ITAT partially allowed the appeal concerning disputed ...

Agricultural Income Deletion Upheld While Cash Deposits During Demonetization Face Partial Scrutiny Under Section 68

February 7, 2025

Case Laws Income Tax AT

ITAT partially allowed the appeal concerning disputed agricultural income and cash deposits during demonetization. The addition of differential agricultural income was deleted as the original return was processed under s.143(1) and not scrutinized. Regarding unexplained cash credits under s.68, ITAT upheld the addition based on lack of evidence for agricultural activity but acknowledged legitimate business transactions from retail trading. The Tribunal rejected retrospective application of enhanced tax rates under s.115BBE, directing taxation at normal rates with applicable surcharges. The assessee's retail business "Shreeji Paints & Ply" provided partial justification for cash deposits, resulting in partial relief against the additions made by the AO.

View Source

← Previous Next →

ITAT partially allowed the appeal concerning disputed ...

Agricultural Income Deletion Upheld While Cash Deposits During Demonetization Face Partial Scrutiny Under Section 68

February 7, 2025

Case Laws Income Tax AT

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 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...

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...

Gynecologist with income from profession and investments deposited demonetized currency notes in bank account. Onus on assessee to prove source. HELD: During...

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...

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

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...

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

Additions against Cash deposits made during demonetization period in specified bank notes - assessee has been consistently holding huge cash balance which meets the...

Cash deposit in bank account treated as unexplained income - Agricultural income or not? - The Tribunal found discrepancies in the appellant's claims regarding...

Unexplained Cash deposit during demonetization - Assessee is regular in filing his Return of Income for more than nine years and has already shown his books of accounts...

The ITAT adjudicated on the following issues: 1. Cost of acquisition for computing long-term capital gains on sale of ancestral agricultural land: The assessee's...

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...

Quick Updates: