Tag: unexplained cash credits
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 …
Cash deposits by CA stated to be trading income added as unexplained income u/s 68 as ICAI does not allow CAs to do any business activity ABCAUS Case Law CitationABCAUS 3574 (2022) (02) ITAT In the instant case, the assessee had challenged the order passed by the CIT(A) …
Addition u/s 68 for unsecured loans/share capital on account of amalgamation as per High Court order deleted as no sum was actually received ABCAUS Case Law CitationABCAUS 3545 (2021) (08) ITAT In the instant case, the assessee had challenged the order passed by the CIT(A) in confirming addition …
Ex parte best judgment assessment remanded as the assessee was a defunct company which ceased to function and therefore could not submit documents ABCAUS Case Law CitationABCAUS 3531 (2021) (07) ITAT In this case appeal was filed by the assessee against the order of the CIT(A) confirming addition …
Opening balance of loan creditor brought forward from preceding year cannot be treated as unexplained cash credit or bogus credit ABCAUS Case Law CitationABCAUS 3492 (2021) (04) ITAT In the instant case, the assessee had challenged the order passed by the CIT(A) in confirming an addition on account …
