Addition u/s 68 - accommodation entry receipts - The investors ...

Commissioner of Income Tax (Appeals) Deletes Additions u/s 68; Investments Made Through Verified Banking Channels.

July 27, 2023

Case Laws Income Tax AT

Addition u/s 68 - accommodation entry receipts - The investors are corporate entities duly assessed to tax and have made investment through banking channel from their own sources which fact has neither been denied nor rebutted in the assessment nor by the first appellate authority. This is also evident from the chart exhibited elsewhere. - CIT(A) rightly deleted the additions - AT

View Source

← Previous Next →

Addition u/s 68 - accommodation entry receipts - The investors ...

Commissioner of Income Tax (Appeals) Deletes Additions u/s 68; Investments Made Through Verified Banking Channels.

July 27, 2023

Case Laws Income Tax AT

You may also like:

Addition u/s 68 OR 41(1) - unexplained cash credit - Cessation of liability - The appellant contested additions to their income, alleging bogus sundry creditors. Despite...

The assessment reopening u/s 147 read with Section 148 was found to be unsustainable due to the lack of independent application of mind by the Commissioner of Income Tax...

The Assessing Officer (AO) made additions u/ss 69C and 68 for undisclosed credit card expenditures in foreign currencies based on material found during a survey. The...

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 credit u/s.68 - double taxation - taxing the source of investment and application of investment both - When an income is taxed / addition is made to...

Addition u/s 68 - bogus share application/allotment money - The Court noted the factual examination done by the Commissioner of Income Tax (Appeals) regarding the share...

Addition u/s 68 - CIT-A deleted the entire additions on the basis of few sample shareholders - AO has also not given the breakup of the investment made by the 10 persons...

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...

Key legal issues and the Tribunal's holdings: Agricultural land sold by assessee situated beyond municipal limits cannot be treated as capital asset u/s 2(14). Addition...

Addition u/s 68 - mistake of introduction of authorized capital - tax practitioner had made the above inadvertent mistake while filing the return of income which is not...

Reopening of assessment u/s 147 was invalid due to procedural irregularities. The Assessing Officer initiated proceedings without verifying information and the...

Revision u/s 263 - Failure of AO levy tax u/s 115BE for the additions made u/s 68 - AO having made addition u/s 68 of the Act, taxing it at the rate prescribed u/s...

Jurisdictional issue regarding notice u/s 143(2) was addressed, with ITAT holding that the initial notice by ACIT, Circle-5(1), Delhi was within time, and subsequent...

The assessee made investments in two firms by purchasing cold storage units funded by M/s. A.R. Constructions, where the assessee is a managing partner. The source for...

Addition made towards excess physical stock during the survey - unexplained investment u/s 69 taxable at rates prescribed u/s 115BBE - The ITAT concurred with the...

Quick Updates: