Deduction u/s 80IC - The allegation of the AO is that assessee ...

Assessee Accused of Inflating Profits for Section 80IC Deductions; AO Fails to Prove Manipulation, No Income Additions Made.

December 19, 2018

Case Laws Income Tax AT

Deduction u/s 80IC - The allegation of the AO is that assessee has shown the higher profit in the books of accounts to claim the excess deduction u/s 80IC - AO failed to demonstrate that how the assessee has inflated its profit and correspondingly inflated its assets or deflated its liabilities - No additions.

View Source

← Previous Next →

Deduction u/s 80IC - The allegation of the AO is that assessee ...

Assessee Accused of Inflating Profits for Section 80IC Deductions; AO Fails to Prove Manipulation, No Income Additions Made.

December 19, 2018

Case Laws Income Tax AT

You may also like:

Assessee voluntarily declared income under "income from other sources" in return. AO disallowed deduction claimed for coordination and settlement expenses due to lack of...

The ITAT held: Interest expenditure on unsecured loans is allowable deduction u/s 57(iii) as borrowed funds were utilized for advancing loans earning interest income,...

ITAT ruled against treating entire share sale proceeds as undisclosed income under section 68. While penny stock transactions require scrutiny, price volatility alone...

Levy of penalty u/s 271C - non deduction of tds on payment of lease rent to Noida Authority u/s 194I - Since assessee failed to prove its bonafide through any relevant...

Once the assessee has discharged the initial onus to prove that the deduction is allowable, the onus to prove that the deduction is not admissible, shifts to the tax...

Dishonor of Cheque - acquittal of the accused - rebuttal of presumption - Even though the accused is required to probabalise his defence to rebut the presumptions, he...

Agricultural income - When all the documents have been brought on record by the assessee during assessment proceedings but not examined by the AO assessee cannot put...

Addition u/s 68 - unexplained cash credits - Onus to prove - CIT(A) deleted addition - The Tribunal found that the assessee failed to discharge its onus of proving the...

Addition u/s 68 - Bogus LTCG - The assessee cannot escape from the burden cast upon him and unfortunately in these cases the burden is heavy as the facts establish that...

Non-deduction of TDS - When the assessee has submitted necessary declaration in Form Nos.15G/15H for non-deduction of TDS and also for reversal of TDS deduction on...

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...

In a case concerning unexplained credit u/s 68, the assessee proved the identity and genuineness of share applicants, although their creditworthiness was questioned. The...

Dishonour of Cheque - acquittal of accused - legally enforceable debt or not - an accused person is presumed to be innocent unless proved guilty and an order of...

Bogus purchases - addition made towards entire bogus purchase - Assessee has literally wasted precious time of the AO by once again issuing notices and summons to the...

Disallowance of sales commission paid to two Associated Enterprises (AEs) being foreign entities - assessee failed to discharge the onus of proving legitimate business...

Quick Updates: