The ITAT held that the addition of Rs. 2.5 crore to the ...

Unexplained cash credit of Rs. 2.5 crore cannot be added to assessee's income without evidence, rules ITAT.

January 1, 2025

Case Laws Income Tax AT

The ITAT held that the addition of Rs. 2.5 crore to the assessee's income was unsustainable. It was not established that the assessee actually received the said amount. The entire sales were duly recorded, and no evidence proved receipt of the impugned sum. The addition was made without any charging provision under the law. The ITAT ruled in favor of the assessee, setting aside the orders of the AO and CIT(A).

View Source

← Previous Next →

The ITAT held that the addition of Rs. 2.5 crore to the ...

Unexplained cash credit of Rs. 2.5 crore cannot be added to assessee's income without evidence, rules ITAT.

January 1, 2025

Case Laws Income Tax AT

You may also like:

Assessee engaged in business of commission agent (Aadatia) for agricultural products. AO made addition u/s 68 treating entire cash deposits in bank account as...

In the case, ITAT decided on two main issues: 1. Addition on account of Gold and Silver Jewellery u/s 69A: Assessee disclosed Rs. 70,00,000 as unexplained investment...

CENVAT credit availed by the assessee on inputs, input services, and brand promotion services was disputed. The Tribunal held that denying credit of Rs. 6,25,651 on...

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

Assessee was granted deduction u/s 54F as evidence of construction of residential house worth Rs. 1.25 crore on ancestral land using funds from sale of agricultural land...

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...

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...

Correctness of erasure of credit already availed by prospective invalidation of eligibility for retention of credit that would subject those services already procured...

Refund of CENVAT Credit under rule 5 of the CENVAT Credit Rules, 2004 - Notification

Tax deducted at source (TDS) credit was denied in the intimation u/s 143(1) to the assessee. The Commissioner of Income Tax (Appeals) upheld the Centralized Processing...

The key points are: The Assessing Officer (AO) erroneously applied Section 69C of the Income Tax Act, which deals with unexplained expenditure, to transactions involving...

The assessing officer (AO) made additions to the assessee's income based on alleged bogus purchases and unexplained investments. The key points are: Addition of Rs....

Levy of penalty - taking CENVAT Credit irregularly - it is the contention of the Assessee that there is some element of discretion available in the adjudicating officer...

CENVAT Credit - Removal of capital goods - Depreciation - Deduction of 2.5% to be applied from the date of availing credit, not from the date of receiving or putting to...

Unexplained cash credit u/s 68 - supporting evidences to substantiate the source of cash found from the possession - Assessee has shown a taxable income of Rs. 2.30...

Quick Updates: