Addition u/s.69 towards cash deposits in the bank account - ...

Income Tax Act Section 69: Cash deposits peak credit treated separately from investments; re-deposited cash not for asset purchase.

October 8, 2022

Case Laws Income Tax AT

Addition u/s.69 towards cash deposits in the bank account - determining the peak credit - where the peak is added, the investment made by the assessee has to be added separately and it cannot be claimed that the cash re-deposited in the bank after withdrawal was used for purchase of any other asset. Thus we uphold the addition - AT

View Source

← Previous Next →

Addition u/s.69 towards cash deposits in the bank account - ...

Income Tax Act Section 69: Cash deposits peak credit treated separately from investments; re-deposited cash not for asset purchase.

October 8, 2022

Case Laws Income Tax AT

You may also like:

The ITAT Delhi held that the CIT(A) erred in presuming all cash deposits as business receipts u/s 44AD. The CIT(A) treated deposits as business receipts and applied 8%...

The case pertains to the addition of undisclosed income u/s 69A of the Income Tax Act, wherein the peak credit method was applied. The Commissioner of Income Tax...

The ITAT considered the issue of cash deposits and other credits in the assessee's saving bank account. The tribunal noted that the cash deposits were not made in a...

Unexplained cash credit u/s.68 - double taxation - taxing the source of investment and application of investment both - When an income is taxed / addition is made to...

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...

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...

Unexplained investment u/s 69 - cash deposit - the alleged transactions of cash deposits and corresponding entries of cheque issued were not in the nature of any...

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...

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...

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...

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...

Addition made u/s 68 of the Act – Applicability of peak credit theory – The peak credit theory is not applicable - there are deposits in cash but as against the said...

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

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...

The assessee made cash deposits during the demonetization period which were treated as unexplained u/s 69A. However, the Tribunal held that the cash deposits were within...

Quick Updates: