Section 69C

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)....

Read More

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....

Read More
Sorry No Post Found

Addition for Bogus Purchase cannot be made merely based on information received from Sales Tax Department

ITO Vs. Prompt Toys (P.) Ltd. (ITAT Mumbai) - The assessee further contended that additions cannot be made towards purchases merely on the basis of third party information ignoring the evidences filed to justify purchases. The assessee further contended before the lower authorities that the assessing officer neither pointed out any error or dis...

Read More

Addition not justified for mere non-compliance of inquiry U/s. 133(6) & of summons issued U/s. 131

Phool Singh Vs. ACIT (ITAT Delhi) - Merely because 133(6) notices issued to the party returned un-served though it was the same address, which was supplied by supplier while filing its income tax return, no fault can be put on the shoulder of assessee....

Read More

Service Tax paid through Banking Channel cannot be deemed as Unexplained

ITO Vs. Shri Ravindra Pratap Thareja (ITAT Jabalpur) - Assessee has paid the service tax amount through banking channel. Challans of the payment of tax were placed on record before the assessing authority. The source of alleged service tax amount is well explained in the books of account. ...

Read More

Bogus purchases: Assessee Failed to prove existence of parties, ITAT estimated net profit at 12.5%

Dy. CIT Vs. Fagioli India (P) Ltd. (ITAT Mumbai) - Dy. CIT Vs. Fagioli India (P) Ltd. (ITAT Mumbai) In this case assessing officers main allegation is that  two parties from whom appellant made purchases are involved in providing accommodation entries as per the list published by Maharashtra Sales Tax Department. On the other hand, assessee has fur...

Read More

Addition U/s. Section 69C of IT Act is not mandatory, AO has discretion to add or not to add unexplained expenditure

Pr. Commissioner Of Income Tax Vs. Late Rama Shankar Yadav (Allahabad High Court) - It is held that as the provision of Section 69C of the Act is not mandatory in nature, the Assessing Authority has full discretion either to add or not to add the unexplained expenditure in the income of the assessee based upon sound judicial principles ...

Read More
Sorry No Post Found

Recent Posts in "Section 69C"

Addition for Bogus Purchase cannot be made merely based on information received from Sales Tax Department

ITO Vs. Prompt Toys (P.) Ltd. (ITAT Mumbai)

The assessee further contended that additions cannot be made towards purchases merely on the basis of third party information ignoring the evidences filed to justify purchases. The assessee further contended before the lower authorities that the assessing officer neither pointed out any error or discrepancy in the books of account nor did...

Read More

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 |

Addition not justified for mere non-compliance of inquiry U/s. 133(6) & of summons issued U/s. 131

Phool Singh Vs. ACIT (ITAT Delhi)

Merely because 133(6) notices issued to the party returned un-served though it was the same address, which was supplied by supplier while filing its income tax return, no fault can be put on the shoulder of assessee....

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

Read More
Posted Under: Income Tax | ,

Service Tax paid through Banking Channel cannot be deemed as Unexplained

ITO Vs. Shri Ravindra Pratap Thareja (ITAT Jabalpur)

Assessee has paid the service tax amount through banking channel. Challans of the payment of tax were placed on record before the assessing authority. The source of alleged service tax amount is well explained in the books of account. ...

Read More

Bogus purchases: Assessee Failed to prove existence of parties, ITAT estimated net profit at 12.5%

Dy. CIT Vs. Fagioli India (P) Ltd. (ITAT Mumbai)

Dy. CIT Vs. Fagioli India (P) Ltd. (ITAT Mumbai) In this case assessing officers main allegation is that  two parties from whom appellant made purchases are involved in providing accommodation entries as per the list published by Maharashtra Sales Tax Department. On the other hand, assessee has furnished certain evidences in the form of ...

Read More

Addition U/s. Section 69C of IT Act is not mandatory, AO has discretion to add or not to add unexplained expenditure

Pr. Commissioner Of Income Tax Vs. Late Rama Shankar Yadav (Allahabad High Court)

It is held that as the provision of Section 69C of the Act is not mandatory in nature, the Assessing Authority has full discretion either to add or not to add the unexplained expenditure in the income of the assessee based upon sound judicial principles ...

Read More

Bogus Purchase- Addition by GP rate of 8% on bogus purchases justified

Pr. CIT Vs Jagdish H Patel (Gujarat High Court)

Assessee’s contention that adding the entire amount of bogus purchases would give a completely distorted figure and the gross profit would be higher than the total turnover. Such bogus purchases were for off-setting the purchases from producers and agriculturists directly who would not have the billing facility. Only question seriously ...

Read More

AO can not make addition for Bogus Purchase U/s. 69C if all purchase / sales transactions are part of regular books

M/s. Fancy Wear Vs. Income Tax Officer (ITAT Mumbai)

If the AO has not rejected the books of accounts and has only doubted the genuineness of the suppliers but not the genuineness of the purchases and if the payments are made by account payee cheques, s. 69C is not attracted. S. 69C cannot be applied where all purchase and sales transactions are part of regular books of accounts. The basic ...

Read More

Section 40A(3): Cash Payment- Person means individual truck driver

ITO Vs. Dhanshree Ispat (ITAT Pune)

Where assessee had sufficiently explained the circumstances under which the payments were made to the truck drivers in cash, for transport of items and no doubt was raised over genuineness of the payments and the payees were identifiable; no dis allowance under section. 40A(3) was warranted....

Read More
Page 1 of 3123

Browse All Categories

CA, CS, CMA (3,649)
Company Law (3,702)
Custom Duty (6,853)
DGFT (3,607)
Excise Duty (4,105)
Fema / RBI (3,404)
Finance (3,621)
Income Tax (26,731)
SEBI (2,834)
Service Tax (3,326)

Search Posts by Date

April 2018
M T W T F S S
« Mar    
 1
2345678
9101112131415
16171819202122
23242526272829
30