Onus on Revenue to establish taxability of alleged receipts ...

Onus on Revenue to prove taxability of Form 26AS entries not in audited books. Assessee denied transaction & filed reconciliation. Revenue failed to establish income.

Case Laws Income Tax

August 9, 2024

Onus on Revenue to establish taxability of alleged receipts reflected in Form 26AS but not recorded in assessee's audited books. Assessee denied transaction with deductor party. Assessee filed TDS reconciliation statement and audited books before Assessing Officer. Revenue failed to demonstrate assessee received or accrued impugned sum taxable as income. Following K.P. Varghese case, impugned amount not income of assessee. Addition deleted, but assessee ineligible for erroneous TDS credit claimed. Assessee's appeal allowed.

View Source

← Previous Next →

Onus on Revenue to establish taxability of alleged receipts ...

Onus on Revenue to prove taxability of Form 26AS entries not in audited books. Assessee denied transaction & filed reconciliation. Revenue failed to establish income.

Case Laws Income Tax

August 9, 2024

You may also like:

Un-reconciled entries on account of non-reconciliation of AIR information - Entries in the 26AS form not accepted by the assessee - Addition on the basis of AIR...

Additions towards difference in the 26AS (TDS statement) and the books results - books of account of the assessee duly audited - We have noted that the audited books of...

Remittance from outside India - revenue v/s capital receipt - onus to prove - assessee could not discharge his onus and could not prove that the money has come out of...

Accrual of interest on FDR - once no sum is credited in the books of accounts of the assesssee, it is really not known how any figure reflected in Form 26AS can be...

Additions based on 26AS statement - undisclosed income - Petitioner has not made any complaint at any stage regarding any fictitious or wrong entries in the 26AS...

Accrual of income - Difference between the receipts as per books and form No.26AS - Assessee has shown turnover of Rs.10.09 crores, declaring GP at 9.16% and Net Profit...

The High Court ruled that when tax deducted at source (TDS) is not initially credited but the relevant certificate or Form 26AS is subsequently presented, the Assessing...

Exemption u/s 11 and 12 - assessee failed to file the Audit Report in Form 10B along with the Return of Income - None of the authorities had any occasion to verify Audit...

Unexplained Receipts shown in Form No. 26AS - By putting the onus on the assessee, the AO has grossly erred as the assessee is not responsible to explain the recipients...

Special audit report u/s 142(2A) - An admitted fact on record that the AO had no occasion to examine the books of accounts furnished by the assessee, which were actually...

Long Term Capital Gains - claim of conversion of agriculture land into stock-in-trade - The assessee was required to disclose such lands as stock in trade in books of...

Assessment u/s 153C - Unexplained cash receipt u/s 69A - The onus was on revenue to prove with corroborative evidence that the entries in the seized dairy actually...

Addition u/s 68 of the Income Tax Act. The assessee, who did not maintain books of accounts, received interest-free loans from Shri Anil Kumar Singh through normal...

Once the assessee has discharged the initial onus to prove that the deduction is allowable, the onus to prove that the deduction is not admissible, shifts to the tax...

Addition on account of mismatch in the interest amount with form 26AS - The transaction shown in form 26AS cannot be taken as the gospel truth that it represents the...

Quick Updates: