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Income Tax - Highlights / Catch Notes

Home Highlights January 2018 Year 2018 This

Unexplained investment - addition made on the basis of ...

Income Tax

January 8, 2018

Unexplained investment - addition made on the basis of statements of third parties - no addition can be sustained on the basis of such oral admission of interested party without providing opportunity of cross examination and not supported by independent evidence. - AT

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  1. Unexplained investment - Unaccounted cash for purchase - addition based on the statement / admission of the third party - Mere admission of the third party cannot be a...

  2. Validity of assessment order - whether the AO can make additions solely relying upon the third party statement and without any further corroborative evidence - Held No - HC

  3. Unexplained investment - No addition can be made on the basis of the report of the DVO without the books of account being rejected, wherein expenditure relating to the...

  4. Addition u/s 68 - receipt of share application money - reliance on statement of third parties - The statements of third parties i.e. two angadias relied upon by the ld....

  5. Addition on share application money received – the only evidence which has been referred by the AO is statement of third parties recorded by the Investigation Wing -...

  6. Addition of excess stock found during the course of survey - unexplained investments u/s 69 r.w.s.115BBE - The Tribunal observed that the assessee provided plausible...

  7. Addition made on the basis of loose papers found and seized from the third person - the jottings made without identification of any asset or investment cannot be the...

  8. Addition made u/s 69C - Unexplained huge expenditure to earn Agriculture income - once the assessee has not made any investment, the addition made u/s 69C of the Act is illegal.

  9. Undisclosed income - admission of declaration of income during survey u/s 133A - without physical verification of stock and examining books of accounts, additions on the...

  10. Unexplained investment - The basis of addition made in the present case is the source of investment remaining unexplained. Now, the assessee having explained the source...

 

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