Home Highlights May 2012 Year 2012 This

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1. Addition - retraction of statement - It was voluntary and therefore, the retraction made after almost four years appears to be an afterthought, which had rightly been...

2. Validity of retraction of the statement made in survey proceedings u/s 133A - It is always open for the revenue authorities to examine the correction of the retraction...

3. Addition u/s 68 - Unexplained cash deposits - statement of the assessee admitting the income at the time of survey - subsequent retraction made by assessee - it is not...

4. Revocation of certificates issued u/s 68(2) of VDIS - misrepresentation of Facts - since there is prohibition under VDIS, that when the amount so declared is already...

5. Addition u/s 68 - the additional ground raised by the assessee that addition cannot be made u/s 68 of the Act on the basis of the bank statement is rejected.

6. Retraction of statement given during survey - evidentiary value of statement recorded u/s 131 - Despite the retraction, the initial findings of the CIT(A) were largely...

7. Inclusion of value of Gold declared under VDIS scheme of Income Tax Act by the partner in the hands of Firm - decided against the revenue - HC

8. Addition u/s 68 on account of unsecured loans from directors - Assessee has failed to show creditworthiness of both the lenders. - additions confirmed.

9. Estimation of income of the assessee who was working as Priest - mere retraction of statement without explaining circumstances as well as corroborating evidence, it...

10. 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...