Assessment of trust - unexplained deposits of cash in bank - ...

Trust Faces Tax Liability Over Unexplained Cash; Calls for Commissioner to Consider Additional Evidence for Fair Decision.

September 8, 2020

Case Laws Income Tax AT

Assessment of trust - unexplained deposits of cash in bank - Punishment in the shape of tax liability is quite disproportionate than the negligence at the end of the assessee before the AO - CIT(A) ought to have taken additional evidence on record for a just decision of appeal. The quasi-judicial authorities are being respected not on account of their power to legalize injustice on technical ground, but because they are capable of removing the injustice, and is expected to so. - AT

View Source

← Previous Next →

Assessment of trust - unexplained deposits of cash in bank - ...

Trust Faces Tax Liability Over Unexplained Cash; Calls for Commissioner to Consider Additional Evidence for Fair Decision.

September 8, 2020

Case Laws Income Tax AT

You may also like:

Sections 132B, 140A, 153A and 234B of the Income Tax Act, 1961 were analyzed regarding adjustment of seized cash against tax liability. The appellants claimed that cash...

Denial of exemption u/s 10(23C)(iiiad), addition of unexplained cash credits u/s 69A. Registration granted u/s 12AA from 23-02-2019 indicating trust not exclusively...

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...

The ITAT held that once the source of cash is taxed, it cannot be further taxed as unexplained cash expenditure in the hands of the assessee company. The assessee had...

Tax liability of trust - the purpose of tax under the Act, the Assessing Officer may be in a position to find out the status of the beneficiaries of the First Level...

The ITAT Jaipur, in a case involving unexplained money u/s 69A, found that the assessee, a widow running a medical retail store, deposited cash exceeding turnover. The...

Unexplained cash payments - There is also no evidence to suggest that cash withdrawn from ETLL was unused and kept with the assessee idle though repeatedly withdrawals...

Validity of refund order - Failure to get Certificate of Export in time - the revisional authority passed an order assessing the tax liability of the appellant/writ...

During a 2014 search operation, seized cash adjustment against advance tax liability was denied per Section 132B and Explanation 2. ITAT held that while self-assessment...

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...

Cash deposit during demonetization period treated as unexplained cash credit. Assessee's claim of introducing cash as capital in proprietary concern not accepted due to...

Revised return - additional tax liability - if the credit or adjustment is to be given to the amount of tax already paid, there is no reason why the credit of input tax...

Addition on account of unexplained money u/s 69A - unaccounted cash - When the cash is found with an assessee, it is the duty of the assessee to prove the source of such...

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...

Penalty u/s 271AAB for unexplained cash commission expenses u/s 69C cannot be imposed if the additional income disclosed by the assessee in the return of income is not...

Quick Updates: