Unexplained income and undisclosed interest - The tribunal held ...

Unexplained Investments Not Justified if Declared in Wealth Tax or Settlement Commission, Belonging to Other Family.

March 5, 2024

Case Laws Income Tax AT

Unexplained income and undisclosed interest - The tribunal held that, additions for unexplained investments cannot stand if the items in question are accounted for in wealth tax returns or declared to the Settlement Commission, and belong to other family members not directly implicated in the incriminating evidence.

View Source

← Previous Next →

Unexplained income and undisclosed interest - The tribunal held ...

Unexplained Investments Not Justified if Declared in Wealth Tax or Settlement Commission, Belonging to Other Family.

March 5, 2024

Case Laws Income Tax AT

You may also like:

The High Court held that the Settlement Commission cannot reopen its concluded proceedings by invoking Section 154 of the Income Tax Act. Section 154 allows...

Validity of order of Settlement Commission - acceptance of additional income disclosed by the assessee - Petitioner/Income Tax authority could not make out any...

Unexplained investment u/s 69 - The aspect that this income was not declared in the original return of income cannot be a ground to automatically conclude that it is...

Validity of Settlement Commission orders - The case involved petitions seeking directives for the issuance of formal orders under section 245D (4) of the Income Tax Act,...

Validity of reopening of assessment - An order u/s 245D(4) already been passed by the Income Tax Settlement Commission (ITSC) - Scope of harmonious construction - The...

The Settlement Commission's order accepting the additional income offered as cash gifts from relatives was reasonable and fair. The immunity from penalty and prosecution...

Wealth Tax Liability - Whether Club can be treated as "Association of Person"? - Charging provisions under the Income Tax versus under the Wealth Tax - This argument of...

The High Court held that while exercising jurisdiction under Article 226 of the Constitution, it does not assume the role of an appellate authority to conduct a merit...

Income Tax Settlement Commission order - Waiver of interest - the Settlement Commission cannot re-open its concluded proceedings by invoking Section 154 of the Act so as...

Validity of order passed by Settlement Commission - Unless the twin conditions mentioned therein are fulfilled, the Settlement Commission cannot move further in the...

Challenge against the order passed by the Settlement Commission - reason behind the creation of Settlement Commission is to give a quietus to the dispute between the two...

Sum advanced to sister concern by cheques drawn – Unexplained investment or not - it has been rightly treated as unexplained investment in terms of Section 69B of the...

Power of AO to pass an assessment order where application was filed before settlement commission – Income Tax Settlement Commission, rejected the application - decided...

Settlement of case - before submitting reply to the show cause notice, approached the Settlement Commission - The dismissal of the application filed before the...

Application for settlement of cases - High Court has observed that, the assessment order for A.Ys. 2013-14 to 2019-20 could not have been passed as the application filed...

Quick Updates: