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Income Tax - Highlights / Catch Notes

Home Highlights March 2023 Year 2023 This

Unexplained investment - addition made on the basis of ...

Income Tax

March 14, 2023

Unexplained investment - addition made on the basis of surrender/admission made by the assessee - statement recorded during survey can safely be stated to be retracted duly evidenced with documentary evidence, and in such circumstances, the statement of the assessee recorded u/s 133A of the Act carries no evidentiary value. - AT

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  1. Unexplained investment - Unaccounted cash for purchase - addition based on the statement / admission of the third party - Mere admission of the third party cannot be a...

  2. Unexplained investment - No addition can be made on the basis of the report of the DVO without the books of account being rejected, wherein expenditure relating to the...

  3. Protective addition made in the hands of the assessee - income surrendered by the assessee in the sworn statement - the surrender was not blanket surrender as presumed...

  4. Evidentiary value of a statement made on oath by the assessee for making additions - The assessee can explain or withdraw the admission, if any, made by him in such...

  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. 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...

  7. Additions towards income earned from undisclosed investment - The addition of income earned from the investment is also solely based upon the admission by the ex-partner...

  8. Unexplained investment - addition made on the basis of statements of third parties - no addition can be sustained on the basis of such oral admission of interested party...

  9. Unexplained investment - The basis of addition made in the present case is the source of investment remaining unexplained. Now, the assessee having explained the source...

  10. Unexplained investment u/s 69 – Assessee paid up additional stamp duty on valuation - This by itself would not mean that the assessee made any unexplained investment - HC

 

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