Home Highlights March 2014 Year 2014 This

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1. Addition u/s 69A - unexplained cash deposit - CIT(A) when recorded that without borrowing or having opening cash balance, there is no way the cash deposits for the...

2. Amount which was credited in books of accounts of the assessee in the preceding year cannot be treated as unexplained cash credit u/s 68 in the relevant assessment year.

3. Unexplained cash credit u/s.68 - double taxation - taxing the source of investment and application of investment both - When an income is taxed / addition is made to...

4. Unexplained investment u/s 69 - cash deposit - the alleged transactions of cash deposits and corresponding entries of cheque issued were not in the nature of any...

5. Re-opening of assessment u/s 147 - notice beyond period of four years - change in the opinion or a later decision on the legal aspects - The High court finds no evidence...

6. Disallowance on account of foreign exchange fluctuation loss - It is an undisputed fact that for the assessment year 2012-13, 2013-14 and 2016-17, the assessee declared...

7. Cash deposit in the bank - additions as the unexplained income - When the amount has already been considered when preparing its return of income for the relevant...

8. Loss of precious metal - Notional loss or actual loss - Abnormal loss incurred by the assessee can be treated as revenue expenditure to be allowable during this year or...

9. Addition u/s 69A - cash balance on account of withdrawal from different bank accounts - The mere fact of holding cash for a longer period was not a sufficient ground for...

10. Unexplained money u/s 69A r.w.s. 115BBE - Cash seized in search - The assessee provided a cash reconciliation statement, demonstrating that the cash balance remained...

11. Addition u/s 68 - Cash loan and interest income earned on such cash loan unexplained - It is not understandable as how the cash loan are unexplained, when the AO has not...

12. Unexplained cash credit u/s 68 - supporting evidences to substantiate the source of cash found from the possession - Assessee has shown a taxable income of Rs. 2.30...

13. Revision u/s 263 by CIT - Balances of partner’s capital account - where the balances are carried forward from the earlier assessment year and there are no movements in...

14. Unaccounted opening cash balance - In the Balance sheet the cash balance and sundry creditor is shown at NIL figure - in the light of the reason given by the assessee...

15. Addition u/s 69A - cash deposits during demonetization period - business of hiring of cars - A reasonable amount of cash deposits during demonetization period is out of...