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Undisclosed Income

Addition for Undisclosed Income u/s 69A cannot be made merely on ground of Typographical Errors: ITAT [Read Order]

Taxscan Team

The Income Tax Appellate Tribunal (ITAT), Visakhapatnam Bench has held that addition for undisclosed income under section 69A cannot be made merely...

No Penalty u/s 271 AAA(1) if Assessee offered Undisclosed Income in Statement Recorded u/s 132(4)...

Addition made on Undisclosed Income sustained in the Absence of Contrary Evidence: ITAT [Read Order]

Undisclosed Income can’t be added, unless it is proved with Corroborative Evidence: ITAT [Read...

No Scope for Extrapolate and Estimate Undisclosed Income for Block Assessment Proceedings: ITAT...

Settlement Commission ought to reject application on failure of Assessee to make full and true disclosure of Undisclosed Income: Madras HC [Read Order]

The Madras High Court held that the Settlement Commission ought to have rejected the application on the failure of the assessee to make full and true disclosure of undisclosed income. The...

ITAT deletes penalty on Undisclosed Income u/s 271AAA [Read Order]

The Income Tax Appellate Tribunal (ITAT), Delhi Bench deleted the penalty on Undisclosed Income under section 271AAA of the Income Tax Act. The search and seizure action and surveys were carried...

Assessee surrendered the Undisclosed Income and paid Tax: ITAT deletes Penalty [Read Order]

The Income Tax Appellate Tribunal (ITAT), New Delhi Bench while deleting the penalty ruled that the assessee surrendered the undisclosed income and paid tax thereon. The search and seizure...

Share Application Money received from Bogus Shareholders cannot be regarded as Undisclosed Income; maybe reopened as Individual Assessment: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT) Delhi bench has reiterated the precedence that Revenue cannot make addition under section 68 without making a thorough probe if the assessee has given...

ITAT directs Assessing Officer to add only 12% of On-Money Receipts as Undisclosed Income [Read Order]

The Income Tax Appellate Tribunal (ITAT), Mumbai Bench directed the AO to add only 12% of on-money receipts as undisclosed income. The assessee, M/s. Bhalchandra Trading P. Ltd. raised the issue...

Income Tax Search and Seizure & Income Tax Settlement Commission (ITSC)- Detection of any undisclosed income subsequent to the final order of ITSC

Introduction:- Chapter XIX - A of Income Tax Act, 1961 provides for settlement of cases. Income Tax Settlement Commission was set up in the year 1976 on the recommendation of the Direct Tax...

ITAT deletes addition of Long Term Capital Gains as Undisclosed Income by treating it as Bogus [Read Order]

The Income Tax Appellate Tribunal (ITAT), Mumbai Bench deleted the addition of long-term capital gains as undisclosed income by treating it as bogus. The assessee challenged the validity of...

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