Addition u/s 68 - Assessee is not named in MOU, either as a ...

Case Laws Income Tax

November 4, 2022

Addition u/s 68 - Assessee is not named in MOU, either as a party or as a witness. No cash was found or seized during the search conducted on the premises owned by the Assessee. ITAT held that the second statement recorded on 11th March, 2016, is not corroborated by any evidence or material on record and therefore, the AO or CIT(A) could not have relied upon the second statement. - There is no infirmity in the impugned order of the ITAT deleting the addition - HC

View Source

← Previous Next →

Addition u/s 68 - Assessee is not named in MOU, either as a ...

Case Laws Income Tax

November 4, 2022

You may also like:

Addition u/s 68 - large cash withdrawal by the assessee immediately before the search and seizure operation - during search and seizure operation, the cash amount was...

This case pertains to the addition made u/s 69A of the Income Tax Act regarding unexplained cash found during a search operation. The assessee produced a cash book to...

Additions on the basis of material seized during the search in case of third party without adhering to the provisions of section 153C - The tribunal found that the AO...

The case involved legality of assessment u/s 153A without search or Panchnama. The search warrant named the assessee company, rejecting the objection. No incriminating...

Assessment u/s 153A - Addition u/s 68 - bogus LTCG - Except the statement of the assessee u/s. 132(4) agreeing for the addition there is no seized incriminating material...

Addition made u/s 69C of the Income Tax Act for alleged cash payments based on a WhatsApp message and statement of a third party. The key points are: The WhatsApp...

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

Addition of unaccounted money u/s 69A - cash found during the course of search u/s 132 - the assessee all along claims that said cash belongs to his brother in law who...

Addition u/s 68 - Additions based on pen drive etc found from the third party - revenue authorities have failed to establish any connection either business or personal...

Addition u/s 68 - it is contended before AO that advances (cash credit) were made against the purchase of goods - AO and the Appellate Authority have the power of Civil...

Assessment u/s 153A - Addition u/s 68 - bogus LTCG - penny Stocks - whether documents found during the course of search were of incriminating nature? - The tribunal...

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...

Assessment u/s 153C - Profit estimation on money received for new construction and redevelopment projects - extrapolation of income for the search period. The assessee...

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)...

Unexplained cash payments - There is also no evidence to suggest that cash withdrawn from ETLL was unused and kept with the assessee idle though repeatedly withdrawals...

Quick Updates: