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Income Tax - Highlights / Catch Notes

Home Highlights September 2020 Year 2020 This

Business income receipt of On Money received out of books of ...

Income Tax

September 25, 2020

Business income receipt of On Money received out of books of account - Addition on the basis of the extrapolation of the clinching evidences seized/impounded which has the part of cash and cheque payments receipts - Not the entire receipts, but the profit element embedded in such receipts can be brought to tax - HC

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  1. Amount received after deducting retention money and revenue was recognized accordingly - TDS was deducted including retention money - Addition on the basis of TDS...

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

  3. 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...

  4. Unexplained money u/s. 69A - “deemed income” - since the amount was not recorded in the books, it did not form the part of the Revenue Receipts of the Assessee. The...

  5. 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

  6. Estimation of net income from total ‘on money’ receipts - assessee had disclosed net profit of over 30% of total unaccounted ‘on money’ receipts - CIT(A) rightly...

  7. Nature of receipt - additions towards receipt of Corpus Fund - additions on account of Corpus contribution received by the appellant being a Trust - held as capital...

  8. Addition as income from on money - Year of assessment - addition based on seized material emanating out of the search - Since the nature and source of credit being on-...

  9. Addition u/s 68 - unexplained amounts received towards Share Capital money - entry operators - HC

  10. Mall upkeep and promotional fees received by the assessee - amount of maintenance charges received were business receipts assessable under the head 'business income'.... - HC

 

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