Addition on account of cash deposited in the bank - undisclosed ...

Revenue Fails to Prove Assessee's Bank Deposits as Undisclosed Income; Burden of Proof Not Met.

December 31, 2019

Case Laws Income Tax AT

Addition on account of cash deposited in the bank - undisclosed income - The onus was of the Revenue to reject the contention of the assessee based on cogent reasons that the cash was not deposited out of the cash withdrawal from the bank. But the Revenue failed to do so.

View Source

← Previous Next →

Addition on account of cash deposited in the bank - undisclosed ...

Revenue Fails to Prove Assessee's Bank Deposits as Undisclosed Income; Burden of Proof Not Met.

December 31, 2019

Case Laws Income Tax AT

You may also like:

Gynecologist with income from profession and investments deposited demonetized currency notes in bank account. Onus on assessee to prove source. HELD: During...

Penalty order u/s 271AAB for treating an amount included in the Return of Income as 'undisclosed income' was found unjustified. The Commissioner of Income Tax (Appeals)...

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...

Smuggling - Betel Nuts - foreign origin goods - town seizure - notified item or not - onus to prove - The CESTAT recognized that betel nuts were not notified items under...

Estimation of income - “real income/commission income” - Unexplained deposits in bank account - the assessee is engaged in the business of “cheque discounting” in order...

The Income Tax Appellate Tribunal held that the assessee's plea towards non-applicability of Section 271AAB of the Income Tax Act was devoid of rationale. The Tribunal...

Addition u/s 68 - genuineness and credit worthiness - It is evident that the assessee though has disclosed the source of the deposit but could not establish the nature...

Benami transactions - offence under Benami Act - onus of proving a benami transaction - after amendment, the onus of proving a benami transaction rests entirely on the...

Unexplained money u/s 69A - cash deposit in the Saving Bank Account - Since the assessee has not disclosed this bank account in the return of income, therefore, deposit...

Addition made u/s 153A on account of undisclosed foreign bank account and interest income thereon - assessee confronted with client profiles from HSBC Bank showing...

Addition on account of cash deposit to the bank account of the assessee - assessee is consistently submitting that the assessee has two bank accounts in her name and the...

Unexplained cash deposits - Deposits in regular bank account of the assessee, during demonetization period - the assessee was maintaining complete stock tally, the sales...

Penalty proceedings u/s 271(1)(c) - Failure of the assessee to explain the source of cash deposit in the bank account - burden of proof - The ITAT acknowledged the...

Addition u/s 68 - Cash deposited in Bank - Assessee re-circulated those moneys by way of deposits, withdrawals and redeposits in the Bank A/c from time to time and the...

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...

Quick Updates: