Tag: unexplained cash credits

Set off of business loss from unexplained cash credits u/s 68 not permissible in view of combined reading of sections 71 , 72 and 32(2).

Set off of business loss from unexplained cash credits u/s 68 not permissible in view of combined reading of sections 71 , 72 and 32(2).

April 7, 2016 Income Tax, ITAT, Judgments
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 …
unexplained cash credit u/s 68

Unexplained Investment u/s 69. Muslims religion bars Interest income therefore cash kept at home

March 7, 2016 Income Tax, ITAT
Addition for Unexplained Investment u/s 69 quashed as Muslims religion bars Interest income therefore cash was kept at home INCOME TAX APPELLATE TRIBUNAL LUCKNOW BENCH “A”, LUCKNOW ITA No.697/LKW/2015 Assessment year:2010-11 Mehrun Nisha (Appellant) vs. Income Tax Officer (Respondent) Date of Order: 04-03-2016 ORDER PER A. K. GARODIA, A.M. This is …