Undisclosed income of the assessee - benami investment - benami ...

CIT(A) Deletes Undisclosed Income Addition Due to Lack of Evidence Linking Assessee to Kolkata Corporate Entities.

October 21, 2022

Case Laws Income Tax AT

Undisclosed income of the assessee - benami investment - benami transactions - It was for the AO to produce or investigate and find out some financial connection between the said Kolkata based corporate entities and the assessee herein. It must also be mentioned here that in the assessment order also though the AO refers to an investigation report by the Kolkata based Investigation Wing of the department, what is conspicuous by its absence is the connection between the said corporate entities, which are Kolkata based and the assessee. - CIT(A) rightly deleted the addition - AT

View Source

← Previous Next →

Undisclosed income of the assessee - benami investment - benami ...

CIT(A) Deletes Undisclosed Income Addition Due to Lack of Evidence Linking Assessee to Kolkata Corporate Entities.

October 21, 2022

Case Laws Income Tax AT

You may also like:

The Tribunal held that based on the financial parameters and risk profile, the assessee qualifies as a developer rather than merely a contractor u/s 80IA of the Income...

Addition made u/s 153A on account of undisclosed foreign bank account and interest income thereon - assessee confronted with client profiles from HSBC Bank showing...

CIT(A) determined profit at 5.47% on total purchases. Assessee produced sufficient evidence regarding purchases, movement of goods, GST payment on transportation,...

Assessee engaged in business of commission agent (Aadatia) for agricultural products. AO made addition u/s 68 treating entire cash deposits in bank account as...

Non-disclosure of income from maintenance charges was challenged. The assessee followed the mercantile system of accounting, and non-receipt of maintenance charges...

The Appellate Tribunal considered several issues: 1. Addition against undisclosed income from bank accounts. Assessee's funds routed through bank accounts of others....

Income from undisclosed sources - addition of agricultural income - Assessment of agricultural income declared by the assessee for various assessment years was...

Key legal issues and the Tribunal's holdings: Agricultural land sold by assessee situated beyond municipal limits cannot be treated as capital asset u/s 2(14). Addition...

Assessment u/s 153A - Addition of undisclosed income - Contract between assessee and non-resident entity for sharing profits from supply of currency paper to RBI - No...

Addition u/s 68 OR 41(1) - unexplained cash credit - Cessation of liability - The appellant contested additions to their income, alleging bogus sundry creditors. Despite...

The assessment reopening u/s 147 read with Section 148 was found to be unsustainable due to the lack of independent application of mind by the Commissioner of Income Tax...

Penalty order u/s 271AAB for treating an amount included in the Return of Income as 'undisclosed income' was found unjustified. The Commissioner of Income Tax (Appeals)...

The Appellate Tribunal considered the legality of additions based on a diary seized from a third party. The Tribunal held that the presumption u/s 132(4A) of the Act...

The ITAT partially allowed the assessee's appeal, directing deletion of several additions and modifications to income calculations. Key outcomes include: (1) commission...

Assessment u/s 153A - Undisclosed sales - CIT(A) had made detailed discussion on facts and recorded the finding that no incriminating evidence material was found during...

Quick Updates: