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Income Tax - Highlights / Catch Notes

Home Highlights February 2019 Year 2019 This

Undisclosed stock - addition based on statement taken in search ...

Income Tax

February 4, 2019

Undisclosed stock - addition based on statement taken in search - treating the book value of goods approximately at 40 percent of the MRP cannot be said to be an arbitrary guess work taking into consideration the traits of the industry

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  1. 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...

  2. Addition on account of excess stock - difference in stock statement submitted with bank and as per books of accounts - No additions

  3. Difference in value of stock as per stock statement submitted to bank and stocks as per books - additions deleted - HC

  4. Difference of stock - amount of closing stock differ in the books and as per the statement given to the bankers - unaccounted fabrication work - additions confirmed - HC

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

  6. Addition being alleged excess value of stock calculated in survey - addition was based on statement of Director which was later on retracted - assessee company with the...

  7. Tribunal was right in law in deleting the addition made on account of difference in stock statement as furnished before the bank as compared to shown in books of account - HC

  8. Addition based on voluntary disclosure made by the key person of the assesse group during the course of search which has subsequently been retracted - The statement...

  9. Additions based on 26AS statement - undisclosed income - Petitioner has not made any complaint at any stage regarding any fictitious or wrong entries in the 26AS...

  10. Undisclosed income u/s 69B - stock submitted to the bank - Such a tendency tantamount to commercial immorality for obtaining unjustified gains in the form of higher...

 

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