Income Tax : This guide explains when penalties can be imposed under various provisions of the Income-tax Act, 1961. It also outlines the appli...
Income Tax : This guide explains how unexplained cash credits under Section 68 and related provisions can attract steep taxation under Section ...
Income Tax : The Tribunal held that cash deposits during demonetisation cannot be treated as unexplained when backed by audited books, invoices...
Income Tax : ITAT Bangalore held that profit cannot be estimated arbitrarily when regular books of account are maintained and not rejected unde...
Income Tax : A large spousal gift exemption was denied due to failure in proving genuineness, creditworthiness, and source of funds. The ruling...
Income Tax : ITAT Kolkata deleted the Section 68 addition, holding that share application money already assessed in subscribers' hands cannot b...
Income Tax : Calcutta HC dismissed the Revenue's appeal after the remand report confirmed the disputed receipt was sale proceeds of investments...
Income Tax : ITAT Delhi held Section 68 cannot apply to sale proceeds of disclosed investments already recorded in books. Revenue's appeals wer...
Income Tax : ITAT Delhi held Section 68 inapplicable where shares were disclosed in an earlier year and sale proceeds were already offered as i...
Income Tax : ITAT Agra held Section 44AD could not apply where turnover exceeded the limit, adopted past profit history, allowed telescoping an...
Income Tax : CBDT has instructed tax officers to uniformly apply Sections 68 to 69D and Section 115BBE after a C&AG audit found inconsistencies...
Income Tax : Assessing Officers should follow the sequence as noted below for applying provisions of section 68 of the Act: Step 1: Whether the...
Sunshine Metals & Alloys Vs ITO (ITAT Mumbai) Section 68 Bogus share capital- Assessee has furnished the Name, Address, PAN no and Share Application Form to prove that the shares were allotted to the applicants. The assessee has also furnished its bank statement to show that the money was received through banking channels and there […]
Whether Additions u/s 68 merely on the ground that the assessee could not produce the directors of the share subscribing companies is sustainable.
The provisions of section 68 cannot be applied to sundry creditors and the assessee cannot be applied to sundry creditors and the assessee cannot be asked to prove the 3 ingredients of cash credits in respect of sundry creditors.
The assessee is a company and is in the business of investment. An addition of unexplained cash credit u/s 68 of the Act, were made by the Assessing Officer on the ground that the assessee failed to explain the sources of funds for the share capital received by it at a premium. On appeal the ld.
Since no assessment was pending on the date of search and addition had been made on basis of post-search enquiries and statements recorded under section 132(4) on various persons, therefore, AO had no power to assume jurisdiction under provisions of section 153A as no incriminating material was found.
Failure by the AO to offer cross-examination of the persons whose statements are relied upon means that no adverse inference can be drawn against the assessee.
CIT Vs M/S. JRD Stock Brokers Pvt. Ltd (Delhi High Court) The peak credit worked out by the Assessee was on the basis that the principle of peak credit would apply, notwithstanding the failure of the Assessee to explain each of the sources of the deposits and the corresponding destination of the payment without squaring […]
M/s.V.R.Global Energy Pvt. Ltd. Vs ITO (Madras High Court) When there was no cash involved in the transaction of allotment of shares, provisions of Section 68 of the said Act treating it as unexplained cash credit are not attracted. Learned counsel for the appellant assessee emphatically argued that inasmuch as the source of credit in […]
The issue under consideration is whether the addition made by AO u/s 68 of Income tax Act, 1961 is justified in law?
Ms. Nikunj Malik Vs ITO (ITAT Delhi) It is well settled law that contents of the registered document cannot be disputed through oral evidence. On the face of the registered sale deed, it is established that assessee made an investment in cash in purchase of property for a sum of Rs.42 lakhs and other amount […]
