Suppressed Sale Consideration Must Be Taxed As Capital Gains, Not As Unexplained Money. Issue Whether an undisclosed receipt toward a property sale, found during a third-party search, must be taxed as part of the full value of consideration under Capital Gains in the year of transfer, or if it can be treated as unexplained money… Read More »
Section 68 Addition Based On a Third-Party Slip Stood Vitiated Due To Denied Cross-Examination Section 68 Addition Based On a Third-Party Slip Stood Vitiated Due To Denied Cross-Examination Issue Whether an assessment order making an addition under Section 68 is legally sustainable when it relies entirely on a seized slip and a statement from a… Read More »
Penalty Cannot Be Sustained on Estimated Profit Additions or Unsubstantiated Loose Sheets Issue Whether a penalty for concealment of income under Section 271(1)(c) is legally sustainable when the underlying additions are based merely on an estimation of gross profit or on unsubstantiated loose sheets recovered during a tax proceeding. Facts The Additions: For the Assessment… Read More »