Section 69A

Section 68: Provisions related to Cash Credits /Undisclosed Income

Income Tax - Section 68 incorporates only a rule of evidence, placing the onus of proof on the assessee. There have been hardly any amendments in this section since its introduction....

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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. 69A can only be made when assessee found to be in possession of money bullion jewellery, etc., not recorded in his books of account

Dy. Commissioner of Income Tax Vs M/s. Karthik Construction Co. (ITAT Mumbai) - DCIT Vs M/s. Karthik Construction Co. (ITAT Mumbai) As could be seen, the Assessing Officer raised suspicion on the loan repayment by doubting the genuineness of the unsecured loan availed by the assessee against which such loan repayment was made. However, as per the facts on record, unsecured loan...

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Addition U/s. 69A not sustainable if based on mere loose sheet found in third person premises

Riveria Properties (P) Ltd. Vs. ITO (ITAT Mumbai) - These are appeals filed by the assessee directed against the order of Commissioner (Appeals)-13, Mumbai and order of the Commissioner (Appeals)-14, Mumbai dated 28-1-2016 for the assessment year 2006-07. Since facts are identical and issues are common, these appeals were heard together and are dispo...

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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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Recent Posts in "Section 69A"

Addition U/s. 69A can only be made when assessee found to be in possession of money bullion jewellery, etc., not recorded in his books of account

Dy. Commissioner of Income Tax Vs M/s. Karthik Construction Co. (ITAT Mumbai)

DCIT Vs M/s. Karthik Construction Co. (ITAT Mumbai) As could be seen, the Assessing Officer raised suspicion on the loan repayment by doubting the genuineness of the unsecured loan availed by the assessee against which such loan repayment was made. However, as per the facts on record, unsecured loans which were repaid by the assessee [&he...

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Section 68: Provisions related to Cash Credits /Undisclosed Income

Section 68 incorporates only a rule of evidence, placing the onus of proof on the assessee. There have been hardly any amendments in this section since its introduction....

Read More
Posted Under: Income Tax |

Addition U/s. 69A not sustainable if based on mere loose sheet found in third person premises

Riveria Properties (P) Ltd. Vs. ITO (ITAT Mumbai)

These are appeals filed by the assessee directed against the order of Commissioner (Appeals)-13, Mumbai and order of the Commissioner (Appeals)-14, Mumbai dated 28-1-2016 for the assessment year 2006-07. Since facts are identical and issues are common, these appeals were heard together and are disposed of by this common order, for the sak...

Read More

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)....

Read More
Posted Under: Income Tax |

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....

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