Section 69C

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, 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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Taxation of Unexplained Incomes

Income 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€...

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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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Section 115BBE not attracted to Income voluntarily surrendered during Search & survey

Bajaj 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...

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No Section 41(1) addition for unexplained purchases if amount shown as payable in balance sheet

Yagnesh 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...

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No Section 68/69C addition for mere non appearance of same director

Ancon 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....

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AO can make addition u/s 68/69C despite estimation of Income U/s 44AF

Atul 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...

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ITAT upheld disallowance to 12.5% of non-genuine purchases

ITO 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...

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Recent Posts in "Section 69C"

Section 115BBE not attracted to Income voluntarily surrendered during Search & survey

Bajaj 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 concerned, […]...

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No Section 41(1) addition for unexplained purchases if amount shown as payable in balance sheet

Yagnesh 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 were duly recorded in […]...

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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...

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No Section 68/69C addition for mere non appearance of same director

Ancon 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....

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AO can make addition u/s 68/69C despite estimation of Income U/s 44AF

Atul 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 the assessee is […]...

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ITAT upheld disallowance to 12.5% of non-genuine purchases

ITO 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 without actually supplying the goods. The logi...

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Cash found short cannot be treated as income of assessee

A.P. Refinery Pvt. Ltd. Vs DCIT (ITAT Chandigarh)

A.P. Refinery Pvt. Ltd. Vs DCIT (ITAT Chandigarh) The issue before us relates to addition made to the income of the assessee on account of cash found short with the assessee. Cash short, at the most represents expenses / outgoings out of cash available with the assessee not accounted for in the books of the […]...

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Section 69C Addition for bogus purchases – ITAT Allows 10% disallowance

Trushar Parimal Shah Vs ITO (ITAT Ahmedabad)

Trushar Parimal Shah Vs ITO (ITAT Ahmedabad) The addition in the present case was made under section 69C of the Act on account of unexplained expenses. Indeed, the primary onus lies on the assessee to justify the expenses claimed by him. However from the preceding discussion, we note that the assessee has discharged his onus […]...

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Addition on matters not related to reasons recorded for reassessment based on fishing enquiry not valid

Anil K. Shah (Huf) Vs ITO (ITAT Mumbai)

Anil K. Shah (Huf) Vs ITO (ITAT Mumbai) In the case of Ranbaxy Laboratory Ltd. vs. CIT (supra), the Hon’ble High Court has explained the effect of Explanation 3 to section 147 inserted by Finance Act, 2009 which empowers the AO to assess the any income which comes to his notice subsequently even though no […]...

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100% Addition for Bogus Purchase not sustainable if Sales were accepted by AO

ITO Vs Vipul K Sheth (ITAT Mumbai)

ITO Vs Vipul K Sheth (ITAT Mumbai) In the present case the AO has not doubted the sales. The assessee could not establish the genuineness of the transaction to the satisfaction of the AO during assessment proceedings. Hence, from the facts of the case it can be concluded that assessee had made purchases from grey […]...

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