Unexplained cash credit u/s 68 - cash deposits during the ...

Unexplained Cash Credits: Rs. 26 Lakhs Upheld u/s 68 of Income Tax Act; Assessee Benefits Rs. 5 Lakhs from CBDT Circular.

June 19, 2023

Case Laws Income Tax AT

Unexplained cash credit u/s 68 - cash deposits during the demonetization period - the sources of such amount may be either of household savings or past income or the amount may have been received from any of the source mentioned in that Circular. Thus, the assessee is given benefit of Rs. 5.00 lacs in terms of Circular of CBDT, thereby remaining amount of Rs. 31 lacs – 5 lacs = 26 lacs is upheld. - AT

View Source

← Previous Next →

Unexplained cash credit u/s 68 - cash deposits during the ...

Unexplained Cash Credits: Rs. 26 Lakhs Upheld u/s 68 of Income Tax Act; Assessee Benefits Rs. 5 Lakhs from CBDT Circular.

June 19, 2023

Case Laws Income Tax AT

You may also like:

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

Unsecured loans treated as unexplained cash credits u/s 68. Interest paid on such unexplained loans also added to income. Assessee's contention of repayment of loans...

Rejection of the books of accounts - best judgment assessment u/s 144 - addition of the sales made in cash on account of unexplained cash credit u/s 68 - While the...

Rejection of declared transaction value under Valuation Rule 12, re-determination of value under Valuation Rules 4-9. Commissioner followed Rule 9, adopted actual values...

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...

ITAT upheld addition under section 68 regarding unexplained cash deposits of Rs. 78,00,000/- as assessee failed to provide satisfactory explanation or supporting...

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

The Lok Sabha passed the Finance Bill 2025 with 35 government amendments, including the abolition of a 6% digital tax on online advertisements. This completes the lower...

Addition of fixed deposits and interest thereon in wife's name was deleted as the Revenue could not controvert that the deposits belonged to the assessee's wife from her...

Appellant imported fermented and dried processed Sumatra cocoa beans which failed to conform to IS 8865:2003 standards as per FSSAI and BIS testing. Adjudicating...

Unsecured loan u/s 68 - Bogus cash credits - where there is a statutory rebuttable presumption against the assessee, as in case of cash credits etc., u/s 68 or...

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...

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 68 - Cash loan and interest income earned on such cash loan unexplained - It is not understandable as how the cash loan are unexplained, when the AO has not...

Quick Updates: