The Appellate Tribunal addressed the validity of reopening ...

Tribunal Upholds Reopening of Assessment but Dismisses Unexplained Cash Addition; Supports Assessee's Credible Explanation.

June 6, 2024

Case Laws Income Tax AT

The Appellate Tribunal addressed the validity of reopening assessment under section 147 and addition under section 69A. The Tribunal held that the AO had sufficient information from DDIT indicating unexplained bank deposits, justifying the belief of income escapement. The assessee's claim of lack of AO's consideration was unsubstantiated and rejected. The Tribunal also dismissed the limitation argument due to the extension granted by TOLA. Regarding the addition under section 69A for cash deposits, the Tribunal found the assessee's explanations and submitted documents credible, highlighting that the books were audited and no discrepancies were reported. As the revenue failed to challenge the evidence, the Tribunal ruled in favor of the assessee, deeming the addition by the AO as unsustainable.

View Source

← Previous Next →

The Appellate Tribunal addressed the validity of reopening ...

Tribunal Upholds Reopening of Assessment but Dismisses Unexplained Cash Addition; Supports Assessee's Credible Explanation.

June 6, 2024

Case Laws Income Tax AT

You may also like:

Cash deposits in bank account unexplained - assessee failed to substantiate source for deficit amount - reasons recorded for reopening assessment valid - addition partly...

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...

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

The Appellate Tribunal upheld the reopening of assessment u/s 147 due to the assessee providing bogus accommodation loss entries. The AO had reasons to believe in the...

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...

Validity of reopening the assessment u/s 147 - Additions u/s 68 and u/s 69A - Cash deposits in assessee’s bank account - The ITAT observed that, the AO was satisfied...

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)...

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...

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...

Rectification u/s 154 - The Assessee filed a rectification application, which was dismissed by the CIT(A) based on the assumption of Tribunal's adjudication on the issue....

The Appellate Tribunal examined the reopening of assessment u/s 147 beyond the limitation period, involving the addition of cash deposits in the assessee's savings bank...

Assessment u/s 153A - Addition u/s 68 - bogus unsecured loan - unexplained cash credit received from shell/paper companies under the garb of unsecured loan - The revenue...

The case involved legality of assessment u/s 153A without search or Panchnama. The search warrant named the assessee company, rejecting the objection. No incriminating...

The Appellate Tribunal upheld the Addition u/s 68 of the Income Tax Act for share application money received from various individuals. The company failed to prove the...

Quick Updates: