The ITAT held that the addition under section 69A for cash ...

Assessee's explanation supported by affidavits not properly considered, addition u/s 69A not sustainable. AO directed to delete addition.

Case Laws Income Tax

June 6, 2024

The ITAT held that the addition under section 69A for cash deposits during demonetization was not justified. The AO and CIT(A) failed to conduct proper verification of the affidavits provided by the assessee's parents, which explained the source of the deposits. The burden of proof is on the revenue to establish the deposits as the assessee's income. The authorities did not fulfill their duty to investigate thoroughly. The absence of proof of agricultural income was not addressed adequately. The ITAT directed the AO to delete the addition under section 69A in favor of the assessee.

View Source

← Previous Next →

The ITAT held that the addition under section 69A for cash ...

Assessee's explanation supported by affidavits not properly considered, addition u/s 69A not sustainable. AO directed to delete addition.

Case Laws Income Tax

June 6, 2024

You may also like:

The ITAT Ahmedabad held that a best judgment assessment u/s 144 without issuing notice u/s 143(2) is invalid if the assessee has filed a return and responded to AO's...

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...

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 - assessee had enough means to invest in the wrist watches - Only because bills and invoices of the wrist watches were not found at the time of search,...

Addition u/s 69A - addition of processing charges bill alleged to be paid outside the books of accounts - Assessee should have been allowed to reconcile and explain the...

Taxation of surrendered income - taxability u/s 115BBE - the assessee had given complete explanation regarding the source of entries recorded in the diary, which were...

Addition u/s 68 - cash deposits in the bank accounts during the demonetization period - As far as non-reliance on books of accounts and other documentation so submitted...

Addition u/s 68 - Levy of penalty u/s 271(1)(c) - concealment of particulars - unexplained cash credit / bogus purchases - At the time of assessment, the...

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...

Revision u/s 263 - Scope of the affidavit relief upon by the AO - It is not self serving affidavit of the assessee but of concerned party from whom allegedly the...

Addition of income from other sources u/s 69A - Assessee was found in possession of loose slips - appellant was not found to be owner of any money, Bullion or Jewellery...

Addition of excess stock found during the course of survey - unexplained investments u/s 69 r.w.s.115BBE - The Tribunal observed that the assessee provided plausible...

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...

Addition u/s 69A r.w.s 115BBE - unexplained gold jewellery found at the time of search - the assessee cannot be asked to explain the bank transactions of an unrelated...

Addition u/s 69A - entries are recorded in the assessee’s books of account - it is evident that the AO has not made out a case calling for an addition under section 69A...

Quick Updates: