Addition made on the basis of loose papers found and seized from ...

Tax addition based on vague notes from third party deemed unjustified; CIT(A) properly nullifies unexplained investment claim.

August 17, 2023

Case Laws Income Tax AT

Addition made on the basis of loose papers found and seized from the third person - the jottings made without identification of any asset or investment cannot be the basis for making the addition of unexplained investment as done by the assessing officer. - Ld CIT(A) deleted the addition correctly. - AT

View Source

← Previous Next →

Addition made on the basis of loose papers found and seized from ...

Tax addition based on vague notes from third party deemed unjustified; CIT(A) properly nullifies unexplained investment claim.

August 17, 2023

Case Laws Income Tax AT

You may also like:

The case involved the legality of assessment u/s 153A vs. 153C based on materials found during a search of a third party. It was held that assessment u/s 153A cannot be...

Addition made u/s 69C of the Income Tax Act for alleged cash payments based on a WhatsApp message and statement of a third party. The key points are: The WhatsApp...

Assessee's addition of on-money paid in cash to developer for property purchase, source unexplained, was based on data from third party's search and third party's...

The Appellate Tribunal considered the legality of additions based on a diary seized from a third party. The Tribunal held that the presumption u/s 132(4A) of the Act...

Addition u/s 68 - receipt of share application money - reliance on statement of third parties - The statements of third parties i.e. two angadias relied upon by the ld....

Advance Ruling application on maintainability - Reversal of input tax credit to extent of tax element in credit note - no agreement between parties on credit notes not...

ITAT ruled against additions made under section 69 for alleged cash loans and notional interest. The additions were based solely on documents seized during third-party...

Disallowance based on third party information about unexplained purchases was challenged. ITAT held that the additions were unsustainable as the disallowance was solely...

Stay of recovery - recovery of tax from its debtors - Tribunal could not have directed recovery of tax from its debtor, who was not a party to the proceedings before the...

Additions on the basis of material seized during the search in case of third party without adhering to the provisions of section 153C - The tribunal found that the AO...

Deemed dividend addition u/s 2(22)(e) - Since all the conditions necessary for treating the deemed dividend of the amount received in the hands of concern (which in this...

Addition on the basis of declaration made by assessee during a search action u/s 132 - The ITAT found no merit in the revenue's arguments, noting that the addition was...

Assessment u/s 153C - Additions made by revenue based on search findings in group cases of M/s SRS mining and its partners - The Tribunal noted that the AO of the...

Unexplained investment - Unaccounted cash for purchase - addition based on the statement / admission of the third party - Mere admission of the third party cannot be a...

Addition u/s 68 - Unexplained share application money - onus to prove - Where the assessee shows that entries regarding cash credit in a third party’s account are...

Quick Updates: