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Income Tax - Highlights / Catch Notes

Home Highlights February 2017 Year 2017 This

Addition on the basis of statements recorded Sales Tax ...

Income Tax

February 13, 2017

Addition on the basis of statements recorded Sales Tax Department (STD) - The information received from the STD was a good starting point for making further investigation. But same had to be taken to the logical end the documents produced by the assessee had to be rebutted - AT

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  2. Difference in stock found during the course the survey - addition on the basis of statements recorded during the survey u/s.133A does not empower any IT authority to...

  3. Addition of suppressed sale - addition using the material collected by the Excise Department including the statements of relevant witnesses recorded during the search -...

  4. Recovery of sales tax dues - encumbered property or not - liability of auction purchasers - this is a clear case in which the Sales Tax Department had a charge on the...

  5. Addition on account of income surrendered as per statement u/s 132(4) - though the statement recorded u/s 132(4) has a better evidentiary value but it is also a settled...

  6. Evidentiary value of a statement made on oath by the assessee for making additions - The assessee can explain or withdraw the admission, if any, made by him in such...

  7. Addition of loss claimed in Future & Options (‘F&O’) - Reliance on statement of third party (Broker) recorded during survey u/s. 133A - it is trite that the statement...

  8. Addition on the basis of statements u/s 132(4) - presumption u/s 292C - retraction should be supported by a strong evidence stating that the earlier statement was...

  9. Assessment of trust - Unaccounted fee receipts - reliance on statement recorded u/s 133A of Accountant of the Society - It is a settled law that statement recorded...

  10. Unexplained cash credit - addition of cash deposit in bank account - It is important to mention here that the bank statements cannot be termed as books of accounts for...

  11. Additions merely on the basis of statement - It seems that addition has been made merely on the basis of statement/presumptive basis and no corroborative material has...

  12. Addition on account of the peak unaccounted investment - addition on the basis of confessional statement - There was no material to corroborate the statement made by the...

  13. Use of materials seized and the statement furnished by the third parties against the assessee - the opportunity for the rebuttal to the assessee for the seized documents...

  14. Bogus purchases - tribunal hold that no addition can be made merely on the basis of the statement recorded by the third party i.e. Sales Tax Department - two Revenue...

  15. Estimation of profit on the suppressed sale - Additional undisclosed income - the revenue has not brought any material on record suggesting that the assessee has made...

 

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