Addition u/s 69C - CIT(A) confined the addition to only 5% of ...

Income Tax Appeals Limits Addition u/s 69C to 5% of Purchase Expenses, Citing Historical Profit Records.

August 23, 2017

Case Laws Income Tax HC

Addition u/s 69C - CIT(A) confined the addition to only 5% of the amount spent on purchases based on past record of profits - as the provision of Section 69C is not mandatory in nature, the AO has full discretion either to add or not to add the unexplained expenditure in the income of the assessee based upon sound judicial principles - HC

View Source

← Previous Next →

Addition u/s 69C - CIT(A) confined the addition to only 5% of ...

Income Tax Appeals Limits Addition u/s 69C to 5% of Purchase Expenses, Citing Historical Profit Records.

August 23, 2017

Case Laws Income Tax HC

You may also like:

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...

Jurisdictional issue regarding notice u/s 143(2) was addressed, with ITAT holding that the initial notice by ACIT, Circle-5(1), Delhi was within time, and subsequent...

Circular No. 05/2024, issued by the Central Board of Direct Taxes (CBDT) under section 268A of the Income-tax Act, 1961, introduces measures to reduce litigation in...

The Commissioner of Income Tax (Appeals) confirmed additions from unsecured loans and capital introduced by the assessee during demonetization. The Assessing Officer...

The circular enhances monetary limits for filing appeals by the Income Tax Department before Income Tax Appellate Tribunal, High Courts, and Supreme Court. For appeals...

The circular addresses the Reduction of Government Litigation by setting monetary limits for filing appeals before GSTAT, High Courts, and Supreme Court. It refers to...

Section 253 of the Income Tax Act governs appeals to the Income Tax Appellate Tribunal (ITAT) against orders passed by tax authorities. The proposed amendment aims to...

Addition u/s 69C - Unexplained expenses/premium - assessee did not furnish the source of payment of such expenses/premium - The case of assessee throughout the...

The case involved the scope of limited scrutiny and the validity of a notice u/s 143(2) of the Income Tax Act. The assessee's case was selected for limited scrutiny to...

ITAT modified multiple additions in a tax appeal concerning bogus purchases and unexplained money. For contested purchases of Rs. 13,80,63,994, ITAT directed application...

The ITAT held that where the assessee entered into a unilateral Advance Pricing Agreement (APA) with the Central Board of Direct Taxes (CBDT) and complied with its...

The assessing officer (AO) made additions to the assessee's income based on alleged bogus purchases and unexplained investments. The key points are: Addition of Rs....

Additions towards Bogus purchases - Estimation of profit - Purchases are to be removed, the corresponding sale is also required to be removed from the profit and loss...

The CESTAT held that the advertisement charges collected by the appellant as reimbursement expense cannot be included in the gross value of franchise service. The...

Addition u/s 68 OR 41(1) - unexplained cash credit - Cessation of liability - The appellant contested additions to their income, alleging bogus sundry creditors. Despite...

Quick Updates: