Income from other sources or Business income - Search u/s 132(4) ...

Cash Found in Section 132(4) Search at Home and Business Classified as Business Income.

November 8, 2013

Case Laws Income Tax AT

Income from other sources or Business income - Search u/s 132(4) - cash was found from the residential and business premises of the assessee - held as business income - AT

View Source

← Previous Next →

Income from other sources or Business income - Search u/s 132(4) ...

Cash Found in Section 132(4) Search at Home and Business Classified as Business Income.

November 8, 2013

Case Laws Income Tax AT

You may also like:

Penalty u/s 271AAB - treating an amount included in the Return of Income as undisclosed income susceptible to penalty - search conducted u/s 132, assessment carried out...

ITAT upheld assessment beyond limitation period under s.153A as search evidence revealed undisclosed income exceeding Rs. 50 lakhs covering 7th to 10th assessment years....

Penalty u/s.271AAB - Belated filing of regular return after search - Penalty cannot be levied u/s.271AAB of the Act, in respect of income disclosed in regular return of...

Search warrant u/s 132 - Retention of cash seized in search - A return of income would be filed by the petitioner for the annual year 2019-20 only after 31st March, 2020....

Penalty u/s 271(1)(c) was levied on additional income voluntarily offered in the statement recorded u/s 132(4). However, no reference was made to corroborative...

ITAT upheld partial rejection of books under s.145(3) due to unverifiable self-made cash vouchers, though specific quantification was lacking. Given turnover of...

This case pertains to the addition made u/s 69A of the Income Tax Act regarding unexplained cash found during a search operation. The assessee produced a cash book to...

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)...

Penalty u/s 271AAB for unexplained cash commission expenses u/s 69C cannot be imposed if the additional income disclosed by the assessee in the return of income is not...

Addition u/s 68 - large cash withdrawal by the assessee immediately before the search and seizure operation - during search and seizure operation, the cash amount was...

Characterization of receipts - Treatment of interest income from staff loans and advances, interest income from other loans and advances and miscellaneous income -...

The Income Tax Appellate Tribunal held that cash found in two lockers belonged to RNB Temple Trust and Ram Bajaj Foundation. The Trust's balance sheet showed cash in...

Charging interest u/s. 234B(3) / (4) - The section 234B(4) states that if there is any increase or decrease in the income, correspondingly interest shall be increased or...

Income from license fees - income under the head ‘Income from other sources’ OR 'business income' - AT

CIT(A) deleted addition on unaccounted business income, accepting assessee's retraction of statement recorded u/s 132(4). CIT(A) agreed cash payment of 60 crores by...

Quick Updates: