Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding
  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Income Tax - Highlights / Catch Notes

Home Highlights January 2017 Year 2017 This

Unexplained creditors - Refusal of the Settlement Commission to ...


Settlement Commission Restores Case After Rejecting Additions Based on Cash Flow Statement Entries on Alleged Advances.

January 14, 2017

Case Laws     Income Tax     HC

Unexplained creditors - Refusal of the Settlement Commission to make any additions on the basis of the entries in the Cash Flow Statement [CFS] of the alleged advances taken by the assessee - matter restored before the commission - HC

View Source

 


 

You may also like:

  1. The ITAT set aside orders passed by CIT(A) and ACIT under s.154, holding that additions to the assessee's income based solely on admissions made in an application to the...

  2. Addition on protective addition - Application to Income tax Settlement Commission[ITSC] - the provisions of Section 245I does not give protection to the whole world with...

  3. ITAT overturned multiple additions made by AO regarding property transactions and unexplained cash receipts. On capital gains computation under s.50C, ITAT directed...

  4. Addition u/s 68 or 56(2) - Unexplained cash credit u/s 68 - share transactions - the valuation aspect of the shares is made on the Discounted cash flow method (DCF) and...

  5. Addition u/s 69A - unexplained income - cash deposits made into bank account during demonetization period - assessee neither furnished stock summary nor bills/vouchers...

  6. Cash deposits made during demonetization period from cash withdrawals and rental income received in cash were substantiated through cash flow statements and bank...

  7. HC upheld Settlement Commission's order accepting assessee's settlement amount under s.245D(4). Commission determined assessee lacked direct involvement in land...

  8. The High Court held that the Settlement Commission cannot reopen its concluded proceedings by invoking Section 154 of the Income Tax Act. Section 154 allows...

  9. Validity of Settlement Commission order - validity of immunity granted to the assessee - Based on such disclosures and on noting that the appellant co-operated with the...

  10. Unexplained investments - assessee had declared income u/s 44AD - AO has not considered the opening cash and bank balances and only the profits declared is considered as...

  11. On money receipts - additions based on the disclosure made before the Settlement Commission, however, the application was rejected by the commission - As a settled...

  12. 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...

  13. Validity of order passed by Settlement Commission - Unless the twin conditions mentioned therein are fulfilled, the Settlement Commission cannot move further in the...

  14. Assessee engaged in business of commission agent (Aadatia) for agricultural products. AO made addition u/s 68 treating entire cash deposits in bank account as...

  15. Settlement of case - before submitting reply to the show cause notice, approached the Settlement Commission - The dismissal of the application filed before the...

 

Quick Updates:Latest Updates