Additions towards cash seized at airport - Tax should be charged ...

Case Laws Income Tax

September 16, 2019

Additions towards cash seized at airport - Tax should be charged in the relevant assessment year in which it has been received or deemed to be received/accrues or arises or is deemed to accrue or arise/accrues or arises to the assessee at the rate in force in that assessment year. - AT

View Source

← Previous Next →

Additions towards cash seized at airport - Tax should be charged ...

Case Laws Income Tax

September 16, 2019

You may also like:

Sections 132B, 140A, 153A and 234B of the Income Tax Act, 1961 were analyzed regarding adjustment of seized cash against tax liability. The appellants claimed that cash...

Undisclosed stock - relevant assessment year - additions for the financial year 2012-2013 relevant to assessment year 2013-2014 - Once the statements have been accepted...

Assessment u/s 153C - Profit estimation on money received for new construction and redevelopment projects - extrapolation of income for the search period. The assessee...

Interest u/s 234 B - Advance tax - Adjustment / Credit for cash as seized - there is no prohibition to adjust the seized cash with self assessment tax. What is...

Interest u/s 234B and 234C - appellant has offered the cash seized as advance tax against the liability in block assessment - tribunal ought to have held the date of...

The ITAT Mumbai, in a case involving addition u/s 68 for unexplained cash credit from loans taken from various parties, held that only loans taken during the current...

Assessment u/s 153A - In the case on hand, the search was conducted on 10.08.2017 and the relevant six assessment years immediately preceding the assessment year...

The assessment years beyond six years but not exceeding ten years can be reopened u/s 153A only if the Assessing Officer possesses evidence depicting escapement of...

Credit for withheld tax - Foreign Tax Credit - Both the parties below have recorded concurrent finding that the assessee company has not made any claim for credit...

Assessment u/s 153C - undisclosed income of the present assessee - As per the provisions of section 153C of the Act, incriminating material which was seized had to...

Addition u/s 69A - Addition of cash deposits made by the assessee during the demonetization period - The Tribunal examined the legality of the assessment order, the...

Unexplained investment u/s 69 - cash deposit - the alleged transactions of cash deposits and corresponding entries of cheque issued were not in the nature of any...

The Appellate Tribunal considered an assessment u/ss 153A/153C, focusing on additions based on seized documents for the relevant assessment year and unrecorded...

Best judgement assessment u/s. 144 r.w.s.147 - additions towards unaccounted professional charges received from Hospitals in cash - Assessing Officer has erred in making...

Addition made towards receipt Assignment of Fee - Assessee has withdrawn amount from Escrow account and utilized for its business purpose - Although, there is a timing...

Quick Updates: