Unexplained cash credits - if the assessee is able to prove the ...

Taxpayers can validate unexplained cash credits by proving bank transfers and same-day gold loan repayments.

April 10, 2021

Case Laws Income Tax AT

Unexplained cash credits - if the assessee is able to prove the transfer of money from the assessee’s bank a/c to the bank a/c of the customers and if the said gold loan is repaid on the same date, then taking the confirmation from the parties into consideration, the sale consideration of those transactions should be accepted as source for cash deposits. - AT

View Source

← Previous Next →

Unexplained cash credits - if the assessee is able to prove the ...

Taxpayers can validate unexplained cash credits by proving bank transfers and same-day gold loan repayments.

April 10, 2021

Case Laws Income Tax AT

You may also like:

Addition u/s 68 - Unexplained cash credit - It is well settled principle that the repayment of cash credit would not prove the genuineness of cash credit. It is the...

Unexplained cash credit u/s 68 - xerox copies of bank passbooks of these persons has been found from the possession of the assessee and not the original passbooks - The...

The assessee received cash credits which were treated as unexplained income u/s 68 by the Assessing Officer (AO). However, the Commissioner of Income Tax (Appeals)...

Unexplained Cash deposited into Bank Accounts - income from unexplained source u/s 69B - Onus to prove - Onus cast on the Appellant has not been discharged.addition u/s...

Unexplained money u/s 69A - Unexplained loan - the loan creditors had deposited cash in their accounts and mostly on the very same day they had transferred the same to...

Unexplained cash credit u/s 68 - No cash was found to be deposited prior to the date of the issue of cheques proves that the assessee has not purchased cheques by paying...

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...

ITAT allowed taxpayer's appeal, finding cash payments for land purchase were genuine business transactions. The tribunal determined payments were made out of commercial...

Unexplained cash credit u/s 68 - When the cash did not pass at any stage and since the respective parties did not receive cash nor did pay any cash, there was no real...

Unexplained cash credit u/s 68 - unexplained cash deposit in the bank account during post-demonetization period - Even otherwise the ld. AO should have appreciated that...

Unexplained money u/s 69A r.w.s. 115BBE - Cash seized in search - The assessee provided a cash reconciliation statement, demonstrating that the cash balance remained...

Unexplained cash credit u/s. 68 r.w.s. 115BBE - Co-ordinate Benches of the Tribunal have held that any sum found credited in bank passbook could not be treated as an...

Unexplained cash credit - addition of cash deposit in bank account - It is important to mention here that the bank statements cannot be termed as books of accounts for...

In a case concerning unexplained credit u/s 68, the assessee proved the identity and genuineness of share applicants, although their creditworthiness was questioned. The...

Addition unexplained cash credit u/s 68 - shares were issued at premium to certain companies in lieu of the shares held by the said companies and there was thus no...

Quick Updates: