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, 69, 69A, 69B, 69C and 69D respectively of Income Tax Act, 1961....

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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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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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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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Recent Posts in "Section 69B"

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, 69, 69A, 69B, 69C and 69D respectively of Income Tax Act, 1961....

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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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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...

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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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Additions for undisclosed investment could without doubting the genuineness of documents produced not justified

Commissioner of Income Tax Vs M B Patel (Gujarat High Court at Ahmedabad)

Assessee in his return submission dated 6.11.2009 had explained that the purchase of 2 JCB machines were made from Yantraman Automac Pvt.Ltd., Baroda and both these purchases were on hypothecation with Centurion Bank of Punjab. ...

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Addition U/s. 69B based on mere DVO report without any Supporting evidence is invalid

CIT Vs Sadhna Gupta (Delhi High Court)

The law seems to be well settled that unless and until there is some other evidence to indicate that extra consideration had flowed in the transaction of purchase of property, the report of the DVO cannot form the basis of any addition on the part of the revenue. In the present case there is no evidence other than the report of the DVO an...

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Entire unaccounted sales cannot be undisclosed income of assessee if Purchase is duly accounted

Shri Hariram Bhambhani Vs. ACIT (ITAT Mumbai)

We have considered submissions of ld representatives of parties and orders of authorities below. We agree that ld CIT(A) is justified to hold that the entire sales which are unaccounted cannot be the undisclosed income of the assessee. It is a fact that department has not disputed that there is unaccounted purchases. Therefore, all the pu...

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