Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding
  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Income Tax - Highlights / Catch Notes

Home Highlights January 2021 Year 2021 This

Addition u/s 68 - Cash deposits of special Bank notes of ₹ ...


Court Rules Section 68 Addition Unwarranted for Cash Deposits During Demonetization; Orders Deletion Based on Past Financial History.

January 22, 2021

Case Laws     Income Tax     AT

Addition u/s 68 - Cash deposits of special Bank notes of ₹ 500/- and ₹ 1000/- made during the demonetization period - in the peculiar facts narrated above, including the past history taken note of and the pattern of money deposited pre-demonetization and post that event as discussed, addition was not warranted and it is directed to be deleted - AT

View Source

 


 

You may also like:

  1. Addition u/s 69A - unexplained income - cash deposits made into bank account during demonetization period - assessee neither furnished stock summary nor bills/vouchers...

  2. Addition u/s 69A - Addition of cash deposits made by the assessee during the demonetization period - The Tribunal examined the legality of the assessment order, the...

  3. Additions against Cash deposits made during demonetization period in specified bank notes - assessee has been consistently holding huge cash balance which meets the...

  4. Cash deposited post demonetization period - AO making the addition of 30% of the cash deposited in the bank during post demonetization period - addition made by the AO...

  5. Addition of cash deposited during the demonetisation period in bank account - unexplained income - taxation @ 60% as provided u/s. 115BBE - The tribunal acknowledged the...

  6. The appellant could not establish the source for cash deposits during demonetization. The Appellate Tribunal held that sales cannot be rejected solely based on higher...

  7. Addition u/s 69A - cash deposits during demonetization period - business of hiring of cars - A reasonable amount of cash deposits during demonetization period is out of...

  8. Additions u/s 69A - Cash deposits made during demonetization period - there is no dispute that the assessee is running Petrol and Diesel retail outlet and he is the...

  9. The ITAT Visakhapatnam addressed an addition u/s 69A for unexplained cash deposits in the bank account. The assessee failed to explain the sources for cash deposits,...

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

  11. The case involved the scope of limited scrutiny and the validity of a notice u/s 143(2) of the Income Tax Act. The assessee's case was selected for limited scrutiny to...

  12. Addition u/s 68 - unexplained cash credit - Onus to prove - The High court noted that the assessee had provided sufficient evidence, including bank statements, cash-flow...

  13. Addition u/s 68 - unexplained cash towards cash deposits made during the demonetisation period - AO did not reject the books of accounts of the assessee and has not...

  14. 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...

  15. 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...

 

Quick Updates:Latest Updates