Estimated addition @ 25% of the advance booking receipt on ...

Section 68 Addition on Advance Booking Receipts Deleted by CIT(A) Due to Legal Bar and Refund Obligations.

May 20, 2023

Case Laws Income Tax AT

Estimated addition @ 25% of the advance booking receipt on shops/flats by the AO u/s 68 - Since the project could not be further carried out due to legal bar the assessee was under legal obligation to refund the amount to the investors after receiving compensation from the government. Estimated addition @ 25% of the advance booking received by the assessee by the AO is not sustainable, hence rightly deleted by the CIT(A). - AT

View Source

← Previous Next →

Estimated addition @ 25% of the advance booking receipt on ...

Section 68 Addition on Advance Booking Receipts Deleted by CIT(A) Due to Legal Bar and Refund Obligations.

May 20, 2023

Case Laws Income Tax AT

You may also like:

Addition u/s 68 - non maintenance of books of accounts - There was no actual credit of cash or otherwise received by the assessee. No entries are made in the books of...

Rejection of the books of accounts - best judgment assessment u/s 144 - addition of the sales made in cash on account of unexplained cash credit u/s 68 - While the...

ITAT ruled that additions under section 68 were invalid as the assessee had not maintained books of accounts, making the provision inapplicable. The Tribunal noted that...

Section 68 addition for cash deposits cannot be made where assessee filed return u/s 44AD and did not maintain books of accounts, as provisions of section 68 apply only...

Addition u/s 68 or 56 - Undisclosed income of unsecured loan - share application money receipt - the share application money was received in the financial year 2011-12 -...

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...

Addition u/s 69C OR 68 - Addition of share application money - Wrong mention of section - opening balance was carried forward - it is outside the ambit of section 68 - No addition.

Unexplained bank deposit u/s 68 - bank passbook - After the introduction of the definition of the books or books of account u/s 2 (12A), the passbook can also be...

ITAT ruled against treating lease deposits and booking advances as cessation of liability under Section 41(1) of Income Tax Act. The 3 crore lease deposit was temporary,...

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)...

Addition of unexplained cash credit u/s 68 - bank account can’t be loosely called as books of account u/s 68 - ITAT can’t covert the addition from section 68 to section...

Addition u/s 68 - The CIT(A) has observed that the transactions was part of the turnover/sale, whereas the addition has been made under Section 68 of the Act without...

Addition u/s 68 - addition of the cash deposits in the assessee’s savings bank account - as the bank account of an assessee cannot be held to be the 'books' of an...

Addition under Section 68 - Accommodation entries - the addition under Section 68 cannot be made in the case of the conduit companies. - AT

Addition u/s 68 - Unexplained loans - the appellant by filing ample documentary evidences sought to justify the identity and creditworthiness of the parties and...

Quick Updates: