Revision u/s 263 - unexplained cash credit u/s 68 - the ...

PCIT's Revision u/s 263 Challenged Due to Misinterpretation of Facts on Unexplained Cash Credit u/s 68.

June 2, 2021

Case Laws Income Tax AT

Revision u/s 263 - unexplained cash credit u/s 68 - the documents were very much available on ‘record’ when the ld PCIT examined this assessment folder. When all these details were already on record, it is reasonably expected from ld PCIT to look into those details (as already forming part of record) before arriving at any conclusion that whether the said loan was squared up during the year or not. - PCIT had totally proceeded on incorrect assumption of fact - AT

View Source

← Previous Next →

Revision u/s 263 - unexplained cash credit u/s 68 - the ...

PCIT's Revision u/s 263 Challenged Due to Misinterpretation of Facts on Unexplained Cash Credit u/s 68.

June 2, 2021

Case Laws Income Tax AT

You may also like:

Revision u/s 263 - unexplained credits - set off of net loss from capital assets with cash credit - applicable rate of tax @30% u/s 115BBE on unexplained cash u/s 68 -...

Revision u/s 263 after reopening of assessment u/s 147 - Assessee filed its return in response to section 148 notice - unexplained cash credit u/s. 68 - whether the...

Revision u/s 263 - during the course of assessment, the AO made an addition on account of unexplained cash credit of unsecured loan u/s 68 - AO omitted to disallow the...

Addition unexplained cash credit u/s 68 - shares were issued at premium to certain companies in lieu of the shares held by the said companies and there was thus no...

Revision u/s 263 - Addition u/s 68 - in the light of the judicial precedents and in the light of fact that AO has conducted enquiries in respect of share capital...

Revision u/s 263 by CIT - Addition of unexplained cash credit u/s 68 - AO has deemed it fit and proper to treat the cash deposits as the business receipts of the...

Revision u/s 263 - Unexplained cash investment u/s 69 - PCIT has no right to review the order which was subject matter of appeal before Ld. CIT(A) and we notice that the...

Revision u/s 263 - unexplained cash deposit during the demonization period - The tribunal noted that the AO had conducted an adequate inquiry into the assessee's cash...

Revision u/s 263 - Unexplained cash deposits - Merely because documents, noted by the AO to be produced by the creditor of source of cash deposit in response to summons...

The AO failed to correctly compute the undisclosed income after considering the correct sale value of land as per Form 26AS. The assessee claimed that one of the lands...

Unsecured loan u/s 68 - Bogus cash credits - where there is a statutory rebuttable presumption against the assessee, as in case of cash credits etc., u/s 68 or...

Unsecured loans treated as unexplained cash credits u/s 68. Interest paid on such unexplained loans also added to income. Assessee's contention of repayment of loans...

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...

Unexplained cash credit u/s. 68 r.w.s. 115BBE - Co-ordinate Benches of the Tribunal have held that any sum found credited in bank passbook could not be treated as an...

Unexplained cash credit u/s 68 - When the cash did not pass at any stage and since the respective parties did not receive cash nor did pay any cash, there was no real...

Quick Updates: