Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding


  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Income Tax - Highlights / Catch Notes

Home Highlights July 2022 Year 2022 This

Estimation of income - transactions relating to cricket betting ...

Income Tax

July 25, 2022

Estimation of income - transactions relating to cricket betting - estimate made by the Assessing Officer of the assessee’s income at 1% of the total transactions of cricket betting as found recorded in the laptops seized from the possession of the assessee is quite fair and reasonable and the learned CIT(A) was fully justified in confirming the same. - AT

View Source

 


 

You may also like:

  1. Estimation of income - bogus purchases - quantification of profit - The Tribunal noted that during investigations, the alleged suppliers were identified as bogus...

  2. Rejection of book result u/s 145(3) - estimation of income - Deduction of depreciation from the estimated income - Depreciation should be allowable being statutory...

  3. Estimation of income - On Money - Unaccounted on money receipt from the real estate project - the assessing officer being investigator and adjudicator was under...

  4. Accrual of income - method of accounting to recognize the revenue - Addition made for excess interest spread ('EIS') income earned on assignment of receivables - AO has...

  5. Unexplained investments u/s 69- Tribunal deleted the addition - The term assessed being flexible, it bears very comprehensive meaning. Therefore, under Section 158BB of...

  6. IT, Estimation of income without rejecting books of accounts is arbitrary, addition made by AO deleted

  7. Revision u/s 263 - estimation of income - when the income assessed by the AO was far more than the income returned by the assessee and all the investments made by the...

  8. Estimation of income - additions towards unapproved creditors - once income is estimated, no additions can be made towards trade creditors which is arised out of such...

  9. Fall in GP rate - increase in cost of purchase - 95% of sales were made to related parties - Since no explanation was offered by the assessee before the AO regarding...

  10. Loss in F&O transaction investigation wing has carried on survey operation under section 133A in the premises of brokers and certain clients - Since the transaction was...

  11. Estimation of income @10% - Treatment of interest on fixed deposits as integral part of business activity while estimating the income - The interest income and similarly...

  12. Estimated income from sale of plots- In this case, except agreement to sale for one plot, the AO does not have any other credible evidence to support his estimation of...

  13. Computation of gross profit - estimation and enhancement of turnover - As per tribunal opinion that the estimation of total sales without considering the actual...

  14. Capital gain vs Business income - The income from share transactions has been rightly assessed as business income, however, Security Transaction tax (STT) has to be...

  15. TP Adjustment - US Transactions non US Transactions - scope of MAP agreement - It would be better to refer to the settlement arrived between the competent authority of...

 

Quick Updates:Latest Updates