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Income Tax - Highlights / Catch Notes

Home Highlights July 2012 Year 2012 This

Receipt of “on money” - Addition in income - it is an advance ...

Income Tax

July 28, 2012

Receipt of “on money” - Addition in income - it is an advance and therefore it cannot be taxed in the year under appeal - AT

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  1. Addition made on account of unaccounted cash receipts – Sale of car parking area - Without any evidence in the year for receipt of on-money the addition cannot be sustained - AT

  2. Mercantile system, Advance receipt of Fees, Service to be rendered in next year, Tax cannot be levied in the year of receipt, get support from AS 9 of ICAI, HC

  3. Merely because tax at source has been deducted by the builder, the receipt of mobilization money cannot be deemed as income of the assessee for the year under consideration - AT

  4. On money receipts - additions based on the disclosure made before the Settlement Commission, however, the application was rejected by the commission - As a settled...

  5. Unexplained cash credit u/s 68 - share application money - amount was received during the earlier years - entries made during the current year for converting deposits...

  6. Even upon detection of on money receipt or unaccounted cash receipt, what can be brought to tax is the profit embedded in such receipts and not the entire receipts themselves - HC

  7. Addition of on-money - Additions of on-money made u/s 68 on the basis of notings in loose sheets and data retrieved from the mobiles - when the A.O had in the assessment...

  8. Receipt of advance - Additions u/s 56(2)(vi) - A receipt cannot be taxed merely on conjecture or surmises. - The AO needs to bring on record evidence which proves that...

  9. Addition u/s 68 - unsecured loan - ITAT, turning a blind eye, has erred in holding that, assessee has discharged his onus merely because the money was advanced through...

  10. Credit for TDS - Whether the Tax Deducted at Source (TDS) on mobilization advance, which is a capital receipt, should be credited in the year of deduction - Mobilization...

 

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