Section 69A

Tax Treatment of cash credit

Income Tax - As per section 68 of the Income Tax Act, any sum found credited in the books of a taxpayer, for which he does not explain the nature and source or the explanation provided by him is not satisfactory by the Assessing Officer is termed as ‘Cash Credit‘. Other provisions to be kept in mind with […]...

Read More

Case Law on Section 110 of Indian Evidence Act 1872 Read with Section 69A of Income Tax Act 1961

Income Tax - CHUHARMAL V. CIT, 2 May, 1988 1988 AIR 1384, 1988 SCR (3) 788 and 172 ITR 250 Section 110 of the Evidence Act provides that where a person was found in possession of anything the onus of proving that he was not the owner was on the person who affirms that he was not the […]...

Read More

Cash Deposit Out of Cash Sales treated as Undisclosed Income Under Section 68 & 69A

Income Tax - Cash Deposit Out of Cash Sales treated as Undisclosed Income Under Section 68 & 69A of Income Tax Act, 1961 On the night of 8th November 2016 the honorable Prime Minister of India announced that Rs. 500.00 and Rs. 1000.00 notes will no longer be legal tender. No fresh transaction could be done using these […]...

Read More

Implications of deposit of Specified Bank Notes vis-à-vis Section 69A

Income Tax - Legal implications of deposit of Specified Bank Notes (SBNs) vis-à-vis Section 69A of the Income-tax Act, 1961 It has been considerable time since the demonetization of the earlier bank notes of denomination Rs.1,000/- and Rs.5,000/-, also referred to as the Specified Bank Notes (SBNs) was implemented by the Central Government by notific...

Read More

Section 68, 69, 69A, 69B and 69C of Income Tax Act, 1961

Income Tax - Comparison between section 68, section 69, section 69A, section 69B and section 69C: -So far as section 68 is concerned, the onus is wholly upon the Assessee to explain the source of the entry. But in cases falling under section 69, 69A, 69B and 69C, the words used show that before any of these sections are invoked, the condition preceden...

Read More
Sorry No Post Found

AO cannot tax Cash deposit of less than Rs. 2.5 Lakh during demonetization by housewife

Smt. Uma Agrawal Vs ITO (ITAT Agra) - The instructions of the Board, which are statutory and binding on the revenue, assessing officer has no mandate to tax the cash deposit made in the bank account by the housewife if the amount is less than 2.5 lakh, during the Demonetization Scheme of 2016...

Read More

No section 69A Unexplained Money addition for mere disclosure of Receipt in two different Accounts

ACIT Vs Yashovardhan Tyagi (ITAT Delhi) - ACIT Vs Yashovardhan Tyagi (ITAT Delhi) he issue in the present ground is with respect to the addition of Rs.20,00,000/- made u/s 69A of the Act. AO made the addition u/s 69A of the Act and treated the amount of Rs.20,00,000/- from M/s. Eagle Home Entertainments Pvt. Ltd. to be as not recorded in th...

Read More

Section 115BBE not attracted to Income voluntarily surrendered during Search & survey

Bajaj Sons Ltd. Vs DCIT (ITAT Chandigarh) - Bajaj Sons Ltd. Vs DCIT (ITAT Chandigarh) We find that a separate surrender of Rs. 97.11 lacs has been made by Shri SB Bajaj Director of the assessee company on account of unexplained cash found during the search action. However, so far as the surrender of Rs. 15 lac to cover any discrepancy is conc...

Read More

Addition justified for unexplained deposit into bank account

Karan Sharma Vs ITO (ITAT Bangalore) - Karan Sharma Vs ITO (ITAT Bangalore) The assessee has explained that Rs.92,54,462 is out of previous withdrawals and sale of garments and pleaded that it is to be excluded from the taxation. The assessee has not furnished any evidence to establish the nexus between the earlier withdrawals and deposi...

Read More

No addition for mere Entry in Diary without any corroborative evidence

Smt. Harmohinder Kaur v. DCIT (ITAT Amritsar) - Smt. Harmohinder Kaur Vs. DCIT (ITAT Amritsar) The Apex Court in the cases of Central Bureau of Investigation vs. V.C. Shukla (supra) and Common Cause (A registered Society and Ors Vs. Union of India & Ors.(supra) analyzed the position of law with regard to the loose sheets/diary in which some n...

Read More
Sorry No Post Found

Recent Posts in "Section 69A"

Tax Treatment of cash credit

As per section 68 of the Income Tax Act, any sum found credited in the books of a taxpayer, for which he does not explain the nature and source or the explanation provided by him is not satisfactory by the Assessing Officer is termed as ‘Cash Credit‘. Other provisions to be kept in mind with […]...

Read More
Posted Under: Income Tax |

AO cannot tax Cash deposit of less than Rs. 2.5 Lakh during demonetization by housewife

Smt. Uma Agrawal Vs ITO (ITAT Agra)

The instructions of the Board, which are statutory and binding on the revenue, assessing officer has no mandate to tax the cash deposit made in the bank account by the housewife if the amount is less than 2.5 lakh, during the Demonetization Scheme of 2016...

Read More

Case Law on Section 110 of Indian Evidence Act 1872 Read with Section 69A of Income Tax Act 1961

CHUHARMAL V. CIT, 2 May, 1988 1988 AIR 1384, 1988 SCR (3) 788 and 172 ITR 250 Section 110 of the Evidence Act provides that where a person was found in possession of anything the onus of proving that he was not the owner was on the person who affirms that he was not the […]...

Read More
Posted Under: Income Tax |

No section 69A Unexplained Money addition for mere disclosure of Receipt in two different Accounts

ACIT Vs Yashovardhan Tyagi (ITAT Delhi)

ACIT Vs Yashovardhan Tyagi (ITAT Delhi) he issue in the present ground is with respect to the addition of Rs.20,00,000/- made u/s 69A of the Act. AO made the addition u/s 69A of the Act and treated the amount of Rs.20,00,000/- from M/s. Eagle Home Entertainments Pvt. Ltd. to be as not recorded in the […]...

Read More

Section 115BBE not attracted to Income voluntarily surrendered during Search & survey

Bajaj Sons Ltd. Vs DCIT (ITAT Chandigarh)

Bajaj Sons Ltd. Vs DCIT (ITAT Chandigarh) We find that a separate surrender of Rs. 97.11 lacs has been made by Shri SB Bajaj Director of the assessee company on account of unexplained cash found during the search action. However, so far as the surrender of Rs. 15 lac to cover any discrepancy is concerned, […]...

Read More

Cash Deposit Out of Cash Sales treated as Undisclosed Income Under Section 68 & 69A

Cash Deposit Out of Cash Sales treated as Undisclosed Income Under Section 68 & 69A of Income Tax Act, 1961 On the night of 8th November 2016 the honorable Prime Minister of India announced that Rs. 500.00 and Rs. 1000.00 notes will no longer be legal tender. No fresh transaction could be done using these […]...

Read More
Posted Under: Income Tax |

Addition justified for unexplained deposit into bank account

Karan Sharma Vs ITO (ITAT Bangalore)

Karan Sharma Vs ITO (ITAT Bangalore) The assessee has explained that Rs.92,54,462 is out of previous withdrawals and sale of garments and pleaded that it is to be excluded from the taxation. The assessee has not furnished any evidence to establish the nexus between the earlier withdrawals and deposits into various bank accounts. In such [...

Read More

Implications of deposit of Specified Bank Notes vis-à-vis Section 69A

Legal implications of deposit of Specified Bank Notes (SBNs) vis-à-vis Section 69A of the Income-tax Act, 1961 It has been considerable time since the demonetization of the earlier bank notes of denomination Rs.1,000/- and Rs.5,000/-, also referred to as the Specified Bank Notes (SBNs) was implemented by the Central Government by notific...

Read More
Posted Under: Income Tax |

No addition for mere Entry in Diary without any corroborative evidence

Smt. Harmohinder Kaur v. DCIT (ITAT Amritsar)

Smt. Harmohinder Kaur Vs. DCIT (ITAT Amritsar) The Apex Court in the cases of Central Bureau of Investigation vs. V.C. Shukla (supra) and Common Cause (A registered Society and Ors Vs. Union of India & Ors.(supra) analyzed the position of law with regard to the loose sheets/diary in which some noting has been made by […]...

Read More

ITAT confirms addition for cash deposited during demonetization

Leela Devi Vs ITO (ITAT Delhi)

Leela Devi Vs ITO (ITAT Delhi) It is not in dispute that assessee made cash deposit of Rs. 15 lakhs in her bank account during demonetization period. The assessment year under appeal is 2017-18 and the assessee deliberately filed the return of income belatedly on 25.03.2018. The assessee explained before AO the source of the […]...

Read More

Browse All Categories

CA, CS, CMA (5,743)
Company Law (7,731)
Custom Duty (8,780)
DGFT (4,645)
Excise Duty (4,544)
Fema / RBI (4,846)
Finance (5,228)
Income Tax (38,687)
SEBI (4,165)
Service Tax (3,801)

Search Posts by Date

October 2021
M T W T F S S
 123
45678910
11121314151617
18192021222324
25262728293031