Addition u/s 68 - ITAT confirmed the additions - The High Court ...

Income Tax

May 7, 2024

Addition u/s 68 - ITAT confirmed the additions - The High Court upheld the Tribunal's decision, affirming the dismissal of the appeal. It concurred with the Tribunal's analysis, emphasizing that the assessment of income tax is a civil proceeding, wherein the test of preponderance of probability is applicable. The Court agreed that the explanation provided by the appellant regarding the gifts lacked sufficient evidence of genuineness. It noted the absence of any disclosed basis or relationship for the gifts, reinforcing the Tribunal's decision.

View Source

← Previous Next →

Addition u/s 68 - ITAT confirmed the additions - The High Court ...

Income Tax

May 7, 2024

You may also like:

Addition made towards excess physical stock during the survey - unexplained investment u/s 69 taxable at rates prescribed u/s 115BBE - The ITAT concurred with the...

Additions against Over-invoicing of Purchases - The Tribunal found that the AO's selective reliance on pieces of evidence without considering the entirety of the...

Addition made u/s 68 - Bogus LTCG - unexplained cash credits - suspicious transactions in shares - penny stock - The Tribunal ultimately upheld the AO's decision to...

Estimation of income - Bogus purchases - Second reopening assessment proceedings - The Tribunal affirms the decision of the CIT-A to delete the addition made under...

Addition to the book profit u/s 115JB for the amount disallowed u/s 14A r.w. Rule 8D - the tribunal noted that the AO had made the disallowance under Section 14A, but...

Assessment u/s 153A - addition made in respect of completed assessment in absence of any incriminating material - The tribunal found that the additions made to the...

Addition in assessment u/s 153C - Addition u/s 69 - addition on basis of loose papers on which name of the appellant was mentioned along with some other parties - The...

Assessment u/s 153A - addition u/s 68 - The assessee contended that the additions were not based on any incriminating material found during the search. The Tribunal held...

Addition u/s. 41(1) - Difference between the amount payable as per books of accounts and amount as per the confirmation received from the creditor - The High Court...

Addition u/s 69 - addition based on the estimation of the cost of acquisition of the property - The ITAT observed that the AO had relied heavily on statements obtained...

Protective addition on account of unexplained credit entries appearing in the bank account - assessee company is a conduit - addition on account of unaccounted...

Addition u/s 69A - Addition of cash deposits made by the assessee during the demonetization period - The Tribunal examined the legality of the assessment order, the...

Addition u/s 50C r.w.s. 56(2)(vii) (b) - the buyer of the property - The Tribunal (ITAT) ruled that since the assesses were buyers, Section 50C did not apply, and...

Assessment u/s 153A - Addition based on the valuation report - completed assessment - nature of material found in the course of search which led to impugned additions -...

Addition u/s 68 - disclosure made by the assessee on the basis of documents impounded during the course of survey proceedings - The Tribunal deleted the addition holding...

Quick Updates: