Transactions through Credit cards - unexplained purchases - The ...

Case Laws Income Tax

December 3, 2017

Transactions through Credit cards - unexplained purchases - The claim of the assessee that he was returning the goods back to the seller at the 3% discount to generate cash for payment of credit card dues on account of financial crisis, is completely unsustainable. - AT

View Source

← Previous Next →

Transactions through Credit cards - unexplained purchases - The ...

Case Laws Income Tax

December 3, 2017

You may also like:

Unexplained expenditure on the basis of unreconciled AIR statement - Naturally, if the assessee has not entered into such transaction, the learned AO should have...

Refund of countervailing duty - Payment of CVD on return / re-import of goods - entitlement to take credit amount of CVD paid by them on return of the goods under Rule...

Unexplained credit u/s 68 - peak credit theory - CIT(A) has rightly rejected the claim of the assessee of adopting peak theory for considering unexplained credit - AT

The assessee, a works contractor, filed a return in compliance with Section 153A notice and claimed deduction u/s 80IA, which was not claimed in the original return...

The Income Tax Appellate Tribunal considered whether an assessee can claim deduction under Chapter VI-A of the Income Tax Act, 1961 for the first time in the return...

The preliminary assessment u/s 143(1) is limited to processing the return for arithmetical errors, incorrect expense claims, verifying audit reports, deductions, and...

Unexplained cash credit u/s 68 - assessee has claimed to sell the share very high as compared to Bombay Stock Exchange quoted price - Prima facie there has to be some...

The Assessing Officer (AO) made additions u/ss 69C and 68 for undisclosed credit card expenditures in foreign currencies based on material found during a survey. The...

Unexplained cash credit u/s 68 r/w section 115BBE - Bogus purchase and sale - The assessee has recorded the entries of sales and purchase in its books of account and has...

Reopening of assessment - unexplained source of credit card expenditure - return filing under wrong PAN - AO had only remedy under the provisions of the Act to issue...

The assessee had made purchases from M/s. HJM Fuels Pvt. Ltd., which the Department treated as bogus and added a profit element. The assessee pointed out discrepancies...

Claim of expenditure in the revised return - Once, the assessee has realized that the claim was wrongly not made, the assessee has every right to revise the return...

Addition u/s 68 - cash credit - assessee being a share broker - All the equity shares so purchased first came in the Demat account of the assessee broker and then has...

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

Capital gains - treating information contained in ITS as related to transaction of sale of immovable property - Assessee had pointed out how the two transactions...

Quick Updates: