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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Whether Capital Contribution in Cash will Taxable as Cash Credit

Income Tax - Can capital contribution of the individual partners credited to their accounts in the books of the firm be taxed as cash credit in the hands of the firm, where the partners have admitted their capital contribution but failed to explain satisfactorily the source of receipt in their individual hands?...

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Tax Treatment of cash credit

Income Tax - As per section 68 of the Income Tax Act, any sum found credited in the books of a taxpayer, for which he does not explain the nature and source or the explanation provided by him is not satisfactory by the Assessing Officer is termed as ‘Cash Credit‘. Other provisions to be kept in mind with […]...

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Invocation of Section 69C if Assessee is Opting for Presumptive Taxation

Income Tax - If assessee opts for presumptive taxation it cannot claim any deduction of any expenditure including Depreciation. Since no deduction is allowed the AO is not permitted to add back the income as unexplained expenditure....

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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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ITAT upheld addition for cash paid for land not forming part of Agreement value

Brijesh Sharma Vs DCIT (ITAT Jaipur) - Brijesh Sharma Vs DCIT (ITAT Jaipur) During the Assessment assessee submitted to the AO vide letter dated 12.11.2014 that the assessee had purchased a plot of land situated in Jaipur for disclosed consideration of Rs. 5,21,000/- which was paid by cheque. The AO issued summon u/s 131(2) the seller, S...

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If source of income is provided than deeming section 115BBE provision not applicable

Gandhi Ram Vs PCIT (ITAT Chandigarh) - Held that deeming provisions of section 115BBE doesn’t apply as source of income clearly explained and established by the assessee...

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ITAT Restores Matter To CIT(A) for proper examination & verification of documents

Harish Aswal Vs DCIT (ITAT Delhi) - Harish Aswal Vs DCIT (ITAT Delhi) Ld. Counsel for the assessee submitted that the assessee has submitted all documentary evidences before the authorities below including ledger account of Centurian Bank Account No.442756061 available at page 108 to 138 of assessee’s Paper Book before the AO as wel...

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ITAT sustain addition for Bogus Purchases not rebutted by assessee

Maan Cements Pvt. Ltd. Vs ITO (ITAT Delhi) - Assessing Officer has given a finding that the assessee had used a pre arranged device in form of booking of bogus purchases of shares. This finding of the Assessing Officer is not rebutted by the assessee by placing any material on record. Therefore, the addition of Rs. 3,32,850/- made u/s 69C is h...

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Section 69C additions on protective basis without adequate inquiry is bad in law

A. Johnkuma Vs DCIT (ITAT Chennai) - A. Johnkuma Vs DCIT (ITAT Chennai) Facts- The assessee, a Proprietor of M/s. A.Johnkumar Cost Price Shop and M/s.Johnkumar Real Agency, is engaged in the business of running a Departmental Store and real estate business respectively. A search and seizure operation was conducted u/s.132 of the Act, o...

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Recent Posts in "Section 69C"

ITAT upheld addition for cash paid for land not forming part of Agreement value

Brijesh Sharma Vs DCIT (ITAT Jaipur)

Brijesh Sharma Vs DCIT (ITAT Jaipur) During the Assessment assessee submitted to the AO vide letter dated 12.11.2014 that the assessee had purchased a plot of land situated in Jaipur for disclosed consideration of Rs. 5,21,000/- which was paid by cheque. The AO issued summon u/s 131(2) the seller, Smt. Choti Devi. In her statement [&helli...

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If source of income is provided than deeming section 115BBE provision not applicable

Gandhi Ram Vs PCIT (ITAT Chandigarh)

Held that deeming provisions of section 115BBE doesn’t apply as source of income clearly explained and established by the assessee...

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ITAT Restores Matter To CIT(A) for proper examination & verification of documents

Harish Aswal Vs DCIT (ITAT Delhi)

Harish Aswal Vs DCIT (ITAT Delhi) Ld. Counsel for the assessee submitted that the assessee has submitted all documentary evidences before the authorities below including ledger account of Centurian Bank Account No.442756061 available at page 108 to 138 of assessee’s Paper Book before the AO as well as before Ld.CIT(A) which clearly show...

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ITAT sustain addition for Bogus Purchases not rebutted by assessee

Maan Cements Pvt. Ltd. Vs ITO (ITAT Delhi)

Assessing Officer has given a finding that the assessee had used a pre arranged device in form of booking of bogus purchases of shares. This finding of the Assessing Officer is not rebutted by the assessee by placing any material on record. Therefore, the addition of Rs. 3,32,850/- made u/s 69C is hereby sustained....

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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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Section 69C additions on protective basis without adequate inquiry is bad in law

A. Johnkuma Vs DCIT (ITAT Chennai)

A. Johnkuma Vs DCIT (ITAT Chennai) Facts- The assessee, a Proprietor of M/s. A.Johnkumar Cost Price Shop and M/s.Johnkumar Real Agency, is engaged in the business of running a Departmental Store and real estate business respectively. A search and seizure operation was conducted u/s.132 of the Act, on 17.09.2016. During the course of searc...

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Entire purchases cannot be held as bogus – ITAT upheld addition of 17%

DCIT Vs Shoreline Hotels Pvt. Ltd. (ITAT Mumbai)

DCIT Vs Shoreline Hotels Pvt. Ltd. (ITAT Mumbai) In these cases, the AO reopened the assessment order passed u/s 143(3) of the Act, on the basis of information received from the DGIT (Inv.) Mumbai to the effect that during the previous year the assessee had obtained fake purchase bills from bogus parties who used to […]...

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Penny Stock Transactions – No addition if no incriminating material found during search

DCIT Vs Vipul Suresh Kumar Modi (ITAT Mumbai)

DCIT Vs Vipul Suresh Kumar Modi (ITAT Mumbai) ITAT held that no addition can be made for Transactions in Penny Stocks in respect of unabated assessments which have become final in absence of any incriminating material found during search. The brief facts of the case relevant to the issue before us are that the Assessee, […]...

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Addition For unexplained expenditure cannot be made on mere presumption

Seven Jewels Vs ACIT (ITAT Mumbai)

Seven Jewels Vs ACIT (ITAT Mumbai) As per the provisions of section 69C of the Act, in case the assessee fails to explain the source of expenditure or part thereof to the satisfaction of the AO, such expenditure shall be considered as unexplained expenditure and be deemed to be income of the assessee. In the […]...

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Whether Capital Contribution in Cash will Taxable as Cash Credit

Can capital contribution of the individual partners credited to their accounts in the books of the firm be taxed as cash credit in the hands of the firm, where the partners have admitted their capital contribution but failed to explain satisfactorily the source of receipt in their individual hands?...

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Posted Under: Income Tax |

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