The Income Tax Appellate Tribunal held that the revised return ...

Cash deposits matched revised returns; addition unwarranted.

September 21, 2024

Case Laws Income Tax AT

The Income Tax Appellate Tribunal held that the revised return of income filed by the assessee cannot be treated as invalid by the Assessing Officer (AO). Since the AO issued notice u/s 143(2) based on the revised return and completed the assessment considering the same, the revised return should be deemed valid. Consequently, no addition u/s 68 for the cash difference between the original and revised returns is warranted. Further, the Tribunal observed that the Department did not dispute the turnover admitted in the revised VAT returns, which reflected an increase in sales. The closing stock and cash on hand matched the cash deposits in the bank account. Therefore, the addition confirmed by the CIT(A) was unjustified.

View Source

← Previous Next →

The Income Tax Appellate Tribunal held that the revised return ...

Cash deposits matched revised returns; addition unwarranted.

September 21, 2024

Case Laws Income Tax AT

You may also like:

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

Addition u/s 69A - Addition of cash deposits made by the assessee during the demonetization period - The Tribunal examined the legality of the assessment order, 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 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,...

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...

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

Cash deposited post demonetization period - AO making the addition of 30% of the cash deposited in the bank during post demonetization period - addition made by the AO...

Addition of amount shown in revised return under the pressure of the department - revised return should relate back to the return originally filed, minus the omissions...

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...

Addition u/s 69 - cash deposited in the bank out of opening cash in hand - AO noticed that the assessee had raised loans and also withdrawn cash numerous times...

Addition u/s 68 on account of cash deposited in banks post demonetization - disclosure under PMGKY - revenue accepted the revised disclosure made by the managing...

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...

Addition on account of cash deposits in personal saving bank account of the shareholder of the company - source of cash deposits are duly explained and same pertained to...

Addition u/s 69A being cash deposit in the Bank A/c during the demonetization period - cash deposit out of the sale proceeds effected prior to the ban of currency notes...

Quick Updates: