Undisclosed income - The service tax ledger account shows flat ...

Using Unverified Notes for Tax Additions Unfair; Inflated Profit Claims Deemed Speculative, Not Factual.

May 24, 2021

Case Laws Income Tax AT

Undisclosed income - The service tax ledger account shows flat wise tax paid from 2011 to 2016 even on individual payments credited. Hence, just on the basis of one loose sheet of paper with miscellaneous, unconfirmed 86 uncorroborated notings, to make an addition is not fair as this would also mean a suppressed sale of of about 25% against the shown project revenue and jack up the profit to 30% (5.43% already shows) which appears to be astronomical as well as impractical on a single project. The addition dwells more in the realm of presumption than real. - AT

View Source

← Previous Next →

Undisclosed income - The service tax ledger account shows flat ...

Using Unverified Notes for Tax Additions Unfair; Inflated Profit Claims Deemed Speculative, Not Factual.

May 24, 2021

Case Laws Income Tax AT

You may also like:

Eligibility to make adjustment of excess service tax paid against future service tax liability - Claim of Excess service tax paid due to issuance of revised invoice -...

Deemed divided u/s 2(22)(e) requires arriving at accumulated profits by deducting depreciation as per Income-tax Act rates. Bombay High Court in Navnit Lal C Javeri and...

Additions towards Bogus purchases - Estimation of profit - Purchases are to be removed, the corresponding sale is also required to be removed from the profit and loss...

Deemed dividend addition u/s 2(22)(e) - Since all the conditions necessary for treating the deemed dividend of the amount received in the hands of concern (which in this...

Deduction u/s 80IC - The allegation of the AO is that assessee has shown the higher profit in the books of accounts to claim the excess deduction u/s 80IC - AO failed to...

Advance Ruling application on maintainability - Reversal of input tax credit to extent of tax element in credit note - no agreement between parties on credit notes not...

Addition being unverified sundry debtors - Additions have been confirmed on account of bogus purchases - Any addition out of the sales made out of the aforesaid...

ITAT dealt with the addition of notional interest on interest-free advances and disallowance of inflated import purchases. Assessee's advances to brokers were assigned...

Demand of service tax - Supply of tangible goods for use - transfer of right to use goods - deemed sale - The Tribunal observed that, evidently, the Appellant had...

MAT computation - Book Profit - addition of interest on income tax refund to the Net Profit - As there is no dispute on the fact that assessee has offered interest on...

The case involves bogus purchases u/s 69C, with the assessee dealing in bullion. The Gross Profit (GP) rate estimation is crucial. The assessee argued that the GP rate...

Disallowance of inflated coal expenses - the case of the Revenue is that assessee might have inflated cost of the coal, however, once the cost of the coal is part of...

Additions u/s 2(22)(e) on account of deemed dividend - Accumulated profit - As per the provision of Explanation 2, all the profits of the company up to the date of...

Estimation of profit - AO applying a profit rate of 20% on the contract receipt against the rate of profit declared by the appellant at 8.13% - CIT(A) directing the AO...

Additions towards the alleged unaccounted sales - The AT noted that the addition had been deleted by the ld. CIT(A), and since there was no appeal from the Revenue, this...

Quick Updates: