Section 69B

Know in detail Section 68, 69, 69A, 69B, 69C & 69D of Income Tax Act, 1961

Income Tax - Introduction: The Income Tax Act of 1961 in India encompasses various sections, each addressing specific aspects of taxation and income assessment. In this comprehensive article, we delve into Sections 68, 69, 69A, 69B, 69C, and 69D, which deal with unexplained cash credits, unrecorded investments, unrecorded money, bullion, jewelry, unex...

Difference between section 68, 69, 69A, 69B, 69C and their Taxability

Income Tax - In India’s income tax law, Sections 68 to 69D play a vital role in maintaining transparency and accountability related to unexplained finances. These sections are crucial for detecting and penalizing suspicious or unexplained money transactions, investments, and expenditures. The goal is to curb tax evasion and maintain a healthy fi...

Section 115BBE needs Relook: Know Misuse, Consequences & Judicial Precedents

Income Tax - Explore the implications of taxation under section 115BBE, including misuse of sections 68 to 69D, consequences of high tax rates, and relevant judicial precedents....

Undisclosed Income and its Taxability – Section 68 to Section 69D

Income Tax - The article covers all the aspects of undisclosed Income and its taxability It will be specially helpful for Students revision : Section 115BBE : Tax Rate on undisclosed Income The Rate of tax on undisclosed Income covered by Sec 68 to Sec 69D is 60% plus 25% surcharge plus 4% EC Effective Tax rate is […]...

Tax Treatment of Cash Credit U/s. 68, 69, 69A, 69B, 69C and 69D

Income Tax - This Article discusses Tax Treatment of Cash Credit, Unexplained investments, Unexplained money, Amount of investments not fully disclosed in books of account, Unexplained expenditure and Amount borrowed or repaid on hundi in cash under section 68,Section 69, Section 69A, Section 69B, Section 69C and Section 69D respectively of Income Tax...

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Addition u/s 69B merely based on statement without corroborative evidence unsustainable

ARRS Megamall P. Ltd. Vs DCIT (ITAT Chennai) - ITAT Chennai held that addition towards unexplained investment u/s. 69B of the Income Tax Act unsustainable as based merely on the basis of statement of Director of the Vendor Company without any additional corroborative evidence....

Commission @2% of accommodation entries is as per prevailing market rate and hence sustainable

OPG Securities Pvt. Ltd. Vs DCIT (ITAT Delhi) - ITAT Delhi held that commission taxed @2% of the amount of accommodation entries provided by the assessee has not been made on ad hoc basis, however, the same is as per prevailing market rate. Accordingly, the addition is sustained....

Section 69B Requires Evidence, Not Conjectures: ITAT

Babusona Mondal Vs DCIT (ITAT Kolkata) - Read about Babusona Mondal's appeal against the AO's addition under Section 69B. ITAT Kolkata rules that additions can't be made based on conjectures without considering evidence....

Addition u/s 69A deleted as receipt of gifts in cash on various occasions is common in India

Jasmine Anand Vs ACIT (ITAT Delhi) - ITAT Delhi held that assessee belonging to upper higher strata of society receipt of gifts in the shape of cash “shaguns” on various occasions such as marriages, birthdays, anniversaries, birth of a child, auspicious festivals and other such occasions is common. Accordingly, addition towards une...

Gold Jewellery Quantity in Line with Possible Holdings: ITAT Deletes Addition

DCIT Vs Satish Praphulla Chandra (ITAT Bangalore) - In a recent case, ITAT Bangalore deleted a Section 69B addition concerning gold jewelry, as holdings were in line with declarations and purchases....

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Recent Posts in "Section 69B"

Addition u/s 69B merely based on statement without corroborative evidence unsustainable

ARRS Megamall P. Ltd. Vs DCIT (ITAT Chennai)

ITAT Chennai held that addition towards unexplained investment u/s. 69B of the Income Tax Act unsustainable as based merely on the basis of statement of Director of the Vendor Company without any additional corroborative evidence....

Commission @2% of accommodation entries is as per prevailing market rate and hence sustainable

OPG Securities Pvt. Ltd. Vs DCIT (ITAT Delhi)

ITAT Delhi held that commission taxed @2% of the amount of accommodation entries provided by the assessee has not been made on ad hoc basis, however, the same is as per prevailing market rate. Accordingly, the addition is sustained....

Section 69B Requires Evidence, Not Conjectures: ITAT

Babusona Mondal Vs DCIT (ITAT Kolkata)

Read about Babusona Mondal's appeal against the AO's addition under Section 69B. ITAT Kolkata rules that additions can't be made based on conjectures without considering evidence....

Addition u/s 69A deleted as receipt of gifts in cash on various occasions is common in India

Jasmine Anand Vs ACIT (ITAT Delhi)

ITAT Delhi held that assessee belonging to upper higher strata of society receipt of gifts in the shape of cash “shaguns” on various occasions such as marriages, birthdays, anniversaries, birth of a child, auspicious festivals and other such occasions is common. Accordingly, addition towards unexplained money u/s 69A deleted....

Know in detail Section 68, 69, 69A, 69B, 69C & 69D of Income Tax Act, 1961

Introduction: The Income Tax Act of 1961 in India encompasses various sections, each addressing specific aspects of taxation and income assessment. In this comprehensive article, we delve into Sections 68, 69, 69A, 69B, 69C, and 69D, which deal with unexplained cash credits, unrecorded investments, unrecorded money, bullion, jewelry, unex...

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Gold Jewellery Quantity in Line with Possible Holdings: ITAT Deletes Addition

DCIT Vs Satish Praphulla Chandra (ITAT Bangalore)

In a recent case, ITAT Bangalore deleted a Section 69B addition concerning gold jewelry, as holdings were in line with declarations and purchases....

Explained Gold Jewellery in Survey cannot be treated as Unexplained Investment

Fathima Jewellers Vs DCIT (ITAT Chennai)

ITAT Chennai's ruling in the case of Fathima Jewellers vs. DCIT clarifies that excess gold jewellery stock found during a survey isn't unexplained investment under IT Act....

ITAT Upholds Section 69B Addition as Appellant Fails to Attend despite 20 Notices

Rounak Farms Private Ltd Vs ACIT (ITAT Pune)

ITAT's decision on Rounak Farms Pvt. Ltd. vs. ACIT case where a section 69B addition was upheld due to the appellant's non-appearance despite 20 notices....

Invocation of revisionary power u/s 263 unsustainable as inquiry was duly conducted by AO

Tirath Dass Vs PCIT (ITAT Delhi)

ITAT Delhi held that invocation of revisionary power u/s. 263 of the Income Tax Act unsustainable as Assessing Officer duly carried out all the inquiry before passing assessment order u/s. 143(3) of the Income Tax Act....

ITAT Restores Unexplained Investment Addition Due to Assessee’s COVID-19 Data Challenges

Golden Traders Vs ITO (ITAT Delhi)

ITAT Delhi restores a case involving Golden Traders vs. ITO due to the assessee's failure to compile data during the COVID-19 pandemic, challenging an addition under Section 69B....

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