Tag: unexplained cash credits
Once investment amount reflected as payable and receivable in the books of accounts of both parties, no addition can be made towards unexplained money u/s 69A of the Act. In a recent judgment, ITAT Hyderabad deleted addition u/s 69A observing that once the investment amount is reflected in …
Once the AO has accepted the trading results, he cannot thereafter selectively treat a part of the sale proceeds as unexplained – ITAT In a recent judgment, ITAT Visakhapatnam has held that once the AO has accepted the trading results, he cannot thereafter selectively treat a part of …
Difference of cash deposit between two Assessment Years cannot be added on illogical rationale that there cannot be any increase in cash deposit between two years – ITAT In a recent judgment, ITAT Chennai has held that difference of cash deposit between two Assessment Years cannot be added. …
Once repayment of the loan is established, credit entries cannot be added to income in isolation ignoring the debit entries despite being made in the later years – ITAT In a recent judgment, ITAT Calcutta has deleted addition for unexplained cash credit observing that once repayment of the …
ITAT deleted addition u/s 68 in the case of Mrs Swapna Roy wife of deceased Subrata Roy of Sahara India for cash deposited in bank account In a recent judgment, the ITAT Delhi in the case of Mrs Swapna Roy wife of deceased Subrata Roy of Sahara India, …
Cash withdrawn from the bank account cannot be considered as unexplained money when the turnover was not disputed – ITAT In a recent judgment, ITAT Jaipur deleted addition under section 69A holding that cash withdrawn from the bank account cannot be considered as unexplained money when the turnover …
Capital generation capability not profit generation ability to be seen for investment – ITAT deleted addition u/s 68 In a recent judgment, ITAT Delhi deleted addition u/s 68 and held that tax authorities erred in believing that new investment can be made only on the basis of profit …
Penalty u/s 271E can not be imposed on cash repayment of advances treated as unexplained cash credits. In a recent judgment, the ITAT Nagpur has held Penalty u/s 271E can not be imposed on cash repayment of advances treated as unexplained cash credits. Any repayment of such alleged …
Rotations from Auto Sweep A/c not fresh investments-Addition deleted In a recent judgment, ITAT Mumbai has deleted the addition u/s 68 observing that as alleged there were no fresh investments/deposits in bank account except amount along with interest being rotated several times through auto sweep in the current …
When show cause notice proposed addition u/s 68 as unexplained cash credits, in assessment order addition can not be made u/s 69A as ‘unexplained money’. In a recent judgment, Hon’ble High Court at Calcutta has held that when the show cause notice proposed a variation as ‘unexplained cash …
