Assessment u/s 153A - Undisclosed cash receipts - merely because ...

Section 153A: Discrepancies in pre-search books don't justify post-search assumptions without evidence; no income extrapolation allowed.

August 24, 2021

Case Laws Income Tax AT

Assessment u/s 153A - Undisclosed cash receipts - merely because some discrepancies were found in assessee’s books in the pre-search period of unaccounted sales, it could not be presumed that such a discrepancy continued even in the post-search period, when there is no evidence to support such a view, and, therefore, addition could not be made on the basis that the assessee had made unaccounted sales throughout the accounting year. Being so, there is no question of extrapolation of income in all these assessment years. - AT

View Source

← Previous Next →

Assessment u/s 153A - Undisclosed cash receipts - merely because ...

Section 153A: Discrepancies in pre-search books don't justify post-search assumptions without evidence; no income extrapolation allowed.

August 24, 2021

Case Laws Income Tax AT

You may also like:

Assessment u/s 153A - replacement of Chapter XIV-B provisions and introduced Sections 153A, 153B and 153C in the Act by Finance Act, 2003 - The new Section 153A provides...

Validity of assessment passed u/s 153A pursuant to search and seizure - The High Court has observed and held that, the assessee’s assessment for the relevant year stood...

Substitution of new section for section 153B- Time limit for completion of assessment under section 153A. - The limitation for completion of assessment under section...

Assessment u/s 153A - unexplained investment in Hotel Building - addition under sec 69 r.w.s. 115BBE - reliance on DVO report post-search - Held, DVO report...

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...

Assessment u/s 153A - Obviously an assessment has to be made under this Section only on the basis of seized material. The question, however, is whether the seized...

Proceedings u/s 153A were initiated based on alleged incriminating material found during search, however, the material relied upon was a laptop recovered from Mumbai...

Assessment u/s 153A - Validity of notice issued - the only pre-condition for issuance of the notice u/s 153A is the search itself. Thus unable to accept the argument of...

Assessment u/s 153A - pre-condition justifying the invocation of the power of search u/s 132 (1) against the Petitioner - The Respondent's search of the Petitioner was a...

This case pertains to the addition made u/s 69A of the Income Tax Act regarding unexplained cash found during a search operation. The assessee produced a cash book to...

Valuation by DVO - addition based on estimated cost disregarding actual cost as per books - applicability of section 142A before amendment - non-rejection of books - AO...

Assessment u/s 153A/143 - Difference between assessments under section 143(3) and 144 - Mention of nature of the order as section 153A r.w.s. 143(3) was not a technical...

Assessment u/s 153A - Assessment for AY 2006-07 was already completed prior to the date of search and having not abated, the scope of proceedings u/s.153A of the Act had...

Assessment u/s 153A - Unexplained investment - It is common practice during search proceedings that the revenue seizes the books of account along with incriminating...

Additions u/s 153A solely based on a sketchy statement of an accountant u/s 132(4), which in turn is based on a confessional statement of a director in a previous...

Quick Updates: