ITAT upheld CIT(A)'s deletion of multiple additions made against ...

Tax Additions Deleted: Tribunal Rejects Claims of Unaccounted Money Lending, Jewellery and Chit Fund Transactions

February 6, 2025

Case Laws Income Tax AT

ITAT upheld CIT(A)'s deletion of multiple additions made against the assessee regarding unaccounted money lending, payments, jewellery, and chit fund transactions. The tribunal found that substantive additions were correctly made in M/s Bulland Buildtech Pvt. Ltd.'s hands, not the assessee's. Ancestral jewellery was within CBDT prescribed limits. Personal expenditure was justified from own funds without evidence of undisclosed income. Cash balance of Rs. 1,62,000 was properly declared. Payments related to M/s Bulland Leasing and Finance Ltd. for AY 2007-08 couldn't be added in AY 2011-12. Revenue's appeals were dismissed due to tax effects below monetary limits per CBDT Circular No.17/2019. All grounds raised by revenue were rejected, ruling in assessee's favor.

View Source

← Previous Next →

ITAT upheld CIT(A)'s deletion of multiple additions made against ...

Tax Additions Deleted: Tribunal Rejects Claims of Unaccounted Money Lending, Jewellery and Chit Fund Transactions

February 6, 2025

Case Laws Income Tax AT

You may also like:

On money receipts - additions based on the disclosure made before the Settlement Commission, however, the application was rejected by the commission - As a settled...

The assessee claimed exemption u/s 10(23G), and the disallowance u/s 14 concerning exempt income was disputed. It was held that the assessee had sufficient interest-free...

The Income Tax Appellate Tribunal examined the determination of net profits from contract business, rejection of books of accounts, and addition u/s 40(a)(ia) for...

The CIT(A) partly allowed and restricted the addition on account of commission expenses at 0.25% as compared to 2% adopted by the Assessing Officer. The coordinate bench...

IT, Estimation of income without rejecting books of accounts is arbitrary, addition made by AO deleted

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...

Dishonor of Cheque - Application of Money Lending Act - The complainant in the cross examination though admits that he is engaged in money lending business and he is not...

Undisclosed profit and unaccounted investment in undervalued goods - It was observed by the Tribunal that when the very basis on which the addition was made by the...

The Income Tax Appellate Tribunal (ITAT) adjudicated on various additions made by the Assessing Officer (AO) as unexplained/bogus credits or trading liabilities. The...

Bogus share transactions - Addition u/s. 68 r.w.s. 115BBE - If it is to be held that assessee has routed his own unaccounted money, then there has to be some material to...

The provisions of section 69A allow for additions if the assessee is found to be the owner of unrecorded money, bullion, jewelry, or valuable articles. However, when...

Addition u/s 68 - share application money received as unaccounted cash credit - identity and creditworthiness of the share subscribers and genuineness of the transaction...

The assessee, a foreign company, earned network transportation fees from its Indian associated enterprise (AE), Damco India Private Limited (DIPL). The Assessing Officer...

The assessee's contentions were upheld by the Tribunal regarding various additions made by the Assessing Officer. The Tribunal ruled that the RTGS transfer from the...

The Appellate Tribunal considered the issue of condonation of delay in filing appeals, which exceeded 400 days, due to unexplained cash deposits and protective additions...

Quick Updates: