Tag: addition u/s 68

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 …

Rotations from Auto Sweep A/c not fresh investments-Addition deleted In a recent judgment, ITAT Mumbai has deleted the addition u/s 68 observing that as alleged there were no fresh investments/deposits in bank account except amount along with interest being rotated several times through auto sweep in the current …

Month wise receipt and income slightly more than last year cannot warrant the cash deposited into the bank account as unexplained cash In a recent judgment, ITAT Jaipur has held that month wise receipt and income slightly more than last year cannot warrant the cash deposited into the …

Assessee can maintain two ledger accounts of same person one under the head sundry debtor and another under sundry creditor – ITAT In a recent judgment, ITAT Kolkata has deleted addition u/s 68 for bogus creditors as the assessee maintained two accounts of same person, one under the …

Identity capacity and genuineness of creditors fell apart when shareholder companies was found to be non-existent – High Court  In a recent judgment, Hon’ble High Court of Chhattisgarh has confirmed the addition on account of share application money received from bogus shell companies observing that proof of identity …

Addition u/s 68 deleted as AO failed to find any discrepancy in details of creditors submitted by the assessee In a recent judgment, the ITAT Guwahati deleted penalty u/s 68 as the Assessing Officer (AO) failed to find any discrepancy in the details of creditors submitted. ABCAUS Case …

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 …