Tag: unexplained cash credits
The fact that assessee was a rural lady and never been in a tax-payer category in itself is sufficient that she has no unexplained money In a recent judgment ITAT has held that a rural lady who never been in a tax-payer category in itself is sufficient to …
Addition for unexplained cash deleted as assessee consistently declared tuition income and paid tax over 20 -25 years ABCAUS Case Law Citation:ABCAUS 3767 (2023) (06) ITAT In the instant case, the assessee had challenged the order passed by the CIT(A) in confirming addition made by the Assessing Officer …
Delay in filing appeal condoned as assessee was not a tech savvy person and could not see notice sent to email mentioned in Form No. 35 ABCAUS Case Law Citation:ABCAUS 3730 (2023) (05) ITAT In the instant case, the assessee had challenged the order passed by the CIT(A) …
Section 69 & 115BBE not applicable on excess stock generated out of business income ABCAUS Case Law Citation:ABCAUS 3704 (2023) (04) ITAT In the instant case, the assessee had challenged the order passed by the CIT(A) in confirming the action of Assessing Officer (AO) by considering the disclosure …
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 & …
Onus is on assessee to substantiate agricultural income and exemption provisions are to be strictly construed – ITAT ABCAUS Neutral Case Law Citation:ABCAUS 3690 (2023) (03) ITAT Important Case Laws relied upon by parties:CIT v Raja Benoy Kumar Sahas Roy (1957) 32 ITR 466 (SC)Mustafa Ali Khan v. …
Investor companies having low income and assets in the form of investments have been created through rotation of money in between the group companies not enough ground to prove that any unaccounted money of the assessee has been introduced in the assessee company warranting addition under section 68 …
No deduction/allowance is allowable against unexplained cash credit u/s 68 which is considered as income of the assessee ABCAUS Case Law CitationABCAUS 3599 (2022) (05) ITAT Important case law relied referred:Fakir Mohmed Haji Hasan v. CIT 247 ITR 290 In a recent judgment, the ITAT has held that …
ITAT admits additional evidences as assessee died before assessment proceedings and it could not be collected in time by legal heirs ABCAUS Case Law CitationABCAUS 3595 (2022) (05) ITAT In the instant case, the assessee had challenged the order passed by the CIT(A) in restricting the addition made …
Debit entries should also be considered for cash credit entries u/s 68. Credit entries cannot be looked into isolation ignoring debit entries. ABCAUS Case Law CitationABCAUS 3581 (2022) (02) ITAT Important case law relied referred:CIT Vs. Rohini builders 256 ITR 36 In the instant case, the assessee had …
