Tag Archives: Undisclosed Income

Undisclosed Income :- PMGKY vs. Voluntary disclosure under Sec. 115BBE

Disclosure under PM Garib Kalyan Yojna vs. Voluntary disclosure under Sec. 115BBE Sr. No. Points of comparison Proposed PMGKY Scheme Proposed on-tap voluntary disclosure scheme u/s 115BBE of Income-tax Act, 1961 1. Duration of Scheme One-Time window – Limited duration. Last date to be notified On-tap scheme to be available with effect from AY 2017-18.… Read More »

Download /Print – New Taxation Bill 2016 to Tax Unaccounted cash / Deposits

AS INTRODUCED IN LOK SABHA on 28.11.2016 THE TAXATION LAWS (SECOND AMENDMENT) BILL  2016 Bill No. 299 of 2016 FINANCIAL MEMORANDUM This Bill seeks to impose a higher rate of tax and levy of penalty in respect of certain incomes. It also provides for a scheme for payment of tax, penalty and surcharge on the… Read More »

More than 31,000 Cr Undisclosed income admitted u/s 132(4) of Income Tax Act 1961

Measures to effectively tackle the issue of black money Analysis of seizure of valuables and admission of undisclosed income during searches conducted by Income-tax Department during last three financial years indicates that the persons searched were involved in multiple activities in varied sectors and it may not be feasible to comprehensively apportion the undisclosed income… Read More »

Taxation of high denomination notes encashed as undisclosed Income

Facts of the case   On January 22, 1946, Banerjee encashed high denomination notes of the value of Rs. 51,000. In his application under the Ordinance which demonetized high denomination notes, Banerjee gave the reason for the possession of the notes as follows : “I am engaged in business as colliery proprietor, contractor, under Messrs.… Read More »

Keeping Sugar beyond the permissible limit can not be treated as undisclosed income if shown in Books of Accounts

Facts of the Case Respondent-assessee, proprietor of M/s Khubi Ram Johri Lal was doing the business of trading sugar, ghee and other items at old Grain Market, Moga. The assessee filed his return of income for the assessment year 2010-11 on 13.10.2010 declaring the taxable income of Rs 1,36,79,960/-, which was processed under Section 143(1)… Read More »

Penalty for undisclosed income can be imposed under section 271AAA and not under Section 271(1)(c)

As per  Section 271AAA (3) No penalty under the provisions of clause (c) of sub-section (1) of section 271 shall be imposed upon the assessee in respect of the undisclosed income referred to in sub-section (1) of Section 271AAA. IN THE ITAT AHMEDABAD BENCH Dr. Naman A. Shastri v. Assistant Commissioner of Income-tax, Central Circle… Read More »