Unexplained cash credits u/s 68 - Interest expenditure debited ...

Tribunal Clears Assessee of Unwarranted Tax Additions Related to Harshad Mehta Scam; High Court Upholds Decision.

February 29, 2024

Case Laws Income Tax HC

Unexplained cash credits u/s 68 - Interest expenditure debited as interest on securities - allegation of involvement in multi crore securities transactions scam of nineties infamously known as Harshad Mehta Scam, Assessee got labelled as party under the Special Court's (TORTS) Act, 1992 - The ITAT examined each addition separately, considering the evidence and explanations provided by the assessee. It concluded that the additions were not justified due to satisfactory explanations and evidence presented by the assessee. - The High Court dismissed the appeal, finding no merit in the revenue's contentions.

View Source

← Previous Next →

Unexplained cash credits u/s 68 - Interest expenditure debited ...

Tribunal Clears Assessee of Unwarranted Tax Additions Related to Harshad Mehta Scam; High Court Upholds Decision.

February 29, 2024

Case Laws Income Tax HC

You may also like:

The Income Tax Appellate Tribunal (ITAT) adjudicated on various additions made by the Assessing Officer (AO) as unexplained/bogus credits or trading liabilities. The...

The Appellate Tribunal considered the issue of condonation of delay in filing appeals, which exceeded 400 days, due to unexplained cash deposits and protective additions...

The Appellate Tribunal considered the legality of additions based on a diary seized from a third party. The Tribunal held that the presumption u/s 132(4A) of the Act...

The assessee's contentions were upheld by the Tribunal regarding various additions made by the Assessing Officer. The Tribunal ruled that the RTGS transfer from the...

Disallowance of deduction being the loss/ expenditure/outgo from coffers of bank - For some reason best known to the appellant bank, proceeds were credited in the...

The Appellate Tribunal considered TP adjustment on brokerage commission received from related parties. It found TNMM method appropriate for benchmarking the commission...

Addition in assessment u/s 153C - Addition u/s 69 - addition on basis of loose papers on which name of the appellant was mentioned along with some other parties - The...

Income assessed in hands of Appellant as Representative Assessee. No credit for prepaid taxes availed by beneficiaries. JCIT(A) directed AO to verify claim of prepaid...

Protective addition made by Assessing Officer was not sustainable as substantive addition did not survive in concluded assessment proceedings of related party. CIT(A)...

The Appellate Tribunal dismissed the appeal u/s 249(4)(b) due to non-payment of advance tax. The assessee did not respond to the notice u/s 142(1) to clarify tax payment....

The case pertains to the levy of interest u/s 234C for failure on the part of the payer to deduct tax deducted at source (TDS) u/ss 196D and 194LD. The key points are:...

Withdrawing the excess tax credit for advance tax and self-assessment tax - Rectification u/s 154 - The assessee has to furnish details of different payments of tax by...

The assessee, a foreign company, earned network transportation fees from its Indian associated enterprise (AE), Damco India Private Limited (DIPL). The Assessing Officer...

The ITAT ruled on the addition u/s 68 of share capital/premium from three dummy entities related to RPS Group. The addition was substantive for RPS Group and protective...

The CIT(A) partly allowed and restricted the addition on account of commission expenses at 0.25% as compared to 2% adopted by the Assessing Officer. The coordinate bench...

Quick Updates: