Tag: addition u/s 68
Deduction u/s 80P(2) not allowed for unexplained income assessed u/s 68 of the Act. The addition u/s 68 did not increases income allowable for deduction u/s 80P ABCAUS Case Law Citation: ABCAUS 2973 (2019) (05) ITAT Important Case Laws Cited/relied upon by the parties: A. Govindarajalu Mudaliar vs. …
Meager or nil income of the lender no reason to make addition u/s 68 as bogus enty. Income may be a good reason for examining source but certainly not conclusive. Â ABCAUS Case Law Citation: ABCAUS 2963 (2019) (05) ITAT In the instant appeal filed by the Revenue before …
Addition u/s 68-mere non-submission of ITR copy no ground for rejecting explanation, when it was demonstrated that loans had already been repaid. Â ABCAUS Case Law Citation: ABCAUS 2945 (2019) (05) ITAT The sole grievance of the assessee in this appeal was that the CIT(A) had erred in …
Assessment made on the basis of wrong cash book printed out from tally package with negative figures, ignoring correct cash book remanded by ITAT ABCAUS Case Law Citation: ABCAUS 2931 (2019) (05) ITAT The appeals filed by the separate was directed against the common order of the Commissioner …
Addition u/s 68/69 deleted for cash deposit in bank of amount returned back by father and brother out of amount gifted by assessee ABCAUS Case Law Citation: ABCAUS 2929 (2019) (05) ITAT The Assessing Officer (AO) AO observed that that there were cash deposits in the Bank account …
When bank interest was declared in ITR, it cannot be said that bank account was not disclosed to the Revenue ABCAUS Case Law Citation: ABCAUS 2904 (2019) (05) ITAT The instant appeal was filed by the Assessee against the Order of the CIT(A) on the issue of addition …
Addition u/s 68 made without issuing notice to creditors deleted by ITAT as AO failed to conduct inquiry. Had creditors not responded, addition might be justified ABCAUS Case Law Citation: ABCAUS 2874 (2019) (04) ITAT In the instant case, the assessee was in appeal before the Tribunal against …
Capital introduced by partner can not be taxed in firms hand as undisclosed income. It could be added in the hands of partners only – ITAT ABCAUS Case Law Citation: ABCAUS 2866 (2019) (04) ITAT Important Case Laws Cited/relied upon by the parties India Rice Mills vs. CIT …
Sale of land made by partnership firm can not be added in partner’s hand. Assessment has to be done in the right hands ABCAUS Case Law Citation: ABCAUS 2861 (2019) (04) ITAT Important Case Laws Cited/relied upon by the parties ITO Vs. Ch. Atchaiah reported at 218 ITR …
Share application money received vastly in excess of the authorized capital was valid reasons to issue reassessment notice u/s 148 – High Court ABCAUS Case Law Citation: ABCAUS 2849 (2019) (03) HC Important Case Laws Cited/relied upon by the parties Sheo Nath Singh vs. ACIT, 82 ITR 148 …
