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Income Tax - Highlights / Catch Notes

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Addition u/s 69C - excess stock - 69B OR 69C - mentioning of ...

Income Tax

May 25, 2019

Addition u/s 69C - excess stock - 69B OR 69C - mentioning of wrong section would not upset the Additions made by the AO as all these provisions have been enacted with a view to bring to tax the unexplained debit balances in the Balance Sheet of the assessee either in the form of Unexplained Investments, Expenses or Stocks, etc., or unexplained Assets, Money, Bullion, Jewellery, etc

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  2. Addition u/s 69C OR 68 - Addition of share application money - Wrong mention of section - opening balance was carried forward - it is outside the ambit of section 68 - No addition.

  3. Additions u/s 69B - stock statement submitted to the banks cannot be considered as true and correct - no additions could be made - AT

  4. Addition on the basis of inflated stock statement submitted to bank - Addition under Section 69B - additions not permissible - HC

  5. Addition made u/s 69C - Unexplained huge expenditure to earn Agriculture income - once the assessee has not made any investment, the addition made u/s 69C of the Act is illegal.

  6. Addition u/s 69C - CIT(A) deleted the addition - in order to invoke the provisions of sec. 69C, should give a categorical finding that the assessee has incurred any...

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

  8. Addition u/s. 69B - penny stock - mere suspicion that the assessee has invested in alleged penny stock scrip cannot be made basis of addition u/s. 69B of the Act. In the...

  9. Addition u/s 69B - there is no evidence other than the report of the DVO and, therefore, the same cannot be relied upon for making an addition - no addition - HC

  10. Excess stock found during the search - A.O. has not held that there was any difference in quantity of stock as per valuation report and as per hooks of accounts. There...

 

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