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...
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 - 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 - 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 MoreTrushar 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 assess...
Read MoreAnil 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 t...
Read MoreITO 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 purch...
Read MoreLypsa Diamonds Vs ITO (ITAT Mumbai) - The issue under consideration is whether disallowance u/s 36(1)(iii) made by AO forming an opinion that interest bearing funds were withdrawn from the firm being capital withdrawn by the partners and interest free advances is justified in law?...
Read MoreSurana Enterprises Vs ITO (ITAT Delhi) - Surana Enterprises Vs ITO (ITAT Delhi) The issue under consideration is whether the addition made by AO u/s 69C by considering the purchases as Bogus Purchase is justified in law? ITAT states that, in present case, the assessee has shown sales of the goods, or otherwise the goods are lying in the cl...
Read MoreTrushar Parimal Shah Vs ITO (ITAT Ahmedabad) -
Anil K. Shah (Huf) Vs ITO (ITAT Mumbai) -
ITO Vs Vipul K Sheth (ITAT Mumbai) -
Lypsa Diamonds Vs ITO (ITAT Mumbai) -
Surana Enterprises Vs ITO (ITAT Delhi) -
Ilesh Amrutlal Gadhia Vs DCIT (ITAT Mumbai) -
ACIT Vs Rashmikant V. Shah (ITAT Mumbai) -
Prateek Gupta Vs. DCIT (ITAT Mumbai) -
Ashok S Vakharia HUF Vs ITO (ITAT Mumbai) -
PCIT Vs Vaman International Pvt. Ltd. (Bombay High Court) -