Rejection of books of accounts - There cannot be negative onus ...

Income Tax

November 11, 2017

Rejection of books of accounts - There cannot be negative onus on assessee to prove it has not made purchases from NSEL in dispute. No evidence of any sham purchases/transactions have been brought on record. No evidence of any purchase made by assessee from NSEL have been brought on record. - AT

View Source

← Previous Next →

Rejection of books of accounts - There cannot be negative onus ...

Income Tax

November 11, 2017

You may also like:

Penalty u/s 271(1)(c) – In the garb of the bona fide claim an assessee cannot escape levy of penalty - Onus was not on the AO to prove the negative - AT

Addition on account of alleged bogus purchases - The complete onus to prove the genuineness of the purchases was upon assessee and the same, in our opinion, has remained...

Disallowance of short term capital loss - creation of artificial loss - assessee appellants failed to discharge the onus, to prove the genuineness of the transactions of...

Once the assessee has discharged the initial onus to prove that the deduction is allowable, the onus to prove that the deduction is not admissible, shifts to the tax...

Application u/s 80G(5)(vi) - Since the assessee denied to have incurred any expenditure on religious activity for any particular community, therefore, assessee cannot be...

Smuggling of IC - Proceeds of Smuggled silver - No Evidence - onus to prove that the Indian currency and the sale proceeds of smuggled goods is on the Revenue - AT

Addition u/s 68 - unsecured loans - addition only on the basis of the information received from the Investigation Wing ignoring - the investing company has sufficient...

Taxability of Bogus purchase - Estimation of profit - in cases where purchases are not proved with necessary evidences, only profit element embedded on those purchases...

The onus is upon the assessee to establish that the money was borrowed for the purpose of business - assessee failed to prove the onus - Claim of Interest disallowed - AT

Addition u/s 68 as accommodation entries - long term capital gain on sale of shares as sham/bogus transaction - Mere suspicion cannot be a ground for treating the...

Quick Updates: