Unexplained expenditure u/s 69C - The AO has not brought any ...

Assessing Officer Lacks Evidence for Expenses u/s 69C; Additions Based on Assumptions, Not Proof.

June 18, 2021

Case Laws Income Tax AT

Unexplained expenditure u/s 69C - The AO has not brought any evidence on record which can demonstrate that assessee has incurred expenses for development work. - There was no evidence with the AO to prove or even indicate that such amount was spent by assessee on the development of land in concern which was sold. AO made addition purely on surmises and conjecture. - AT

View Source

← Previous Next →

Unexplained expenditure u/s 69C - The AO has not brought any ...

Assessing Officer Lacks Evidence for Expenses u/s 69C; Additions Based on Assumptions, Not Proof.

June 18, 2021

Case Laws Income Tax AT

You may also like:

The assessee's reconciliation explained total purchases, including capital goods and purchase returns, tallying with recorded purchases. The Tribunal correctly held that...

Addition u/s 68 cannot be made solely based on sworn statement recorded u/s 132(4) without corroborative materials. Onus lies on the Department to collect cogent...

Penalty u/s 271(1)(c) - The Appellate Tribunal observed that the appellant, during reassessment proceedings, had filed their return of income but failed to provide...

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...

Validity of additions made u/s 153A, 69C, 68, and 69A of the Income Tax Act. It discusses the lack of incriminating material or documents found during the search to...

The assessee was allowed to claim depreciation on assets held in the name of directors, based on the principle of beneficial ownership recognized by the Supreme Court....

Deduction claimed u/s 57 against income returned u/s 56 - manner of apportioning assessee's expenses to earning income u/s 56 disputed - Revenue authorities rejecting...

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...

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...

The High Court quashed the reopening notice issued by the Assessing Officer u/s 148 for reassessment beyond the period of four years. The assessee had filed returns...

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...

Unsubstantiated and uncorroborated seized material alone cannot be considered conclusive evidence for additions u/s 69B. The words "may be presumed" in Section 132(4)...

The Appellate Tribunal considered the disallowance of club expenses to determine if they were incurred for business purposes. It held that the Assessing Officer's...

Addition u/s 69A - cash loans given by the assessee as unexplained - decoding of the entries in the seized materials - The tribunal found that the assessing officer's...

Onus on assessee to explain exorbitant increase in transport expenses and support with proper bills/vouchers, which assessee failed. Sample bills/vouchers not for...

Quick Updates: