Tag: demonetisation
RBI to withdraw Rs. 2000 Denomination Banknotes from Circulation but Will continue as Legal Tender The Rs. 2000 denomination banknote was introduced in November 2016 primarily to meet the currency requirement in view of demonetisation. The objective of introducing Rs. 2000 banknotes has been stated to met banknotes in …
Addition u/s 69A for cash gifts received on the occasion of marriage and deposited in bank deleted ABCAUS Case Law Citation:ABCAUS 3715 (2023) (04) ITAT In the instant case, the assessee had challenged the order passed by the ational Faceless Appeal Centre (NFAC)/CIT(A) in confirming the addition u/s …
NFAC passes copy paste order narrating wrong facts. ITAT deleted addition towards cash deposits u/s 69A ABCAUS Neutral Case Law Citation:ABCAUS 3696 (2023) (04) ITAT Important Case Laws relied upon by parties:Chuharmal Vs CIT (1988) 172 ITR 250Smt. Srilekha Banerjee and others vs CIT 1964 AIR 697Rajendran & …
Sales & collection of sundry debtors in SBN during demonetization period held to be assessee’s own money ABCAUS Case Law Citation:ABCAUS 3665 (2023) (02) ITAT Important Case Laws covered:Apex Laboratories (P) Ltd. vs. DCIT (135 Taxmann.com 286)Pr. CIT vs. Agson Global Pvt. Ltd. (134 Taxmann.com 256)Madheswara Agencies vs. …
No revision u/s 263 simply because AO in order did not make an elaborate discussion – ITAT ABCAUS Case Law CitationABCAUS 3597 (2022) (05) ITAT Important case law relied referred:Malabar Industrial Co. Ltd. 243 ITR 83Gabriel India Ltd 203 ITR 10CIT vs. Anil Kumar reported in 335 ITR …
AO not allowed to make addition in the hands of the housewives for cash deposit in bank during demonetization if less than 2.5 lakhs In a recent judgment, ITAT Agra deleted the addition holding that AO is not allowed to make addition in the hands of the housewives …
Addition u/s 68 for cash deposited in bank during demonetization period deleted as cash was deposited by trade debtors ABCAUS Case Law CitationABCAUS 3465 (2021) (03) ITAT Important case law relied referred:Malpani House of Stones Vs CIT (88 taxmaann.com 546) (Raj HC)CIT vs Aggarwal Engg Co. (302 ITR …
Verification Cash deposits during demonetisation period to undergo sharp scanner during scrutiny assessment. CBDT issues detailed instructions/checklist for help of AOs. The demonetisation period falls in the FY 2016-17 (i.e. AY 2017-18) and the deadline for completion of the scrutiny assessment of the same is 31st December, 2019. …
Verification of cash deposits/withdrawals from bank accounts of struck-off companies particularly during demonetisation-CBDT Instruction Lately, the Registrar of Companies (RoCs), all over the country, took action against a number of companies under section 248(5) of the Companies Act, 2013 by removing their names from the Register of Companies. …
Substantial cash deposits during demonetisation, AO to complete best judgment assessment by 30th June 2019 where notices u/s 142(1) not responded CBDT vide letter dated 15.11.17 had issued a SOP for issue of notice u/s 142(1) of Income-tax Act, 1961 for filing of returns of income pertaining to …
