Tag: cash deposit in bank
ITAT deleted addition for cash deposits in bank during demonetization period following CBDT Instruction that no addition to be made up to Rs. 2.50 lakhs ABCAUS Case Law Citation:ABCAUS 3800 (2023) (09) ITAT In the instant case, the assessee had challenged the order passed by the CIT(A) in confirming …
Income Tax Act provides complete machinery for assessment/reassessment of tax, assessee is not permitted to abandon that machinery and invoke jurisdiction of High Court under Article 226 ABCAUS Case Law Citation:ABCAUS 3790 (2023) (08) SC Important Case Laws relied upon:Gurinder Mohan Singh Nindrajog v. Commission of Income Tax, …
Benefit of cash deposit up to 2.50 lacs for demonetisation period not available separately for household earnings of non taxpayer wife ABCAUS Case Law Citation:ABCAUS 3784 (2023) (07) ITAT In the instant case, the appeal was preferred by the assessee against the order passed by the passed by …
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 …
Addition for unexplained cash deleted as assessee consistently declared tuition income and paid tax over 20 -25 years ABCAUS Case Law Citation:ABCAUS 3767 (2023) (06) ITAT In the instant case, the assessee had challenged the order passed by the CIT(A) in confirming addition made by the Assessing Officer …
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 & …
Cash deposited on same day of sale deed execution has a prima facie direct nexus between source of cash deposit and sale transaction – ITAT ABCAUS Neutral Case Law Citation:ABCAUS 3676 (2023) (02) ITAT Important Case Laws relied upon by parties:CIT Vs. Intezar AliShri Pappu Ram Saran vs. …
40 percent deduction for cash deposit in undisclosed bank account was very liberal as no details/evidences of expenses submitted by assessee says ITAT ABCAUS Case Law CitationABCAUS 3635 (2023) (01) ITAT In the instant case, the assessee had challenged the order passed by the CIT(A) in partly confirming …
Addition for cash deposit upheld for absence of cash flow statement/cash book ABCAUS Case Law CitationABCAUS 3633 (2023) (01) ITAT In the instant case, the assessee had challenged the order passed by the CIT(A) in confirming addition made on account of cash deposit in bank as cash credits …
ITAT admits additional evidences as assessee died before assessment proceedings and it could not be collected in time by legal heirs ABCAUS Case Law CitationABCAUS 3595 (2022) (05) ITAT In the instant case, the assessee had challenged the order passed by the CIT(A) in restricting the addition made …
