Unexplained bank deposits - dispute between the parties that the ...

Court Rules Section 64(1A) Income Tax Act Inapplicable; Son Independently Accountable for Bank Deposits After Adulthood.

July 16, 2022

Case Laws Income Tax AT

Unexplained bank deposits - dispute between the parties that the bank account herein belongs to assessee’s son - He could hardly have rebut the clinching fact that the assessee’s son; who was a minor at the time of account opening, has become a major on 23.05.2011 who is assessable in his independent capacity. We also wish to quote section 64(1A) of the Act wherein clubbing of income is provided in case of a “minor” child only which is not the case before us. Faced with the situation, we conclude that both the learned lower authorities have erred in law and on facts in adding the impugned cash deposits in assessee’s hands- AT

View Source

← Previous Next →

Unexplained bank deposits - dispute between the parties that the ...

Court Rules Section 64(1A) Income Tax Act Inapplicable; Son Independently Accountable for Bank Deposits After Adulthood.

July 16, 2022

Case Laws Income Tax AT

You may also like:

The Court held that imposing a condition of furnishing a bank guarantee while granting bail is illegal. The Apex Court, in Subhash Chouhan v. Union of India, ruled that...

Demand of additional tax on simple processing of income - Applicability of provision of Section 143(1A) where assessment may have been completed u/s 143(3) - The High...

The assessee claimed deduction u/s 80P(2)(d) of the Income Tax Act for interest income earned on deposits with a Cooperative Bank. The Assessing Officer and CIT(A)...

Penalty u/s 271AAB - treating an amount included in the Return of Income as undisclosed income susceptible to penalty - search conducted u/s 132, assessment carried out...

Bank liability to deduct TDS in respect of the LTC/LFC bills - assessee in default u/s 201(1)(1A) for non-deduction of tax under Section 192 - The ITAT, aligning with...

The Delhi High Court examined taxability in India of interest received by an Indian Permanent Establishment (PE) from its Head Office/Overseas Branch under the India-US...

Dishonour of Cheque - vicarious liability - resident Indian Director - The High Court observed that by virtue of being an Executive Director, the petitioner was presumed...

The High Court held that rent income derived from letting out properties by the assessee should be treated as 'Income from Profits and Gains of Business' and not 'Income...

Deduction u/s 80P - deduction of income earned as interest/dividend from co-operative bank is allowable. Section 80P(2)(d) reflects that if income by way of interest or...

Deduction u/s 80P(2)(d) was allowed for interest income earned by the assessee from fixed deposits and savings accounts with Ahmedabad District Co-operative Bank...

Misuse of the power - Jurisdiction of GST officer for attaching and withdrawing amount from bank account of the assessee - The concerned officer who instructed the bank...

The Delhi High Court issued a Restraint Order on a locker, which the bank objected to due to lack of the official Revocation Order from the Income Tax Department. The...

Addition made u/s 153A on account of undisclosed foreign bank account and interest income thereon - assessee confronted with client profiles from HSBC Bank showing...

The High Court held that the Land Acquisition Officer (LAO) cannot be penalized u/s 201 and 201(1A) of the Income Tax Act, 1961 for non-deduction of TDS on compensation...

Two key issues: 1) Assessment of rental income received by co-owners as income of an Association of Persons (AOP), and 2) Treatment of income from letting out a plinth...

Quick Updates: