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Income Tax - Highlights / Catch Notes

Home Highlights October 2018 Year 2018 This

Estimation of income on account of “on-­money” - As the last ...

Income Tax

October 22, 2018

Estimation of income on account of “on-­money” - As the last fact finding authority, the Tribunal was not empowered to apply the formula and which was invented by it.

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  1. Tribunal is custodian of the 1961 Act and is the last fact finding authority vested with powers of wide amplitude to enforce implementation of the provisions of the 1961 Act.

  2. If the Tribunal is last fact finding authority and was dealing with a statutory Appeal, we would expect it not to dispose of the same by a cryptic and short order - HC

  3. Unaccounted income on sale of plots in cash - estimation of Net profit - estimation on the on- money received by the assessee - The Tribunal dismissed the Assessee's...

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  6. Liquidation of the Corporate Debtor if a Resolution Plan is rejected - Resolution Professional, Adjudicating Authority or the Appellate Authority is/are not empowered to...

  7. Power to waiver of mandatory pre-deposit - Section 129E does not empower the Tribunal or the Commissioner (Appeals) to waive the pre-deposit or to reduce the pre-deposit.

  8. Whether no provision in the Act empowering the Board to issue directions to the Assessing Authorities or the Appellate Authorities in the matter of deciding disputes - SC

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