Undisclosed profit and unaccounted investment in undervalued ...

September 1, 2022

Case Laws Income Tax HC

Undisclosed profit and unaccounted investment in undervalued goods - It was observed by the Tribunal that when the very basis on which the addition was made by the Assessing Officer stands deleted by the CESTAT in appeal preferred by the assessee, the addition based on their information does not survive and hence, the CIT(Appeals) has rightly deleted the addition on account of unaccounted investment and Gross profit. No substantial question of law. - HC

View Source

← Previous Next →

Undisclosed profit and unaccounted investment in undervalued ...

September 1, 2022

Case Laws Income Tax HC

You may also like:

Penalty levied u/ss 271(1)(c) and 271AAA for unexplained investment and addition made by adopting net profit as per the books of accounts at 12.85% on the suppressed...

Additions towards Undisclosed profit from contract work and transport income - The tribunal found that the assumptions made by Ld. AO are without any basis, on the...

Tribunal and CIT(A) concurred that Assessing Officer (AO) did not record any finding of undisclosed investment discovered during Excise Department's search, merely...

Profit from own chity investment - the addition made by the AO on estimate basis towards profit from own chity investment was not justifiable - AT

Undisclosed investments - Additions based on balance-sheet submitted to the Bank for obtaining loan - there is absolutely no error in law on the AO relying on the same...

Unexplained investment in land purchase - society's purchase in its name or trustees' names - CIT(A) considered money not paid by society from income but sourced from...

Undisclosed profit from unaccounted sales - CIT(A) was fair and reasonable while applying the G.P. Rate at 20% on the undisclosed sales. - AT

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...

Undisclosed investment in FD - CIT (A) has rightly noted that the increase of her investment in FD with Bank of India was not her undisclosed income - AT

Deletion of undisclosed investment in fixed deposits – merely for the reason that there was a mistake in making entries, a disclosed investment cannot be treated as...

Unaccounted purchases - only the profit element in such unaccounted purchase should be made especially when there is no unaccounted stock found during the survey on...

Revision u/s 263 by CIT - AO has failed to apply proper and correct section of Income Tax Act to the “Investment in the Undisclosed Stock”. The undisclosed investment in...

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

Undisclosed income - gross profit margin on unaccounted sales - It is quite possible that the assessee was able to generate more profit post search period depending upon...

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...

Quick Updates: