Addition u/s 68 - cash deposits in the bank accounts during the ...

Section 68 Cash Deposits During Demonetization: Assessee's Documentation Validated, Additions Removed Due to Insufficient Grounds by Authorities.

March 18, 2023

Case Laws Income Tax AT

Addition u/s 68 - cash deposits in the bank accounts during the demonetization period - As far as non-reliance on books of accounts and other documentation so submitted by the assessee, we are of the considered view that the action of the lower authorities cannot be sustained. - Assessee has not just provided a reasonable explanation to explain the source of cash deposits but the said explanation has been adequately supported by adequate documentation - Additions deleted - AT

View Source

← Previous Next →

Addition u/s 68 - cash deposits in the bank accounts during the ...

Section 68 Cash Deposits During Demonetization: Assessee's Documentation Validated, Additions Removed Due to Insufficient Grounds by Authorities.

March 18, 2023

Case Laws Income Tax AT

You may also like:

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...

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

ITAT ruled in favor of the taxpayer regarding disputed cash deposits during demonetization. The assessee had properly recorded cash sales in accounting books and...

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...

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...

Addition u/s 68 - unexplained cash towards cash deposits made during the demonetisation period - AO did not reject the books of accounts of the assessee and has not...

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...

Addition u/s. 68 - cash received by assessee (co-operative society) from its members during the demonetisation period in Specified Bank Notes - Not every deposit during...

The ITAT Delhi ruled on an appeal regarding addition u/s 68 r.w.s. 115BBE for unexplained cash deposits during demonetization. The assessee explained that the deposits...

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

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...

ITAT upheld addition under section 68 regarding unexplained cash deposits of Rs. 78,00,000/- as assessee failed to provide satisfactory explanation or supporting...

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

Addition of Cash deposits u/s. 68 - cash deposit during demonetization - AO cannot disbelieve the purchases made from the assessee simply on the ground that those...

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...

Quick Updates: