Tag: unexplained cash credits
Addition for cash deposit remanded as bank account was opened by someone else by forging PAN Card and signature of assessee. ABCAUS Case Law CitationABCAUS 3469 (2021) (03) ITAT In the instant case, the assessee had challenged the order passed by the CIT(A) in confirming the addition made …
Non-filing of ITRs by lenders can give rise to suspicion for the lack of creditworthiness but not sufficient to draw inference against assessee ABCAUS Case Law CitationABCAUS 3437 (2021) (01) ITAT Important case law relied upon by the parties:CIT Vs. Chanakya Developers reported 43 taxmann.com 91 In the …
Cash deposits out of sale of opening stock not unexplained income. High Court upheld ITAT order which followed rule of consistency ABCAUS Case Law CitationABCAUS 3424 (2020) (11) HC In the instant case, the Revenue had challenged the order passed by the ITAT in deleting the addition on …
Bank passbook / statements not books of account of assessee and hence no addition can be made u/s 68 of the Income Tax Act, 1961 ABACUS Case Law CitationABCAUS 3381 (2020) (09) ITAT Important case law relied upon by the parties:Baladin Ram v. CIT 71 ITR 427CIT vs. …
Addition for unsecured loans tenable when profits are estimated as it is not trading account but balance sheet item ABACUS Case Law CitationABCAUS 3368 (2020) (08) ITAT Important case law relied upon by the parties:Addl. CIT vs Hanuman Agarwal 151 ITR 150 (Pat)Mather & Platt (India) Ltd vs …
Cash credit entries in books of a firm, in absence of material to indicate that they were its profits, could not be assessed in the hands of the firm ABCAUS Case Law Citation:ABCAUS 3304 (2020) (05) HC Important case law relied upon by the parties:Deputy Commissioner of Income …
Quantum addition for unexplained cash credits u/s 68 quashed by the Supreme Court based on the findings of penalty proceedings ABCAUS Case Law Citation:ABCAUS 3300 (2020) (04) SC Important case law relied upon by the parties:Maddi Sudarsanam Oil Mills Co. v. Commissioner of IncomeTax,Commissioner of Income Tax v. …
When all cash credits treated as turnover, capital introduction in cash and machinery purchased should also be considered out of the cash deposits – ITAT ABCAUS Case Law Citation:ABCAUS 3242 (2020) (02) ITAT In the instant case, an appeal was filed by the assessee against the order of …
Section 68 not applicable to sales receipt shown in books of accounts. A Receipt can not be treated sale proceeds & unexplained cash credit simultaneously. ABCAUS Case Law Citation:ABCAUS 3232 (2020) (01) ITAT In this case, appeal had been filed at the instance of the Assessee against the …
AO cannot sit back with folded hands in not issuing summons u/s 131 of Income Tax Act in quest for the truth. ITAT deleted additions made on account of cash deposits ABCAUS Case Law Citation:ABCAUS 3227 (2020) (01) ITAT In the instant case, appeal was filed by the …