Addition u/s. 68 - AO cannot extrapolate 50 and interpret 50 as ...

Assessing Officer Must Provide Evidence for Large Financial Additions; Numerical Misinterpretation Not Allowed u/s 68.

May 22, 2015

Case Laws Income Tax AT

Addition u/s. 68 - AO cannot extrapolate 50 and interpret 50 as 50,00,000, 575 as 575 lakhs without any corroborative/demonstrative evidence - additions made merely on the basis of some illogical and irrelevant entry/jotting on a piece of paper cannot justify the actions of the AO - AT

View Source

← Previous Next →

Addition u/s. 68 - AO cannot extrapolate 50 and interpret 50 as ...

Assessing Officer Must Provide Evidence for Large Financial Additions; Numerical Misinterpretation Not Allowed u/s 68.

May 22, 2015

Case Laws Income Tax AT

You may also like:

The Appellate Tribunal held that the Assessing Officer erred in making additions u/s 68 for unsecured loans and disallowing interest component. The assessee demonstrated...

The assessment years beyond six years but not exceeding ten years can be reopened u/s 153A only if the Assessing Officer possesses evidence depicting escapement of...

Addition u/s 68 - unexplained cash credit - Onus to prove - The High court noted that the assessee had provided sufficient evidence, including bank statements, cash-flow...

Assessment order u/s 143(3) quashed for non-issuance of show cause notice. Case transferred from faceless Assessing Officer to Jurisdictional Assessing Officer u/s...

Penalty u/s 271(1)(c) - The Appellate Tribunal observed that the appellant, during reassessment proceedings, had filed their return of income but failed to provide...

Reopening of assessment u/s 147 - Assessing Officer to usurp the jurisdiction to reopen the assessment - The first Assessing Officer has made the reassessment after...

Validity of assessment under section 153A - addition u/s 68 - By simply referring to General findings of investigations wing at Kolkata entry operators providing bogus...

The ITAT considered whether an assessing officer can refer to a registered valuer u/s 55A based on physical appearance during search/survey without rejecting books of...

The assessee's reconciliation explained total purchases, including capital goods and purchase returns, tallying with recorded purchases. The Tribunal correctly held that...

Assessment u/s 153A - Addition u/s 69A by the Assessing Officer on account of difference in amount credited in bank and sale proceeds shown in the income tax return. It...

Assessment u/s 143(3) r.w.s. 144-B - gross violation of principles of natural justice - In case of Companies registered under the Companies Act or other financial...

Penalty levied u/s 271(1)(b) - assessee had failed to provide full submissions - penalty levied by the Assessing Officer u/s 271(1)(b) of the IT Act deserves to be...

Addition u/s 69A - cash loans given by the assessee as unexplained - decoding of the entries in the seized materials - The tribunal found that the assessing officer's...

Addition u/s 68 r.w.s. 115BBE - Bogus LTCG - The Tribunal examined the transactions and found that the entire addition made by the Assessing Officer was based on...

Addition of cash deposited during the demonetisation period in bank account - unexplained income - taxation @ 60% as provided u/s. 115BBE - The tribunal acknowledged the...

Quick Updates: