Addition based on survey proceeding - Unexplained stock of gold ...

Commissioner of Income Tax's demand for tax on survey-disclosed income lacks merit; statements not under oath, per Section 132(4).

May 21, 2021

Case Laws Income Tax AT

Addition based on survey proceeding - Unexplained stock of gold and silver jewellery - The statement given during the course of survey is not a statement on oath as given u/s. 132(4) of the Act and therefore has no evidentiary value. Reliance should be placed upon the evidence/materials gathered during the course of survey operations while framing the assessment orders. Therefore this finding of Ld. CIT(A) that the assessee was required to honour income surrendered during the course of survey and offer it to tax finds no merit. - AT

View Source

← Previous Next →

Addition based on survey proceeding - Unexplained stock of gold ...

Commissioner of Income Tax's demand for tax on survey-disclosed income lacks merit; statements not under oath, per Section 132(4).

May 21, 2021

Case Laws Income Tax AT

You may also like:

Penalty u/s 271AAB for unexplained cash commission expenses u/s 69C cannot be imposed if the additional income disclosed by the assessee in the return of income is not...

Additional income offered on account of excess stock during the course of survey - business income of the assessee OR income from other sources liable to be taxed at a...

Penalty levied u/s 274 read with Section 270A - assessee computed tax on disallowed depreciation amount at maximum marginal rate and levied 200% penalty on payable tax -...

The CESTAT held: The demand of service tax under 'site formation service' for June 2005 to May 2007 by culling out site formation charges from a composite mining...

Claim of partner’s salary u/s 40(b) against income disclosed during survey – at the time of survey, assessee disclosed the entire income as business income, the AO was...

Excess stock found during survey in assessee's business premises led to surrendered income. Assessing Officer accepted return figures but applied higher tax rate u/s...

Reopening of assessment - Validity of approval granted by the CIT - earlier Revision u/s 263 dropped - Notwithstanding this order passed by the Principal Commissioner of...

The High Court set aside the impugned tax demand order due to violation of principles of natural justice, as the petitioner was not provided a reasonable opportunity to...

Penalty under s.271(1) was set aside by ITAT where assessee disclosed additional income during survey under s.133A. ITAT held that since assessee had already paid...

Service tax demand on income shown in Income Tax Return - Suppression of facts and contravention of Act/Rules with intent to evade tax - Extended period of limitation...

Penalty order u/s 271AAB for treating an amount included in the Return of Income as 'undisclosed income' was found unjustified. The Commissioner of Income Tax (Appeals)...

The High Court quashed and set aside the demand raised u/s 154 for the Assessment Year 2013-2014 appearing on the petitioner's portal and the computation sheet dated...

Penalty u/s 271(1)(c) - disclosure of income during survey - had it been the intention of the appellant to disclose the income voluntarily then the assessee would have...

The summary highlights the key difference between the scope of total income under the Income Tax Act and the Black Money (Undisclosed Foreign Income and Assets) and...

Assessee surrendered income during survey u/s 133A as unaccounted professional receipts, which AO accepted as professional income taxable at normal rates. PCIT invoked...

Quick Updates: