unexplained cash credits

  • Income Tax

AO cannot sit back with folded hands not issuing summons u/s 131 of Income Tax Act in quest for truth

AO cannot sit back with folded hands in not issuing summons u/s 131 of Income Tax Act in quest for…

4 years ago
  • Income Tax

It is incumbent upon CIT(A) to examine the veracity of the statements made in affidavits – ITAT

It is incumbent upon CIT(A) to examine the veracity of the statements made in affidavits. Addition u/s 68 for cash…

4 years ago
  • Income Tax

Addition u/s 68 based on bank entries where return was filed under presumptive section 44AF deleted.

Addition u/s 68 where return is filed under presumptive section 44AF deleted. Addition can not be made based on entries…

5 years ago
  • Income Tax

Addition of unexplained credit in the case of money launderer/ hawala operator upheld. SC dismisses SLP

Addition as unexplained credit/Investment in case of money launderer / hawala operator. Supreme Court dismisses SLP against High Court order…

5 years ago
  • Income Tax

No Addition as unexplained cash credit if loan creditor deposited cash before issue of cheque

No Addition u/s 68 to be made as unexplained cash credit if loan creditor had deposited cash before issue of…

5 years ago
  • Income Tax

Provision of section 68 applicable even if business not commenced

Provision of section 68 applicable even if business not commenced but the sum is credited in the books of account…

5 years ago
  • Income Tax

Deduction u/s 80P(2) not allowed for unexplained income assessed u/s 68 of Income Tax Act

Deduction u/s 80P(2) not allowed for unexplained income assessed u/s 68 of the Act. The addition u/s 68 did not…

5 years ago
  • Income Tax

Meager or nil income of the lender no reason to make addition u/s 68 treating it bogus entry- ITAT

Meager or nil income of the lender no reason to make addition u/s 68 as bogus enty. Income may be…

5 years ago
  • Income Tax

Peak credit addition include income only up to the date of peak balance not thereafter – ITAT

Peak credit addition does not include income after peak balance date. ITAT directed addition of further 8% profit after the…

5 years ago
  • Income Tax

Addition u/s 68-mere non-submission of ITR copy no ground to reject explanation

Addition u/s 68-mere non-submission of ITR copy no ground for rejecting explanation, when it was demonstrated that loans had already…

5 years ago