The presumption u/s 292C of the Act is rebuttable presumption ...

Income Tax Act Section 292C: Rebuttable presumption not enough as denial of ownership leads to no tax additions.

May 30, 2017

Case Laws Income Tax AT

The presumption u/s 292C of the Act is rebuttable presumption and does not lead to a conclusive evidence. The assessee from the very beginning denied that the documents belonged to him and the AO made no effort to find out the real truth - No additions - AT

View Source

← Previous Next →

The presumption u/s 292C of the Act is rebuttable presumption ...

Income Tax Act Section 292C: Rebuttable presumption not enough as denial of ownership leads to no tax additions.

May 30, 2017

Case Laws Income Tax AT

You may also like:

Undisclosed turnover - Estimation of income - The presumptions u/s. 292C are rebuttable presumptions and they do not lead to conclusive evidence. The assessee has right...

The Appellate Tribunal adjudicated on the issue of addition of interest income and penalty u/s 271(1)(c). The assessee contended that the interest income from a Fixed...

Income from undisclosed sources - addition of agricultural income - Assessment of agricultural income declared by the assessee for various assessment years was...

Addition based on unsubstantiated documents like loose sheets, jottings, and Excel sheets - unaccounted cash receipts from students - cannot be sustained. Statements...

Black Money Undisclosed Foreign Income And Assets And Imposition Of Tax Act, 2015 - Sole beneficiary of the Foreign Account - Merely mentioning the name of the assessee...

Dishonor of Cheque - legally enforceable debt or not - The law is clear on the point that when the complainant discharged the initial burden to prove the transaction led...

HC ruled that mere signatory status on property conveyance does not automatically establish ownership or tax liability under Income Tax Act. Section 26 and 27 require...

Denial of the credit of TDS - assessee has offer the income to tax which was received as commission income - the TDS on the said income even if deposited in the PAN of...

Penalty u/s 129(1)(b) - Part-B of the e-way bill was not filled up - The High Court held that, upon a perusal of the order in appeal, it is crystal clear that the...

Benami transaction - availability of joint family property or income - joint family acquisition - Purchase of property in the name of wife (Mrs. A) - Presumption of...

The summary highlights the key difference between the scope of total income under the Income Tax Act and the Black Money (Undisclosed Foreign Income and Assets) and...

The assessee had been following the mercantile system of accounting, wherein book profits are taken for tax assessment, though credit or debit amounts may not be...

Dishonour of cheque - rebuttable presumption - appellant sufficiently rebutted the initial presumption as regards the issuance of the cheque under Sections 138 and 139 - SC

Dishonour of Cheque - acquittal of accused - legally enforceable debt or not - an accused person is presumed to be innocent unless proved guilty and an order of...

Dishonor of Cheque - Once the signature is admitted and execution is proved by the appellant by examining the independent witnesses, there is a presumption that the...

Quick Updates: