Tag: additions u/s 69
The fact that assessee was a rural lady and never been in a tax-payer category in itself is sufficient that she has no unexplained money In a recent judgment ITAT has held that a rural lady who never been in a tax-payer category in itself is sufficient to …
Section 69 & 115BBE not applicable on excess stock generated out of business income ABCAUS Case Law Citation:ABCAUS 3704 (2023) (04) ITAT In the instant case, the assessee had challenged the order passed by the CIT(A) in confirming the action of Assessing Officer (AO) by considering the disclosure …
Onus to explain investment sources by wife discharged when she and her husband both admitted that husbands paid the money – ITAT ABCAUS Case Law CitationABCAUS 3644 (2023) (01) ITAT In the instant case, the assessee had challenged the order passed by the CIT(A) in confirming the addition …
Addition u/s 69 for unexplained cash deleted by the Tribunal. It was held that tag of another bank found on cash bundles not to be given weightage as it is a common practice amongst banks to issue currency bundles as received by them ABCAUS Case Law CitationABCAUS 3457 …
Addition for alleged cash payment based on file/data retrieved from hard disk found during search of third party quashed in absence of corroborative evidence ABCAUS Case Law CitationABCAUS 3404 (2020) (10) ITAT Important case law relied upon by the parties:Subhash KhattarArvind Nath Seth & Sons HUFCIT vs. Alpha …
Appeal allowed as assessee was illiterate, did not get good legal advice. Even proper and appropriate grounds could not be raised before CIT(A) ABCAUS Case Law Citation:ABCAUS 3253 (2020) (02) ITAT In the instant case, appeal was filed by the assessee against the order of the CIT(A) in …
Addition u/s 69 on the basis of unsigned receipts found during search deleted. Such unsigned receipts could not have been treated incriminating documents ABCAUS Case Law Citation:ABCAUS 3251 (2020) (02) ITAT In the instant case, the appellant assessee had challenged the order of the CIT(A) in confirming the …
Addition u/s 69 for unexplained investment on reasoning that no prudent person would keep huge amount of cash in house. ITAT deleted addition ABCAUS Case Law Citation:ABCAUS 3233 (2020) (01) ITAT In the instant case, the appeal had been filed at the instance of the Assessee against the …
Without rejecting books of account, it was not proper to make addition towards unexplained investment u/s 69 of the Act ABCAUS Case Law Citation: ABCAUS 2982 (2019) (06) ITAT Important Case Laws Cited/relied upon by the parties: Smt. P.K. Noorjahan’s (237 ITR 570) w The instant appeal …
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 …