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
VAT - Highlights / Catch Notes

Home Highlights December 2023 Year 2023 This

Enhancement of turnover - Best Judgement assessment - The ...


Tribunal Overturns Unjustified Turnover Increase Despite Loose Papers Found in Survey.

December 14, 2023

Case Laws     VAT and Sales Tax     HC

Enhancement of turnover - Best Judgement assessment - The tribunal was not justified in confirming the enhancement of turnover in view of the fact that at the time of survey loose papers were found which have been explained by the revisionist and merely on that ground the books of account can be rejected but enhancement should not be made. - HC

View Source

 


 

You may also like:

  1. Loose papers found during a search at the residences of individuals contained notings and calculations presumed by the Assessing Officer (AO) to relate to undisclosed...

  2. Addition u/s 68 - onus prove - non-compliance by the lender - Treating the loan transaction as a mere accommodation entry - The Tribunal observed that loose paper found...

  3. Retraction of statement given during survey - evidentiary value of statement recorded u/s 131 - Despite the retraction, the initial findings of the CIT(A) were largely...

  4. Exemption u/s 11 - withdrawing/cancelling the registration u/s.12AA - loose papers found in search relied upon -Such loose sheets are not signed and author of such sheet...

  5. Addition of excess stock found during the course of survey - unexplained investments u/s 69 r.w.s.115BBE - The Tribunal observed that the assessee provided plausible...

  6. Addition u/s 69A - survey action under Section 133A - Addition based on loose paper in search - There is no concrete evidence which has been brought on record by the...

  7. Understatement of sales - search and seizer operation were carried wherein the certain loose papers were found and seized - When all the explanation, documents were...

  8. Low gross profit (GP) rate - The increase in the cost of paper itself was 60%. The quality of the paper was also different the assessee having used thicker paper. There...

  9. Search proceedings - Addition based on loose sheets found - presumption u/s 1324A and 292C cannot be drawn against third party from whose possession, no documents etc....

  10. Penalty levied u/s 271(1)(c) for concealment of income was challenged. The Assessing Officer (AO) alleged that the assessee understated turnover and concealed income...

  11. ITAT overturned addition of unaccounted money allegedly received by assessee representing 20% of total consideration. Addition was based on extrapolation from loose...

  12. Addition based on survey proceeding - Unexplained stock of gold and silver jewellery - The statement given during the course of survey is not a statement on oath as...

  13. The ITAT held that additions based on loose papers/documents found during search at the assessee's premises without further corroboration would be contrary to judicial...

  14. Revision u/s 263 - Additions u/s 69 r.w.s. 115BBE - excess stock found during the course of survey as admitted to be the undisclosed business income of the assessee, by...

  15. Turnover u/s 145A - Determination of turnover declared by the assessee, whether it should be inclusive of excise duty or not. Taxability of income at a higher tax slab...

 

Quick Updates:Latest Updates