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Income Tax - Highlights / Catch Notes

Home Highlights January 2019 Year 2019 This

Undisclosed investments - Additions based on balance-sheet ...

Income Tax

January 18, 2019

Undisclosed investments - Additions based on balance-sheet submitted to the Bank for obtaining loan - there is absolutely no error in law on the AO relying on the same and adding on an undisclosed income on the basis of the unexplained investment in the unaccounted purchases.

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  2. Difference in stock submitted to bank and income tax department -addition based on stock statement submitted to Bank is not sustainable - AT

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  6. Addition u/s 56(2)(vii)(c) - determination of FMV of shares - drawing up a balance sheet as on valuation date or previous audited balance sheet is to be taken as the...

  7. Addition u/s 68 - merely because the bank statement an ITR of the lender were not submitted, in spite of submitting balance sheet and profit and loss account of the...

  8. Addition u/s 69 - undisclosed foreign bank account - addition being the peak balance - Matter remanded back to AO for adjudication of the issue afresh stating that the...

  9. Deemed income u/s 56(2)(vi) - interest free unsecured loan - amount was received from HUF and was recorded in the balance sheet as liability of unsecured loan - No addition - AT

  10. Income - receipt of advance payment - due to inadvertence the amount was credited to the accounts of the assessee in the balance-sheet - no addition - HC

 

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