additions u/s 69 Archives - Page 2 of 2

Capital introduced by partner can not be taxed in firms hand as undisclosed income

administrator April 6, 2019 Income Tax, ITAT

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 …

When AO submitted positive remand report CIT could not have sustained the addition

administrator March 8, 2019 Income Tax, ITAT

When AO submitted positive remand report accepting the genuineness of transaction, CIT(A) ought not to have sustained the addition – ITAT ABCAUS Case Law Citation: ABCAUS 2820 (2019) (03) ITAT The appeal in this case was filed by the assessee against the order of CIT(A) in confirmation of …

Addition u/s 69 confirmed for non link between cash withdrawn and cash found

administrator January 28, 2019 Income Tax, ITAT

Addition u/s 69 confirmed when assessee failed to establish link between cash withdrawn and cash found at the time of search ABCAUS Case Law Citation: ABCAUS 2753 (2019) (01) ITAT Important Case Laws Cited/relied upon by the parties Ms. Aishwarya K. Rai vs. DCIT (2007) 104 ITD 0166 …

Mere earlier withdrawals no basis for explaining subsequent cash deposited in bank – ITAT

administrator December 25, 2018 Income Tax, ITAT

Merely cash withdrawals at one point of time cannot be a sole basis for explaining the cash deposit in future. ITAT upheld additions u/s 69. ABCAUS Case Law Citation:ABCAUS 2681 (2018) (12) ITAT Important Case Laws Cited/relied upon: The instant appeal had been filed by the assessee against …

Cash deposits in bank out of withdrawal made two years back-ITAT quashed addition u/s 69

administrator October 31, 2018 Income Tax, ITAT

Cash deposit in bank out of withdrawal made two years back-Revenue authorities can not dictate what assessee should do with cash withdrawn from bank ABCAUS Case Law Citation: ABCAUS 2602 (2018) (10) ITAT Important Case Laws Cited/relied upon: Smt P. Padmavathi v. ITO, ITA No.414 of 2009, R. …

Addition u/s 69 deleted as AO failed to call information from bank of loan creditor

administrator July 27, 2018 Income Tax, ITAT

Addition u/s 69 deleted as AO failed to call information from bank of loan creditor. Case restored back for verifying creditworthiness of the loan creditor by calling information from the Bank ABCAUS Case Law Citation: ABCAUS 2439 (2018) 07 ITAT The instant appeal was filed by the assessee …

Addition u/s 69 for discrepancies in stocks was business income to be considered for computing partners remuneration under Section 40(b)

administrator April 12, 2016 Income Tax, ITAT, Judgments

In a recent judgment, ITAT Chennai has upheld that Addition u/s 69 for discrepancies in stocks was business income and has to be considered for computing partners remuneration under Section 40(b) Case Law Details: ITA No.393/Mds/2013 Assessment Year : 2009-10 Income Tax Officer vs. M/s Roshan Date of Order/Judgment: 07/04/2016 Brief …

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