Addition of unverifiable purchase - The onus is on the assessee ...

Case Laws Income Tax

June 27, 2018

Addition of unverifiable purchase - The onus is on the assessee to explain when & how the cash has been paid for purchase from gray market and it is for the assessee to explain availability of cash in books of account.

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Addition of unverifiable purchase - The onus is on the assessee ...

Case Laws Income Tax

June 27, 2018

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Assessee, a partner in Daurau Farms LLP engaged in sale of farm fresh milk, paid Rs. 30 lakhs in three installments of Rs. 10 lakhs each to Mr. Deepak for purchasing...

The assessee made investments in two firms by purchasing cold storage units funded by M/s. A.R. Constructions, where the assessee is a managing partner. The source for...

Addition u/s 69A - unexplained income - cash deposits made into bank account during demonetization period - assessee neither furnished stock summary nor bills/vouchers...

Addition u/s 69A - addition of processing charges bill alleged to be paid outside the books of accounts - Assessee should have been allowed to reconcile and explain the...

This case pertains to the addition made u/s 69A of the Income Tax Act regarding unexplained cash found during a search operation. The assessee produced a cash book to...

Unexplained jewellery u/s 69A - mere purchase bills are not sufficient to explain the source of purchase of silver items where such purchases are made in cash and in...

Purchase of material in the grey market - the addition, which could be made, was to account for profit element embedded in these purchase transactions to factorize for...

The assessee declared purchases from parties issuing bogus purchase vouchers without actual transactions, merely laundering unaccounted money to claim deduction u/s...

Unexplained investment - Primary onus - The assessee has deposited cash in its ICICI Bank account on various occasions, and onus is very heavy on assessee to explain...

Key legal issues and the Tribunal's holdings: Agricultural land sold by assessee situated beyond municipal limits cannot be treated as capital asset u/s 2(14). Addition...

Additions against Cash deposits made during demonetization period in specified bank notes - assessee has been consistently holding huge cash balance which meets the...

The assessee, engaged in trading gold, silver, and diamond jewelry, witnessed a substantial increase in cash sales during October and the first week of November 2016 due...

Addition of unaccounted money u/s 69A - cash found during the course of search u/s 132 - the assessee all along claims that said cash belongs to his brother in law who...

CIT(A) determined profit at 5.47% on total purchases. Assessee produced sufficient evidence regarding purchases, movement of goods, GST payment on transportation,...

Bogus purchases - addition made u/s 69C - assessee is making local purchases without any transportation bills, delivery challans etc., the possibility of the Assessee...

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