Tag: cash deposit in bank
Earlier cash withdrawal can be explained as source for subsequent bank deposit of cash, provided there are no evidence to show that those withdrawals could not be available to as a source for subsequent deposits. ABCAUS Case Law CitationABCAUS 3471 (2021) (03) ITAT In the instant case, the …
ITAT remanded invocation of Section 115BBE denying set off of current year loss against income assessed u/s 68. ABCAUS Case Law CitationABCAUS 3470 (2021) (03) ITAT Important case law relied referred:Sumati Dayal v. CIT reported in (1995) 214 ITR 801(SC)CIT v. Durga Prasad More (1971) 82 ITR 540 …
Addition for cash deposit remanded as bank account was opened by someone else by forging PAN Card and signature of assessee. ABCAUS Case Law CitationABCAUS 3469 (2021) (03) ITAT In the instant case, the assessee had challenged the order passed by the CIT(A) in confirming the addition made …
Cash deposits out of sale of opening stock not unexplained income. High Court upheld ITAT order which followed rule of consistency ABCAUS Case Law CitationABCAUS 3424 (2020) (11) HC In the instant case, the Revenue had challenged the order passed by the ITAT in deleting the addition on …
Notice u/s 148 for cash deposit after preliminary enquiry was valid as assessee was a non-filer and failed to respond ABCAUS Case Law Citation ABCAUS 3397 (2020) (09) ITAT Important case law relied upon by the parties: Vinod Commodities Ltd. Vs. ACIT (2019) 182 DTR 49 (Jodh) Sh. …
Cash withdrawal to be considered as source of cash deposited in bank after deduction for reasonable household expenses – ITAT ABCAUS Case Law Citation:ABCAUS 3346 (2020) (07) ITAT In the instant appeal, the assessee had challenged the order of CIT(A) in confirming addition made by the Assessing Officer …
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 …
When all cash credits treated as turnover, capital introduction in cash and machinery purchased should also be considered out of the cash deposits – ITAT ABCAUS Case Law Citation:ABCAUS 3242 (2020) (02) ITAT In the instant case, an appeal was filed by the assessee against the order of …
AO cannot sit back with folded hands in not issuing summons u/s 131 of Income Tax Act in quest for the truth. ITAT deleted additions made on account of cash deposits ABCAUS Case Law Citation:ABCAUS 3227 (2020) (01) ITAT In the instant case, appeal was filed by 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 …
