Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding
  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Income Tax - Highlights / Catch Notes

Home Highlights December 2022 Year 2022 This

Revision u/s 263 by CIT - Unexplained Cash deposited in the bank ...


CIT Revises AO's Order: Section 263 Invoked for Unexplained Cash Deposits, Misapplication of Section 44AD in Commission Income.

December 16, 2022

Case Laws     Income Tax     AT

Revision u/s 263 by CIT - Unexplained Cash deposited in the bank account - taxability of profit @ 8% u/s. 44AD - This action of the assessee was accepted by the AO without realising that provisions of section 44AD of the Act do not apply to a commission agent thereby making the assessment order erroneous in law and because of this error the AO did not examine the cash deposit making the assessment order pre judicial to the interest of the revenue. - AT

View Source

 


 

You may also like:

  1. Assessee engaged in business of commission agent (Aadatia) for agricultural products. AO made addition u/s 68 treating entire cash deposits in bank account as...

  2. Assessing Officer conducted due enquiries regarding cash deposits during demonetization period, called for details from assessee to substantiate source. AO applied mind,...

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

  4. 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...

  5. Addition u/s 68 - Unexplained cash credit - CIT(A) accepted the source of cash deposits without any supporting documents, the issue require detailed enquiry with regard...

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

  7. Unexplained deposits in cash in bank - assessee's father was the owner of agriculture land and the said cash was deposited partly out proceeds from sale of agriculture...

  8. Unexplained money u/s 69A read with Section 115BBE(1) - no explanation regarding source of cash deposit in savings account - case selected for limited scrutiny, thus...

  9. The ITAT Delhi held that the CIT(A) erred in presuming all cash deposits as business receipts u/s 44AD. The CIT(A) treated deposits as business receipts and applied 8%...

  10. AO accepted assessee company's books of accounts and net profit disclosed therein. However, AO treated cash deposits in bank accounts during demonetization period as...

  11. Cash deposit during demonetization period treated as unexplained cash credit. Assessee's claim of introducing cash as capital in proprietary concern not accepted due to...

  12. The Income Tax Appellate Tribunal held that the revised return of income filed by the assessee cannot be treated as invalid by the Assessing Officer (AO). Since the AO...

  13. Unexplained cash deposits in bank - receipt of rental deposits in cash - The fact remains that the cash rental deposits have been received by the assessee which is not...

  14. 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...

  15. Addition u/s 69A - unexplained cash deposits in the saving bank - The tribunal found the orders of the Revenue authorities to be arbitrary, with a failure to consider...

 

Quick Updates:Latest Updates