Addition u/s 69B - Amount of investments, etc., not fully ...

Section 69B invoked for undisclosed investments; assessee's silence suggests acceptance of witness claims under legal scrutiny.

June 6, 2022

Case Laws Income Tax AT

Addition u/s 69B - Amount of investments, etc., not fully disclosed in books of account. - the silence of the assessee on the statement recorded proves that he has accepted the averments made in the statement of the witness whose statement has been recorded after the due process of law. - AT

View Source

← Previous Next →

Addition u/s 69B - Amount of investments, etc., not fully ...

Section 69B invoked for undisclosed investments; assessee's silence suggests acceptance of witness claims under legal scrutiny.

June 6, 2022

Case Laws Income Tax AT

You may also like:

Section 69B cannot be invoked on the assumption that there was understatement of the investment, without a finding that the assessee invested more than what was recorded...

Penalty u/s 271AAB - undisclosed investment - the assessee is a salaried person who is not required to maintain any books of accounts and there is no mechanism to report...

The assessee was found with excess stock of jewellery during a search operation. The Assessing Officer (AO) invoked provisions of Sections 69A and 69B, treating the...

Assessment u/s 153C - Undisclosed investment u/s 69 r.w.s 115BBE - Whether incriminating material belonging to Assessee found during the course of search on the basis of...

TDS u/s 194H - allegation of payment of as commission to agents / doctors - the doctors were not bound to prescribe the medicines as suggested by the assessee. As such...

Rectification u/s 154 - Rate of tax u/s 115BBE on undisclosed investment - AO has not invoked the provisions of section 69 at first place while passing the assessment...

Block assessment - Block period - Addition on account undisclosed investment based on diary of the assessee - The money so advanced will tantamount to be the investment...

Addition of undisclosed income u/s 69B - purchase of share from its directors and their closely held companies - nothing on record would demonstrate any exchange / flow...

Addition u/s 69B – investments not fully disclosed - Average market value of land – AO could not have invoked the provisions of section 69B to fasten the addition on the...

Black Money - Beneficial ownership - undisclosed foreign income/asset - The ITAT recognized that the investments were either made by the assessee's son or were explained...

Undisclosed investment in furniture and fixture - surrender in survey subsequently retracted - onus of proof - If the assessee has denied making any such investment...

Sum advanced to sister concern by cheques drawn – Unexplained investment or not - it has been rightly treated as unexplained investment in terms of Section 69B of the...

Undisclosed investment - Assessee has given advance for the property which was taken over by assessee’s sister concern and shown by assessee in its balance sheet and...

The Income Tax Appellate Tribunal held that the assessee's plea towards non-applicability of Section 271AAB of the Income Tax Act was devoid of rationale. The Tribunal...

Undisclosed income - addition on the basis of amount reflected in Form No.26AS - No dispute with regard to the fact that the AO taxed the entire difference of receipts -...

Quick Updates: