Addition u/s 69A - In the statement recorded u/s. 131 assessee ...

Court Upholds Addition of Unexplained Money u/s 69A After Assessee Fails to Explain Source of Funds.

March 21, 2023

Case Laws Income Tax AT

Addition u/s 69A - In the statement recorded u/s. 131 assessee stated that he has not filed his return of income and also stated that the money found in his possession belongs to him but could not give the details of the sources for the same - AO has rightly considered the issue of submission of books of accounts as an afterthought of the assessee and hence we do not find any reason to interfere in the decision - AT

View Source

← Previous Next →

Addition u/s 69A - In the statement recorded u/s. 131 assessee ...

Court Upholds Addition of Unexplained Money u/s 69A After Assessee Fails to Explain Source of Funds.

March 21, 2023

Case Laws Income Tax AT

You may also like:

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...

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...

Unexplained money u/s. 69A and levied tax u/s. 115BBE - the assessee has filed cash book explaining date wise receipts from various parties and deposited into bank...

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...

The crux of the case revolves around the applicability of Section 69A read with Section 115BBE of the Income Tax Act on the addition made by the Assessing Officer (AO)...

Assessee partly succeeded. AO made addition u/s 69A r.w.s 115BBE treating bank deposits as unexplained money despite assessee providing details of fixed deposits, bank...

Key legal issues and the Tribunal's holdings: Agricultural land sold by assessee situated beyond municipal limits cannot be treated as capital asset u/s 2(14). Addition...

The ITAT held: Interest expenditure on unsecured loans is allowable deduction u/s 57(iii) as borrowed funds were utilized for advancing loans earning interest income,...

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...

Unexplained money u/s 69A applies even if books of account are not required to be maintained. Assessee failed to establish funds were duly reported and tax paid by...

Addition u/s 69A - ambit of the word "owner" and "valuable article" for the purpose of additions as Unexplained money, etc - Apex court explained the scope in a detailed...

The ITAT Ahmedabad held that a best judgment assessment u/s 144 without issuing notice u/s 143(2) is invalid if the assessee has filed a return and responded to AO's...

Unexplained investment - The basis of addition made in the present case is the source of investment remaining unexplained. Now, the assessee having explained the source...

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...

Addition u/s 69A - unexplained money - since the assessee is a non-resident Indian and except earning income from fixed deposits, there is no iota of evidence which...

Quick Updates: