Addition of undisclosed income u/s 69B - purchase of share from ...

Section 69B Inapplicable: No Evidence of Undisclosed Income in Share Purchase from Directors; Addition Deleted.

July 6, 2019

Case Laws Income Tax AT

Addition of undisclosed income u/s 69B - purchase of share from its directors and their closely held companies - nothing on record would demonstrate any exchange / flow of funds, out of books, between the assessee and the sellers - in the absence of any evidences establishing receipts & payments outside regular books of accounts, the provisions of Section 69B could not be invoked - addition deleted

View Source

← Previous Next →

Addition of undisclosed income u/s 69B - purchase of share from ...

Section 69B Inapplicable: No Evidence of Undisclosed Income in Share Purchase from Directors; Addition Deleted.

July 6, 2019

Case Laws Income Tax AT

You may also like:

The case involves the validity of assessments u/s 153A and 132 of the Income Tax Act. In the absence of incriminating material seized during the search, assessments...

Correct head of income - treatment of income from sale and purchase of shares - business income or income from capital gains - high volume of transactions and frequently...

The summary highlights the key difference between the scope of total income under the Income Tax Act and the Black Money (Undisclosed Foreign Income and Assets) and...

The Income Tax Appellate Tribunal held that the assessee's plea towards non-applicability of Section 271AAB of the Income Tax Act was devoid of rationale. The Tribunal...

Undisclosed income declared not to be included in total income - THE INCOME DECLARATION SCHEME, 2016 - The amount of undisclosed income declared in accordance with...

Penalty order u/s 271AAB for treating an amount included in the Return of Income as 'undisclosed income' was found unjustified. The Commissioner of Income Tax (Appeals)...

Penalty levied by the AO u/s. 271AAB r.w.s. 274 - levy penalty of 30% on undisclosed income - the reasons given by the AO to levy 30% penalty on undisclosed income is...

Denial of exemption u/s 11 was challenged due to alleged violations of Sections 13(1)(d), 13(2)(h), and 13(1)(c) of the Income Tax Act. The key points are: Section...

Amendment of section 115BBE. - tax on income referred to in section 68 or section 69 or section 69A or section 69B or section 69C or section 69D - no deduction in...

Bogus share transactions involving abnormal price rise in penny stock shares - Assessee produced evidence of share purchase, existence in demat account - AO failed to...

Addition u/s 56(2)(viia) - purchase of shares at price more than its fair market value - The tribunal extensively reviewed the submissions and evidence presented,...

The assessee was found with excess stock of jewellery during a search operation. The Assessing Officer (AO) invoked provisions of Sections 69A and 69B, treating the...

Unexplained cash credit u/s 68 - share capital/share premium receipts - Despite substantial evidence provided by the appellant, including bank statements, share...

Penalty u/s 271(1)(c) - the fact that the assessee and his son have declared the undisclosed income in their individual return of income and have paid taxes but capital...

Speculation loss u/s 73 - it is apparent from computation that no part of the business of the assessee company consists of purchase and sale of the shares - Merely...

Quick Updates: