undisclosed income

  • Income Tax

Provisions of section 69 not applicable to profit from trading of speculative Transactions – ITAT

Provisions of section 69 not applicable on the profit from trading of speculative Transactions In a recent judgment, ITAT has…

1 month ago
  • Income Tax

Phenomenal LTCG in short period possible only through a colorable device

Phenomenal LTCG in short period possible only through a colorable device – ITAT upheld taxing LTCG as income from undisclosed…

1 year ago
  • Income Tax

Higher consumption of electricity by itself no ground of suppression of production  

Higher consumption of electricity by itself is not a ground to infer suppression of production by the assessee ABCAUS Case…

2 years ago
  • Income Tax

Difference of receipts as per 26AS & books – Only embedded profits can be added to income

For difference of receipts as per 26AS and books of account, only embedded portion of profits can be added to…

3 years ago
  • Income Tax

Undisclosed sales being excess turnover reported in service tax return. Addition set aside

Undisclosed sales being excess turnover reported in service tax return. Tribunal set aside the addition for de novo proceedings In…

3 years ago
  • Income Tax

Market value of stock no basis to derive undisclosed income. Penalty u/s 271AAB not mandatory

Market value of stock instead of cost no basis to determine undisclosed income. Penalty u/s 271AAB not mandatory ABACUS Case…

4 years ago
  • Income Tax

No Penalty u/s 271AAB unless undisclosed income found from seized material

No Penalty u/s 271AAB unless undisclosed income found from seized material. Disclosure made in statement u/s 132(4) not sufficient to…

4 years ago
  • Income Tax

Cash Payments itself not undisclosed income unless corresponding asset found in search

Cash Payments itself not undisclosed income of assessee in the absence of corresponding asset found at the time of search.…

5 years ago
  • Income Tax

Capital introduced by partner can not be taxed in firms hand as undisclosed income

Capital introduced by partner can not be taxed in firms hand as undisclosed income. It could be added in the…

5 years ago
  • Income Tax

Penalty u/s 271AAA-What constitutes substantiating how undisclosed income was derived-High Court

Penalty u/s 271AAA-what constitutes substantiating how undisclosed income was derived-High Court explains prerequisites of statement u/s 132(4) to avert penalty…

6 years ago