Addition of sum paid to secure the possession of the flat - ...

Taxpayer's Unexplained Investment for Flat Challenged; Payment Claims Unsubstantiated by Evidence, Broker and Society Deny Receipt.

April 13, 2017

Case Laws Income Tax HC

Addition of sum paid to secure the possession of the flat - unexplained investment - since the broker had denied the receipt of payment and the Society had also denied the same, the AO could not have held that the assessee had paid a sum to Shri Chokhani for securing the possession of the flat though no paper evidencing the payment except a letter of the broker was seized - HC

View Source

← Previous Next →

Addition of sum paid to secure the possession of the flat - ...

Taxpayer's Unexplained Investment for Flat Challenged; Payment Claims Unsubstantiated by Evidence, Broker and Society Deny Receipt.

April 13, 2017

Case Laws Income Tax HC

You may also like:

Unexplained investment - payments were made after registration of the sale deed - as the payments were made after the end of the relevant FY i.e. FY 2007-08, such...

Depreciation on sample flat - number of days asset used - the revenue has allowed the claim of 50% of the depreciation claimed by the assessee in the first year when the...

Addition u/s 69 - Unexplained investment or not - only when the investment is not recorded in the books of accounts or the explanation by the assessee regarding the...

Unexplained investment u/s. 69 - Asstt. Comm. of Commercial Taxes estimated the valuation of WIP without mentioning the quantity or rate of the individual item - AO...

Unexplained investment u/s 69 - The aspect that this income was not declared in the original return of income cannot be a ground to automatically conclude that it is...

Sum advanced to sister concern by cheques drawn – Unexplained investment or not - it has been rightly treated as unexplained investment in terms of Section 69B of the...

Unexplained cash credit/debits – unexplained investment - the burden to establish the existence of investment was on the Revenue, which has not been discharged - AT

Unexplained investment u/s 69 – Assessee paid up additional stamp duty on valuation - This by itself would not mean that the assessee made any unexplained investment - HC

Addition u/s 69B - unexplained investment - it is evident that those three flats belonging to the M/s Starlight security LLP mentioned in the Escrow agreement has...

Unexplained investment - The basis of addition made in the present case is the source of investment remaining unexplained. Now, the assessee having explained the source...

ITAT affirmed CIT(A)'s directive to grant TDS credit per Form 26AS despite taxpayer's initial failure to claim full credit in tax return due to software technical issues....

Rental income - Deduction u/s 24(b) - interest paid on the amount borrowed - the loan was not borrowed for the impugned Flat No.11. Assessee had claimed that the loan...

Refund claim - payments made under protest - Time Limitation - the Appellant had challenged the levy of duty and therefore, any payments made are deemed to be made under...

Unexplained cash credit u/s.68 - double taxation - taxing the source of investment and application of investment both - When an income is taxed / addition is made to...

Rejection of books of accounts - estimation of income - Unexplained Investment in Purchases - A.O has accepted all other transactions of purchases and payment made...

Quick Updates: