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Income Tax - Highlights / Catch Notes

Home Highlights January 2017 Year 2017 This

Addition of undisclosed net profit - addition relying upon one ...

Income Tax

January 31, 2017

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 Additin could be made - HC

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  1. Undisclosed income (investment) – Affidavits were nothing but self serving document hence cannot be relied upon in tax proceedings specially when there is no independent...

  2. Trading addition – Once net profit rate has been applied, no other addition is warranted in the profit & loss account.... - AT

  3. Addition u/s 69B - there is no evidence other than the report of the DVO and, therefore, the same cannot be relied upon for making an addition - no addition - HC

  4. 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...

  5. Net profit @ 6% on bank deposits made - authorities below shall apply profit rate of 5% for the purpose of computing part addition as was directed in assessment year 2008-09 - AT

  6. Addition solely on the basis of Departmental valuation report – addition cannot be justified solely relying upon the valuation report - HC

  7. 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...

  8. Clandestine removal - Jurisdiction - The statement of the Managing Director recorded under Section 14 of the Act of 1944 could be relied upon and treated as a relevant...

  9. Estimation of net profits - addition on account of enhancement of net profit as the assessee has shown drastically low net profit as compared to preceding previous years...

  10. Addition u/s 68 - SEBI’S order heavily relied upon by the AO - the allegation that the assessee and/or Ashita Stock Broking Ltd. getting involved in price rigging of...

 

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