Tag: Unexplained Investment
Onus to prove source of source of a loan/borrowing mandatory from AY 2023-24 In a recent judgment, ITAT Raipur has held that under section 68, onus to prove source of source of a loan or borrowing is mandatory w.e.f. 01.04.2023 i.e. from A.Y 2023-24 ABCAUS Case Law Citation:ABCAUS …
Merely on basis of unsigned document it cannot be assumed that amount/price paid is as stated in said document – ITAT In a recent judgment, the ITAT Hyderabad has held that merely on the basis of an unsigned document it cannot be assumed that price paid is as …
Excess stock of gold found during survey cannot be isolated with regular stock in trade to be treated unexplained investment and taxed u/s 69B – ITAT ABCAUS Case Law Citation:ABCAUS 3798 (2023) (09) ITAT Important Case Laws relied upon by parties:M/s. SVS Oil Mills vs ACIT 418 ITR …
The fact that assessee was a rural lady and never been in a tax-payer category in itself is sufficient that she has no unexplained money In a recent judgment ITAT has held that a rural lady who never been in a tax-payer category in itself is sufficient to …
Addition u/s 69A for cash gifts received on the occasion of marriage and deposited in bank deleted ABCAUS Case Law Citation:ABCAUS 3715 (2023) (04) ITAT In the instant case, the assessee had challenged the order passed by the ational Faceless Appeal Centre (NFAC)/CIT(A) in confirming the addition u/s …
Onus to explain investment sources by wife discharged when she and her husband both admitted that husbands paid the money – ITAT ABCAUS Case Law CitationABCAUS 3644 (2023) (01) ITAT In the instant case, the assessee had challenged the order passed by the CIT(A) in confirming the addition …
Appeal allowed as assessee was illiterate, did not get good legal advice. Even proper and appropriate grounds could not be raised before CIT(A) ABCAUS Case Law Citation:ABCAUS 3253 (2020) (02) ITAT In the instant case, appeal was filed by the assessee against the order of the CIT(A) in …
Addition u/s 69 on the basis of unsigned receipts found during search deleted. Such unsigned receipts could not have been treated incriminating documents ABCAUS Case Law Citation:ABCAUS 3251 (2020) (02) ITAT In the instant case, the appellant assessee had challenged the order of the CIT(A) in confirming the …
Addition u/s 69 for unexplained investment on reasoning that no prudent person would keep huge amount of cash in house. ITAT deleted addition ABCAUS Case Law Citation:ABCAUS 3233 (2020) (01) ITAT In the instant case, the appeal had been filed at the instance of the Assessee against the …
Addition as unexplained credit/Investment in case of money launderer / hawala operator. Supreme Court dismisses SLP against High Court order ABCAUS Case Law Citation:ABCAUS 3089 (2019) (07) SC The Income Tax Department had received information from the Enforcement Directorate (ED) that the appellant assessee had opened various bank …
