Assessment u/s 153A - The seized paper merely reflect the date, ...

Income Tax Assessment u/s 153A: Additions Based on Presumptions Lacked Evidence of Unaccounted Investments.

December 19, 2020

Case Laws Income Tax 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 investment made by any of the assessees. No material was found during the course of search so as to indicate any unaccounted investment made by assessee. - No evidence of any unaccounted investment have been found during the course of search. The A.O. made addition merely on presumption. - AT

View Source

← Previous Next →

Assessment u/s 153A - The seized paper merely reflect the date, ...

Income Tax Assessment u/s 153A: Additions Based on Presumptions Lacked Evidence of Unaccounted Investments.

December 19, 2020

Case Laws Income Tax AT

You may also like:

The case involves the validity of assessments u/s 153A and 132 of the Income Tax Act. In the absence of incriminating material seized during the search, assessments...

The case involved the legality of assessment u/s 153A vs. 153C based on materials found during a search of a third party. It was held that assessment u/s 153A cannot be...

Assessment u/s 153A - Addition u/s 69A by the Assessing Officer on account of difference in amount credited in bank and sale proceeds shown in the income tax return. It...

Assessment u/s 153A - addition made in respect of completed assessment in absence of any incriminating material - The tribunal found that the additions made to the...

The Department initiated the case based on income tax documents, which were public documents, and the presumption is on their truthfulness. The difference in value based...

Assessment u/s 153A - Addition of unapproved purchases based on peak calculation - the aforesaid addition is not based on any incriminating documents or material found...

Income from undisclosed sources - addition of agricultural income - Assessment of agricultural income declared by the assessee for various assessment years was...

ITAT ruled against additions made under section 153A for unsecured loans (s.68) and interest expense disallowance (s.37(1)) in a concluded assessment year. Following SC...

Addition u/s 68 OR 41(1) - unexplained cash credit - Cessation of liability - The appellant contested additions to their income, alleging bogus sundry creditors. Despite...

Assessment u/s 153C - Profit estimation on money received for new construction and redevelopment projects - extrapolation of income for the search period. The assessee...

The assessment years beyond six years but not exceeding ten years can be reopened u/s 153A only if the Assessing Officer possesses evidence depicting escapement of...

Assessment u/s 153A - Addition based on the valuation report - completed assessment - nature of material found in the course of search which led to impugned additions -...

The case pertains to an addition made u/s 69 for unexplained investment in agricultural land at Ratlam. The issue revolved around whether the addition was based on...

Assessment u/s 153A - Validity examined. Assessments cannot be framed without incriminating material found during search u/s 132. Completed assessments u/s 143(3) cannot...

HC invalidated ex-parte assessment order and demand notices that were solely based on a previously quashed FIR. The department failed to conduct independent...

Quick Updates: