Tag: cash credits
Addition u/s 68 deleted as AO failed to find any discrepancy in details of creditors submitted by the assessee In a recent judgment, the ITAT Guwahati deleted penalty u/s 68 as the Assessing Officer (AO) failed to find any discrepancy in the details of creditors submitted. ABCAUS Case …
Onus to prove source of source of a loan/borrowing mandatory from AY 2023-24 In a recent judgment, ITAT Raipur has held that under section 68, onus to prove source of source of a loan or borrowing is mandatory w.e.f. 01.04.2023 i.e. from A.Y 2023-24 ABCAUS Case Law Citation:ABCAUS …
CIT(A) was justified in considering surrounding circumstances, the normal human conduct of a prudent investor, the probabilities to judge creditworthiness of investors – High Court In a recent judgment, Hon’ble Calcutta High Court has held that surrounding circumstances, the normal human conduct of a prudent investor, the probabilities …
Addition u/s 68 for jewellery purportedly received on death of grandparent under Will upheld. In a recent judgment, ITAT upheld the addition u/s 68 of the jewellery claimed to have been received on death of grandparent under Will as grandmother was a housewife with no regular sources of …
When purchases & sales found genuine deposit out of cash sales can be treated as non-genuine – ITAT In a recent judgment, ITAT has set aside addition u/s 68 and held that When purchases & sales found genuine deposit out of cash sales can be treated as non-genuine. …
The debit entry cannot be added under Section 68 as it speaks about “Cash Credit” and not for debits entries In a recent judgment, ITAT has deleted addition u/s 68 on the alleged cash credit holding that when a debit entry in the books can not be …
Cash credit addition u/s 68 made on the basis of statement retracted subsequently deleted by ITAT In a recent judgment, Cash credit addition u/s 68 made on the basis of statement retracted subsequently deleted by ITAT following law laid by Hon’ble Apex Court ABCAUS Case Law Citation:ABCAUS 3842 …
Stock surrendered during survey held business income not cash credits or unexplained money u/s 69 or 69A. Question of application of section 115BBE doesn’t arise for consideration – ITAT In a recent judgment, the ITAT has held that stock surrendered during survey was business income not cash credits …
NFAC passes copy paste order narrating wrong facts. ITAT deleted addition towards cash deposits u/s 69A ABCAUS Neutral Case Law Citation:ABCAUS 3696 (2023) (04) ITAT Important Case Laws relied upon by parties:Chuharmal Vs CIT (1988) 172 ITR 250Smt. Srilekha Banerjee and others vs CIT 1964 AIR 697Rajendran & …
Onus was not on Revenue to demonstrate that the assessee paid commission, but on the assessee to demonstrate that he had paid no commission on admitted accommodation entry. ABCAUS Case Law Citation:ABCAUS 3672 (2023) (02) ITAT Important Case Laws relied upon by parties: In the instant case, the …