Tag: addition u/s 69B

Income surrender during survey on account of low GP rate not taxable to higher tax rate under deeming provisions u/s 115BBE – ITAT  In a recent judgment, the ITAT Chandigarh has held that mere fact that survey has been carried out on the business premises of the assessee …

Unless, discrepancy is found in physical quantities, assessee agreeing to increase stock value does not amount to undisclosed stock u/s 69B taxable u/s 115BBE In a recent judgment, ITAT Chennai has held that unless discrepancy is found in physical quantities, of stock, assessee merely agreeing to increase stock …

Mere providing evidence relied upon by AO no substitute of fundamental right of opportunity for cross-examination – ITAT ABCAUS Case Law Citation:ABCAUS 3705 (2023) (04) ITAT Important Case Laws relied upon by parties:Andaman Timber Industries vs. Commissioner of Central Excise, 314 ELT 641 (SC)I.C.D.S.  Ltd. vs CIT 273 …

Data retrieved from Pen-drive and admission by vendors though may have a persuasive value no substantive evidentiary value to make additions. Data retrieved from digital device certificate u/s 65B(4) of Evidence Act must prove its authenticity. In the instant case, the assessee had cjhallenged the order passed by …

Addition u/s 69B for difference in stock from statement given to Bank deleted as in preceding year it was deleted following High Court judgment ABCAUS Case Law Citation:ABCAUS 3105 (2019) (08) ITAT Important case law relied upon by the parties:CIT vs. Sidhu Rice & General Mills, 281 ITR …

Wife share in house purchased from savings and stridhan accepted by deleting addition made u/s 69B as unexplained investment – ITAT ABCAUS Case Law Citation: ABCAUS 1240 (2017) (05) ITAT The Grievance: The appellant assessee was aggrieved by the order passed by the CIT(A) in confirming the disallowance made …