Addition u/s 68 - Unexplained cash credits - The assessee has ...

Section 68 Additions Upheld: Assessee Fails to Explain Unexplained Cash Credits Despite Multiple Litigation Opportunities.

August 6, 2022

Case Laws Income Tax AT

Addition u/s 68 - Unexplained cash credits - The assessee has not submitted any explanation/ evidences to satisfy the mandate of Section 68 - Even, statement of fact has not been filed before the tribunal, although it is stated to have been filed in Form No. 36. Thus, in these circumstances, adverse view is to be taken as despite several stages of litigation, and despite being given adequate and sufficient opportunities by authorities including us, the assessee failed to satisfy the mandate of Section 68 with respect to fresh deposits - Additions confirmed - AT

View Source

← Previous Next →

Addition u/s 68 - Unexplained cash credits - The assessee has ...

Section 68 Additions Upheld: Assessee Fails to Explain Unexplained Cash Credits Despite Multiple Litigation Opportunities.

August 6, 2022

Case Laws Income Tax AT

You may also like:

Key legal issues and the Tribunal's holdings: Agricultural land sold by assessee situated beyond municipal limits cannot be treated as capital asset u/s 2(14). Addition...

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...

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...

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...

Addition u/s 68 - Unexplained cash credit - share capital and share premium - The assessee consistently escaping from appearing before the ld. AO and the appellate...

Addition u/s 68 - unexplained cash credits - Onus to prove - CIT(A) deleted addition - The Tribunal found that the assessee failed to discharge its onus of proving the...

Assessee failed to file return of income u/s 139 but received notice u/s 148. Despite opting for presumptive taxation scheme u/s 44AD, which does not require maintaining...

Unexplained cash credit - unsecured loan u/s 68 - The assessee has limited means to call for elaborate information required by AO. Looking to the list of documents filed...

Unexplained cash credit - addition of cash deposit in bank account - It is important to mention here that the bank statements cannot be termed as books of accounts for...

Cash credit - Additions u/s 68 instead of u/s 69 - Mentioning of wrong Section in the orders of the authorities below would not be fatal to the case of Revenue. May be...

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...

The Assessing Officer (AO) made additions u/ss 69C and 68 for undisclosed credit card expenditures in foreign currencies based on material found during a survey. The...

The assessee received cash credits which were treated as unexplained income u/s 68 by the Assessing Officer (AO). However, the Commissioner of Income Tax (Appeals)...

Addition u/s.68 - unexplained cash deposit into bank - demonetization period - Books of account not rejected - As the treating of the cash deposits an unexplained cash...

Addition u/s 68 OR 41(1) - unexplained cash credit - Cessation of liability - The appellant contested additions to their income, alleging bogus sundry creditors. Despite...

Quick Updates: