Tag: addition u/s 68

Finding recorded by lower authorities on the basis of evidence can not be interfered with by the third Appellate Court – High Court In a recent judgment, Hon’ble Guwahati High Court has held that finding once recorded by both the lower authorities on the basis of evidence with …

Addition u/s 68 on account of cheque received from director of the company on the last day of the financial year which was reversed on 1st day of next financial year – SLP dismissed In a recent order Hon’ble Supreme Court has dismissed the SLP of the assessee …

Addition confirmed by High Court as assessee failed to rebut presumption drawn u/s 68 rws 69A In a recent judgment, Hon’ble Chhattisgarh High Court confirmed the addition for cash deposit in bank account as AO, CIT(A) and ITAT gave concurrent finding that the assessee did not produce any …

Capital generation capability not profit generation ability to be seen for investment – ITAT deleted addition u/s 68  In a recent judgment, ITAT Delhi deleted addition u/s 68 and held that tax authorities erred in believing that new investment can be made only on the basis of profit …

Even admission of assessee without corroborative evidence cannot be made basis for addition – High Court In a recent judgment, the Hon’ble Rajasthan High Court has held that the admission of the assessee in absence of any corroborative evidence to strengthen the case of the Revenue cannot be …

Addition u/s 68 on the premise that cash was deposited 16 days after receipt quashed by ITAT In a recent judgment, the ITAT Delhi has quashed the addition u/s 68 for cash deposited in bank adopting an unreasonable approach that cash was deposited 16 days after the receipt …

Mere non submission of the PAN details will not lead to disallowance u/s 68 – ITAT In a recent judgment, ITAT Delhi has held that mere non submission of the PAN details will not lead to disallowance of cash credits u/s 68 of the Income Tax Act, 1961. …

No addition can be made on account of cash credit if department accepted repayment of loan in subsequent year In a recent judgment, ITAT Surat has held that where Income Tax Department  had accepted repayment of loan in subsequent year, no addition was to be made in current …

Penalty u/s 271E can not be imposed on cash repayment of advances treated as unexplained cash credits. In a recent judgment, the ITAT Nagpur has held Penalty u/s 271E can not be imposed on cash repayment of advances treated as unexplained cash credits. Any repayment of such alleged …

Issue decided on merits by ITAT cannot again be subject matter of reopening of assessment under section 147 In a recent judgment, ITAT Delhi has held that once the issue has been decided on merits by the Tribunal, being the highest fact finding authority and a categorical finding …