Tag: addition u/s 68
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 …
Mere higher cash deposits during demonization period does not make explanation of cash sales as bogus and unsustainable – ITAT In a recent judgment, ITAT has deleted additions holding that merely that certain cash deposits were made by assessee during demonization period and such deposits were on a …
To make additions u/s 68 for unexplained cash credits, all three limbs must be proved/established In a recent judgment, ITAT has dismissed the appeal of the Revenue and upheld the order passed by the CIT(A) that to make additions u/s 68 for unexplained cash credits, all three limbs …
Once, relief is granted based on the remand report of the AO, revenue would be precluded from filing any further appeal – ITAT In a recent judgment, the ITAT has held that once, relief is granted based on the remand report of the AO, revenue would be precluded …
Cash credit addition u/s 68 made on the basis of statement retracted subsequently deleted by ITAT In a recent judgment, Cash credit addition u/s 68 made on the basis of statement retracted subsequently deleted by ITAT following law laid by Hon’ble Apex Court ABCAUS Case Law Citation:ABCAUS 3842 …
Addition of Mobilization Advances based on gross receipts as per 26AS statement deleted as mobilization advance was offered to tax over the life of the project ABCAUS Case Law Citation:ABCAUS 3763 (2023) (06) ITAT In the instant case, the Department had challenged the order passed by the CIT(A) …
Phenomenal LTCG in short period possible only through a colorable device – ITAT upheld taxing LTCG as income from undisclosed income ABCAUS Neutral Case Law Citation:ABCAUS 3687 (2023) (03) ITAT Important Case Laws relied upon by parties:Sanjay Bimalchand Jain vs. CITSurya Prakash Toshniwal (HUF) vs ITOCIT vs. Durga …
Addition for cash deposit upheld for absence of cash flow statement/cash book ABCAUS Case Law CitationABCAUS 3633 (2023) (01) ITAT In the instant case, the assessee had challenged the order passed by the CIT(A) in confirming addition made on account of cash deposit in bank as cash credits …
