Tag: addition u/s 69A

When the income determined as taxable is below exemption limit, provisions of section 115BBE can not be invoked. In a recent case, ITAT Lucknow deleted the addition made by the Assessing Officer (AO) by invoking provisions of section 115BBE of the Income Tax Act, 1961 (the Act) merely …

Documentary evidences filed on the day on which assessment order was passed are not additional evidence requiring compliance Rule 46A – ITAT In A recent judgment, ITAT Agra held that documentary evidences filed electronically on the day on which assessment order was passed are not additional evidence requiring …

Addition u/s 69A deleted as assessee was an employee authorized for replenishment of cash in ATM machines and bank wrongly associated his PAN In a recent judgment, ITAT Agra upheld deletion of addition u/s 69A as assessee was an employee authorized for replenishment of cash in ATM machines …

ITAT set aside addition and remands issue of difference of income with Form 26AS due to Percentage Completion Method followed by the assessee. In a recent judgment, ITAT Ahmedabad has set aside the addition and remanded issue of difference of income declared and as appearing in Form 26AS …

Addition u/s 69A for solely cash deposits in bank account deleted as it was covered by income declared u/s 44AD of the Act In a recent judgment, ITAT Rajkot held that AO erred in making addition under section 69A of the Income Tax Act, 1961 solely on the …

When the provisions of Section 69A are invoked burden of proof lies on the AO to establish source of unexplained money In a recent judgment, ITAT Delhi has held that settled law is that where the AO invoked the provisions of Section 69A of the Income Tax Act, …

There is no legal provision which compels a person to necessarily deposit/invest the cash available in hand – ITAT In A recent judgment, ITAT Jabalpur has held that there is no legal provision which compels a person to necessarily deposit/invest the cash available in hand in bank. Keeping …

When assessee is given immunity from disclosing chicken, can’t be asked to disclose eggs – ITAT deleted addition u/s 69A In a recent judgment, ITAT quashed addition u/s 69A towards interest income on money declared under IDS-2016 observing that when the assessee is given immunity not to disclose …

Addition 69A deleted for cash deposit in bank during demonetisation period as the AO did not follow source specific general verification guidelines of CBDT. In a recent judgment, Hon’ble High Court of Chhattisgarh has deleted addition 69A for unexplained cash deposit in bank during demonetisation period as the …

There is no bar in holding cash after withdrawals for longer period before deposited into bank on subsequent dates – ITAT In a recent judgment, ITAT Visakhapatnam has deleted addition u/s 69A towards unexplained money holding that there is no bar in holding the cash after withdrawals for …