Tag: addition u/s 68
Provisions of section 68 to 69B applicable only if assessee is required to maintain books of accounts under provisions of section 44AA of the Income Tax Act, 1961. In a recent judgment, the ITAT Jabalpur has held that provisions of section 68 to 69B of the Income Tax …
Mere clubbing loan account with capital account can not be treated as unexplained income – ITAT In a recent judgment, the ITAT Visakhapatnam has held that mere clubbing loan account with capital account in order to present better statement of account can not be treating as unexplained income. …
Mere failure of creditor/ shareholder to appear no basis to make addition u/s 68 when assessee produced basic evidences – ITAT In a recent judgment, the ITAT Kolkata has set aside addition u/s 68 for fresh order without shifting onus upon assessee to produce the director of the …
Under peak theory, only peak cash deposit to be taxed instead of entire cash deposit in bank account – ITAT In a recent judgment, the ITAT Delhi has reduced addition of entire cash deposit holding that even as per the peak credit theory, instead of taxing the entire …
Onus to prove source of source of a loan/borrowing mandatory from AY 2023-24 In a recent judgment, ITAT Raipur has held that under section 68, onus to prove source of source of a loan or borrowing is mandatory w.e.f. 01.04.2023 i.e. from A.Y 2023-24 ABCAUS Case Law Citation:ABCAUS …
CIT(A) was justified in considering surrounding circumstances, the normal human conduct of a prudent investor, the probabilities to judge creditworthiness of investors – High Court In a recent judgment, Hon’ble Calcutta High Court has held that surrounding circumstances, the normal human conduct of a prudent investor, the probabilities …
Addition u/s 68 for jewellery purportedly received on death of grandparent under Will upheld. In a recent judgment, ITAT upheld the addition u/s 68 of the jewellery claimed to have been received on death of grandparent under Will as grandmother was a housewife with no regular sources of …
When purchases & sales found genuine deposit out of cash sales can be treated as non-genuine – ITAT In a recent judgment, ITAT has set aside addition u/s 68 and held that When purchases & sales found genuine deposit out of cash sales can be treated as non-genuine. …
The debit entry cannot be added under Section 68 as it speaks about “Cash Credit” and not for debits entries In a recent judgment, ITAT has deleted addition u/s 68 on the alleged cash credit holding that when a debit entry in the books can not be …
When no cash involved in transaction, Section 68 treating it unexplained cash credit not attracted When there was no cash involved in the transaction of allotment of shares, the provisions of Section 68 of the Act treating it as unexplained cash credit are not attracted – ITAT In …