Section 69B

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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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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All About 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...

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Section 69B cannot be invoked on mere assumption that there was understatement of investment

Dy. CIT Vs Riar Builders (P) Ltd. (ITAT Amritsar) - Section 69B cannot be invoked on the assumption that there was understatement of the investment, without a finding that the assessee invested more than what was recorded in the books of account....

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Mere valuation report not sufficient to conclude unexplained investment by Assessee

ACIT Vs Shri Jayantilal T. Jariwala (ITAT Ahmedabad) - ACIT Vs. Shri Jayantilal T. Jariwala (ITAT Ahmedabad)- In thie Case Assessing Officer found that assessee had constructed a residential house, B-3, Mamta Flats, Surat and plot No.158/21 GIDC, Pandesara, Surat. The AO was not satisfied with the cost of construction shown...

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Addition u/s 69B merely on the basis of DVO report not sustainable

R.S. Bedi Vs ACIT (Delhi High Court) - Delhi High Court held In the case of R.S. Bedi vs. ACIT that no addition u/s 69B is maintainable on the sole basis of DVO report. In the given case, although AO found some document during the search, but the same was not the basis for addition as also noted by ITAT....

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AO can reply upon valuation of DVO only after proving understatement in price consideration as per sale deed

CIT Vs Raj Kumar Jain (Delhi High Court) - Tribunal examined two main issues in this case firstly, whether any addition is required to be made in the hands of assessee on account of unexplained investment in purchase of house property. Secondly, whether assessees have paid any amount over and above the consideration shown in the sale deed ...

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Only net profit on unaccounted sales can be taken as income if Purchase in duly accounted

CIT Vs Shri Hariram Bhambhani (Bombay High Court) - Entire sales which are unaccounted cannot be undisclosed income of the assessee, particularly as the purchase had been accounted for. It was held that only net profit which would arise on such unaccounted sales can rightly be taken as the amount which could b...

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Recent Posts in "Section 69B"

Section 69B cannot be invoked on mere assumption that there was understatement of investment

Dy. CIT Vs Riar Builders (P) Ltd. (ITAT Amritsar)

Section 69B cannot be invoked on the assumption that there was understatement of the investment, without a finding that the assessee invested more than what was recorded in the books of account....

Read More

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

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...

Read More
Posted Under: Income Tax | ,

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 |

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 |

Mere valuation report not sufficient to conclude unexplained investment by Assessee

ACIT Vs Shri Jayantilal T. Jariwala (ITAT Ahmedabad)

ACIT Vs. Shri Jayantilal T. Jariwala (ITAT Ahmedabad)- In thie Case Assessing Officer found that assessee had constructed a residential house, B-3, Mamta Flats, Surat and plot No.158/21 GIDC, Pandesara, Surat. The AO was not satisfied with the cost of construction shown...

Read More

Addition u/s 69B merely on the basis of DVO report not sustainable

R.S. Bedi Vs ACIT (Delhi High Court)

Delhi High Court held In the case of R.S. Bedi vs. ACIT that no addition u/s 69B is maintainable on the sole basis of DVO report. In the given case, although AO found some document during the search, but the same was not the basis for addition as also noted by ITAT....

Read More

AO can reply upon valuation of DVO only after proving understatement in price consideration as per sale deed

CIT Vs Raj Kumar Jain (Delhi High Court)

Tribunal examined two main issues in this case firstly, whether any addition is required to be made in the hands of assessee on account of unexplained investment in purchase of house property. Secondly, whether assessees have paid any amount over and above the consideration shown in the sale deed ...

Read More

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

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
Posted Under: Income Tax | ,

Only net profit on unaccounted sales can be taken as income if Purchase in duly accounted

CIT Vs Shri Hariram Bhambhani (Bombay High Court)

Entire sales which are unaccounted cannot be undisclosed income of the assessee, particularly as the purchase had been accounted for. It was held that only net profit which would arise on such unaccounted sales can rightly be taken as the amount which could be added to the Respondent ­Assessee's ...

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AO not authorized to make any estimate U/s. 142(2A) of Income tax Act, 1961

CIT Vs Rachna Agarwal (Delhi High Court)

In the present case, there was no basis for the AO to determine that the true value of the property was Rs. 1.25 crores, by adopting the return on capital method. The AO was under a duty first to ascertain what was according to him the true cost of the property....

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