Addition based on seized documents during the course of search - ...

Taxpayer Fails to Counter Presumed Income from Seized Documents; Additions to Income Upheld.

December 24, 2018

Case Laws Income Tax AT

Addition based on seized documents during the course of search - presumption is rebuttable but assessee has not produced any evidence to rebut that presumption - it is not the claim of the assessee that no such transaction has taken place. He merely pleaded that it is a dumb documents - Additions confirmed.

View Source

← Previous Next →

Addition based on seized documents during the course of search - ...

Taxpayer Fails to Counter Presumed Income from Seized Documents; Additions to Income Upheld.

December 24, 2018

Case Laws Income Tax AT

You may also like:

This case deals with the levy of penalties u/ss 271AAA and 271(1)(c) of the Income Tax Act in relation to various additions made to the assessee's income based on seized...

The assessment u/s 153C mandates the recording of satisfaction by the Assessing Officer (AO) upon discovery of material likely to "have a bearing on the determination of...

Addition based on unsubstantiated documents like loose sheets, jottings, and Excel sheets - unaccounted cash receipts from students - cannot be sustained. Statements...

Since the revenue failed to assess the said amount in the hands of the parties to the transaction, therefore, it was attempted to tax in the hands of the assessee on the...

Unsubstantiated and uncorroborated seized material alone cannot be considered conclusive evidence for additions u/s 69B. The words "may be presumed" in Section 132(4)...

ITAT partially allowed taxpayer's appeal against additions made under Section 68 and Section 56(2)(viib) of Income Tax Act. Tribunal held that taxpayer adequately...

Addition being the income admitted during the search action - Information contained in the seized documents are just the information without any support and therefore no...

Assessment u/s 153A - unexplained investment - the Assessing Officer failed to record as to how the documents found during search reflected any undisclosed income of the...

Addition of interest income - dumb/ bald seized documents - addition by invoking section 292C - document does not mention the name of the assessee, does not bear the...

The Appellate Tribunal considered the validity of assessment u/s 153A regarding the inclusion of incriminating documents seized during a search. Referring to the Kabul...

Validity of proceedings u/s 153C - The Tribunal upheld the proceedings u/s 153C, agreeing with the CIT(A)'s decision that the material seized during the search had a...

Addition on account of payment of undisclosed commission - addition cannot be made in the hands of the assessee for the reason that, firstly, the name of the assessee is...

The Department initiated the case based on income tax documents, which were public documents, and the presumption is on their truthfulness. The difference in value based...

Nature of unaccounted surrendered income emanating from the seized document - business income OR deemed income u/s 69 - The income is business income relatable to...

Foreign marked gold was a restricted item, not prohibited. Appellants produced import Bill of Entry from Kotak Mahindra Bank, claiming legitimate purchase reflected in...

Quick Updates: