Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding
  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Income Tax - Highlights / Catch Notes

Home Highlights April 2014 Year 2014 This

Cash found during the search – The time gap between the cash ...


Court Rules Against Dismissing Assessee's Explanation for Cash Found Without Counter-Evidence.

April 21, 2014

Case Laws     Income Tax     AT

Cash found during the search – The time gap between the cash withdrawal and the date of search was only two full days, thus, it may not be correct to reject the explanations furnished by the assessee without bringing any material on record to contradict the same - AT

View Source

 


 

You may also like:

  1. Unexplained cash credits u/s 68 - Interest expenditure debited as interest on securities - allegation of involvement in multi crore securities transactions scam of...

  2. Ex-parte assessment u/s 144 treated unexplained cash deposits as undisclosed and unexplained income, added to the assessee's total income u/s 68 read with Section 69A....

  3. Unexplained cash payments - There is also no evidence to suggest that cash withdrawn from ETLL was unused and kept with the assessee idle though repeatedly withdrawals...

  4. The Supreme Court upheld the validity of the Explanations to Rule 38 of the Mineral (Other than Atomic and Hydrocarbons Energy Minerals) Concession Rules, 2016 and Rule...

  5. Addition u/s 68 - unexplained cash credit - Onus to prove - The High court noted that the assessee had provided sufficient evidence, including bank statements, cash-flow...

  6. Unexplained cash deposit for settling credit card bills - How much cash an assessee keeps cannot be reason for dismissing the explanation regarding payment made in cash....

  7. HC allowed the appeal, setting aside ITAT's order rejecting additional evidence under Rule 29. The court found ITAT committed a legal error by summarily dismissing the...

  8. Bogus sundry creditors - Whether CIT(A) had clearly violated the provisions of Rule 46A of the Income-tax Rules, 1962, while admitting additional evidence? - The High...

  9. HC allowed the appeal, setting aside ITAT's order rejecting additional evidence under Rule 29. The court found ITAT erroneously rejected crucial documents (cash book and...

  10. This case revolves around the addition of cash deposits u/s 68 of the Income Tax Act, where the assessees failed to provide credible explanations regarding the source....

  11. The appellant could not establish the source for cash deposits during demonetization. The Appellate Tribunal held that sales cannot be rejected solely based on higher...

  12. Assessee engaged in business of commission agent (Aadatia) for agricultural products. AO made addition u/s 68 treating entire cash deposits in bank account as...

  13. The High Court considered an appeal regarding unexplained cash credit u/s 68 of the Income Tax Act. The issue was whether the unsecured loan to the assessee should be...

  14. Provision of section 145(3) invoked without satisfying conditions - books of accounts rejected without following proper procedure u/s 144. Gross profit addition made...

  15. 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...

 

Quick Updates:Latest Updates