Unexplained credits u/s. 68 - cash claimed to have been received ...

Case Laws Income Tax

March 1, 2024

Unexplained credits u/s. 68 - cash claimed to have been received by the assessee from recovery of farmers' advances earlier granted - onus to prove - The ITAT upheld the CIT(A)'s decision, finding that the assessee, a corporate entity engaged in sugar manufacturing, had regularly advanced money to sugarcane farmers to secure raw materials. These advances, reflected in the financial statements as 'receivables', were substantiated by the assessee through various documents and submissions during the assessment proceedings. - The ITAT found no basis to classify these deposits as unexplained under Section 68 or Section 69A of the Act. The tribunal emphasized that the AO's addition constituted a double addition for the same amount in two different assessment years, which was unjustified.

View Source

← Previous Next →

Unexplained credits u/s. 68 - cash claimed to have been received ...

Case Laws Income Tax

March 1, 2024

You may also like:

Addition u/s 68 - Unexplained cash advances received from various customers - trade advances given by the creditors/customers were found to be adjusted against the sale...

Unexplained cash credits u/s 68 and the applicability of Section 115BBE for taxing such additions. The key points are: The Assessing Officer (AO) issued notices u/s...

Unexplained cash credit under section 68 - Once the assessee is able to prove that the money received by it was returned in the subsequent assessment year in the account...

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...

Unsecured loan u/s 68 - Bogus cash credits - where there is a statutory rebuttable presumption against the assessee, as in case of cash credits etc., u/s 68 or...

Unexplained cash credit u/s. 68 r.w.s. 115BBE - Co-ordinate Benches of the Tribunal have held that any sum found credited in bank passbook could not be treated as an...

Addition u/s 68 of share application money - once the assessee is able to prove that the money received by it was returned in the account of the same party, then there...

Unexplained cash credit u/s 68 - cash received from partners - difference pointed out by the AO as capital introduced by both the partners of the assessee firm different...

Addition unexplained cash credit u/s 68 - shares were issued at premium to certain companies in lieu of the shares held by the said companies and there was thus no...

Unexplained cash credit - Profit from commodity trading on NMCE - Though no infirmity either emerges as regards the assumption of jurisdiction by the A.O for reopening...

The case pertains to the validity of reopening of assessment and addition made u/s 68 as unexplained cash credit. The key points are: The assessee had duly recorded the...

Unsecured loans treated as unexplained cash credits u/s 68. Interest paid on such unexplained loans also added to income. Assessee's contention of repayment of loans...

Unexplained cash credit u/s 68 - When the cash did not pass at any stage and since the respective parties did not receive cash nor did pay any cash, there was no real...

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)...

Bogus share transactions were alleged, and the Assessing Officer (AO) denied the assessee's claim for exemption u/s 10(38) by treating the sale consideration of shares...

Quick Updates: