Estimation of income - Addition on statement during the course ...

CIT(Appeals) Misinterprets Assessee's Statement, Overlooking Accurate Accounts; Advised to Finalize Profit and Loss Account.

April 27, 2020

Case Laws Income Tax AT

Estimation of income - Addition on statement during the course of survey - CIT(Appeals) had wrongly read the statement of the assessee and have further failed to appreciate the accounts were duly admitted and acknowledged by the assessee as correct. Hence, the right course would be for the Ld. CIT(Appeals) to freeze the profit and loss account of the assessee upto the date of statement - AT

View Source

← Previous Next →

Estimation of income - Addition on statement during the course ...

CIT(Appeals) Misinterprets Assessee's Statement, Overlooking Accurate Accounts; Advised to Finalize Profit and Loss Account.

April 27, 2020

Case Laws Income Tax AT

You may also like:

CIT(Appeals) dismissed assessee's appeal for non-prosecution despite assessee being afforded multiple opportunities to participate. However, CIT(Appeals) failed to...

Ex-parte appellate order passed by CIT(A) based on statement of fact filed by assessee. Second round of litigation regarding whether assessee firm stood dissolved or...

Unexplained cash credit - addition of cash deposit in bank account - It is important to mention here that the bank statements cannot be termed as books of accounts for...

Additional ground relating to DDT liability - the assessee cannot raise the additional ground relating to DDT liability in the present appeal. The assessee, if so...

Addition on difference between balance in account as per the books and the balance as per bank statement - cheques issued but not presented - addition can not be made...

Advance tax payment obligation does not apply when assessee claims agricultural land sale proceeds are exempt u/s 2(14). CIT(Appeals) should admit appeal for...

CIT(A) allowed assessee to withdraw appeal against section 263 revision order, stating Tribunal quashed section 263 order and CIT(A) erred in not deciding appeal merits....

The High Court held that statements recorded u/s 132(4) of the Income Tax Act, 1961, are admissible evidence u/s 158BD read with Section 3 of the Indian Evidence Act,...

The ITAT held that an assessee's appeal is maintainable even if the alternative remedy u/s 264 has been availed. Relying on the Madras High Court's decision in CIT vs. D....

Disallowances on account of non-payment of VAT before prescribed return filing date u/s 139(1) - assessee's submission of exclusive method of accounting without debiting...

Rejection of books of accounts - best judgement assessment - only objection raised by the AO is non-filing of the tax audit report - CIT- A deleting the addition -...

CIT(A) deleted addition on unaccounted business income, accepting assessee's retraction of statement recorded u/s 132(4). CIT(A) agreed cash payment of 60 crores by...

The assessee's unexplained cash credits u/s 68 were deleted by the CIT(A) after accepting the submissions that the cash receipts from various sources like cash sales,...

Additions on account of Bogus unsecured loans and bogus share capital money - Revenue argued that the unsecured loan from entities controlled by a hawala operator should...

The assessee failed to file income tax returns and produce books of accounts. The Commissioner of Income Tax (Appeals) passed a detailed order computing income after...

Quick Updates: