The Appellate Tribunal considered unexplained cash deposits ...

ITAT addressed cash deposits during demonetization. Found lack of evidence for certain expenses. Ruled Section 115BBE for higher rate of tax not retroactive.

Case Laws Income Tax

June 28, 2024

The Appellate Tribunal considered unexplained cash deposits during demonetization. The Tribunal noted the assessee's agricultural income and expenses but found insufficient evidence of various expenses. Adjusting claimed expenses, a portion of the unexplained cash remained unexplained. The Tribunal partly allowed the assessee's appeal. The Tribunal ruled that Section 115BBE couldn't be applied retroactively as it came into force after the search. Citing precedent, the Tribunal held the addition u/s 115BBE was unsustainable. Therefore, Section 115BBE was deemed inapplicable in the case, favoring the assessee.

View Source

← Previous Next →

The Appellate Tribunal considered unexplained cash deposits ...

ITAT addressed cash deposits during demonetization. Found lack of evidence for certain expenses. Ruled Section 115BBE for higher rate of tax not retroactive.

Case Laws Income Tax

June 28, 2024

You may also like:

The ITAT Visakhapatnam addressed an addition u/s 69A for unexplained cash deposits in the bank account. The assessee failed to explain the sources for cash deposits,...

The Appellate Tribunal addressed the issue of addition u/s 69A with reference to cash deposits during demonetization. The assessee failed to establish the source of...

The assessee, a septuagenarian gynecologist with no business income during the year, made cash deposits totaling Rs. 10 lakh in her bank account during demonetization....

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 Bangalore addressed unexplained cash deposits u/s 69A, focusing on the credibility of earlier withdrawals as a source for redeposits. The Tribunal examined fund...

The appellant could not establish the source for cash deposits during demonetization. The Appellate Tribunal held that sales cannot be rejected solely based on higher...

Addition u/s 69A - unexplained income - cash deposits made into bank account during demonetization period - assessee neither furnished stock summary nor bills/vouchers...

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...

Cash deposits made during demonetization period from cash withdrawals and rental income received in cash were substantiated through cash flow statements and bank...

The ITAT, an Appellate Tribunal, considered the penalty u/s 271AAA for unexplained cash found during a search. The AO rejected the assessee's submissions due to lack of...

The ITAT Delhi ruled on an appeal regarding addition u/s 68 r.w.s. 115BBE for unexplained cash deposits during demonetization. The assessee explained that the deposits...

Cash credit u/s 68 r.w.s. 115BBE - cash deposit during demonetization period - assessee's failure to maintain books of accounts u/s 44AD. Held that where exemption from...

The ITAT addressed multiple issues related to the assessee's eligibility for deduction u/s 80IA and various additions made by the AO. The AO's assessment u/s 153A...

Addition of cash deposited during the demonetisation period in bank account - unexplained income - taxation @ 60% as provided u/s. 115BBE - The tribunal acknowledged the...

Quick Updates: