Additions towards excess cash found - although the assessee ...

Excess Cash Additions Confirmed Despite Telescoping Claims from Income Offered in Solitaire Project Survey.

September 21, 2019

Case Laws Income Tax AT

Additions towards excess cash found - although the assessee claims to have taken the benefit of telescoping towards income offered from Solitaire Project, but while recording statement during the course of survey it was the case of the assessee that excess cash found during the course of survey represents unaccounted income - additions confirmed - AT

View Source

← Previous Next →

Additions towards excess cash found - although the assessee ...

Excess Cash Additions Confirmed Despite Telescoping Claims from Income Offered in Solitaire Project Survey.

September 21, 2019

Case Laws Income Tax AT

You may also like:

Imposition of penalty u/s 271(1)(c) of the Income Tax Act for two types of additions: (1) the addition made u/s 50C on the difference between stamp duty value and sale...

Deduction u/s 80IB(11C) - additional income offered during survey - investment in building - excess cash found - while confirming the additions, deduction 80IB(11C) disallowed.

Addition u/s 68 - evidences about the receipt of the cash and repayment of the cash despite those persons having proper bank account - whole explanation of the assessee...

Addition u/s 69A - unexplained cash deposits in the saving bank - The tribunal found the orders of the Revenue authorities to be arbitrary, with a failure to consider...

Assessee declared cash deposit of Rs. 42 lacs during demonetization period as income. AO made another addition u/s 69A for same amount, treating it as unexplained money...

Key legal issues and the Tribunal's holdings: Agricultural land sold by assessee situated beyond municipal limits cannot be treated as capital asset u/s 2(14). Addition...

Additional income offered on account of excess stock during the course of survey - business income of the assessee OR income from other sources liable to be taxed at a...

Correct head of income - Cash received as rental income - assessee could not prove the existence of the persons against whom he has shown the cash receipt as rental...

Unexplained Cash deposited into Bank Accounts - income from unexplained source u/s 69B - Onus to prove - Onus cast on the Appellant has not been discharged.addition u/s...

Penalty u/s 271(1)(c) was imposed despite the assessee withdrawing the exemption claim u/s 10(38) for Long Term Capital Gain (LTCG) on sale of penny stocks and offering...

Block assessment - It is duty of the authorities to guide the assessee, if there is some excess offering of income on a misconception and then correct it. Attempt should...

Addition made u/s 153A on account of undisclosed foreign bank account and interest income thereon - assessee confronted with client profiles from HSBC Bank showing...

This case pertains to the addition made u/s 69A of the Income Tax Act regarding unexplained cash found during a search operation. The assessee produced a cash book to...

Addition u/s 69A - unexplained income - cash deposits made into bank account during demonetization period - assessee neither furnished stock summary nor bills/vouchers...

Addition made towards interest expenses claimed - assessee derived income from letting out the properties i.e. rental income, which has been shown as income from...

Quick Updates: