Income Tax : Learn about unexplained cash credits under Section 68, tax implications, key legal cases, and compliance requirements to avoid pen...
Income Tax : Understand the applicability of Section 68 (cash credit) and Section 69 (unexplained investments) under the Income Tax Act with re...
Income Tax : The Sections by which the assessees are suffering too much due to high pitched assessments passed by NFAC are from 68 to 69D and 1...
Income Tax : Recent Chennai ITAT decisions address unexplained income, underreporting, and penalties under Sections 69A, 68, 270A, and 271. Key...
Income Tax : Learn about penalty provisions under the IT Act, including penalties for defaults in tax payment, income reporting, and more. Key ...
Income Tax : ITAT Bangalore reverses addition of ₹12 lakh under Section 68, accepting sales as the source of cash deposits made during demone...
Income Tax : ITAT Raipur held that penalty under section 271(1)(c) of the Income Tax Act justifiable since no plausible explanation provided fo...
Income Tax : ITAT Delhi held that when the sale consideration as per conveyance deed and circle rates are different, matter must be referred to...
Income Tax : ITAT Jaipur held that addition of the amount already recorded as cash sales cannot be treated as unexplained cash deposits under s...
Income Tax : ITAT Ahmedabad held that addition, treating share application money as unexplained income, based on surmises and conjectures witho...
Income Tax : Assessing Officers should follow the sequence as noted below for applying provisions of section 68 of the Act: Step 1: Whether the...
Mahendra Kumar Agarwal Vs ACIT (ITAT Hyderabad) It is an admitted factual position that this assessee is assessed and lives in Hyderabad whereas all the corresponding loan creditors parties are from Kolkata only. And that too, there is not even a single loan agreement between the assessee and the said parties, reflecting the terms of […]
Ld. FAA was correct in following the ratio laid by Hon’ble Calcutta High Court in Jatia Investment Co. Ltd. V. CIT(1994) 206 ITR 718 (Cal), that fictitious entry not backed up by funds may not be taxable as Cash Credit.
DCIT Vs Rashmi Float Glass Ltd. (ITAT Kolkata) We find that the only addition made is of share application received u/s 68 of the Act and addition of commission paid allegedly for the share application money and finally a disallowance u/s 14A of the Act. No incriminating material has been found during the course of […]
Appeal by Anantpur Kalpana against CIT(A) order on demonetized notes. Cash deposits treated as unexplained credits. Learn about double taxation issues
DCIT Vs Rakesh Kumar Agrawal (ITAT Indore) The appellant also agitated the making of the addition on the legal ground that since as per the AO’s own version, during the course of the assessment proceedings, the appellant had not produced any books of account and therefore, the question of finding any credit entry as regard […]
Rishipal Investments and Finance (P) Ltd. Vs ITO (ITAT Delhi) We find, the AO, in the instant case, reopened the assessment on the basis of the report of the Investigation Wing that the assessee has received accommodation entry of Rs.23,50,000/- from four companies, the details of which are given in the reasons recorded. We find, […]
ACIT Vs Sreeleathers (ITAT Kolkata) Firstly the survey statement has been recorded by DDIT(Inv) in some third party case and not that of assessee. Secondly the deponent has been administered oath before his statement was recorded, which is not in accordance to Section 133A of the Act and the Hon’ble Supreme Court in Khader Khan […]
Section 68 is only applicable and can only be invoked when assesse is maintaining books of account and there is any sum which is found credited in the books of an assesse maintained for any previous year and assesse offers no explanation with regard to such cash credits or explanation offered by assesse was not satisfactory, then assesse will be held guilty under this section and thereby as a result, provisions of this section will trigger.
PCIT Vs Vikas Telecom Ltd (Delhi High Court) In this case the learned Assessing Officer while farming the assessment order has not referred to any seized documents belonging to the assessee found during the course of search proceedings. In the remand proceedings the learned Assessing Officer has also submitted that no any incriminating materials have […]
Explore the ITAT Delhi’s decision on Anandtex Int. P. Ltd’s case against addition under section 68 of the Income Tax Act. Learn about the challenges related to share application money and share premium.
