Income Tax : Explore recent Supreme Court rulings (2023) on income tax issues. Highlights of key cases, analysis, and implications....
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...
Income Tax : Discover simplified taxation scheme under Section 44AD of Income Tax Act. Learn eligibility criteria, exemptions, and key insights...
Income Tax : Unlock the intricacies of Section 68 of the Income Tax Act, unraveling the nuances of unexplained cash credits. Delve into its ame...
Income Tax : Dhanpat Raj Khatri Vs ITO (ITAT Jodhpur) If the explanation based on accounts supported by affidavit is not controverted, no addit...
Income Tax : Gujarat High Court quashes Income Tax reassessment notice against Deepak Natvarlal Pankhiyani HUF, citing lack of fresh evidence s...
Income Tax : Explore the full text of the ITAT Ahmedabad order where Neo Structo Construction Pvt. Ltd. successfully challenges a ₹3 Cr addit...
Income Tax : Read the full text of the ITAT Kolkata order in Keshav Shroff Vs ITO (AY 2016-17). Analysis shows why mere suspicion isn't enough ...
Income Tax : Read ITAT Kolkata's full text order on Sachdev Steel Pvt. Ltd. Vs ITO. Learn why old loans converted into share allotment were dee...
Income Tax : Assessing Officers should follow the sequence as noted below for applying provisions of section 68 of the Act: Step 1: Whether the...
Merely because the some Directors did not appear in the case of assessee would not be a ground to have an adverse inference against the assessee, therefore, there was no justification to sustain the addition of Rs.45 lakhs under section 68 and addition of Rs.90,000/- under section 69C.
Tapasi Singh Vs ITO (ITAT Kolkata) It is observed that all the four donors who had given the gifts in question to the assessee during the year under consideration were engaged in the business and in the returns of income filed regularly for the year under consideration, the business income earned by them was duly […]
Renu Proptech Pvt Ltd. Vs ACIT (ITAT Delhi) Considering the plethora of documentary evidences, we find that not only the assessee has established the source of the creditor, but it has also furnished documentary evidences to show the’ source of source’. We find that the AO, while making addition, has made general observations relating to […]
ITO Vs Zexus Air Services Pvt. Ltd. (ITAT Delhi) It is an undisputed fact that there is no actual receipt of any cash by the assessee company in the instant case towards issue of share capital and such shares were issued in lieu of goodwill. In the instant case, the assessee has debited goodwill account […]
Explore the implications of Section 68 of the Act regarding cash credits and the treatment of creditors as not genuine in our draft submission.
Shree Samruddhi Overseas Trading Co. Vs DCIT (ITAT Ahmedabad) It is submitted on behalf of the assessee that the assessee had taken a temporary loan of Rs.8 Lakhs and Rs.2 Lakhs aggregating Rs.10,00,000/- in the month of June 2012 from Shri Rakesh Vallabhbhai Swadia. The loan so obtained was also repaid in the month of […]
Sh. Mukesh Mittal Vs ITO (ITAT Delhi) The assessment order clearly shows that the AO has merely reproduced the modus operandi of the entry providers who booked bogus long term capital gains through penny stock companies. The show cause notice dated 2.12.2016 issued by the AO during the assessment proceedings and the findings of the […]
Tapas Kumar Mallick Vs ACIT (ITAT Delhi) A perusal of the assessment order clearly shows that the Assessing Officer was carried away by the report of the Investigation Wing and the exparte Ad-Interim order of the SEBI. It can be seen that the entire assessment order has been framed by the Assessing Officer without conducting […]
Sahakar Global Ltd. Vs DCIT (ITAT Mumbai) Issue- Addition of Rs. 3,50,00,000/- as unexplained cash credit u/s. 68 in respect of amount received during the year as share capital and premium from M/s. Vanguard Jewels Ltd, Ansh Merchandise Pvt Ltd., Alka Diamond Industries Ltd & Talent Infoway Pvt Ltd. Held: Additions have primarily been made […]
In my considered opinion, once the total turnover of the assessee is much more than the total cash deposit in the bank account (in this case sales is 227% of the cash deposit), no addition is called for on account of unexplained cash deposit in the bank account. The explanation of the assessee appears to be reasonable. Under these circumstances, I hold that the ld.CIT(A) is not justified in sustaining the addition of Rs. 3,67,000/-. I, therefore, set aside the order of the CIT(A) and direct the AO to delete the addition.
