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Income Tax - Highlights / Catch Notes

Home Highlights November 2020 Year 2020 This

Unexplained cash - determination of income - Cash found from the ...

Income Tax

November 16, 2020

Unexplained cash - determination of income - Cash found from the residence and locker of the assessee during the course of search conducted by the CBI - Not a single transaction is through banking channel and everyone has given cash only to the assessee either for her treatment or for safe custody which is unbelievable. - Additions confirmed - AT

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  1. Addition of taxable wealth of the assessee because of surrender of the cash found in locker during the course of search confirmed - AT

  2. Addition u/s.69A r/w Sec. 115BBE - unexplained cash found during search - Locker was last operated on 29.10.2015. The fact that the locker has not been operated in the...

  3. Unexplained investment u/s 69 - Addition on account of jewellery (Gold Jewellery and Silver Jewellery) found from the residence as well as bank locker of the assessee...

  4. Unexplained investment u/s 69 - Addition on account of jewellery (Gold Jewellery and Silver Jewellery) found from the residence as well as bank locker of the assessee...

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 Unexplained cash payments - There is also no evidence to suggest that cash withdrawn from ETLL was unused and kept with the assessee idle though repeatedly withdrawals...

  6. Addition u/s 69A - cash seized from the residence of the assessee - the availability of cash should not have been doubted as unexplained. It is also pertinent to mention...

  7. Assessment u/s 153A - The keys of the locker were found from the residential premises of the assessee during the course of search on employers residence of the assessee....

  8. Addition u/s 68 - Unexplained cash credit - CIT(A) accepted the source of cash deposits without any supporting documents, the issue require detailed enquiry with regard...

  9. 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...

  10. Unexplained cash deposits - Unexplained income - Assessee could not establish that he received agricultural income from carrying on farming activities in the society land. - HC

 

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