Tag: unexplained cash credits
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 …
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 …
