Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding
  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Income Tax - Highlights / Catch Notes

Home Highlights February 2021 Year 2021 This

Addition of inflated expenditure - We do not agree with the ...

Case Laws     Income Tax

February 26, 2021

Addition of inflated expenditure - We do not agree with the procedure adopted by the Tribunal and without examining the fact situation, the Tribunal ought not to have granted relief especially when the assessee could not reconcile the difference before either the Assessing Officer or the CIT(A). - HC

View Source

 


 

You may also like:

  1. Non-Bailable Warrants of Arrest - The procedure adopted by the Tribunal is in conformity with the NCLT Rules, 2016 as well as order XVI Rule 10 of the Code of Civil...

  2. This case pertains to an alleged offense under FEMA involving bogus purported exports with inflated invoices to obtain export benefits, where the goods never reached the...

  3. Disallowance of contingency expenses claimed by the assessee. The Assessing Officer (AO) disallowed the contingency expenses despite acknowledging that the total cost...

  4. The assessee denied the entries representing unaccounted cash expenditure, stating they were merely MIS reports for discussion purposes, containing approximate project...

  5. In the present case, the Assessing Officer (AO) disallowed the expenditure claimed u/s 57(iii) of the Income Tax Act on an ad-hoc basis. The AO did not challenge the...

  6. The CIT(A) partly allowed and restricted the addition on account of commission expenses at 0.25% as compared to 2% adopted by the Assessing Officer. The coordinate bench...

  7. The Appellate Tribunal considered the legality of additions based on a diary seized from a third party. The Tribunal held that the presumption u/s 132(4A) of the Act...

  8. The Appellate Tribunal addressed issues related to assessment u/ss 153A and 153C, emphasizing the necessity of incriminating material for additions. Following legal...

  9. 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...

  10. Addition on the basis of inflated stock statement submitted to bank - Addition under Section 69B - additions not permissible - HC

  11. Digital images and Excel files found on partner's phone cannot be relied upon for making additions u/s 69C for unexplained expenditure. Loose papers and documents not...

  12. The Income Tax Appellate Tribunal (ITAT) adjudicated on various additions made by the Assessing Officer (AO) as unexplained/bogus credits or trading liabilities. The...

  13. The key issue relates to the classification of the cost of silt as capital or revenue expenditure. The Assessing Officer (AO) treated it as capital expenditure and...

  14. Revision u/s 263 - issue of shares at premium - The Tribunal affirmed the PCIT's findings regarding the inadequacy of the AO's examination of the valuation of CCDs. It...

  15. Addition u/s 56(2)(vii)(b) - Difference between the agreed consideration and Valuation adopted by the DVO - Assessee is one of the party who along with four others...

 

Quick Updates:Latest Updates