Tag: cash deposit in bank

Unless it is shown that money withdrawn from bank was utilized for some other purpose, no addition can be made merely because there was a time gap between a withdrawal and re-deposit of money In a recent judgment, the ITAT Allahabad has held that unless the Revenue can …

Order u/s 148A(d) quashed being beyond the scope of the notice issued under Section 148A(b). In a recent judgment, the Hon’ble Delhi High Court quashed order passed under Section 148A(d) being beyond the scope of the notice issued under Section 148A(b) as in the notice there was no …

Cash Advance received by the assessee and not doubted by AO can’t be rejected as source of cash available for deposits in bank – ITAT In a recent judgment, ITAT Agra held that when Assessing Officer (AO) accepted the advance received from customers in cash as genuine and …

Past savings can be a valid source of cash deposits unless proven otherwise by the Department – ITAT In a recent judgment, Lucknow ITAT has deleted addition made under section 69 towards cash deposited in bank account holding that past savings can be a valid source of cash …

How a father support his son either gifting him lump sum cash or at intervals is his prerogative – ITAT deleted addition In a recent judgment, ITAT Delhi has held that desire of a father how he would support his son either gifting him cash in lump sum …

Onus is on assessee to prove and substantiate that he is in retail business, and eligible to claim presumptive of taxation u/s 44AD – ITAT In a recent judgment, ITAT Agra has held that onus is on the assessee to prove and substantiate that the assessee is in …

Source of cash deposit being savings and family support plausible to certain extent –ITAT deleted addition on account of cash deposit in bank. In a recent judgment, ITAT Visakhapatnam partly deleted addition for cash deposit in bank considering that the assessee’s submission regarding accumulation of savings and receipt …

No addition can be made merely for time gap between withdrawals and redeposits into bank – ITAT In a recent judgment, Hon’ble ITAT Kolkata deleted addition for cash deposit in bank due to time gap between the withdrawals and redeposits into same bank without any findings of fact …

Addition confirmed by High Court as assessee failed to rebut presumption drawn u/s 68 rws 69A In a recent judgment, Hon’ble Chhattisgarh High Court confirmed the addition for cash deposit in bank account as AO, CIT(A) and ITAT gave concurrent finding that the assessee did not produce any …

Whether assessee filed or not filed return in view of section 10(26)(AAA) tax can not be levied on the assessee being a Sikkimese. In a recent judgment, the ITAT Kolkata has held that irrespective of whether assessee filed or not filed return of income, in view of section …