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 - 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?...
Read MoreIncome 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 […]...
Read MoreIncome 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....
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 MoreBrijesh 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...
Read MoreGandhi 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...
Read MoreHarish 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...
Read MoreMaan 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...
Read MoreA. 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...
Read MoreBrijesh Sharma Vs DCIT (ITAT Jaipur) -
Gandhi Ram Vs PCIT (ITAT Chandigarh) -
Harish Aswal Vs DCIT (ITAT Delhi) -
Maan Cements Pvt. Ltd. Vs ITO (ITAT Delhi) -
A. Johnkuma Vs DCIT (ITAT Chennai) -
DCIT Vs Shoreline Hotels Pvt. Ltd. (ITAT Mumbai) -
DCIT Vs Vipul Suresh Kumar Modi (ITAT Mumbai) -
Seven Jewels Vs ACIT (ITAT Mumbai) -