Unexplained Jewellery - stree dhan - quantity of jewellery as ...

Tax Assessments Must Consider Cultural and Traditional Factors in Evaluating Unexplained Assets Like "Stree Dhan" Jewelry.

October 25, 2023

Case Laws Income Tax AT

Unexplained Jewellery - stree dhan - quantity of jewellery as per the status and life of the assessee - The assessee stated that the income for all the years had fallen into the highest tax bracket which shows that the assessee has been earning substantial Income clearly establishing the status. It has time and again been held that due credit of the same has to be allowed by the Assessing Officer looking and appreciating the status, customs, and traditions relating to the family. - AT

View Source

← Previous Next →

Unexplained Jewellery - stree dhan - quantity of jewellery as ...

Tax Assessments Must Consider Cultural and Traditional Factors in Evaluating Unexplained Assets Like "Stree Dhan" Jewelry.

October 25, 2023

Case Laws Income Tax AT

You may also like:

HC held that notices under s.148 issued by jurisdictional Assessing Officer remain valid despite faceless assessment requirements, as traditional and faceless mechanisms...

Reopening of assessment u/s 147 - no original assessment order in the case of the assessee passed - Even assuming for the sake of argument that if an intimation under...

Non-granting interest u/s 244A on excess self-assessment tax from January 2017 to October 2017 was denied, citing the refund was less than 10% of the tax determined in...

For payment of tax, no assessment order is required and only in case of short payment of tax assessment is required after due notice - but for the deferral in payment of...

Classification of services - Mandap Keeper Service or otherwise - letting out of the auditorium - cultural functions are also social functions and renting out the hall...

Rectification of mistake u/s 254 - Deduction u/s 80IB - Delay in filing of return of income (ITR) - The High Court, while acknowledging the belated filing of the ROI,...

Reopening of assessment u/s 147 - AO has reasons to believe that such payments which were not considered during the original assessment escaped assessment and therefore,...

This case involves a challenge to an order of re-assessment under the relevant tax laws. The key points are: The petitioner failed to submit monthly returns within the...

The Assessing Officer (AO) reopened the assessment solely based on the information from a survey conducted by the Sales Tax Department, without independently examining...

Addition u/s 69A - unexplained jewellery - The Tribunal found that the addition made by the AO was not justified, especially in light of the appellant's consistent...

Unexplained investment u/s. 69 - Asstt. Comm. of Commercial Taxes estimated the valuation of WIP without mentioning the quantity or rate of the individual item - AO...

Assessment u/s 153A - Unexplained investment in hotel construction rejected as the material found during search pertained to another person, not the assessee. CIT(A) had...

Unexplained cash found during the search action - AO has not pointed out any unexplained credit in the books of account, any unexplained investment, any unexplained...

Writ application challenging validity of assessment u/s 153C. Unexplained income to be taxed u/s 69A. Appellants instituted statutory appeals before Commissioner of...

Assessment u/s 153C versus 143 - Additions u/s 45 - Underreporting of sale consideration for immovable property while framing the Assessment Order u/s 143(3) - Whether...

Quick Updates: