Unexplained cash deposits in bank - receipt of rental deposits ...

Court Accepts Cash Deposits as Rental Income, Assessee's Explanation Deemed Reasonable Under Circumstances.

May 17, 2022

Case Laws Income Tax AT

Unexplained cash deposits in bank - receipt of rental deposits in cash - The fact remains that the cash rental deposits have been received by the assessee which is not at all disputed and usage of the same for deposits into various bank accounts cannot be rejected outrightly. Considering all the cash deposit into various bank accounts made by the assessee on various dates should be reasonably presumed that it is from the cash rental deposits received by the assessee on various dates. - AT

View Source

← Previous Next →

Unexplained cash deposits in bank - receipt of rental deposits ...

Court Accepts Cash Deposits as Rental Income, Assessee's Explanation Deemed Reasonable Under Circumstances.

May 17, 2022

Case Laws Income Tax AT

You may also like:

Validity of notice issued u/s 148 in absence of Document Identification Number (DIN) was rejected. The Court observed interim stay by Supreme Court on Delhi High Court's...

Addition u/s 69A - Unexplained cash deposits in bank account - If the assessee had no source of income apart from rental or pension income and some interest amount and...

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...

Addition on account of cash deposit to the bank account of the assessee - assessee is consistently submitting that the assessee has two bank accounts in her name and the...

The ITAT Bangalore addressed unexplained cash deposits u/s 69A, focusing on the credibility of earlier withdrawals as a source for redeposits. The Tribunal examined fund...

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 deposits in bank account u/s 69A - time gap between withdrawal and deposits - mere time gap between withdrawals and deposits cannot be a sole basis for...

Cash deposits made during demonetization period from cash withdrawals and rental income received in cash were substantiated through cash flow statements and bank...

Addition on account of cash found short u/s 68 and also holding that the same to be taxed u/s 115BBE - Cash short, at the most represents expenses / outgoings out of...

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

Rental income determination - assessee jointly owns 50% house property in Singapore with wife - offered 100% rental income for AY 2014-15 erroneously, rectified in...

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...

Addition made to the income of the assessee on account of cash deposit remaining unexplained - addition u/s. 69A - having accepted the fact that the assessee had...

Cash deposits made post demonetization represented unaccounted income of the assessee qua AY 2017-2018 - Having regard to the extensive material which has been examined...

The ITAT Visakhapatnam dealt with a case involving penalty u/s. 271D for receiving cash in relation to the transfer of immovable property, which falls under section...

Quick Updates: