Home Highlights January 2014 Year 2014 This

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1. Addition u/s 68 - non maintenance of books of accounts - There was no actual credit of cash or otherwise received by the assessee. No entries are made in the books of...

2. Unexplained cash credit - addition of cash deposit in bank account - It is important to mention here that the bank statements cannot be termed as books of accounts for...

3. Addition of unexplained cash credit u/s 68 - bank account can’t be loosely called as books of account u/s 68 - ITAT can’t covert the addition from section 68 to section...

4. Rejection of the books of accounts - best judgment assessment u/s 144 - addition of the sales made in cash on account of unexplained cash credit u/s 68 - While the...

5. Addition u/s 68 - addition of the cash deposits in the assessee’s savings bank account - as the bank account of an assessee cannot be held to be the 'books' of an...

6. Assessment of income from other sources u/s. 68 r.w.s. 115BBE - As assessments for assessment years 2011-12 to 2014-15 are unabated / completed. Further, no reference of...

7. Addition on account of share premium as income from other sources - It becomes income of the assessee only by way of deeming legal fiction. We find that the residuary...

8. Addition u/s 68 OR 41(1) - unexplained cash credit - Cessation of liability - The appellant contested additions to their income, alleging bogus sundry creditors. Despite...

9. Addition made towards interest expenses claimed - assessee derived income from letting out the properties i.e. rental income, which has been shown as income from...

10. Addition u/s 68 - treatment of bank passbook as a 'books of account' - the bank account or bank passbook of an assessee cannot be held as the latters 'books of account',...

11. Unexplained cash credit u/s. 68 r.w.s. 115BBE - Co-ordinate Benches of the Tribunal have held that any sum found credited in bank passbook could not be treated as an...

12. Addition u/s 68 - Addition on the basis of income shown in Form No. 26AS - Mercantile system of accounting - There can be overflow of income of one preceding previous...

13. Unexplained cash credit u/s 68 r.w.s 115BBE - inflated sales pursuant to demonetization - Unaccounted Stock Due to Valuation Differences - The Tribunal held that the...

14. Addition u/s 68 - Addition on account of joint venture agreement - the addition made u/s. 68 of the Act only on the basis of two statements which could not stand the...

15. Double additions - The claim of the appellant that such addition resulted into double taxation of the same income in the same year is also acceptable because on one hand...