Tag: addition u/s 68
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. …
Meager or nil income of the lender no reason to make addition u/s 68 as bogus enty. Income may be a good reason for examining source but certainly not conclusive. ABCAUS Case Law Citation: ABCAUS 2963 (2019) (05) ITAT In the instant appeal filed by the Revenue before …
Addition u/s 68-mere non-submission of ITR copy no ground for rejecting explanation, when it was demonstrated that loans had already been repaid. ABCAUS Case Law Citation: ABCAUS 2945 (2019) (05) ITAT The sole grievance of the assessee in this appeal was that the CIT(A) had erred in …
Assessment made on the basis of wrong cash book printed out from tally package with negative figures, ignoring correct cash book remanded by ITAT ABCAUS Case Law Citation: ABCAUS 2931 (2019) (05) ITAT The appeals filed by the separate was directed against the common order of the Commissioner …
Addition u/s 68/69 deleted for cash deposit in bank of amount returned back by father and brother out of amount gifted by assessee ABCAUS Case Law Citation: ABCAUS 2929 (2019) (05) ITAT The Assessing Officer (AO) AO observed that that there were cash deposits in the Bank account …
When bank interest was declared in ITR, it cannot be said that bank account was not disclosed to the Revenue ABCAUS Case Law Citation: ABCAUS 2904 (2019) (05) ITAT The instant appeal was filed by the Assessee against the Order of the CIT(A) on the issue of addition …
