Tag: addition u/s 69A

Large cash seized from State not where business is carried is unexplained income In a recent judgment, the ITAT Pune has held given the facts, that large amount of cash seized from the assessee at State other than where he carried business can not be accepted as business …

Tax authorities not bound with provisions of section 44AE of the Act once assessee waived the option available In a recent judgment, ITAT has held that Tax authorities are not bound with provisions of section 44AE of the Act once assessee waived the option available to assess income …

Applicability of provisions of Section 115BBE  read with Section 69, 69A and 69C in a case arising before Settlement Commission – Allahabad HC directs AO decide the issue In a recent judgment, the Hon’ble Allahabad High Court has directed AO to examine non applicability of Section 115BBE read …

ITAT directed AO to serve notice of hearing both through electronic and physical mode upon the assessee  In a recent case, the ITAT has directed AO to serve notice of hearing both through electronic and physical mode as the assessee was a non-return filer and did not know …

It is not open for CIT(A) to introduce a new source of income. ITAT deleted addition made section 69A changing the section 68. and the assessment has to be confined to those items of income which were the subject of matter of original assessment  In a recent judgment, …

Income returned under other sources can not be recharacterised as income u/s 69A and subjected to higher tax u/s 15BBE – ITAT In a recent judgment, ITAT has held that Income returned by the assessee under the head income other sources can not be recharacterised as income u/s …

Stock surrendered during survey held business income not cash credits or unexplained money u/s 69 or 69A. Question of application of section 115BBE doesn’t arise for consideration – ITAT In a recent judgment, the ITAT has held that stock surrendered during survey was business income not cash credits …

Diamond jewellery is always studded with gold and loose diamonds were found during search operation, ITAT deleted addition u/s 69A  ABCAUS Case Law Citation:ABCAUS 3832 (2024) (01) ITAT In the instant case, the assessee had challenged the order passed by the CIT(A) in confirming the order of the …

To attract provisions of section 69A sine qua non is “ownership” of money etc. which is not recorded in the books of account not mere presumption- ITAT ABCAUS Case Law Citation:ABCAUS 3819 (2023) (11) ITAT Important Case Laws relied upon by parties:Common cause v. UOI 77 taxmann.com 245 …

Income Tax Act provides complete machinery for assessment/reassessment of tax, assessee is not permitted to abandon that machinery and invoke jurisdiction of High Court under Article 226 ABCAUS Case Law Citation:ABCAUS 3790 (2023) (08) SC Important Case Laws relied upon:Gurinder Mohan Singh Nindrajog v. Commission of Income Tax, …