Tag: unexplained cash credits
An undated confirmation letter cannot be rejected unless proved false. ITAT deletes addition made u/s 68/69 for cash deposits in bank account ABCAUS Case Law Citation: ABCAUS 2386 (2018) 06 ITAT The instant appeal was filed by the assessee against the order of the Commissioner of Income Tax …
Question of source of purchase relevant only for year of purchase not sale. Bank deposits made out of property sold as POA was not unexplained-ITAT ABCAUS Case Law Citation: ABCAUS 2293 (2018) (04) ITAT The appellant assessee had challeneged the order passed by the Commissioner of Income Tax …
Explanation can not be rejected applying prudent mans behaviour test. High Court deletes addition made for cash deposits applying Principle of preponderance of probability ABCAUS Case Law Citation: ABCAUS 2261 (2018) (03) HC The appellant assessee had challenged the order of the ITAT in confirming the addition under …
Addition for cash deposit in joint bank account with grandfather upheld. High Court rejected the plea that the assessee was only helping his old grand-father for operating the bank account. ABCAUS Case Law Citation: ABCAUS 2252 (2018) (03) HC The appellant assessee was aggrieved by the order of …
Standard Procedure for applying provisions of unexplained cash credits u/s 68 of Income tax Act,1961 Central Board of Direct Taxes (CBDT) has issued a detailed instruction specifying SOP for dealing with unexplained cash credits u/s 68. As per the said Instruction, the following sequence of steps have been prescribed …
Execution of registered sale deed adjusting cash credit entries in books establishes identity of depositors of money beyond doubt-High Court upheld deletion of additions made u/s 68 ABCAUS Case Law Citation: ABCAUS 2140 (2017) (12) HC The Challenge/Grievance: This instant appeal was filed by the Revenue under Section …
Unexplained Cash Credits in Bank Statements held taxable u/s 68. Non production of document is different from not maintaining Books of Account – High Court In a recent judgment, Bombay High Court held that unexplained Cash Credits in Bank Statements held taxable u/s 68. ABCAUS Case Law Citation:ABCAUS 2045 (2017) …
Section 68 not attracted to amount representing credit purchases. Findings of ITAT upheld by High Court ABCAUS Case Law Citation: ABCAUS 2012 (2017) (08) HC The respondent assessee was a Government Contractor in the business of road construction. His return of income was selected for scrutiny and …
Addition us 68 for accommodation entries-don’t shoot the messenger. Addition restricted to commission earned on accommodation entries-ITAT ABCAUS Case Law Citation:ABCAUS 1125 (2017) (02) ITAT Assessment Year : 1995-96Date/Month of Pronouncement: February, 2017 Brief Facts of the Case:The present judgment was delivered in the second round of litigation. …
In a latest judgment, ITAT Chennai has upheld that allowing set off of business loss from the unexplained cash credits u/s 68 not permissible in view of harmonious and combined reading of sections 71 , 72 and 32(2). Case Law Details: I.T.A.No.325/Mds./2015 vs. Assessment Year :2006-07 Deputy Commissioner of Income Tax …
