Addition on protective basis u/s. 69A - The loan was received ...

Assessing Officer Lacks Evidence to Challenge Loan Genuineness u/s 69A; No Cash Deposits Found in Bank Statement.

April 23, 2021

Case Laws Income Tax AT

Addition on protective basis u/s. 69A - The loan was received from normal banking channel as evident from the bank statement there was no cash deposited in the account of the assessee prior to giving of the loan. The Assessing Officer has not brought any material or evidences on record to disprove the aforesaid facts and evidences submitted by the assessee in support of genuineness of the loan transactions - AT

View Source

← Previous Next →

Addition on protective basis u/s. 69A - The loan was received ...

Assessing Officer Lacks Evidence to Challenge Loan Genuineness u/s 69A; No Cash Deposits Found in Bank Statement.

April 23, 2021

Case Laws Income Tax AT

You may also like:

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...

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...

Addition u/s 69A - cash loans given by the assessee as unexplained - decoding of the entries in the seized materials - The tribunal found that the assessing officer's...

ITAT upheld CIT(A)'s order, dismissing revenue's appeal regarding unexplained cash deposits under Section 68 and Section 115BBE. The tribunal found that the assessee...

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...

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...

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...

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

The High Court quashed the reopening of assessments u/s 148, holding that the reasons recorded by the Assessing Officer were cryptic, vague, lacking nexus, and...

Cash deposit during demonetization period treated as unexplained cash credit u/s 68 - CIT(A) sustained addition u/s 69A based on lack of supporting evidence for cash...

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

Addition made u/s. 69A - unexplained cash deposits - The Tribunal found merit in the assessee's argument that the cash on hand at the beginning of the financial year...

Additions u/s 69A - Cash deposits made during demonetization period - there is no dispute that the assessee is running Petrol and Diesel retail outlet and he is the...

Cash withdrawals from ICICI and SBI bank accounts were treated as the source for deposits made during demonetization, as evidence showed the withdrawn funds were not...

The case deals with addition u/s 68 for unexplained cash credit from alleged bogus unsecured loans. The Assessing Officer (AO) added the peak credit without establishing...

Quick Updates: