Addition u/s 68 - unexplained Cash deposits in bank - To our ...

Assessing Officer's Error: Section 68 Misapplied Instead of Section 69, Unexplained Cash Deposits Addition Deleted.

November 30, 2018

Case Laws Income Tax AT

Addition u/s 68 - unexplained Cash deposits in bank - To our mind in present facts of case section 69 should have been initiated by Ld.AO. It is unfortunate that Assessing Officers blindly apply provisions, which can be fatal to the interest of Revenue. - Additions deleted.

View Source

← Previous Next →

Addition u/s 68 - unexplained Cash deposits in bank - To our ...

Assessing Officer's Error: Section 68 Misapplied Instead of Section 69, Unexplained Cash Deposits Addition Deleted.

November 30, 2018

Case Laws Income Tax AT

You may also like:

Addition of cash deposited during the demonetisation period in bank account - unexplained income - taxation @ 60% as provided u/s. 115BBE - The tribunal acknowledged the...

Cash deposits during the demonetization period were recorded in the books of accounts, with the source maintained. The Assessing Officer invoked Section 69A and charged...

Unexplained money u/s 69A read with Section 115BBE(1) - no explanation regarding source of cash deposit in savings account - case selected for limited scrutiny, thus...

Taxability of cash deposits as unexplained u/s 69A r.w.s. u/s. 115BBE - The Tribunal found that the cash deposits made by the appellant during the demonetization period...

The ITAT decided in favor of the assessee, a doctor residing in the United Kingdom. The unexplained cash deposits in the assessee's Indian bank account during the...

Addition u/s 69A - unexplained cash deposits in the bank account - onus to prove - The Tribunal noted that the appellant had provided evidence to support the source of...

Reopening of assessment u/s 147 - additions of cash deposits - The Tribunal held that, the Assessing Officer has treated the cash deposit merely on the basis of human...

Penalty u/s.271(1)(c) - unexplained cash deposit - the assessee has requested the Assessing Officer to treat the incurred cash deposit as his total sales receipts of...

Addition u/s 68 - unexplained cash deposits - What is relevant is the source for the funds deposited in the bank account and assessee has proved that it has sufficient...

Addition u/s 69A - unexplained income - cash deposits made into bank account during demonetization period - assessee neither furnished stock summary nor bills/vouchers...

Unexplained Cash deposit during demonetization - Assessee is regular in filing his Return of Income for more than nine years and has already shown his books of accounts...

Unexplained cash deposits in bank - receipt of rental deposits in cash - The fact remains that the cash rental deposits have been received by the assessee which is not...

The ITAT adjudicated on the following issues: 1. Cost of acquisition for computing long-term capital gains on sale of ancestral agricultural land: The assessee's...

The Appellate Tribunal upheld the Addition u/s 68 of the Income Tax Act for share application money received from various individuals. The company failed to prove the...

Deposits by the assessee in bank account during demonetization period were not unexplained. Section 69A is inapplicable as there were proper entries for cash sales, cash...

Quick Updates: