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Income Tax - Highlights / Catch Notes

Home Highlights September 2012 Year 2012 This

Survey followed by assessment u/s 143(3) – addition on account ...

Case Laws     Income Tax

September 15, 2012

Survey followed by assessment u/s 143(3) – addition on account of valuation of closing stock, bogus liabilities, dis-allowance u/s.40A(3) and investment in purchase corresponding to unaccounted sales are rightly deleted. - AT

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  2. Addition to assessee's income by enhancing closing stock value made by Assessing Officer (AO) u/s 143(3) was based solely on statement recorded during survey without any...

  3. Provision of section 145(3) invoked without satisfying conditions - books of accounts rejected without following proper procedure u/s 144. Gross profit addition made...

  4. Addition on valuation of closing stock - excise duty on closing stock of its finished goods - exclusive VS inclusive method - although the method of valuation of stock...

  5. Inflation in expenses or bogus/inflated purchases - Since, the printouts of the hard disc clearly mentioned that "forecast" and since, the Assessing Officer in the two...

  6. Disallowance on account of valuation of stock u/s 145A - assessee is following exclusive method of accounting for valuing closing stock wherein unutilised MODVAT/Cenvat...

  7. Re-determinination of value of opening stock - Addition of excess stock found during the course of survey - Once additions is made towards excess stock found during the...

  8. Excess stock found during the search - A.O. has not held that there was any difference in quantity of stock as per valuation report and as per hooks of accounts. There...

  9. Assessment u/s 153C r.w.s. 143(3) of the Act OR u/s 143(3) - AO made addition to the total income of the assessee on account of undisclosed investment in construction of...

  10. Under valuation of closing stock of rice - improper maintenance of stock register by the assessee-firm - the method of valuation was adopted by the Ld. AO in closing...

  11. Addition on account of undervaluation of closing stock - difference in the stock statement given by the assessee to State Bank of India and as recorded in the books of...

  12. Assessment u/s 153C versus 143 - Additions u/s 45 - Underreporting of sale consideration for immovable property while framing the Assessment Order u/s 143(3) - Whether...

  13. Rectification u/s 154 - The Assessee argued that the assessments u/s 143(1) and 143(3) merged, precluding further additions u/s 154, while the Revenue contended that...

  14. Reassessment order u/s 147 - the AO does not enjoy the power of review. Therefore in the present case it is clear that the action of the present AO tantamount to review...

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