Tag: section 68

No additions us 68-accounts not maintained us 44AF presumptive taxation. The section operates only where books are maintained and sum is found credited

No additions us 68-accounts not maintained us 44AF under presumptive taxation. The section operates only where books are maintained and a sum is found credited therein – ITAT ABCAUS Case Law Citation: 956 2016 (06) ITAT Assessment Year: 2006-07 to 2010-11 Date/Month of Judgment/Order: June, 2016 Brief Facts …

Section 68 not applicable to liabilities representing old opening balances. Assessee’s Consent / acceptance do not give jurisdiction/right to make addition

In a recent judgment, ITAT Chennai has stated that consent/acceptance given by assessee could not give jurisdiction and a right to the assessing authority to make an addition. The taxing authority can act only if there is power under the statute to do so. It further held that if the liabilities …

Set off of business loss from unexplained cash credits u/s 68 not permissible in view of combined reading of sections 71 , 72 and 32(2).

In a latest judgment, ITAT Chennai has upheld that allowing set off of business loss from the unexplained cash credits u/s 68 not permissible in view of harmonious and combined reading of  sections 71 , 72 and 32(2). Case Law Details: I.T.A.No.325/Mds./2015 vs. Assessment Year :2006-07 Deputy Commissioner of Income Tax …