Home Highlights November 2017 Year 2017 This

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1. The assessment reopening u/s 147 read with Section 148 was found to be unsustainable due to the lack of independent application of mind by the Commissioner of Income Tax...

2. Addition u/s 69 - CIT confirmed the additions by Changing the section to section 69C - Addition made by the AO u/s 69 of the Act cannot be converted into Sec. 69C of the...

3. The assessing officer made protective additions u/ss 69, 69C, and 68 for amounts already considered by the firm where the assessee was a partner. However, the settlement...

4. Addition u/s 69 - unexplained investment made in purchase of plot - Transaction found during the survey was neither recorded in the books of account for the year nor any...

5. Addition u/s 69 of Illegal gratification paid by the assessee - said accusation against the Appellant was purely and solely based on the Shunglu Committee Report, FIR...

6. Additions u/s 69 - The payment of additional stamp duty may be on the basis of the valuation of the valuer of the stamp Act authority but same ipso facto cannot be said...

7. Addition u/son 69/69(C) - The assessee never offered and/or claimed deduction as expenditure. Therefore, it is rightly observed by the learned Tribunal that there was no...

8. Addition towards Licence expenses - The invoice value was shown as its income and the amount paid to its AE was shown as Licence fee expenditure in its Annual accounts....

9. Addition in assessment u/s 153C - Addition u/s 69 - addition on basis of loose papers on which name of the appellant was mentioned along with some other parties - The...

10. In case of unaccounted turnover, only addition of profit embedded therein can be made - in such circumstances Assessing Officer cannot take resort to Section 69 of the Act.

11. Disallowing the challan paid in the name of one employee & disallowing the subvend fee paid - CIT-A deleted the addition - as submitted assessee has obtained liquor vend...

12. Unexplained investment - Additions u/s 69 - source of purchase of party - AO having not discharged onus for proving the satisfaction of the condition for application of...

13. The Appellate Tribunal held that the addition of Rs. 51.20 lacs as unexplained investment u/ss 69 or 56(2)(x)/6(2)(vii) was unjustified as there was no evidence of...

14. Unexplained investment u/s 69 - The tribunal closely examined the additions made under Section 69 related to unexplained investments in stock. The assessees argued that...

15. Addition u/s 69 - repayments of loan/creditor - The ITAT held that the loans were duly recorded in the books of accounts and repayments were made through banking...