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No section 68 addition on account of unaccounted cash receipts without corroborative evidences

RATHI 23 Oct 2024 729 Views 0 comment Print Income Tax | Judiciary

Case Law Details

Case Name : V.V. Titanium Pigments Pvt Ltd Vs ACIT (ITAT Chennai)

Appeal Number : ITA No.1301/Chny/2024

Date of Judgement/Order : 09/10/2024

Related Assessment Year : 2015-16

Courts : All ITAT ITAT Chennai

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V.V. Titanium Pigments Pvt Ltd Vs ACIT (ITAT Chennai)

Conclusion: Addition under section 68 on account of unaccounted cash receipts was not justified as AO was merely hearsay evidence carrying no evidentiary value and at the time of seizure, the excel sheets were not authenticated either by assessee company nor by the w

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Name: RATHI

Qualification: CA in Job / Business

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Location: Mumbai, Maharashtra, India

Member Since: 06 Feb 2019 | Total Posts: 852

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Ex-Central Bank Chairman was discharged in case of credit misuse of amounting to Rs. 436.74 crores

‘Income from leasing of property’ was ‘Income From Business” not “Income from House property”

Proceedings against CHA not justified as CHA not required to verify genuineness of IE code of client

Addition untenable as decentralized grants routed through assessee is not actually accrued or arisen

Goodwill is an intangible asset which is eligible for depreciation: Delhi HC

Addition towards bogus purchases based on suspicion, surmises and unverified information unjustified

No disallowance u/s. 43B for unpaid GST as deduction not routed through P&L: ITAT Ahmedabad

Cash withdrawals satisfactorily explained through documents cannot be added u/s. 69A

Penalty u/s. 271(1)(c) rightly set aside as AO not clear about applicability of particular limb

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