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 April 2022 Year 2022 This

Gross profit on deficit of stock - Disclosure made by the ...

Case Laws     Income Tax

April 11, 2022

Gross profit on deficit of stock - Disclosure made by the assessee during the survey operation - survey operation under section 133A on the premises of the assessee - Assessee has not discharged its onus by producing the primary documents in support of its contention. The primary onus lies on the person who asserts the preposition and not on the person who denies. - AT

View Source

 


 

You may also like:

  1. Addition to assessee's income by enhancing closing stock value made by Assessing Officer (AO) u/s 143(3) was based solely on statement recorded during survey without any...

  2. Profit on sale of deficit stock outside the books - whether the entire deficit stock has to be taken as profit of the assessee or the profit element embedded in the...

  3. Retraction of statement given during survey - evidentiary value of statement recorded u/s 131 - Despite the retraction, the initial findings of the CIT(A) were largely...

  4. Rejection of books of accounts - valuation of the closing stock - gross profit margin - Assessment was complete u/s 143(3) - After that, during survey u/s 133A, assessee...

  5. Provision of section 145(3) invoked without satisfying conditions - books of accounts rejected without following proper procedure u/s 144. Gross profit addition made...

  6. Validity of Survey proceedings u/s 133A conducted in absence of assessee - Manner of conducting survey u/s 133A - There was a time gap of more than 3 ½ years between the...

  7. 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...

  8. Estimation of income - Excess stock found during the survey operation - The ITAT highlighted that only the profit element embedded in such purchases should be added to...

  9. Additions made u/s 69B - excess stock found during survey - assessee contended that as per the books during the course of survey was without the opening stock - no merit...

  10. Re-determinination of value of opening stock - Addition of excess stock found during the course of survey - Once additions is made towards excess stock found during the...

  11. Estimation of gross profit - assessee had given a reasonable explanation for the lower gross profit shown by it during the relevant previous year - addition for lower...

  12. Penalty u/s 271(1)(c) - income declared duty survey - voluntary delcaration or not - it is not a case wherein a disclosure was voluntarily made, indeed the assessee...

  13. Gross profit addition - AO during the assessment proceedings, agreed to estimation of gross profit @ 56% of sales/turnover and this act of the assessee obviously stopped...

  14. CIT(A) determined profit at 5.47% on total purchases. Assessee produced sufficient evidence regarding purchases, movement of goods, GST payment on transportation,...

  15. Rejection of books of accounts - difference in the opening stock as well as the closing stock - the assessee has shown excess opening stock - The AO did not care to...

 

Quick Updates:Latest Updates