Home Highlights December 2018 Year 2018 This

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1. Penalty levied u/ss 271(1)(c) and 271AAA for unexplained investment and addition made by adopting net profit as per the books of accounts at 12.85% on the suppressed...

2. Profit estimation on unaccounted turnover: AO estimated 8% profit based on seized material, which was reduced to 5% by CIT(A). ITAT held that in case of profit...

3. Additions of varied amounts on account of unaccounted on-money - Seized material in search - the Assessing Officer was not justified in bringing to tax the whole amount...

4. Scope of limited scrutiny - cash deposits in the Bank accounts being more than the turnover - The impugned addition made by the AO on account of profit allegedly earned...

5. 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...

6. Unexplained expenditure u/s. 69C - the profit element embedded in unaccounted purchases would have to be brought to tax. Considering the facts of the case as well as the...

7. Additions towards VAT component of unaccounted sales - Since, the net profit of the assessee has been estimated on total turnover, there is no need for separate...

8. Assessment u/s 153A - Unaccounted income on account of under invoicing of sales - Admissions made under such circumstances without the corroborative evidence cannot be...

9. Undisclosed profit and unaccounted investment in undervalued goods - It was observed by the Tribunal that when the very basis on which the addition was made by the...

10. Reopening of assessment - case was reopened on a ground but additions were made on different ground - it was not open to him to make the addition for unaccounted investment

11. On money receipts - additions based on the disclosure made before the Settlement Commission, however, the application was rejected by the commission - As a settled...

12. Additions towards Undisclosed profit from contract work and transport income - The tribunal found that the assumptions made by Ld. AO are without any basis, on the...

13. Estimating the profit on alleged unrecorded sales - A.O. directed to make addition by estimating profit @ 15% of the amount so deposited in the bank account with respect...

14. Addition u/s 69A - unaccounted business receipt - various submissions were filed by the assessee to explain the source but revenue authorities could not go deeper to...

15. Assessee's unaccounted sales were estimated based on notebooks, diaries, and WhatsApp conversations. Only real income can be taxed. While unaccounted sales existed,...