Tag: addition u/s 69A
Addition confirmed by High Court as assessee failed to rebut presumption drawn u/s 68 rws 69A In a recent judgment, Hon’ble Chhattisgarh High Court confirmed the addition for cash deposit in bank account as AO, CIT(A) and ITAT gave concurrent finding that the assessee did not produce any …
ITAT followed recent decision of High Court to held that approval u/s 151 by JCIT by merely recording as ‘yes’ was bad in law. In a recent order, ITAT Delhi following a recent decision of the High Court held that approval u/s 151 by JCIT by merely recording …
Nobody would withdraw cash and keep it idle for a long period – ITAT uphold addition for cash deposit In a recent judgment, the ITAT Surat has rejected the cash withdrawal made one year prior as source of cash deposit in bank holding that it cannot be accepted …
Assessee should not be disqualified from producing evidence merely for the fact it was not produced before the Assessing Officer (AO) In a recent judgment, the ITAT Ranchi has held that the assessee should not be disqualified from producing evidence merely for the fact it was not produced …
Cash surrendered during survey not covered by deeming provisions of section 69 and 69A – ITAT In a recent judgment, ITAT Amritsar has held that excess cash found and surrendered during survey was not covered by deeming provisions of section 69 and 69A hence not taxable at higher …
Rotations from Auto Sweep A/c not fresh investments-Addition deleted In a recent judgment, ITAT Mumbai has deleted the addition u/s 68 observing that as alleged there were no fresh investments/deposits in bank account except amount along with interest being rotated several times through auto sweep in the current …
When show cause notice proposed addition u/s 68 as unexplained cash credits, in assessment order addition can not be made u/s 69A as ‘unexplained money’. In a recent judgment, Hon’ble High Court at Calcutta has held that when the show cause notice proposed a variation as ‘unexplained cash …
No Addition can be made on the basis of suspicion for cash seized at the time of Assembly Election In a recent judgment, ITAT Lucknow has deleted addition u/s 69A holding that no Addition can be made on the basis of suspicion for cash seized at the time …
No addition could be made only on the ground that there was time gap between the withdrawals and the corresponding cash deposits. In a recent judgment, the ITAT Jaipur has held that no addition can be made only on the ground that there was time gap between the …
Affidavits, if credible and corroborated by other evidences, can be sufficient to explain the source of cash deposits -ITAT In a recent judgment, the Hon’ble Ahmedabad ITAT has held that affidavits, if credible and corroborated by other evidences, can be sufficient to explain the source of cash deposits. …