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 April 2021 Year 2021 This

Addition u/s 68 - addition on the basis of receipts in the ...

Case Laws     Income Tax

April 1, 2021

Addition u/s 68 - addition on the basis of receipts in the ledgerised cash sheet - the addition made by the AO has led to double addition and the same nature of transaction have been recorded in the master cash book and ledger account of summary sheet which is nothing but summary of all the transactions recorded in other seized documents. - Additions deleted - AT

View Source

 


 

You may also like:

  1. The assessee received cash credits which were treated as unexplained income u/s 68 by the Assessing Officer (AO). However, the Commissioner of Income Tax (Appeals)...

  2. Addition u/s 68 - it is contended before AO that advances (cash credit) were made against the purchase of goods - AO and the Appellate Authority have the power of Civil...

  3. Addition based on unsubstantiated documents like loose sheets, jottings, and Excel sheets - unaccounted cash receipts from students - cannot be sustained. Statements...

  4. Validity of reopening the assessment u/s 147 - Additions u/s 68 and u/s 69A - Cash deposits in assessee’s bank account - The ITAT observed that, the AO was satisfied...

  5. Assessee engaged in business of commission agent (Aadatia) for agricultural products. AO made addition u/s 68 treating entire cash deposits in bank account as...

  6. 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...

  7. Addition u/s 68 or 56(2) - Unexplained cash credit u/s 68 - share transactions - the valuation aspect of the shares is made on the Discounted cash flow method (DCF) and...

  8. Rejection of the books of accounts - best judgment assessment u/s 144 - addition of the sales made in cash on account of unexplained cash credit u/s 68 - While the...

  9. Assessment u/s 153A - Addition u/s 68 - the burden had shifted to revenue to show the basis of some reliable and tangible material which could indicate undisclosed...

  10. Addition u/s 68 - unexplained cash credits - Onus to prove - CIT(A) deleted addition - The Tribunal found that the assessee failed to discharge its onus of proving the...

  11. 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...

  12. Unexplained u/s.68 - un-explained cash credit addition - Huge amount withdrawn from bank - self made vouchers for expenses - AO observed that expenses were not supported...

  13. The case pertains to the validity of reopening of assessment and addition made u/s 68 as unexplained cash credit. The key points are: The assessee had duly recorded the...

  14. Addition u/s 68 - Applicability of higher rate of tax u/s 115BBE - Sourcing unsecured loan against Cash Deposit - the assessee has failed to explain the source of cash...

  15. Addition u/s 68 - non maintenance of books of accounts - There was no actual credit of cash or otherwise received by the assessee. No entries are made in the books of...

 

Quick Updates:Latest Updates