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Income Tax - Highlights / Catch Notes

Home Highlights June 2018 Year 2018 This

Additions towards income earned from undisclosed investment - ...

Income Tax

June 14, 2018

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 with no credible evidence - No additions.

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  1. Addition of undisclosed expenditure based of valuation of property u/s 158BC - cost of construction of the residential building - in the absence of any material found...

  2. 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.

  3. Profit from own chity investment - the addition made by the AO on estimate basis towards profit from own chity investment was not justifiable - AT

  4. Suppression of sales turnover - estimation suppressed turnover - AO was wrong in estimating the additions which was solely based on one day sales - HC

  5. Undisclosed investment - mere fact of producing an affidavit by the wife or mother of the assessee may not be treated by the Assessing Officer as sufficient explanation...

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

  7. Addition towards undisclosed income being write back of redeemable non cumulative preference shares - write back of preference share capital cannot be taxed u/s 28(iv)...

  8. Sale transaction of land - unsigned agreement being in the possession of the seller viz., the assessee would not amount to “dumb document“ - addition towards...

  9. Block assessment - Block period - Addition on account undisclosed investment based on diary of the assessee - The money so advanced will tantamount to be the investment...

  10. Addition towards undisclosed foreign assets under the provisions of Black Money (UFIA) And Imposition of Tax Act, 2015 for the alleged investment in life insurance...

 

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