Tag: cash deposit in bank

ITAT deleted addition of amount borrowed for treatment of father and deposited in bank account considering cost of medical treatment in the present day. In a recent judgment, ITAT Lucknow deleted addition for cash deposit of Rs. 10 Lakhs claimed to have borrowed for treatment of his father …

When the income determined as taxable is below exemption limit, provisions of section 115BBE can not be invoked. In a recent case, ITAT Lucknow deleted the addition made by the Assessing Officer (AO) by invoking provisions of section 115BBE of the Income Tax Act, 1961 (the Act) merely …

Addition u/s 69A deleted as assessee was an employee authorized for replenishment of cash in ATM machines and bank wrongly associated his PAN In a recent judgment, ITAT Agra upheld deletion of addition u/s 69A as assessee was an employee authorized for replenishment of cash in ATM machines …

Under presumptive taxation u/s 44AD, assessee could not have maintained sales bills and bank statement, bank balance and gross receipt in terms of explanation (f) of section 139(9) of the Act were sufficient. In a recent judgment, ITAT Bangalore has held that when provisions of presumptive taxation u/s …

There is no legal provision which compels a person to necessarily deposit/invest the cash available in hand – ITAT In A recent judgment, ITAT Jabalpur has held that there is no legal provision which compels a person to necessarily deposit/invest the cash available in hand in bank. Keeping …

Addition deleted for deposits in assessee’s bank account, fees of students of the school the assessee was employed. In a recent judgment, Allahabad ITAT deleted the addition made to the income of the assessee towards deposits in his personal bank account, fees of the students of his employer …

Addition u/s 68 deleted as time gap between cash withdrawal and cash deposit into bank account was similar to the preceding year, establishing it was a normal feature of the assessee’s business. In a recent judgment, Hon’ble Delhi High Court upheld deletion of addition u/s 68 towards cash …

Addition 69A deleted for cash deposit in bank during demonetisation period as the AO did not follow source specific general verification guidelines of CBDT. In a recent judgment, Hon’ble High Court of Chhattisgarh has deleted addition 69A for unexplained cash deposit in bank during demonetisation period as the …

ITAT deleted addition for cash deposited in bank account where return of income was filed u/s 44AD of the Income Tax Act In a recent judgment, ITAT Guwahati deleted addition u/s 69A on account of cash deposited in bank account out of sales, of which return of income …

Merely because of no response to notice u/s 133(6) in the manner the AO expected not a basis for making additions – ITAT In a recent judgment, ITAT Delhi held that merely because bank not responded to notice issued u/s 133(6) in the manner the AO expected cannot …