Tag: Cash deposited in bank account
There is no bar in holding cash after withdrawals for longer period before deposited into bank on subsequent dates – ITAT In a recent judgment, ITAT Visakhapatnam has deleted addition u/s 69A towards unexplained money holding that there is no bar in holding the cash after withdrawals for …
Unless it is shown that money withdrawn from bank was utilized for some other purpose, no addition can be made merely because there was a time gap between a withdrawal and re-deposit of money In a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 …
Re-assessment order quashed for typographical mistake in reasons recorded In a recent judgment, Hon’ble High Court of Jharkhand held that ex-parte re-assessment order passed u/s 147 and notice u/s 148 of the Income Tax Act, 1961 cannot be sustained in the eye of law especially in view of …
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 …
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 …
Addition u/s 69 for unexplained investment on reasoning that no prudent person would keep huge amount of cash in house. ITAT deleted addition ABCAUS Case Law Citation:ABCAUS 3233 (2020) (01) ITAT In the instant case, the appeal had been filed at the instance of the Assessee against the …
Addition for cash deposit deleted as cash withdrawals, redeposit took place during the year itself, there was no question of making addition ABCAUS Case Law Citation: ABCAUS 2978 (2019) (05) ITAT The appeal by the assessee was directed against the order passed by the CIT(A) against the confirmation …
Cash deposit in bank out of withdrawal made two years back-Revenue authorities can not dictate what assessee should do with cash withdrawn from bank ABCAUS Case Law Citation: ABCAUS 2602 (2018) (10) ITAT Important Case Laws Cited/relied upon: Smt P. Padmavathi v. ITO, ITA No.414 of 2009, R. …
