Tag: addition u/s 68
Bank passbook / statements not books of account of assessee and hence no addition can be made u/s 68 of the Income Tax Act, 1961 ABACUS Case Law CitationABCAUS 3381 (2020) (09) ITAT Important case law relied upon by the parties:Baladin Ram v. CIT 71 ITR 427CIT vs. …
Deeming provision of section 68 not apply if no sum is received in terms of any money, i.e., in cash or cheque. credit worthiness not required to be examined in such case In the given case, the Income Tax Department had challenged the judgment of the Hon’ble High …
Mere TDS deduction not decisive factor to treat payment received as income of the assessee ABCAUS Case Law Citation:ABCAUS 3347 (2020) (07) ITAT Important case law relied upon by the parties:CIT vs. Panbari Tea Company Ltd. (1965) 57 ITR 422(SC)Win Chadha vs CIT (International Taxation)Sumati Dayal vs. CIT …
Cash credit entries in books of a firm, in absence of material to indicate that they were its profits, could not be assessed in the hands of the firm ABCAUS Case Law Citation:ABCAUS 3304 (2020) (05) HC Important case law relied upon by the parties:Deputy Commissioner of Income …
Quantum addition for unexplained cash credits u/s 68 quashed by the Supreme Court based on the findings of penalty proceedings ABCAUS Case Law Citation:ABCAUS 3300 (2020) (04) SC Important case law relied upon by the parties:Maddi Sudarsanam Oil Mills Co. v. Commissioner of IncomeTax,Commissioner of Income Tax v. …
Expression “any previous year” in Section 68 refers to previous year relevant to the Assessment Year in question – High Court ABCAUS Case Law Citation:ABCAUS 3287 (2020) (03) HC Important case law relied upon by the parties:Commissioner of Income-Tax, Poona Vs. Bhaichand H. Gandhi, 141 ITR 67Commissioner of …
Section 68 not applicable to sales receipt shown in books of accounts. A Receipt can not be treated sale proceeds & unexplained cash credit simultaneously. ABCAUS Case Law Citation:ABCAUS 3232 (2020) (01) ITAT In this case, appeal had been filed at the instance of the Assessee against the …
It is incumbent upon CIT(A) to examine the veracity of the statements made in affidavits. Addition u/s 68 for cash deposits in bank restored to CIT(A) ABCAUS Case Law Citation:ABCAUS 3225 (2020) (01) ITAT The Assessing Officer (AO) made ex parte addition representing the cash deposits made …
Addition u/s 68 where return is filed under presumptive section 44AF deleted. Addition can not be made based on entries in bank statement ABCAUS Case Law Citation:ABCAUS 3150 (2019) (09) ITAT Important case law relied upon by the parties:CIT Bihar vs. Bihari Bros (P) Ltd Addition u/s …
Addition u/s 68 upheld as cash was deposited in bank by the loan creditor immediately before transfer and was poor being not an income tax assessee ABCAUS Case Law Citation:ABCAUS 3148 (2019) (09) HC Important case law relied upon by the parties:Commissioner of Income Tax versus Deen Dayal …
