Unexplained cash credit u/s 68 - AO was free to make the ...

Assessee Successfully Discharges Burden of Proof on Unexplained Cash Credits, AO's Additions u/s 68 Deemed Unjustified.

June 7, 2021

Case Laws Income Tax AT

Unexplained cash credit u/s 68 - AO was free to make the necessary enquiry and addition under section 68 in the hands of the recipient were unjustified. Furthermore, assessee has also paid interest to the lenders. It has also deducted tax at source. Loan have been duly repaid, some part has been repaid even in the present assessment year. In these circumstances, in our considered opinion assessee has discharged the onus. - AT

View Source

← Previous Next →

Unexplained cash credit u/s 68 - AO was free to make the ...

Assessee Successfully Discharges Burden of Proof on Unexplained Cash Credits, AO's Additions u/s 68 Deemed Unjustified.

June 7, 2021

Case Laws Income Tax AT

You may also like:

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...

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...

Unexplained cash credit/debits – unexplained investment - the burden to establish the existence of investment was on the Revenue, which has not been discharged - AT

Unexplained cash credit u/s 68 - both CIT(A)and ITAT had found that assessee had discharged his burden of explaining the genuineness of the cash credits in his account...

Unexplained cash payments - There is also no evidence to suggest that cash withdrawn from ETLL was unused and kept with the assessee idle though repeatedly withdrawals...

Assessee purchased credit cards using unexplained cash payments. AO made addition u/s 69A as assessee failed to explain source of cash. CIT(A) confirmed addition since...

Addition u/s 69A - cash balance on account of withdrawal from different bank accounts - The mere fact of holding cash for a longer period was not a sufficient ground for...

AO accepted assessee company's books of accounts and net profit disclosed therein. However, AO treated cash deposits in bank accounts during demonetization period as...

Cash deposit during demonetization period treated as unexplained cash credit. Assessee's claim of introducing cash as capital in proprietary concern not accepted due to...

The Income Tax Appellate Tribunal (ITAT) decided the following: Disallowance of proportionate interest expenses was unjustified as the assessee had sufficient...

Benami transactions - offence under Benami Act - onus of proving a benami transaction - after amendment, the onus of proving a benami transaction rests entirely on the...

Additions u/s 68 - unsecured loans - unexplained cash credit - proof of source of source or origin of the cash credits – Very genuineness of the transaction was not...

Unexplained investment - Primary onus - The assessee has deposited cash in its ICICI Bank account on various occasions, and onus is very heavy on assessee to explain...

Addition on account of unexplained money u/s 69A - unaccounted cash - When the cash is found with an assessee, it is the duty of the assessee to prove the source of such...

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: