Addition u/s 69C - unexplained purchases calculated on the basis ...

Case Laws Income Tax

December 18, 2019

Addition u/s 69C - unexplained purchases calculated on the basis of peak credit - The transactions reported by the assessee from the tainted supplier and the payment through banking channels could not be held to be more than paper transactions.

View Source

← Previous Next →

Addition u/s 69C - unexplained purchases calculated on the basis ...

Case Laws Income Tax

December 18, 2019

You may also like:

Addition on the basis of Peak Credit - unexplained credit entries in the bank account - basis of Peak Credit can be adopted to remove the cascading effect of the...

Unexplained credit u/s 68 - peak credit theory - CIT(A) has rightly rejected the claim of the assessee of adopting peak theory for considering unexplained credit - AT

Unexplained purchase u/s 69C - addition of the peak of financial transaction - the entries were bereft of reality and are prepared only to escape any negative...

Unexplained expenditure u/s. 69C - CIT(A) held that the AO was not justified in assuming that the assessee had made unaccounted purchases solitary on the basis that the...

Addition u/s 68 - unexplained cash credit - The assessee had to discharge the primary onus in that regard. The peak credit worked out by the assessee, on the basis that...

Addition of peak credit amount – Unexplained credits – Addition u/s 68 and 69 - only the peak credit can be taken as income out of the deposits made during the year to...

The case pertains to the addition of undisclosed income u/s 69A of the Income Tax Act, wherein the peak credit method was applied. The Commissioner of Income Tax...

The Assessing Officer (AO) made additions u/ss 69C and 68 for undisclosed credit card expenditures in foreign currencies based on material found during a survey. The...

Jurisdictional issue regarding notice u/s 143(2) was addressed, with ITAT holding that the initial notice by ACIT, Circle-5(1), Delhi was within time, and subsequent...

The CIT(A) partly allowed and restricted the addition on account of commission expenses at 0.25% as compared to 2% adopted by the Assessing Officer. The coordinate bench...

Addition of peak credit u/s 69C on the premise that material was purchased in cash from the open market whereas the accommodation purchase bills were procured from the...

Addition made u/s 69C - Unexplained huge expenditure to earn Agriculture income - once the assessee has not made any investment, the addition made u/s 69C of the Act is illegal.

Unexplained expenditure u/s 69C - Addition relating to cash transferred through Angadias - Reliability of WhatsApp chat between employees and son-in-law of CMD - it...

Addition u/s 68 - peak credit theory - accommodation entry provider - ITAT went merely on the basis of accountancy, overlooking the settled legal position that peak...

The ITAT Mumbai held that addition as unexplained income based on accommodation entries lacked proof of transaction nature, creditworthiness, and genuineness. AO's...

Quick Updates: