Section 69

Budget 2018 Rationalises provisions of section 115BBE

Income Tax - Sub-section (2) of said section provides that no deduction in respect of any expenditure or allowance or set-off of any loss shall be allowed to the assessee under any provision of the Act in computing his income referred to in clause (a) of sub-section (1)....

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No Set off of losses against deemed undisclosed income

Income Tax - In order to avoid unnecessary litigation, it is proposed to amend the provisions of the sub-section (2) of section 11 5BBE to expressly provide that no set off of any loss shall be allowable in respect of income under the sections 68 or section 69 or section 69A or section 69B or section 69C or section 69D....

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Addition U/s. 69 cannot be made for investment out of Salary Received in Cash

Sri Sudipta Ghosh Vs DCIT (ITAT Kolkata) - As assessee received salary in cash, his claim that investments were made from such salary could not be brushed aside and keeping in view the overall facts and capacity of the assessee, addition under section 69 was deleted....

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No addition U/s. 69 if Source of Funds was referable to Monies Pooled from Customers in the Form of Advances and Sales in Business

Smt. Dyapa Rajini Vs Income Tax Officer (ITAT Hyderabad) - The assessee is engaged in the business of purchase and sale of matching material for women clothing and she was also running a tailoring centre. For the year under consideration she declared total income of Rs. 1,33,900/- and net agricultural income of Rs. 52,450/-....

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Entire purchases cannot be treated as bogus for mere non-production of dealers

Shalimar Wire Agency Vs Dy. CIT (ITAT Mumbai) - Simply because the assessee could not produce the dealers, the entire purchases could not be treated as bogus purchases as AO could have made further investigations to ascertain the genuineness of the transactions. ...

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ITAT deletes addition made based on transactions wrongly reported in AIR

JCIT Vs Durga Charitable Society & Vice-Versa (ITAT Delhi) - There is a mistake of getting the information through AIR which was collected by the appellant’s AR from bank. The transaction reported in the AIR was wrongly reported by the department. The AO should inform DGIT(System) to verify such information from the department server and correct it in futur...

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Addition deleted as money deposited in the bank account was received from son

ITO Vs. Hukum Singh Rao (ITAT Jodhpur) - It was explained by the appellant that the money deposited in the bank account represented cash received from elder son, who was tax payer and the withdrawals in the bank account had a a chronologically progressive linkage of events....

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Section 69’s Popular Posts

Recent Posts in "Section 69"

Addition U/s. 69 cannot be made for investment out of Salary Received in Cash

Sri Sudipta Ghosh Vs DCIT (ITAT Kolkata)

As assessee received salary in cash, his claim that investments were made from such salary could not be brushed aside and keeping in view the overall facts and capacity of the assessee, addition under section 69 was deleted....

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No addition U/s. 69 if Source of Funds was referable to Monies Pooled from Customers in the Form of Advances and Sales in Business

Smt. Dyapa Rajini Vs Income Tax Officer (ITAT Hyderabad)

The assessee is engaged in the business of purchase and sale of matching material for women clothing and she was also running a tailoring centre. For the year under consideration she declared total income of Rs. 1,33,900/- and net agricultural income of Rs. 52,450/-....

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Entire purchases cannot be treated as bogus for mere non-production of dealers

Shalimar Wire Agency Vs Dy. CIT (ITAT Mumbai)

Simply because the assessee could not produce the dealers, the entire purchases could not be treated as bogus purchases as AO could have made further investigations to ascertain the genuineness of the transactions. ...

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ITAT deletes addition made based on transactions wrongly reported in AIR

JCIT Vs Durga Charitable Society & Vice-Versa (ITAT Delhi)

There is a mistake of getting the information through AIR which was collected by the appellant’s AR from bank. The transaction reported in the AIR was wrongly reported by the department. The AO should inform DGIT(System) to verify such information from the department server and correct it in future. ...

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Addition deleted as money deposited in the bank account was received from son

ITO Vs. Hukum Singh Rao (ITAT Jodhpur)

It was explained by the appellant that the money deposited in the bank account represented cash received from elder son, who was tax payer and the withdrawals in the bank account had a a chronologically progressive linkage of events....

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Addition U/s. 69 justified if assessee cannot furnish any explanation regarding source of receipt of money

K.L. Prasada Rao Vs. ITO (ITAT Visakhapatnam)

Where assessee could not furnish any explanation regarding source of receipt of money, except saying that it was loan borrowed from parties, the addition made by the AO under section 69 was justified....

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Addition cannot be made on the basis of unsigned impounded dumb document

Devaram C. Bhavani Vs. ITO (ITAT Mumbai)

Devaram C. Bhavani Vs. ITO (ITAT Mumbai) We have given a thoughtful consideration to the notings in the impounded document, viz. Annexure A-2– Page 37 & Page 105 and are unable to persuade ourselves to be in agreement with the view taken by the lower authorities. We find that as against the working of the amount […]...

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Addition U/s. 69 for Jewellery duly reflected in Books with evidenced source not sustainable

Smt. Kusum Bhura Vs. I.T.O. (ITAT Kolkata)

The Kolkata bench of Income Tax Appellate Tribunal, in its recent order said that Investment in Jewellery cannot be treated as Unexplained when it is reflected in the books & the source of Fund is evidenced through Bank A/c. ...

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Budget 2018 Rationalises provisions of section 115BBE

Sub-section (2) of said section provides that no deduction in respect of any expenditure or allowance or set-off of any loss shall be allowed to the assessee under any provision of the Act in computing his income referred to in clause (a) of sub-section (1)....

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AO justified in making addition for unexplained amount deposited in bank

George Alexander Vs The Assistant Commissioner of Income-tax (ITAT Cochin)

George Alexander Vs ACIT (ITAT Cochin)  The Assessing Officer in para 6 of the assessment order had catalogued the unexplained deposits in various bank accounts. While working out the unexplained deposits in the bank accounts of the assessee, the Assessing Officer had given due credit to the income declared by the assessee in the return...

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