Tag: addition u/s 68

Where sales are duly recorded in books and VAT returns, to treat it bogus sales, AO must bringing cogent adverse material on record – ITAT In a recent judgment, ITAT has held that in case of alleged bogus sales, once the assessee claims that sales were duly recorded …

We cannot be blind to reality of money laundering through accommodation entries, mere paper trail not enough – ITAT In a recent judgment upholding the addition u/s 68, the Tribunal held that it cannot be blind to the reality of money laundering through accommodation entries, and it was …

Earlier acceptance of investment is a relevant evidence in evaluating subsequent allegation that investments were fictitious from inception – High Court In a recent judgment, Hon’ble High Court has dismissed appeal of the Income Tax Department alleging fictitious investment observing that the earlier acceptance of the investments does …

ITAT power to pass such orders “as it thinks fit” implies a judicial discretion to be exercised within the parameters of law, equity, and reason, and not an unbridled power to erect coercive financial barriers – High Court In a recent judgment, Hon’ble High Court has held that …

Utilisation of loan amount would not constitute failure to discharge onus caste u/s 68 in absence of any defect in the documentary evidence produced by the assessee – ITAT In a recent judgment, ITAT Hyderabad has held that where the Assessing Officer had not made out any defect …

Merely because share prices doubled, it may not have given rise to any doubt to disbelieve the transaction – High Court In a recent judgment, Hon’ble High Court held that merely because the share prices have more than doubled that too over a long period of two years, …

No addition when cash deposited in bank was out of cash in hand available with the assessee and AO could not show that cash in hand was spent otherwise In a recent judgment, Hon’ble Allahabad High Court dismissed Revenue’s appeal confirming ITAT order that there can be no …

Addition u/s 68 of the Income Tax Act towards entries of cash deposit in bank statement upheld even though assessee was not maintaining any books of accounts. In a recent judgment, ITAT Delhi has upheld addition made u/s 68 of the Income Tax Act towards entries of cash …

Merely because loan creditor existed in the premises wherein accommodation entry providers had their offices, AO cannot come to the conclusion that loan creditor was also an accommodation entry provider. In a recent judgment, ITAT Delhi has held that merely because loan creditor was existed in the premises …

Once cash sales are accepted, section 68/69A cannot be invoked merely for violation of RBI guidelines for receipt of SBNs after demonetisation– ITAT In a recent judgment, ITAT Ahmedabad has held that once cash sales recorded in books are accepted, section 68/69A cannot be invoked merely for violation …