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Income Tax - Highlights / Catch Notes

Home Highlights April 2020 Year 2020 This

Difference in stock found during the course the survey - ...

Income Tax

April 25, 2020

Difference in stock found during the course the survey - addition on the basis of statements recorded during the survey u/s.133A does not empower any IT authority to examine on oath and therefore any admission made in a statement recorded during the survey cannot by itself, be made the basis for addition - additions deleted - AT

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  1. Addition on account of difference in stock found during survey u/s 132 - As the discrepancy could not be reconciled and satisfactorily explained by assessee, addition upheld - AT

  2. 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...

  3. Additions made u/s 69B - excess stock found during survey - assessee contended that as per the books during the course of survey was without the opening stock - no merit...

  4. The addition was made on the basis of statement recorded during the course of survey which was subsequently retracted and since no corroborative evidence was found, no...

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

  6. Excess stock found during the course of survey - unexplained investments u/s 69 r.w.s.115BBE - The ITAT concluded that the addition made by the AO was not justified....

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

  8. Addition u/s 69B on account of difference in stock statement given to the Bank - the stock statement tally with the stock statement submitted to the bank at the end of...

  9. Rejection of books of accounts - difference in the opening stock as well as the closing stock - the assessee has shown excess opening stock - The AO did not care to...

  10. 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

 

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