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Income Tax : Explore sections 68 to 69D of Income Tax Act 1961, covering unexplained cash credits, investments, and more. Learn about legal pro...
Income Tax : Explore Section 68 of the Income Tax Act with our comprehensive guide on cash credits. Learn about its purpose, scope, and legal f...
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Income Tax : Unlock the intricacies of Section 68 of the Income Tax Act, unraveling the nuances of unexplained cash credits. Delve into its ame...
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Income Tax : Assessing Officers should follow the sequence as noted below for applying provisions of section 68 of the Act: Step 1: Whether the...
CIT Vs Ms Mayawati (Delhi High Court)- All the donors appeared before the Department, submitted material including affidavits on oath, confirms the gifts made, established their old relations with the assessee and proved their capacity to make the gifts. We have noted that in earlier years also they had made gifts to the assessee and her family members, which were accepted by the Revenue.
Where any sum is found credited in the books of an assessee maintained for any previous year, and assessee offers no explanation about the nature and source thereof or the explanation offered by him is not, in the opinion of the Assessing Officer, satisfactory, the sum so credited may be charged to income-tax as the income of the assessee of that previous year.”
Though in Section 68 proceedings, the initial burden of proof lies on the assessee yet once he proves the identity of the creditors/share applicants by either furnishing their PAN number or income tax assessment number and shows the genuineness of transaction by showing money in his books either by account payee cheque or by draft or by any other mode, then the onus of proof would shift to the Revenue.
Brief facts of the case are that the assessee received a gift of Rs.30,00,000/- from Mrs. Chandra Hingorani. The genuineness of the gift was examined by the Assessing Officer by considering the various documents including taking statements of the assessee which was recorded on 19.12.2006.
Section 15(1)(b) would be applicable only when the goods are cleared from the warehouse under Section 68 of the Act, i.e., within the initially permitted period or during the permitted extended period. It is trite to say that when the goods are cleared from the warehouse after the expiry of the permitted period or its permitted extension, the goods are deemed to have been improperly removed under Section 72(1)(b) of the Act, with the consequence that the rate of duty has to be computed according to the rate applicable on the date of expiry of the permitted period under Section 61.
10. The scope of gifts and the existing areas of controversies in regard to them are relevant issues here. Generally, the gifts may involve biological relatives, sociologically connected or unconnected persons, politically or spiritually reverend individuals etc. In the cases, where the gifts involve the biological relatives, the giving gifts are normally conventional, traditional or a social practice and the motive
In the instant case, the assessee claimed that an amount of Rs. 98,000 was received by him as gift from `M’ on account of love and affection by two drafts. Indeed, the amount of Rs. 98,000 was credited in the account books of the assessee for the previous year. `M’ appeared before the Commissioner (Appeals) and his statement was recorded
If there is cash credit, creditworthiness of the creditor, genuineness of the entry, identity of the creditor, the source of money, etc. is required to be considered under section 68 of Income-tax Act.
Unlock the Calcutta High Court’s perspective on Section 68 and Bogus Capital Gains from Penny Stocks in the case of CIT Vs. M/s. Alpine Investments. Dive into the court’s thorough examination of the matter, emphasizing the significance of documented evidence such as contract notes and bills in supporting share transactions. Despite initial suspicions, the Tribunal dismissed the appeal (ITA No.620 of 2008), asserting that transactions backed by strong documentary evidence cannot be dismissed on mere suspicion. Explore the detailed order/judgment to understand the court’s reasoning, background of the case, the search and seizure operation, and subsequent assessment proceedings. Gain valuable insights into how the court weighed conflicting statements, including the deposition of Mr. Kamlesh A. Rupani, and upheld the authenticity of share transactions. Stay informed about the court’s dismissal of any substantial question of law in this matter.
CIT vs. Divine Leasing & Finance (SC) – The amount of share application money received by a Company from alleged bogus shareholders cannot be regarded as undisclosed income under S. 68 of I. T. Act for the simple reason that if the names of the alleged bogus shareholders are given to the AO, then the Department is free to proceed to re-open their individual assessments in accordance with law.
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