Unaccounted cash payments / expenditure - unaccounted cash ...

Case Laws Income Tax

September 14, 2022

Unaccounted cash payments / expenditure - unaccounted cash receipts from patients - Addition u/s 69C - levy of tax u/s 115BBE at higher rate of tax - proof of source of income - the assessee is in the business of running a diagnostic centre and the only source of income is the receipts from patients which is stated to be the source for unexplained expenditure - Additions deleted - AT

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Unaccounted cash payments / expenditure - unaccounted cash ...

Case Laws Income Tax

September 14, 2022

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Addition made on account of unaccounted cash receipts – Sale of car parking area - Without any evidence in the year for receipt of on-money the addition cannot be sustained - AT

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...

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Levy of penalty u/s 271D - assessee had received the amounts in cash as loan from HUF - there cannot be any better reason for receipt of cash deposits than the death of...

HC held that u/s 40A, cash payments are restricted to prevent false income claims. Exemptions allowed for special circumstances where bank transactions are impossible....

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