Home Highlights May 2013 Year 2013 This

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1. Addition for sale of sarki khalli - as alleged assessee has not having any such stock - Goods were received 10 days prior from 17.2.2010 by Poonam Road Lines. So the...

2. Rejection of books of accounts - GP addition/estimation - Non maintenance of records of quantitative details renders the accounts of assessee incomplete. Preparation of...

3. Addition on account of excess stock - difference in stock statement submitted with bank and as per books of accounts - No additions

4. Addition on account of difference in valuation of stock - Merely non maintenance of stock register by the assessee cannot result into addition unless the AO shows with...

5. Unaccounted sales – Details and copies of accounts submitted by Bahujan Samaj Party exactly match with details submitted by appellant - No addition - AT

6. Addition u/s 69B on account of difference in stock statement given to the Bank - the stock statement tally with the stock statement submitted to the bank at the end of...

7. Imposition of penalty u/s 271(1)(c) of the Income Tax Act for two types of additions: (1) the addition made u/s 50C on the difference between stamp duty value and sale...

8. 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...

9. The provisions of section 69A allow for additions if the assessee is found to be the owner of unrecorded money, bullion, jewelry, or valuable articles. However, when...

10. Unexplained deposits in bank account - Amount deposited in the bank account was out of sale of various items as held by the assessee as stock in trade and since the...

11. Addition on account of undervaluation of closing stock - difference in the stock statement given by the assessee to State Bank of India and as recorded in the books of...

12. Excess stock found during the search - A.O. has not held that there was any difference in quantity of stock as per valuation report and as per hooks of accounts. There...

13. In the case of shortage of stock a valid presumptions would be that the stock has been sold outside the books of accounts - the only addition that can be made is that of...

14. The High Court dismissed the appeal filed u/s 260A, holding that no substantial question of law arises. The Assessing Officer had rejected the assessee's books of...

15. Addition on account of difference in stock found during survey u/s 132 - As the discrepancy could not be reconciled and satisfactorily explained by assessee, addition upheld - AT