The HC set aside the order passed u/s 148A(d) and notice issued ...

Cash payments for supplies wrongly treated as unexplained cash credits, notice quashed.

December 26, 2024

Case Laws Income Tax HC

The HC set aside the order passed u/s 148A(d) and notice issued u/s 148, and remanded the matter to the AO to consider afresh. It held that the revenue's contention that the petitioner had received cash was erroneous. The ledger account reflected that the petitioner had paid cash consideration for supplies. The AO had not made any specific allegation that the petitioner had paid money through banking channel and received back cash against those payments. The HC directed the AO to consider the petitioner's averments and replies furnished.

View Source

← Previous Next →

The HC set aside the order passed u/s 148A(d) and notice issued ...

Cash payments for supplies wrongly treated as unexplained cash credits, notice quashed.

December 26, 2024

Case Laws Income Tax HC

You may also like:

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...

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...

Sections 132B, 140A, 153A and 234B of the Income Tax Act, 1961 were analyzed regarding adjustment of seized cash against tax liability. The appellants claimed that cash...

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...

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...

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 money u/s 69A read with Section 115BBE(1) - no explanation regarding source of cash deposit in savings account - case selected for limited scrutiny, thus...

Refund of unutilized Cenvat credit - Other than Rule 5 of Cenvat Credit Rules, there is no other provision either in Cenvat Credit Rules, 2004 or in Central Excise...

Unexplained cash credit u/s. 68 r.w.s. 115BBE - Co-ordinate Benches of the Tribunal have held that any sum found credited in bank passbook could not be treated as an...

Utilisation of Input Tax Credit - outward supply of Gold & Silver bullion - The applicant/appellant can use the Input Tax Credit Balance available in its Electronic...

Unexplained cash credits u/s 68 and the applicability of Section 115BBE for taxing such additions. The key points are: The Assessing Officer (AO) issued notices u/s...

Transfer of property deemed as short-term capital gain due to holding period less than 36 months, disallowing deduction u/s 54F. Additions for difference in commission...

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...

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...

Amount which was credited in books of accounts of the assessee in the preceding year cannot be treated as unexplained cash credit u/s 68 in the relevant assessment year.

Quick Updates: