Home Highlights September 2016 Year 2016 This

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1. 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...

2. The CIT(A) partly allowed and restricted the addition on account of commission expenses at 0.25% as compared to 2% adopted by the Assessing Officer. The coordinate bench...

3. The assessee's contentions were upheld by the Tribunal regarding various additions made by the Assessing Officer. The Tribunal ruled that the RTGS transfer from the...

4. 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...

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

6. The assessee received cash credits which were treated as unexplained income u/s 68 by the Assessing Officer (AO). However, the Commissioner of Income Tax (Appeals)...

7. 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...

8. Addition u/s. 41(1) - Difference between the amount payable as per books of accounts and amount as per the confirmation received from the creditor - The High Court...

9. Addition u/s 68 - disclosure made by the assessee on the basis of documents impounded during the course of survey proceedings - The Tribunal deleted the addition holding...

10. Difference in value of stock as per stock statement submitted to bank and stocks as per books - additions deleted - HC

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

12. Addition to assessee's income by enhancing closing stock value made by Assessing Officer (AO) u/s 143(3) was based solely on statement recorded during survey without any...

13. Addition on difference between balance in account as per the books and the balance as per bank statement - cheques issued but not presented - addition can not be made...

14. Difference in stock found during the course the survey - addition on the basis of statements recorded during the survey u/s.133A does not empower any IT authority to...

15. Unexplained cash credit u/s 68 r.w.s 115BBE - inflated sales pursuant to demonetization - Unaccounted Stock Due to Valuation Differences - The Tribunal held that the...