain as...

  4. Unexplained investment OR STCG - Investment in land from undisclosed sources made in purchase of land from various persons/farmers - Suspected short term capital gain...

  5. Undisclosed investment in FD - CIT (A) has rightly noted that the increase of her investment in FD with Bank of India was not her undisclosed income - AT

  6. Deletion of undisclosed investment in fixed deposits – merely for the reason that there was a mistake in making entries, a disclosed investment cannot be treated as...

  7. Unaccounted investment for the purchase of land - taxability in the hands of individual assessee or company - Suspicion howsoever strong cannot take the place of evidence - AT

  8. Since the cost of purchase is treated as investment in land, the assessee is allowed to carry forward the unsold value of land as closing stock - The assessee cannot...

  9. Undisclosed investment - Addition on the basis of documents (MoU) seized during the course of search / survey - sale deeds for lands covered by MoUs had not been...

  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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