Unexplained investment u/s 69 - cash deposit - the alleged ...

Court Rules on Unexplained Investment: Additions for Cash Deposits Deleted u/s 69, Based on Service Charges or Peak Balance.

February 16, 2021

Case Laws Income Tax AT

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 business activity but it was a mere facilitation services being provided by the society to its members and other persons in lieu of service charge at ₹ 100/- per lakh - the addition for the alleged cash deposits should be higher of the two namely peak bank balance during the year or the services charged at ₹ 100 per lakh on the alleged cash deposit during each of the year. - Additions deleted - AT

View Source

← Previous Next →

Unexplained investment u/s 69 - cash deposit - the alleged ...

Court Rules on Unexplained Investment: Additions for Cash Deposits Deleted u/s 69, Based on Service Charges or Peak Balance.

February 16, 2021

Case Laws Income Tax AT

You may also like:

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...

Unexplained investment/unexplained cash credit under section 68 & 69 - no addition is called for on account of baseless allegation of unexplained investment by the...

The Appellate Tribunal held that the addition u/s 56(2)(vii) or 28(iv) was unjustified, as the purchase was made with consideration, cheques were given to sellers with...

The assessee's contentions were upheld by the Tribunal regarding various additions made by the Assessing Officer. The Tribunal ruled that the RTGS transfer from the...

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

The Appellate Tribunal considered the issue of condonation of delay in filing appeals, which exceeded 400 days, due to unexplained cash deposits and protective additions...

Reopening of assessment u/s 147 - additions of cash deposits - The Tribunal held that, the Assessing Officer has treated the cash deposit merely on the basis of human...

Unexplained investment u/s 69 - In the present case before us admittedly, whatever sale consideration the assessee has received they were received in cheques. But in...

Assessment u/s 153A - addition u/s 68 - unexplained cash deposited and unexplained loan - addition was not based on any incriminating material found during search - No...

The ITAT held: Long term capital gain was to be computed allowing deduction for indexed cost of acquisition and exemption u/s 54B. Addition u/s 68 for unexplained...

The ITAT Delhi ruled on an appeal regarding addition u/s 68 r.w.s. 115BBE for unexplained cash deposits during demonetization. The assessee explained that the deposits...

Unexplained investment u/s 69 - Addition were made based on the retrieved data from CPU/Computer - source for above payments for agricultural lands have been explained...

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...

Addition u/s 68 r.w. section 115BBE - unexplained cash deposits in the bank account - The tribunal finds that the AO did not provide a satisfactory explanation for...

Unexplained investment u/s 69 - The tribunal closely examined the additions made under Section 69 related to unexplained investments in stock. The assessees argued that...

Quick Updates: