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 December 2022 Year 2022 This

Revision u/s 263 - where there is no addition on account of ...

Case Laws     Income Tax

December 3, 2022

Revision u/s 263 - where there is no addition on account of unaccounted sales and the resultant additional net profit, then the question of alleged capital employed to carry out such alleged unaccounted sales and turnover as per the order of the Ld. Pr. CIT doesn’t have any legal basis and the same deserve to be set-aside. - AT

View Source

 


 

You may also like:

  1. 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...

  2. Estimation of net profits - addition on account of enhancement of net profit as the assessee has shown drastically low net profit as compared to preceding previous years...

  3. Estimating the profit on alleged unrecorded sales - A.O. directed to make addition by estimating profit @ 15% of the amount so deposited in the bank account with respect...

  4. Assessee's unaccounted sales were estimated based on notebooks, diaries, and WhatsApp conversations. Only real income can be taxed. While unaccounted sales existed,...

  5. Additions towards VAT component of unaccounted sales - Since, the net profit of the assessee has been estimated on total turnover, there is no need for separate...

  6. Additions towards Bogus purchases - Estimation of profit - Purchases are to be removed, the corresponding sale is also required to be removed from the profit and loss...

  7. On money receipts - additions based on the disclosure made before the Settlement Commission, however, the application was rejected by the commission - As a settled...

  8. Trading addition – Once net profit rate has been applied, no other addition is warranted in the profit & loss account.... - AT

  9. The ITAT Jodhpur allowed admission of additional evidence u/r 46A of IT Rules by CIT(A) to delete addition on merits. The tribunal found merit in the evidence provided...

  10. Unexplained cash credit u/s 68 r/w section 115BBE - Bogus purchase and sale - The assessee has recorded the entries of sales and purchase in its books of account and has...

  11. Estimation of net income from total ‘on money’ receipts - assessee had disclosed net profit of over 30% of total unaccounted ‘on money’ receipts - CIT(A) rightly...

  12. Profit estimation on unaccounted turnover: AO estimated 8% profit based on seized material, which was reduced to 5% by CIT(A). ITAT held that in case of profit...

  13. 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...

  14. Revision u/s 263 by CIT - slum sale - The assessee has transferred the whole business under slump sale basis and it is fact on record that it is transferred the business...

  15. Revision u/s 263 - unexplained cash deposits - AO has taken a possible view that the deposits/credits in the bank account was on account of sale of banana and has...

 

Quick Updates:Latest Updates