Section 69

No Set off of losses against deemed undisclosed income

Income Tax - In order to avoid unnecessary litigation, it is proposed to amend the provisions of the sub-section (2) of section 11 5BBE to expressly provide that no set off of any loss shall be allowable in respect of income under the sections 68 or section 69 or section 69A or section 69B or section 69C or section 69D....

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S. 69 ITO have discretion in treating source of investment as income

Dushyant Ji Lohani Vs I.T.O. (ITAT Jodhpur) - A discretion has been conferred on the ITO U/s 69 of the Act to treat the source of investment as income of the assessee if the explanation offered by the assessee is not found satisfactory. However, the said discretion should be exercised keeping in view the facts and circumstances of a particular ...

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Share Profit cannot be treated bogus for fabulous return in Short Time

CIT Vs Shri Mukesh Ratilal Marolia (Bombay High Court) - The presumption is so compelling that comparatively a small amount of investment made by the assessee during the previous year period relevant to the assessment years 1999- 2000 and 2000-01 have grown into a very sizable amount ultimately yielding a fabulous sum of Rs. 1,41,08,484 which was used by ...

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Addition u/s 69 on account of untallied bank entries not sustainable where such entries duly recorded & reconciled in books

ITO Vs M/s Bharat Agro Industries (ITAT Ahmedabad) - ITAT Ahmedabad held In the case of ITO vs. M/s Bharat Agro Industries that section 69 comes into operation only if investments are not recorded in the books of account maintained by the assessee which is not the case looking to the facts of the assessee wherein the bank balances are shown in the aud...

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Recent Posts in "Section 69"

S. 69 ITO have discretion in treating source of investment as income

Dushyant Ji Lohani Vs I.T.O. (ITAT Jodhpur)

A discretion has been conferred on the ITO U/s 69 of the Act to treat the source of investment as income of the assessee if the explanation offered by the assessee is not found satisfactory. However, the said discretion should be exercised keeping in view the facts and circumstances of a particular case. when it is claimed that the assess...

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Share Profit cannot be treated bogus for fabulous return in Short Time

CIT Vs Shri Mukesh Ratilal Marolia (Bombay High Court)

The presumption is so compelling that comparatively a small amount of investment made by the assessee during the previous year period relevant to the assessment years 1999- 2000 and 2000-01 have grown into a very sizable amount ultimately yielding a fabulous sum of Rs. 1,41,08,484 which was used by the assessee for the purchase of the fla...

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No Set off of losses against deemed undisclosed income

In order to avoid unnecessary litigation, it is proposed to amend the provisions of the sub-section (2) of section 11 5BBE to expressly provide that no set off of any loss shall be allowable in respect of income under the sections 68 or section 69 or section 69A or section 69B or section 69C or section 69D....

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Addition u/s 69 on account of untallied bank entries not sustainable where such entries duly recorded & reconciled in books

ITO Vs M/s Bharat Agro Industries (ITAT Ahmedabad)

ITAT Ahmedabad held In the case of ITO vs. M/s Bharat Agro Industries that section 69 comes into operation only if investments are not recorded in the books of account maintained by the assessee which is not the case looking to the facts of the assessee wherein the bank balances are shown in the audited balance sheet ...

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