Home Highlights September 2013 Year 2013 This

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1. Addition u/s 69A - unexplained cash deposit - CIT(A) when recorded that without borrowing or having opening cash balance, there is no way the cash deposits for the...

2. Unexplained cash credit addition u/s 68 during demonetization period - assessee unable to substantiate contentions regarding cash receipts from sales and debt recoveries...

3. Imposition of penalty u/s 271(1)(c) of the Income Tax Act for two types of additions: (1) the addition made u/s 50C on the difference between stamp duty value and sale...

4. Unexplained opening balance – The opening balance of cash cannot be treated as unexplained in the assessment year - AT

5. Re-determinination of value of opening stock - Addition of excess stock found during the course of survey - Once additions is made towards excess stock found during the...

6. In a limited scrutiny assessment under CASS, the Assessing Officer made additions to the assessee's income on account of cash deposits, excess closing cash balance over...

7. The ITAT Mumbai, in a case involving addition u/s 68 for unexplained cash credit from loans taken from various parties, held that only loans taken during the current...

8. Addition u/s 69 - cash deposited in the bank out of opening cash in hand - AO noticed that the assessee had raised loans and also withdrawn cash numerous times...

9. Key legal issues and the Tribunal's holdings: Agricultural land sold by assessee situated beyond municipal limits cannot be treated as capital asset u/s 2(14). Addition...

10. Addition u/s 68 - cash deposit in bank account - assessee claimed deposit relates to substantial cash withdrawn and out of opening cash in hand - in absence of any...

11. Unexplained investment u/s 69 - cash deposit - the alleged transactions of cash deposits and corresponding entries of cheque issued were not in the nature of any...

12. Unaccounted opening cash balance - In the Balance sheet the cash balance and sundry creditor is shown at NIL figure - in the light of the reason given by the assessee...

13. Addition u/s 68 for director's loan ledger account was made by assessing officer (AO) considering transactions not matching previous year's financial statements....

14. Addition u/s 68 - Credit balance pertaining to sundry creditors - by disallowing only balance outstanding of these parties as at the end of the year, the Revenue has...

15. During the demonetization period, the assessee deposited Rs. 36.50 lacs in Specified Bank Notes (SBNs) in their bank account. The Assessing Officer (AO) made an addition...