Tag: incriminating material

Addition on the basis of third party information in form of unsigned excel sheet can not be sustained – ITAT In a recent judgment, ITAT Rajkot has held that addition made on the basis of third party information in form of unsigned excel sheet can not be sustained. …

Shagun money received on marriage of individual cannot be considered as income in the year of its receipt – ITAT In a recent judgment, ITAT has held that receipt of shagun money without consideration on the occasion of the marriage of the individual cannot be considered as the …

Addition cannot be made in the hands of the assessee solely on the basis of uncorroborated loose-sheet – ITAT In a recent judgment, ITAT Surat has held that addition cannot be made in the hands of the assessee solely on the basis of uncorroborated loose-sheet. ABCAUS Case Law …

Assessing Officer had taken a reasonable stand that 25 kg written in WhatsApp chat/text message was 25 lakh – ITAT In a recent judgment, ITAT has held that the Assessing Officer had taken a reasonable stand that 25 kg written in text message/chat represented 25 lakh and the …

Addition deleted as it was made on the basis of letter of District Magistrate which not recovered during the search In a recent judgment, Allahabad ITAT has deleted addition made on the basis of letter of District Magistrate which had not been recovered during the search and therefore, …

Reassessment quashed as AO issued u/s 148 instead of 153C as reopening was based on incriminating material found during search In a recent judgment, ITAT Pune has quashed the reassessment order as Assessing Officer (AO) should have issued notice u/s 153C instead of notice u/s 148 since the …

When information contained in loose papers not corroborated with assessee, there is absolutely no room for presumption that it belongs to the assessee. In a recent judgment, ITAT Agra has held that information contained in loose papers if not corroborated with the assessee, there is absolutely no room …

Addition quashed as alleged manipulation in share prices was merely a speculation and assumption of Assessing Office In a recent judgment, Hon’ble Rajasthan High Court has quashed addition made on account of bogus and dubious share transaction observing that shares have been manipulated was merely a speculation and …

In an unabated assessment, statement made by a third party can’t be treated as incriminating material In a recent judgment, ITAT Kolkata has held that in an unabated assessment incriminating material in terms of provisions of Section 153A cannot be in the form of statement of a third …

No estimation can be made by extrapolation and multiplication for the period for which no incriminating material were found – ITAT In a recent judgment, ITAT Delhi has held that the AO is not legally empowered to make estimation for the period, where incriminating materials do not exists, …