Section 69A

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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Deposit in bank not explained satisfactorily is unexplained credit U/s. 69A

Shri Parbat M. Chamriya Vs Income Tax Officer (ITAT Mumbai) - The assessee has failed to bring on record any evidence to establish his claims that the deposits in the ICICI Bank, saving bank account at Khar (W), Mumbai was out of receipts connected with his business transactions...

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S.69A: No addition where no money/bullion found in possession

ITO Vs Shri Parvez Mohammed Hussain Ghaswala (ITAT Mumbai) - For invoking provisions of section 69A assessee should be the owner of any money, bullion, jewellery or any other valuable articles. In this case of assessee he was not found to be the owner of any money, bullion, jewellery or any other valuable articles....

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Sec.69A–Deeming provision cannot be initiated based on suspicion

CIT Vs Shri Jawahar Lal Oswal & others (Punjab & Haryana High Court) - Suspicion and doubt may be the starting point of an investigation but cannot, at the final stage of assessment, take the place of relevant facts, particularly where a deeming provision is sought to be invoked....

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If assessee merely acted as a conduit without any right in money, no addition can be made u/s 69A

M/s Bhagwati Motors Vs ITO (ITAT Chandigarh) - In the case of M/s Bhagwati Motors Vs. ITO Chandigarh bench of ITAT have held that Assessee merely acted as a conduit without any right in money, therefore, no addition under section 69A of the Act could be made against the assessee....

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Recent Posts in "Section 69A"

Deposit in bank not explained satisfactorily is unexplained credit U/s. 69A

Shri Parbat M. Chamriya Vs Income Tax Officer (ITAT Mumbai)

The assessee has failed to bring on record any evidence to establish his claims that the deposits in the ICICI Bank, saving bank account at Khar (W), Mumbai was out of receipts connected with his business transactions...

Read More

S.69A: No addition where no money/bullion found in possession

ITO Vs Shri Parvez Mohammed Hussain Ghaswala (ITAT Mumbai)

For invoking provisions of section 69A assessee should be the owner of any money, bullion, jewellery or any other valuable articles. In this case of assessee he was not found to be the owner of any money, bullion, jewellery or any other valuable articles....

Read More

No Set off of losses against deemed undisclosed income

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....

Read More
Posted Under: Income Tax |

Sec.69A–Deeming provision cannot be initiated based on suspicion

CIT Vs Shri Jawahar Lal Oswal & others (Punjab & Haryana High Court)

Suspicion and doubt may be the starting point of an investigation but cannot, at the final stage of assessment, take the place of relevant facts, particularly where a deeming provision is sought to be invoked....

Read More

If assessee merely acted as a conduit without any right in money, no addition can be made u/s 69A

M/s Bhagwati Motors Vs ITO (ITAT Chandigarh)

In the case of M/s Bhagwati Motors Vs. ITO Chandigarh bench of ITAT have held that Assessee merely acted as a conduit without any right in money, therefore, no addition under section 69A of the Act could be made against the assessee....

Read More

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