Tag: addition u/s 68
Difference of cash deposit between two Assessment Years cannot be added on illogical rationale that there cannot be any increase in cash deposit between two years – ITAT In a recent judgment, ITAT Chennai has held that difference of cash deposit between two Assessment Years cannot be added. …
When books of accounts are rejected and profits are estimated, no separate disallowance can be made on basis of entries in books In a recent judgment, ITAT Amritsar has held that when books of accounts are rejected and gross profit is estimated at a percentage on sales, it …
Omission in mentioning name of lender in the audit report no basis to discard cogent documentary evidence – ITAT In a recent judgment, ITAT Agra has held that any omission in mentioning the name of lender/payee in the tax audit report cannot be made basis to discard assessee’s …
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 …
