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Income Tax - Highlights / Catch Notes

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

Income Tax

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...

  4. Classification - an entry which is beneficial to the assessee requires to be applied and the same has been done by the adjudicating authority, which has been confirmed...

  5. Validity of Arbitral Award - determination of loss / award - Hudson’s formula like other formulae, which are only rough approximations of the cost impact of unabsorbed...

  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

  9. Validity of remanding the matter to the Assessing Authority - the first appellate authority has adjudicated the controversy on merits and therefore, the tribunal, which...

  10. Best Judgement Assessment - the estimation made by the Tribunal was found to be not based on any material, whereas the estimation made by the first appeal authority was...

 

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