Tag: addition u/s 68
Expression “any previous year” in Section 68 refers to previous year relevant to the Assessment Year in question – High Court ABCAUS Case Law Citation:ABCAUS 3287 (2020) (03) HC Important case law relied upon by the parties:Commissioner of Income-Tax, Poona Vs. Bhaichand H. Gandhi, 141 ITR 67Commissioner of …
Section 68 not applicable to sales receipt shown in books of accounts. A Receipt can not be treated sale proceeds & unexplained cash credit simultaneously. ABCAUS Case Law Citation:ABCAUS 3232 (2020) (01) ITAT In this case, appeal had been filed at the instance of the Assessee against the …
It is incumbent upon CIT(A) to examine the veracity of the statements made in affidavits. Addition u/s 68 for cash deposits in bank restored to CIT(A) ABCAUS Case Law Citation:ABCAUS 3225 (2020) (01) ITAT The Assessing Officer (AO) made ex parte addition representing the cash deposits made …
Addition u/s 68 where return is filed under presumptive section 44AF deleted. Addition can not be made based on entries in bank statement ABCAUS Case Law Citation:ABCAUS 3150 (2019) (09) ITAT Important case law relied upon by the parties:CIT Bihar vs. Bihari Bros (P) Ltd Addition u/s …
Addition u/s 68 upheld as cash was deposited in bank by the loan creditor immediately before transfer and was poor being not an income tax assessee ABCAUS Case Law Citation:ABCAUS 3148 (2019) (09) HC Important case law relied upon by the parties:Commissioner of Income Tax versus Deen Dayal …
Addition as unexplained credit/Investment in case of money launderer / hawala operator. Supreme Court dismisses SLP against High Court order ABCAUS Case Law Citation:ABCAUS 3089 (2019) (07) SC The Income Tax Department had received information from the Enforcement Directorate (ED) that the appellant assessee had opened various bank …
Addition made for not explaining frequent cash withdrawal and deposits in bank deleted as addition solely based upon suspicion not sustainable ABCAUS Case Law Citation: ABCAUS 3041 (2019) (06) ITAT The instant appeal was filed by the assessee against the order of CIT(A) in sustaining addition of cash …
No Addition u/s 68 to be made as unexplained cash credit if loan creditor had deposited cash before issue of cheque ABCAUS Case Law Citation:ABCAUS 3026 (2019) (06) ITAT Important Case Laws Cited/relied upon by the parties:Orissa Corporation Pvt. Ltd. 159 ITR 78Rohini Builders 256 ITR 360 The …
Provision of section 68 applicable even if business not commenced but the sum is credited in the books of account of the assessee ABCAUS Case Law Citation: ABCAUS 3010 (2019) (06) ITAT Important Case Laws Cited/relied upon by the parties: CIT V Bharat Engineering and Cost Co 83 …
Deduction u/s 80P(2) not allowed for unexplained income assessed u/s 68 of the Act. The addition u/s 68 did not increases income allowable for deduction u/s 80P ABCAUS Case Law Citation: ABCAUS 2973 (2019) (05) ITAT Important Case Laws Cited/relied upon by the parties: A. Govindarajalu Mudaliar vs. …
