Reopening of assessment u/s 147 - cash deposits during ...

Court Upholds Section 148 Notice for Tax Reassessment on Demonetization Cash Deposits Despite Petitioner's Response.

September 16, 2022

Case Laws Income Tax HC

Reopening of assessment u/s 147 - cash deposits during demonetization period - in view of the allegation of cash deposits during demonetization period, this Court is of the opinion that even if the reply now sought to be relied upon by the petitioner was taken into account, notice u/s 148 of the Act was called for – as a prima facie case of escapement of income was made out. - HC

View Source

← Previous Next →

Reopening of assessment u/s 147 - cash deposits during ...

Court Upholds Section 148 Notice for Tax Reassessment on Demonetization Cash Deposits Despite Petitioner's Response.

September 16, 2022

Case Laws Income Tax HC

You may also like:

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

Addition u/s 69A - cash deposits during demonetization period - business of hiring of cars - A reasonable amount of cash deposits during demonetization period is out of...

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...

The case involved the scope of limited scrutiny and the validity of a notice u/s 143(2) of the Income Tax Act. The assessee's case was selected for limited scrutiny to...

Additions against Cash deposits made during demonetization period in specified bank notes - assessee has been consistently holding huge cash balance which meets the...

The assessee, a septuagenarian gynecologist with no business income during the year, made cash deposits totaling Rs. 10 lakh in her bank account during demonetization....

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 - Deposits in regular bank account of the assessee, during demonetization period - the assessee was maintaining complete stock tally, the sales...

The ITAT Visakhapatnam addressed an addition u/s 69A for unexplained cash deposits in the bank account. The assessee failed to explain the sources for cash deposits,...

Cash deposited post demonetization period - AO making the addition of 30% of the cash deposited in the bank during post demonetization period - addition made by the AO...

Reopening of assessment - source of the cash deposits post demonetization - AO in the reasons recorded has simply kept aside the assessee's explanation for the...

Addition of cash deposited during the demonetisation period in bank account - unexplained income - taxation @ 60% as provided u/s. 115BBE - The tribunal acknowledged the...

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

Additions u/s 69A - Cash deposits made during demonetization period - there is no dispute that the assessee is running Petrol and Diesel retail outlet and he is the...

During the demonetization period, the assessee deposited Rs. 36.50 lacs in Specified Bank Notes (SBNs) in their bank account. The Assessing Officer (AO) made an addition...

Quick Updates: