The High Court dealt with a case involving unexplained cash ...

High Court ruled in favor of taxpayer on unexplained cash credit issue, allowing telescopic benefit of income surrendered during survey.

June 25, 2024

Case Laws Income Tax HC

The High Court dealt with a case involving unexplained cash credit u/s 68 of the Income Tax Act. The assessee had surrendered unaccounted income during a survey, which was offered for tax. The ITAT deleted the addition, allowing telescopic benefit by linking surrendered income to cash deposits in the bank account as maturity proceeds of hundies. ITAT's decision was based on thorough analysis of facts, documents, and evidence. The High Court upheld ITAT's findings, stating no legal error was found. The benefit of telescoping was justified as per precedent. The department failed to prove the source of bank deposits was related to a scam. No substantial question of law arose, and the appeal was decided against the revenue.

View Source

← Previous Next →

The High Court dealt with a case involving unexplained cash ...

High Court ruled in favor of taxpayer on unexplained cash credit issue, allowing telescopic benefit of income surrendered during survey.

June 25, 2024

Case Laws Income Tax HC

You may also like:

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 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 ITAT held that once the source of cash is taxed, it cannot be further taxed as unexplained cash expenditure in the hands of the assessee company. The assessee had...

Cash deposit during demonetization period treated as unexplained cash credit. Assessee's claim of introducing cash as capital in proprietary concern not accepted due to...

Addition u/s 68 - Unexplained cash credit - CIT(A) accepted the source of cash deposits without any supporting documents, the issue require detailed enquiry with regard...

Cash Refund of Customs Duty / CVD - appellant could not avail the Cenat Credit - Section 142(3) of the CGST Act, 2017 - The Tribunal ruled in favor of the appellants,...

Deposits by the assessee in bank account during demonetization period were not unexplained. Section 69A is inapplicable as there were proper entries for cash sales, cash...

The ITAT, an Appellate Tribunal, ruled on unexplained cash deposits in bank accounts opened by a CA misusing KYC documents. The CA, acting fraudulently, used the...

The appellant sought refund of Countervailing Duty (CVD) and Special Additional Duty (SAD) paid in cash u/s 11B of the Central Excise Act, 1944 read with Section 142(3)...

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...

Addition u/s 68 - Unexplained cash credit - It is well settled principle that the repayment of cash credit would not prove the genuineness of cash credit. It is 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...

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...

This case deals with the validity of a declaration under the Voluntary Compliance Encouragement Scheme (VCES) for service tax dues. The taxpayer was issued a show cause...

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

Quick Updates: