Assessment u/s 153A - Addition of undisclosed income - Contract ...

Contract for sharing profits from RBI supply; no evidence found during search; agreement terminated in 2012; assessee became NRI later; ITAT rightly deleted additions.

Case Laws Income Tax

July 6, 2024

Assessment u/s 153A - Addition of undisclosed income - Contract between assessee and non-resident entity for sharing profits from supply of currency paper to RBI - No incriminating material found during search and seizure - Agreement terminated in 2012 and assessee became non-resident from 2015-16 onwards - Receipts from foreign entities pertain to later years - Revenue unable to establish link between payments and terminated agreement - ITAT rightly deleted additions based on lack of incriminating evidence - No substantial questions of law arise.

View Source

← Previous Next →

Assessment u/s 153A - Addition of undisclosed income - Contract ...

Contract for sharing profits from RBI supply; no evidence found during search; agreement terminated in 2012; assessee became NRI later; ITAT rightly deleted additions.

Case Laws Income Tax

July 6, 2024

You may also like:

Assessment u/s 153A - Addition u/s 68 - bogus LTCG - penny Stocks - whether documents found during the course of search were of incriminating nature? - The tribunal...

Unexplained investments - There is no positive and credible evidence brought on record by the revenue to establish the allegation of cash payment over and above the...

Levy of GST of advances received - time of supply - supply of goods and supply of services of works contract - the supply/ service under second contract commences...

Validity of assessment order - division of contract into two parts i.e. supply of goods and works contract - the agreement, which was arrived between the parties, did...

Consideration for the services - Valuation - Mining services - whether entitlement towards “Cost Petroleum” under the “Production Sharing Contract” can be treated as...

TDS u/s 194C - nature of composite contract - supply contract or works contract - supply of main plant at Chandrapur TPS extension project - Held as supply contract not...

Classification of supply - Works contract - divisible supply or not - The instant contract shall be treated as an indivisible single contract thereby the O&M contract...

Income accrued in India - income in respect of “off-shore supply” of equipment - DTAA between India and Austria - The part of the operations of supply agreement have...

Validity of Assessment u/s 153A - The information obtained from outside agencies which was confronted with the assessee during the search cannot be considered as...

Classification of Supply - AMC contract - The said contract merits to be considered to be a composite supply of service, and principal supply is service inasmuch as the...

Refund claim - duty paid under protest on direction of audit - definition of manpower supply u/s 65(105)(k) is not applicable to the appellant as he has not supplied the...

The ITAT Delhi, in an assessment u/s 153A, addressed the addition u/s 68 concerning income from undisclosed sources. The appellant, a partner in M/s. RNB Leasing and...

Addition of contract receipts - bogus activity - Estimation of income - The AO had made an addition to the assessee's income, alleging discrepancies in the contract...

Construction service - works contract - Rate of tax on goods supplied under the contract, independent of the Works Contract being executed in the contract. -...

Supply of Services - activity of holding of shares of subsidiary company by holding company - During the proceedings, the Central and State Governments issued...

Quick Updates: