Tag: addition u/s 68
Addition u/s 68 for cash deposit prior to issue of cheque by lender deleted as deposit was out of cash withdrawn earlier ABCAUS Case Law CitationABCAUS 3490 (2021) (04) ITAT In the instant case, the assessee had challenged the order passed by the CIT(A) in confirming addition u/s …
Addition made for difference due to wrong journal entry. Assessee directed to file reconciliation to explain the difference-ITAT ABCAUS Case Law CitationABCAUS 3477 (2021) (04) ITAT In the instant case, the assessee had challenged the order passed by the CIT(A) in confirming the addition made by the Assessing …
ITAT remanded invocation of Section 115BBE denying set off of current year loss against income assessed u/s 68. ABCAUS Case Law CitationABCAUS 3470 (2021) (03) ITAT Important case law relied referred:Sumati Dayal v. CIT reported in (1995) 214 ITR 801(SC)CIT v. Durga Prasad More (1971) 82 ITR 540 …
Addition u/s 68 for cash deposited in bank during demonetization period deleted as cash was deposited by trade debtors ABCAUS Case Law CitationABCAUS 3465 (2021) (03) ITAT Important case law relied referred:Malpani House of Stones Vs CIT (88 taxmaann.com 546) (Raj HC)CIT vs Aggarwal Engg Co. (302 ITR …
Reassessment held bad in law as assessee not given four weeks time to seek legal remedy after rejection of objections to reopening ABCAUS Case Law CitationABCAUS 3438 (2021) (01) ITAT Important case law relied upon by the parties:Smt. Kamlesh Goel vs. Income Tax OfficerPr. CIT vs. Sagar DeveloperBharat …
Non-filing of ITRs by lenders can give rise to suspicion for the lack of creditworthiness but not sufficient to draw inference against assessee ABCAUS Case Law CitationABCAUS 3437 (2021) (01) ITAT Important case law relied upon by the parties:CIT Vs. Chanakya Developers reported 43 taxmann.com 91 In the …
Some tax evasion sought by assessee is a necessary condition for imposition of penalty u/s 271(1)(c). What has to be shown is whether, and if so, how, assessee can be said to have sought to evade tax. ABCAUS Case Law CitationABCAUS 3433 (2021) (01) ITAT Important case law …
Reassessment made by issue of notice 143(2) before filing of return of income is invalid and not sustainable in the eyes of law ABCAUS Case Law CitationABCAUS 3394 (2020) (09) ITAT Important case law relied upon by the parties:Singhad Technical Society 397 ITR 344.Fast Booking (I) Pvt. Ltd. …
Can Income Tax Authorities be held in contempt of Court in not following their judgments cited before them by the Assessee ABACUS Case Law CitationABCAUS 3387 (2020) (09) HC Important case law relied upon by the parties:Parents Association of Students Vs. M.A. Khan and another, 2009 (2) SCC …
Addition for bogus purchases as unexplained cash credits whether u/s 68 or u/s 41(1) as cessation of liability? No additions on opening balances ABACUS Case Law CitationABCAUS 3382 (2020) (09) ITAT In this case appeal was preferred by the Revenue against the order of Commissioner of Income Tax …
