Tag: income surrendered during survey
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 …
Cash surrendered during survey not covered by deeming provisions of section 69 and 69A – ITAT In a recent judgment, ITAT Amritsar has held that excess cash found and surrendered during survey was not covered by deeming provisions of section 69 and 69A hence not taxable at higher …
Stock surrendered during survey held business income not cash credits or unexplained money u/s 69 or 69A. Question of application of section 115BBE doesn’t arise for consideration – ITAT In a recent judgment, the ITAT has held that stock surrendered during survey was business income not cash credits …
Surrender of income due to recovery of documents during survey can not be said to be voluntarily. ITAT upheld penalty u/s 271(1)(c) ABCAUS Case Law CitationABCAUS 3472 (2021) (03) ITAT Important case law relied referred:MAK Data (P) Ltd. v. CIT (2013) 358 ITR 593(SC)Samson Maritime Ltd. 88 taxmann.com …
Voluntary surrender of income no defence for concealment penalty u/s 271(1)(c) unless explanation offered is found bona fide and all material facts are disclosed-High Court ABCAUS Case Law Citation: ABCAUS 2212 (2018) (02) HC The Challenge/Grievance: The present judgment involves the appeal filed by the Income Tax Department …
No Concealment penalty u/s 271(1)(c) for income surrendered during survey if income was disclosed in return which was filed within due date-Allahabad High Court ABCAUS Case Law Citation: ABCAUS 2077 (2017) (09) HC The Substantial Question of Law framed/urged for determination: “(I) Whether the ITAT was justified …
