Tag: addition u/s 68
Addition u/s 68 deleted as time gap between cash withdrawal and cash deposit into bank account was similar to the preceding year, establishing it was a normal feature of the assessee’s business. In a recent judgment, Hon’ble Delhi High Court upheld deletion of addition u/s 68 towards cash …
When assessee had already repaid unsecured loans along with the interest no addition can be made under Section 68 treating them accommodation entries. In a recent judgment, ITAT Jaipur held that where assessee had already repaid unsecured loans along with the interest no addition can be made under …
Non application of correct section is a classic example of non-application of mind by Quasi-judicial authority – ITAT deleted addition u/s 69 In a recent judgment ITAT Raipur deleted addition made under section 69 instead of correct section 68 of the Income Tax Act, 1961 (the Act) holding …
It is well-settled that once the source of cash is explained to be business receipts already accounted for and taxed, addition u/s 68 is unwarranted – ITAT In a recent judgment, ITAT Surat has deleted addition u/s 68 of the Income Tax Act, 1961 (the Act) holding that …
Addition u/s 68 deleted as identity of loan givers established and assessee was not beneficiary as loan was repaid in subsequent year. In a recent judgment ITAT Mumbai deleted addition under section 68 as the assessee had furnished requisite material showing identity of loan givers and assessee was …
Whether source of funds for share capital is explained is, a question of fact not giving rise to any substantial question of law – High Court Whether source of funds for share capital is explained is, essentially, a question of fact not giving rise to any substantial question …
Merely because of no response to notice u/s 133(6) in the manner the AO expected not a basis for making additions – ITAT In a recent judgment, ITAT Delhi held that merely because bank not responded to notice issued u/s 133(6) in the manner the AO expected cannot …
Once repayment of the loan is established, credit entries cannot be added to income in isolation ignoring the debit entries despite being made in the later years – ITAT In a recent judgment, ITAT Calcutta has deleted addition for unexplained cash credit observing that once repayment of the …
Supreme Court dismissed SLP against addition made u/s 68 instead of section 41(1) as where genuineness of the loan transaction was doubted, there can not be any remission of liability. Supreme Court dismissed SLP against judgment of Delhi High Court confirming addition u/s 68 and holding that where …
ITAT deleted addition u/s 68 in the case of Mrs Swapna Roy wife of deceased Subrata Roy of Sahara India for cash deposited in bank account In a recent judgment, the ITAT Delhi in the case of Mrs Swapna Roy wife of deceased Subrata Roy of Sahara India, …
