Tag: cash deposit in bank

When cash deposits represent business receipts, income to be estimated by applying a reasonable profit rate. In a recent judgment, ITAT Ranchi has held that when cash deposits represent business receipts, it would be appropriate to estimate income by applying a reasonable profit rate. ABCAUS Case Law Citation:4955 …

Rejecting condonation of delay and dismissing appeal without verifying medical certificates – ITAT sets aside order of CIT(A) In a recent judgment, ITAT Lucknow set aside the order of the CIT(A) as he rejected the assessee’s request for condonation of delay without conducting any independent inquiry regarding the …

Amount of Rs. 6 lakh claimed to have been received as gift from parents in law not an excessively or unreasonably high amount – ITAT In a recent judgment, ITAT Lucknow has held that amount of Rs. 6,00,000/- claimed by assessee to have been received as gift from …

ITAT refuses to accept opening cash as source of cash deposit as assessee was not subject to audit and cash book was just a self-servicing document In a recent judgment, ITAT Rajkot has declined to accept the opening cash as source of cash deposit holding that assessee was …

Entire amount of undisclosed money cannot be treated as income and only estimated profit embedded in these transactions may only be taxed.  In a recent judgment, Rajkot ITAT held that entire amount of undisclosed money cannot be treated as income and only estimated profit embedded in these transactions …

Difference of cash deposit between two Assessment Years cannot be added on illogical rationale that there cannot be any increase in cash deposit between two years – ITAT In a recent judgment, ITAT Chennai has held that difference of cash deposit between two Assessment Years cannot be added. …

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 …