Addition u/s 69A - It is settled law that when assessing officer ...

Case Laws Income Tax

January 30, 2021

Addition u/s 69A - It is settled law that when assessing officer is rejecting the books of account and return of income filed by the assessee the best judgement assessment has to be based upon some reasonable criteria. The same has to be on the basis of rates applicable for earlier income shown by the assessee in the past or that operating in the concerned business. By not adopting any fair rate or estimate of income and adding the bank deposits partly only as undisclosed income or investment is not at all sustainable. - AT

View Source

← Previous Next →

Addition u/s 69A - It is settled law that when assessing officer ...

Case Laws Income Tax

January 30, 2021

You may also like:

The provisions of section 69A allow for additions if the assessee is found to be the owner of unrecorded money, bullion, jewelry, or valuable articles. However, when...

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...

The Income Tax Appellate Tribunal examined the determination of net profits from contract business, rejection of books of accounts, and addition u/s 40(a)(ia) for...

Addition u/s 69A - unexplained income - cash deposits made into bank account during demonetization period - assessee neither furnished stock summary nor bills/vouchers...

Rejection of books of accounts u/s 145 - Addition u/ss 68/69A with 115BBE - cash deposited during demonetization as unexplained credit. The Assessing Officer did not...

Reference to Departmental valuation officer [DVO] without first rejecting the books of accounts - The Court reiterated the importance of rejecting the books of accounts...

IT, Estimation of income without rejecting books of accounts is arbitrary, addition made by AO deleted

Cash deposits during the demonetization period were recorded in the books of accounts, with the source maintained. The Assessing Officer invoked Section 69A and charged...

Rejection of books of account - trading addition - Assessee cannot claim advantage of lesser addition by getting the books rejected year after year and avoiding the...

Addition u/s 69A - respondent/assessee is a Non-Resident Indian and his source of income in India being from interest on bank accounts and interest on income tax refund...

The High Court dismissed the appeal filed by the assessing officer against the order of the Income Tax Appellate Tribunal, holding that no substantial question of law...

Trading Additions – rejecting of books of accounts - even if the books having been rejected, no addition is called for - AT

Addition u/s 68 - non maintenance of books of accounts - There was no actual credit of cash or otherwise received by the assessee. No entries are made in the books of...

Validity of Referring the matter to DVO - Additions based on valuation report - The High Court noted that the assessee had filed its return for the relevant assessment...

Once the books of accounts has been rejected the Assessing Officer cannot fall back upon the same books for making addition on account of interest accrued on the FDRs...

Quick Updates: