The ITAT Bangalore addressed unexplained cash deposits u/s 69A, ...

Unexplained cash deposits u/s 69A: Additions deleted considering the Credibility of withdrawals for redeposits, Fund flow analysis, Cash availability presumption.

Case Laws Income Tax

May 31, 2024

The ITAT Bangalore addressed unexplained cash deposits u/s 69A, focusing on the credibility of earlier withdrawals as a source for redeposits. The Tribunal examined fund flow and cash flow statements, presuming cash availability for redeposit. The assessee deposited sums during demonetization, providing bank account details, rent agreements, and rental income confirmation. The assessee explained using earlier withdrawals and tenant payments for redeposits, supported by the case of S.R. Venkataratnam. The Tribunal ruled in favor of the assessee, allowing credit for cash withdrawals and rental income towards bank deposits, deleting the addition for unexplained cash deposits during demonetization.

View Source

← Previous Next →

The ITAT Bangalore addressed unexplained cash deposits u/s 69A, ...

Unexplained cash deposits u/s 69A: Additions deleted considering the Credibility of withdrawals for redeposits, Fund flow analysis, Cash availability presumption.

Case Laws Income Tax

May 31, 2024

You may also like:

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...

Addition u/s 69A - unexplained cash deposits in the bank account - onus to prove - The Tribunal noted that the appellant had provided evidence to support the source of...

Addition made u/s. 69A - unexplained cash deposits - The Tribunal found merit in the assessee's argument that the cash on hand at the beginning of the financial year...

Additions u/s 69A - Cash deposits made during demonetization period - there is no dispute that the assessee is running Petrol and Diesel retail outlet and he is the...

Unexplained money u/s. 69A and levied tax u/s. 115BBE - the assessee has filed cash book explaining date wise receipts from various parties and deposited into bank...

Addition u/s 69A - unexplained cash deposits in the saving bank - The tribunal found the orders of the Revenue authorities to be arbitrary, with a failure to consider...

Addition u/s 68 r.w. section 115BBE - unexplained cash deposits in the bank account - The tribunal finds that the AO did not provide a satisfactory explanation for...

The Appellate Tribunal held that the addition u/s 56(2)(vii) or 28(iv) was unjustified, as the purchase was made with consideration, cheques were given to sellers with...

Unexplained deposits in cash in bank - assessee's father was the owner of agriculture land and the said cash was deposited partly out proceeds from sale of agriculture...

Unexplained investment u/s 69 - cash deposit - the alleged transactions of cash deposits and corresponding entries of cheque issued were not in the nature of any...

The ITAT Delhi considered an addition u/s 69A r.w.s. 115BBE for cash deposited during demonetization as unexplained. The assessee's explanation of cash deposits from...

Addition u/s 69A - Addition of cash deposits made by the assessee during the demonetization period - The Tribunal examined the legality of the assessment order, the...

Addition u/s. 69A - unexplained cash deposits in the bank account - The Tribunal found the explanation provided by the assessee regarding the sale consideration for real...

Addition u/s 69A - cash deposits during demonetization period - business of hiring of cars - A reasonable amount of cash deposits during demonetization period is out of...

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

Quick Updates: