Tag: demonetisation
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 …
It is well-settled that once the source of cash is explained to be business receipts already accounted for and taxed, addition u/s 68 is unwarranted – ITAT In a recent judgment, ITAT Surat has deleted addition u/s 68 of the Income Tax Act, 1961 (the Act) holding that …
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 …
ITAT deleted addition for cash deposit on account of the statement given by the Prime Minister, press statement and CBDT SOP In a recent judgment, ITAT Chennai has held that addition u/s 69A cannot be sustained on account of the statement given by the Prime Minister, press statement …
Addition of unexplained investment upheld when assessee was not in the category of the persons permitted to accept the demonetised currency. In a recent judgment Hon’ble Supreme Court dismissed the Petition challenging addition as unexplained investment towards deposit of demonetised currency in bank as after demonetisation, the assessee …
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 …
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 …
CIT(A) can not dismiss appeal in limine by merely stating the assessment order passed by AO is upheld and that I donot want to interfere with the assessment order In a recent judgment, the ITAT Agra observed that CIT(A) was not justified in dismissing appeal in limine without …
