Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding
  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Income Tax - Highlights / Catch Notes

Home Highlights July 2021 Year 2021 This

Addition on account of peak cash deficit worked out by the ...


Assessee Fails to Explain Cash Discrepancy; Revenue Authorities Confirm Proposed Additions Due to Unexplained Cash Deficit.

July 31, 2021

Case Laws     Income Tax     HC

Addition on account of peak cash deficit worked out by the revenue authorities - the assessee did not explain the difference between the cash found and seized at the premises and the cash mentioned in the cash book - Additions confirmed - HC

View Source

 


 

You may also like:

  1. The assessee's unexplained cash credits u/s 68 were deleted by the CIT(A) after accepting the submissions that the cash receipts from various sources like cash sales,...

  2. This case pertains to the addition made u/s 69A of the Income Tax Act regarding unexplained cash found during a search operation. The assessee produced a cash book to...

  3. Assessee purchased credit cards using unexplained cash payments. AO made addition u/s 69A as assessee failed to explain source of cash. CIT(A) confirmed addition since...

  4. The assessee made investments in two firms by purchasing cold storage units funded by M/s. A.R. Constructions, where the assessee is a managing partner. The source for...

  5. Undisclosed cash deposited to the bank - when the assessee has demonstrated that he had withdrawn cash from the bank and there is no finding by the authorities below...

  6. Addition u/s 69A - addition of processing charges bill alleged to be paid outside the books of accounts - Assessee should have been allowed to reconcile and explain the...

  7. Cash credit - Additions u/s 68 instead of u/s 69 - Mentioning of wrong Section in the orders of the authorities below would not be fatal to the case of Revenue. May be...

  8. Addition of unaccounted money u/s 69A - cash found during the course of search u/s 132 - the assessee all along claims that said cash belongs to his brother in law who...

  9. 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...

  10. Assessee failed to file return of income u/s 139 but received notice u/s 148. Despite opting for presumptive taxation scheme u/s 44AD, which does not require maintaining...

  11. Cash credit u/s 68 r.w.s. 115BBE - cash deposit during demonetization period - assessee's failure to maintain books of accounts u/s 44AD. Held that where exemption from...

  12. Cash deposits made during demonetization period from cash withdrawals and rental income received in cash were substantiated through cash flow statements and bank...

  13. The assessee-Respondent classified the aluminum circles under CTH 76069110 as raw materials, while the department proposed classification under CTH 7616, and the DRI...

  14. Additions against Cash deposits made during demonetization period in specified bank notes - assessee has been consistently holding huge cash balance which meets the...

  15. Unexplained investment - Primary onus - The assessee has deposited cash in its ICICI Bank account on various occasions, and onus is very heavy on assessee to explain...

 

Quick Updates:Latest Updates