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Income Tax - Highlights / Catch Notes

Home Highlights July 2016 Year 2016 This

Tribunal was right in law in deleting the addition made on ...


Tribunal Removes Additions Due to Inconsistencies in Stock Statements Used for Higher Credit Facility Approval.

July 16, 2016

Case Laws     Income Tax     HC

Tribunal was right in law in deleting the addition made on account of difference in stock statement as furnished before the bank as compared to shown in books of account for availing higher credit facility - HC

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  2. The Assessing Officer (AO) made an addition to the stock based on a search, relying on statements from the General Manager and Director. The stock update process was...

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  7. The Appellate Tribunal considered the issue of condonation of delay in filing appeals, which exceeded 400 days, due to unexplained cash deposits and protective additions...

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  11. Addition of excess stock found during the course of survey - unexplained investments u/s 69 r.w.s.115BBE - The Tribunal observed that the assessee provided plausible...

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

  13. Smuggling - Gold of foreign origin - Absolute Confiscation - town seizure - reliability of statements/retraction of statements - The tribunal highlighted inconsistencies...

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