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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...
Read MoreIncome 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...
Read MoreIncome Tax - Background To begin with, the unexplained income simply means any income for which assessee do not have valid explanation about the nature and / or source or the assessing officer is not satisfied with the explanation provided by the assessee. Under the provisions of Income-tax Act, 1961 (the Act) broadly, the term ‘unexplained incomeâ€...
Read MoreIncome 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....
Read MoreIncome 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)....
Read MoreBajaj Sons Ltd. Vs DCIT (ITAT Chandigarh) - Bajaj Sons Ltd. Vs DCIT (ITAT Chandigarh) We find that a separate surrender of Rs. 97.11 lacs has been made by Shri SB Bajaj Director of the assessee company on account of unexplained cash found during the search action. However, so far as the surrender of Rs. 15 lac to cover any discrepancy is conc...
Read MoreYagnesh Dayabhai Vyas Vs ITO (ITAT Ahmedabad) - Yagnesh Dayabhai Vyas Vs ITO (ITAT Ahmedabad) Ld. A.R. cited a judgment of ITAT Delhi Bench in the matter of Smt. Sudha Loyalka vs. ITO where A.O. made addition to assessee’s income under section 69C in respect of amount payable to creditors towards purchases, in view of fact that said purchases w...
Read MoreAncon Chemplast P. Ltd. Vs ITO (ITAT Delhi) - Merely because the some Directors did not appear in the case of assessee would not be a ground to have an adverse inference against the assessee, therefore, there was no justification to sustain the addition of Rs.45 lakhs under section 68 and addition of Rs.90,000/- under section 69C....
Read MoreAtul Dinesh Seth Vs ITO (ITAT Bnagalore) - Atul Dinesh Seth Vs ITO (ITAT Bnagalore) The contention of the A.R. is that once the income of the assessee estimated by applying the section 44AF of the Act, there cannot be any further addition for any lapse in the books of accounts. In these assessment years, except AY 2011-12, the turnover of t...
Read MoreITO v. Raj Tools Centre PAP (ITAT Mumbai) - ITO v. Raj Tools Centre PAP (ITAT Mumbai) Appeals is against addition of ₹.2,60,603/-, as unexplained expenditure u/s 69C of the Act. As per the investigations carried out by the Sales Tax Authorities, the aforementioned parties were found to be involved in giving accommodation entries only withou...
Read MoreBajaj Sons Ltd. Vs DCIT (ITAT Chandigarh) -
Yagnesh Dayabhai Vyas Vs ITO (ITAT Ahmedabad) -
Ancon Chemplast P. Ltd. Vs ITO (ITAT Delhi) -
Atul Dinesh Seth Vs ITO (ITAT Bnagalore) -
ITO v. Raj Tools Centre PAP (ITAT Mumbai) -
A.P. Refinery Pvt. Ltd. Vs DCIT (ITAT Chandigarh) -
Trushar Parimal Shah Vs ITO (ITAT Ahmedabad) -
Anil K. Shah (Huf) Vs ITO (ITAT Mumbai) -
ITO Vs Vipul K Sheth (ITAT Mumbai) -
