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Section 68 case laws in favour of assessee

Web19 Sep 2024 · In the case tilted as Golden Gate Properties Ltd. and Ors. Vs. ... Under the said circular/instruction, the assessee was permitted to deposit the tax deducted at source within 12 months from the date of deductions to obviate any penal consequences. That by a subsequent circular dated 07.02.2013, paragraph Nos. 3.1(i) and (ii) of the earlier ... Web21 Feb 2024 · It was explained by the assessee that Mamaji and Mataji were living with the assessee and assessee used to handover business cash to them for safe custody, …

Various Mode of Cash Deposits under the Income-tax Act, 1961 with Case Laws

Web8 Mar 2024 · Section 68: Cash credits. Where any sum is found credited in the books of an assessee maintained for any previous year, and the assessee offers no explanation about … Web5 Dec 2024 · The brief facts of the case are that the assessee filed its return of income on 27-9-2010 declaring total income at Rs. 1,26,99,467 Subsequently the case was selected for scrutiny and after serving notice, the order of assessment was passed by assessing officer under section 143 (3) read with section 147 of the Income Tax Act thereby making … how to check my random access memory https://allproindustrial.net

Landmark decision of Allahabad HC on Section 148 Notices / …

Webmade applying the provisions under section 68,69, and 69 A of the act. And there by a brief knowledge about these sections are must before the analysis tax and penal implications regarding the same. Sec .68 – Cash Credits Where any sum is found credited in the books of an assessee maintained for any previous year, and the WebHowever, each case must be considered on its own facts.” (dealing with explanation 1) Para 40:- “Explanation appended to section 271(1)(c) is an exception to the general rule. It … Web11 Apr 2024 · 44. Hemalata Mohapatra v. Bijay Kumar Pradhani, 2024 LiveLaw (Ori) 44. 45. Khudia @ Khudiram Tudu v. State of Odisha, 2024 LiveLaw (Ori) 45. 46. Midiyan Pani & Ors. v. State of Orissa, 2024 ... how to check my rbc visa balance

CASH CREDITS ASSESSMENT OF CONTENTIOUS ISSUES

Category:Revision jurisdiction u/s 263 on mere conjectures, suspicions ...

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Section 68 case laws in favour of assessee

Akr Poly Industries, , Trichy vs Department Of Income Tax - Indian …

WebSection 270A – meaning of applicable from 1.4.2024 ? Consequent to introduction of section 270A, the provisions of section 271 have to cease to have effect. S. 271(7) introduced by the FA, 2016 provides that the provisions of section 271 shall not apply to and in relation to assessment for the assessment year commencing on or after 1.4.2024. WebSection 68 of the Income Tax Act, 1961 to make an investigation as to the nature and source of a cash credit appearing in... Section 68 of the Income Tax Act, 1961 and, therefore, the …

Section 68 case laws in favour of assessee

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WebValidity of the reopening of the assessment - scope of "tangible material" - assessee’s claim of interest expenditure incurred on payment made - As per DR merely filing the balance-sheet cannot absolve the assessee’s duty to explain/furnish fully and truly all the relevant material facts necessary for the assessment in respect of interest expenditure - HELD THAT:- … Web19 May 2011 · Share. According to section 68 of Income Tax Act 1961, where any sum is found credited in the books of an assessee maintained for any previous year, and the assessee offers no explanation about the nature and source of the same or the explanation offered by him is not satisfactory in the opinion of A.O., the sum so credited may be …

Web23 Jan 2006 · ...questions of law:“1. Whether the Income-tax Appellate Tribunal has erred in deleting the penalty imposed under section 271D of the Act by holding that the appellant did not contravene the...the assessment year 1998-99, the Assessing Officer initiated penalty proceedings under section 271D of the Act as he was of the view that the assessee had … Webthe case of the assessee – respondent herein on 29.11.2012. However as observed hereinabove, the date on which the order under Section 263 has been received by the …

Web25 Feb 2024 · Rajeev Bansal Contra Coalition a India (Allahabad High Court) Allahabad high trial in lead case of Rajeev bansal vs UOI (Writ Tax of 1086/2024) the other over part bench presided by justice sunita agarwal on issue of time barred announcements u/s 149 first reserve under changes law (judgment reserved on 15 Dec 2024) is rejected […] Webtotal income of the assessee includes any income referred to in section(s) 68, 69/69A/69B/69C/69D of the Act, no deduction in respect of any expenditure or allowance or set off of any loss shall be allowed to the assessee under any provisions of the Act in computing the income referred

Web1 day ago · According to AO, assessee even though has section 12A registration , it wont be able to enjoy the exemption u/s 11 of the Act because it’s case was hit by proviso to section 2(15) of the Act and thus it lost its charitable character within the meaning of section 2(15) and u/s 13(8) of the Act for the assessment year in question and the AO held “therefore …

how to check my ration card numberWebAbout Us; Judicial Profiles; Product Catalogue; Careers; Contact Us how to check my rdo in birWebGeneral Principles. The conditions for the applicability of s. 68 are: I. The existence of books of accounts maintained by the assessee himself; II. A credit entry in the books of account; and. III. The absence of a satisfactory explanation by the assessee about the nature and source of the sum credited. I. how to check my rashiWeb15 Dec 2024 · In such cases the Assessing Authority is to give notice to the assessee, investigate the matter and then only come to the conclusion as the bogus transaction. In ‘ Shri Hasmukh J. Ruparelia v. In response to it, the assessee filed a reply vide letter dated 21.07.2014 stating that the return filed on 03.10.2009 may be treated as return filed in … how to check my rdoWeb5 Jan 2024 · In the light of this analysis of the legal position and the factual backdrop, whatever may be the position with respect to taxability of such a leave travel concession in the hands of the employee, the assessee could not be faulted for not deducting tax at source from LTC allowed by it to employees. 10. how to check my realm seed mc bedrock xboxWebProbably, an addition under section 68 of the Act could have been considered; but then that is not the case of the AO. The assessee, apart from raising several other grounds, has challenged the legality of the addition being made under section 69A of the Act. In support of the assessee's contentions, the learned AR placed reliance on the ... how to check my rdp statusWeb1 day ago · Conclusion- Held that expenses have been incurred towards community welfare activities as required under the Companies Act as CSR activities only, i.e., the assessee has not demonstrated as to how these expenses have nexus with the business carried on by the assessee. Further Explanation 2 to section 37(1) specifically provides for disallowance ... how to check my realm seed mc bedrock