unexplained cash credit

There may be some cases under Income Tax Assessment proceedings where there are a large number of unexplained credit and debit enteries of a person standing in books of account of an assessee. In such case the AO may tend to add all the aggregate enteries as unexplained income. However, in such case if the assessee does not have any explanation for every credit or debit entry of a person, standing in his books of account then one of the most commonest defences which an .. Full Article

CASE LAW DETAILS Decided by: HIGH COURT OF PUNJAB AND HARYANA,  In The case of: Yash Pal Goel v. Commissioner of Income-tax (Appeals), Chandigarh,  Appeal No.: [2009] 181 TAXMAN 175 (PUNJ. & HAR.) , IT APPEAL NO. 389 OF 2008 ( Decided on: January 20, 2009 RELEVENT PARAGRAPH section 68 of the Income-tax Act, 1961 – Cash [...] Full Article

SUMMARY OF CASE LAW The factum of falsity cannot be assumed or inferred but has to be proved on the basis of material or evidence; no adverse inference can be drawn merely because the appeal against the disallowance was not filed by the assessee. CASE LAW DETAILS Decided by: ITAT, MUMBAI BENCHS `E’ – MUMBAI [...] Full Article