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Income Tax - Highlights / Catch Notes

Home Highlights November 2023 Year 2023 This

Additions against Suppressed sales - huge variance in sale price ...

Income Tax

November 25, 2023

Additions against Suppressed sales - huge variance in sale price of flats - ld. AO is directed to give consequential relief by applying this weighted average rate - AT

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  1. Suppression of sales turnover - estimation suppressed turnover - AO was wrong in estimating the additions which was solely based on one day sales - HC

  2. Addition of sales of flats - suppression of sale price of the flats in order to evade the tax - The maxim Falsus in uno and falsus in omnibus has an obligation in India...

  3. Valuation - the siding and shunting charges would not form part of the sale price and thus the AO had rightly excluded the same from the computation of the sale price - HC

  4. Addition on account of suppression of sale - The entire amount of suppressed sale cannot be treated as income of the assessee. It is because there was no evidence...

  5. Bogus sale - allegation of unaccounted sale to the petrol pump owners/other industries - the sale price declared by the assessee was accepted by the sales tax department...

  6. U/s 92C(2) of IT Act 1961- Computation of arm's length price - price variance upto 1% in case of wholesale trade and 3% in all other cases will be allowed.

  7. Estimation of profit on the suppressed sale - Additional undisclosed income - the revenue has not brought any material on record suggesting that the assessee has made...

  8. Undisclosed income - Sale consideration of flats sold by assessee – on-money transactions - AO was justified in adding the same in assessee’s income - AT

  9. E-commerce business - Selling at a price lower than the cost price - unless certain provisions such as Section 145(3)are invoked, the AO is not empowered to go beyond...

  10. Long Term Capital Gains - Sale of society flat - proportionate portion of land in the society - As per the sale deed, it is clear that assessee gets a membership on the...

 

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