Unaccounted investment and unaccounted profit out of unaccounted ...

Case Laws Income Tax

November 25, 2020

Unaccounted investment and unaccounted profit out of unaccounted production - The issue of rejection of books of account based on difference in power consumption of the relevant previous year turning act to be excessive than the so called tolerable limit of 15 % is no more res-intgra. - No infirmity in the order of the CIT(A) while directing the Assessing officer to accept the books results shown by the assessee for this year also and to delete the additions made by the AO - AT

View Source

← Previous Next →

Unaccounted investment and unaccounted profit out of unaccounted ...

Case Laws Income Tax

November 25, 2020

You may also like:

Undisclosed profit and unaccounted investment in undervalued goods - It was observed by the Tribunal that when the very basis on which the addition was made by the...

If unaccounted production was taxed and on the other hand, unaccounted purchase are also taxed, then the correct position should have been that the unaccounted...

Unaccounted investment recorded in the seized document - No registered document whatsoever was found during the course of search, - No summons were issued to...

CENVAT Credit - inputs issued for production lying in shop floor but not used for the production and the same was destroyed in fire - remission of duty granted - though...

Unexplained investment in land purchase - society's purchase in its name or trustees' names - CIT(A) considered money not paid by society from income but sourced from...

Profit from own chity investment - the addition made by the AO on estimate basis towards profit from own chity investment was not justifiable - AT

Assessment u/s 153A - The seized paper merely reflect the date, name of transferor and transferee and number of shares. The document does not speak of any unexplained...

Unaccounted purchases - only the profit element in such unaccounted purchase should be made especially when there is no unaccounted stock found during the survey on...

MAT - determination of Book-Profits u/s 115JB vis-à-vis loss suffered by the assessee on loss on investments - when gains on sale of investments were to be excluded...

Consideration for the services - Valuation - Mining services - whether entitlement towards “Cost Petroleum” under the “Production Sharing Contract” can be treated as...

Penalty levied u/ss 271(1)(c) and 271AAA for unexplained investment and addition made by adopting net profit as per the books of accounts at 12.85% on the suppressed...

The key points covered in the summary are: Disallowance of deduction u/s 36(1)(vii) for debts written off, as the assessee did not create a provision in the books, which...

Foreign Investment in units issued by Real Estate Investment Trusts, Infrastructure Investment Trusts and Alternative Investment Funds governed by SEBI regulations - Circular

Unaccounted investment u/s. 69C - The ITAT observed that the confusion arose because the assessee had treated the total booking amount (creditors) as closing work in...

Undisclosed income - gross profit margin on unaccounted sales - It is quite possible that the assessee was able to generate more profit post search period depending upon...

Quick Updates: