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...

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....

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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Addition for Bogus expenditure U/s. 69C justified on failure to prove rendition of services

Sun Steel Industries (P) Ltd. Vs DCIT (ITAT Kolkata) - Where assessee had not proved actual rendition of the foundation services and also whether alleged service providers possessed necessary expertise and infrastructure to render the foundation services, AO was justified in making addition of payments made to them, under section 69C....

S. 69C Bogus Purchases: Right of cross-examination is not absolute

Soman Sun Citi Vs JT. CIT (ITAT Mumbai) - This appeal, filed by the assesseee, being ITA No. 2960/Mum/2016, is directed against the appellate order dated 16.02.2016 passed by learned Commissioner of Income Tax (Appeals)-3, Thane (hereinafter called the CIT(A)), for assessment year 2011-12, appellate proceedings had arisen before learned CIT...

Section 40A(3) overrides section 145(3) read with section 144

Iqbal Ahmed Khalil Ahmed Subedar Vs ITO (ITAT Mumbai) - These two appeals, filed by the assessee, being ITA No. 2135/Mum/2013 & I.T.A. No. 4896/Mum/2015 for assessment year 2009- 10 and 2008-09 respectively are directed against two separate appellate orders dated 22.01.2013 and 25-02-2015 respectively passed by learned Commissioner of Income Tax (Appeals...

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...

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....

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Recent Posts in "Section 69C" | Total 29 Posts

Addition for Bogus expenditure U/s. 69C justified on failure to prove rendition of services

Sun Steel Industries (P) Ltd. Vs DCIT (ITAT Kolkata) -

Where assessee had not proved actual rendition of the foundation services and also whether alleged service providers possessed necessary expertise and infrastructure to render the foundation services, AO was justified in making addition of payments made to them, under section 69C....

S. 69C Bogus Purchases: Right of cross-examination is not absolute

Soman Sun Citi Vs JT. CIT (ITAT Mumbai) -

This appeal, filed by the assesseee, being ITA No. 2960/Mum/2016, is directed against the appellate order dated 16.02.2016 passed by learned Commissioner of Income Tax (Appeals)-3, Thane (hereinafter called the CIT(A)), for assessment year 2011-12, appellate proceedings had arisen before learned CIT(A) from the assessment order dated 25.0...

Posted Under: Income Tax | Judiciary | All ITAT, ITAT Mumbai

Section 40A(3) overrides section 145(3) read with section 144

Iqbal Ahmed Khalil Ahmed Subedar Vs ITO (ITAT Mumbai) -

These two appeals, filed by the assessee, being ITA No. 2135/Mum/2013 & I.T.A. No. 4896/Mum/2015 for assessment year 2009- 10 and 2008-09 respectively are directed against two separate appellate orders dated 22.01.2013 and 25-02-2015 respectively passed by learned Commissioner of Income Tax (Appeals)-33...

Posted Under: Income Tax | Judiciary | All ITAT, ITAT Mumbai

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...

Posted Under: Income Tax | Articles, Featured

Section 68: Provisions related to Cash Credits /Undisclosed Income

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....

Posted Under: Income Tax | Articles

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...

Posted Under: Income Tax | Judiciary | All ITAT, ITAT Mumbai

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)....

Posted Under: Income Tax | Articles

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....

Posted Under: Income Tax | Judiciary | All ITAT, ITAT Delhi

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. ...

Posted Under: Income Tax | Judiciary | All ITAT, ITAT Jabalpur

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 ...

Posted Under: Income Tax | Judiciary | All ITAT, ITAT Mumbai