Addition u/s 68 r.w.s 115BBE - As cash receipts represent the ...

Taxpayer's Sales Correctly Reported; No Grounds for Additional Taxation u/ss 68 or 115BBE.

May 14, 2021

Case Laws Income Tax AT

Addition u/s 68 r.w.s 115BBE - As cash receipts represent the sales which the assessee has rightly offered for taxation. We have gone through the trading account and find that there was sufficient stock to effect the sales and we do not find any defect in the stock as well as the sales. Since, the assessee has already admitted the sales as revenue receipt, there is no case for making the addition u/s 68 or tax the same u/s 115BBE again. - AT

View Source

← Previous Next →

Addition u/s 68 r.w.s 115BBE - As cash receipts represent the ...

Taxpayer's Sales Correctly Reported; No Grounds for Additional Taxation u/ss 68 or 115BBE.

May 14, 2021

Case Laws Income Tax AT

You may also like:

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...

Rejection of books of accounts u/s 145 - Addition u/ss 68/69A with 115BBE - cash deposited during demonetization as unexplained credit. The Assessing Officer did not...

Addition u/s 68 - AO rightly neutralise the difference amount of profit arisen out of fictitious purchase and sales.We further confirm his action u/s 68 treating the...

Addition u/s 68 - the additional ground raised by the assessee that addition cannot be made u/s 68 of the Act on the basis of the bank statement is rejected.

Addition u/s 68 - receipt was not declared in the ROI and the receipt remain unexplained - taxation of additional income u/s 115BBE - The said income is already offered...

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...

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...

The assessee offered additional income under the head 'Income from other sources' during the course of survey proceedings. The Assessing Officer treated it as income...

Computation of tax u/s 115BBE - as argued when no income was brought to tax u/s 68, 69, 69A, 69B, 69C or 69D, then no computation of tax u/s 115BBE was required to be...

The ITAT, an Appellate Tribunal, considered an addition u/s 69 concerning a difference in agreed and actual deal value, attributed to unexplained source of stamp duty...

Unexplained cash credit u/s 68 r.w.s 115BBE - inflated sales pursuant to demonetization - Unaccounted Stock Due to Valuation Differences - The Tribunal held that the...

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...

Set-off of current year losses against the addition made u/s 68 - going through sub-Section (2) of Section 115BBE of the Act, the words “set off of any loss” appearing...

Assessment of income from other sources u/s. 68 r.w.s. 115BBE - As assessments for assessment years 2011-12 to 2014-15 are unabated / completed. Further, no reference of...

Excess cash and stock found during survey proceedings were treated as income from undisclosed sources, liable for taxation u/s 115BBE. The Assessing Officer (AO) ordered...

Quick Updates: