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Income Tax - Highlights / Catch Notes

Home Highlights May 2024 Year 2024 This

Addition u/s 69 - Payment to farmers and purchase of agriland - ...

Income Tax

May 3, 2024

Addition u/s 69 - Payment to farmers and purchase of agriland - The Tribunal noted discrepancies in the AO's reasoning, particularly regarding the Assessee's capacity to earn income and make investments. The Tribunal directed the AO to adjust payments made from withdrawals from the Assessee's bank account and sustained the remaining additions.

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  1. Addition u/s 69 - The entire purchase of fixed assets has already been recorded by the assessee in its books of accounts. The source for making payments for such...

  2. Unexplained investment u/s 69 - Addition were made based on the retrieved data from CPU/Computer - source for above payments for agricultural lands have been explained...

  3. Additions towards Bogus purchases - Estimation of profit - Purchases are to be removed, the corresponding sale is also required to be removed from the profit and loss...

  4. Addition u/s 69 - addition based on the estimation of the cost of acquisition of the property - The ITAT observed that the AO had relied heavily on statements obtained...

  5. Unexplained investment - Additions u/s 69 - source of purchase of party - AO having not discharged onus for proving the satisfaction of the condition for application of...

  6. Addition u/s 69 - CIT confirmed the additions by Changing the section to section 69C - Addition made by the AO u/s 69 of the Act cannot be converted into Sec. 69C of the...

  7. Unexplained investment under section 69 - assessee could not reconcile the difference between purchases as debited in the trading account and purchases as per TCS...

  8. Addition u/s 69 - unexplained investment made in purchase of land - no asset came into existence in the name of the assessee, which requires to be shown in the books of...

  9. Addition u/s 69 - purchases made but not recorded the same in regular books of account - the assessee had shown such purchases from different parties only for the...

  10. Unaccounted investment u/s 69 - Addition on account of suppressed purchase price of land purchased - Since the Assessing Officer failed to pinpoint any instance by...

  11. Addition u/s.69 or 68 - assessee has paid on-money towards purchase of property to the seller - The assessee is only owner of 1/3rd share in the property purchased. -...

  12. Addition of unexplained investments in purchase of agricultural land u/s 69 - This co-purchaser admittedly is not entitled to purchase agricultural lands. We observe...

  13. Unsecured loans - Additions u/s 69 as unexplained expenditure - the tribunal finds that the ld. CIT(A) rightly deleted the impugned additions as the AO failed to...

  14. Addition u/s 68 by the AO - CIT(A) confirmed the additions u/s 69 - The provisions of Section 292B of the I.T. Act, 1961 are not applicable because there is no mistake,...

  15. Addition u/s 69 of the Act – Unexplained investment – AO could not make any addition of the amount of Excise duty evasion quantified by the Excise authorities - HC

 

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