Provisions of section 68 cannot be invoked on various ...

Section 68 Inapplicable to Bank Deposits If No Books Maintained for the Year, Assessee Protected from Tax Liabilities.

January 2, 2014

Case Laws Income Tax AT

Provisions of section 68 cannot be invoked on various deposits/credits found recorded in the bank account of the assessee in the absence of books maintained for that previous year - AT

View Source

← Previous Next →

Provisions of section 68 cannot be invoked on various ...

Section 68 Inapplicable to Bank Deposits If No Books Maintained for the Year, Assessee Protected from Tax Liabilities.

January 2, 2014

Case Laws Income Tax AT

You may also like:

Assessee failed to file return of income u/s 139 but received notice u/s 148. Despite opting for presumptive taxation scheme u/s 44AD, which does not require maintaining...

Addition u/s 68 - unexplained cash deposited in bank accounts - Bank account / statement as books - an addition made in respect of a cash deposit in the bank account of...

Section 68 addition for cash deposits cannot be made where assessee filed return u/s 44AD and did not maintain books of accounts, as provisions of section 68 apply only...

Unexplained cash credit - addition of cash deposit in bank account - It is important to mention here that the bank statements cannot be termed as books of accounts for...

Addition u/s 68 - addition of the cash deposits in the assessee’s savings bank account - as the bank account of an assessee cannot be held to be the 'books' of an...

Addition u/s 68 v/s 69 - bank statement or bank passbook cannot be considered to be the books of accounts maintained by the assessee. - As per section 68 of the Act,...

Deposits by the assessee in bank account during demonetization period were not unexplained. Section 69A is inapplicable as there were proper entries for cash sales, cash...

Unexplained bank deposit u/s 68 - bank passbook - After the introduction of the definition of the books or books of account u/s 2 (12A), the passbook can also be...

Addition u/s 68 - Cash deposited in Bank - Assessee re-circulated those moneys by way of deposits, withdrawals and redeposits in the Bank A/c from time to time and the...

Cash credit u/s 68 r.w.s. 115BBE - cash deposit during demonetization period - assessee's failure to maintain books of accounts u/s 44AD. Held that where exemption from...

ITAT ruled that additions under section 68 were invalid as the assessee had not maintained books of accounts, making the provision inapplicable. The Tribunal noted that...

Unexplained cash credit u/s 68 - the bank Pass Book or bank statement cannot be construed to be a book maintained by the assessee for any previous year as understood for...

Unexplained cash deposits - Deposits in regular bank account of the assessee, during demonetization period - the assessee was maintaining complete stock tally, the sales...

Addition u/s 68 - assessee has shown its return of income u/s 44AD - it is undisputed fact that the assessee had not maintained books of account that is why he opted for...

ITAT ruled against treating lease deposits and booking advances as cessation of liability under Section 41(1) of Income Tax Act. The 3 crore lease deposit was temporary,...

Quick Updates: