Failure Of Assessee To Explain Identity And Creditworthiness Of Creditors And Genuineness Of Transaction: ITAT Sustains Addition
2 years, 3 months ago

Failure Of Assessee To Explain Identity And Creditworthiness Of Creditors And Genuineness Of Transaction: ITAT Sustains Addition

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The Allahabad Bench of the Income Tax Appellate Tribunal has sustained the addition as the assessee failed to explain the identity and creditworthiness of the creditors and the genuineness of the transaction. The AO made additions to the income of the assessee towards unexplained deposits and cash credits. The assessee filed a second appeal with the tribunal, and the tribunal restored the matter back to the file of AO for verification and to restrict the addition to the amount of unexplained fresh deposits raised during the assessment year by the assessee and to delete the additions with relation to the deposits raised in the earlier years. 64,62,054 towards fresh deposits raised by the assessee by invoking the provisions of Section 68 of the 1961 Act.

History of this topic

Mistake Committed By Assessee Was Inadvertent & Technical; No Wrongful Availment Of ITC: Kerala High Court Quashes Demand Order
2 days, 20 hours ago
S.68 IT Act | Whether Assessee Discharged Burden To Substantiate Identity & Genuineness Of Share Application Money Is 'Question Of Fact', Not Law: Gauhati HC
4 days, 15 hours ago
S.144C IT Act | AO Not Having Info About Pending Objections Before Dispute Resolution Panel No Grounds To Sustain Final Assessment Order: Delhi HC
5 days, 11 hours ago
[Income Tax Act] Placing Funds In One Account Before Transferring It To Another Does Not Attract S. 69A: Allahabad High Court
2 weeks, 2 days ago
Assessing Officer Not Required To Examine Commercial Expediency Of Transaction When Evaluating Assessee's Explanation U/S 68 Of IT Act: Delhi HC
1 month ago
Can't Fault AO's Estimation Of Undisclosed Deposits In Foreign Bank When Assessee Fails To Produce Account Statement: Delhi HC
1 month ago
Factual Examination Of Dispute Regarding 'Addition' Of Unexplained Cash Credit U/S 68 Of IT Act Is Beyond Scope Of Appeal U/S 260A: Calcutta HC
1 month, 1 week ago
ITAT Weekly Round-Up: 11 To 17 August 2024
4 months ago
Income Tax Additions Can't Be Based On Generalised Report By Investigation Wing: ITAT
4 months, 1 week ago
AO Can't Disregard ITAT's Direction To Re-examine Issue By Referring To CBDT Circular: Delhi High Court
4 months, 3 weeks ago
ITAT Weekly Round-Up: 14 To 20 July 2024
5 months ago
Cash Deposits Made From Assessee's Parents Accumulated Savings And Income From Agricultural Activities; ITAT Deletes Addition
6 months, 2 weeks ago
No Addition Is Permitted U/s 68 Without Linking Alleged Entries Of Cash With That Of Material Seized During Course Of Search: Mumbai ITAT
6 months, 3 weeks ago
Once Cash Deposits In Bank A/C Of Lender Firm Is Accepted As Coming From Explained Sources, No addition Is Permitted U/s 68 As Unsecured Loan: Delhi ITAT
7 months ago
UPVAT | Computation Of Correct ITC Be Examined By Assessing Authority Not Later Than Stage Of Making Regular Assessment Order: Allahabad High Court
7 months, 1 week ago
Interest Not Leviable From Assessee For Short Payment Of Tax Due To Payer's Default In Deducting TDS Before FY 2012-2013: ITAT
7 months, 2 weeks ago
I-T Authority Fails To Consider Reason For Difference In Sale Consideration & Stamp Duty: Mumbai ITAT Deletes Penalty Levied U/s 270A For Under-Reporting Of Income
7 months, 2 weeks ago
Assessee Is Eligible For Credit Of TCS Paid U/S 194Q If There Is No Shortfall In Payment Of TDS: Vishakhapatnam ITAT
7 months, 3 weeks ago
Assessee Has Not Benefited From Round-Tripping Of Share Transactions; Mumbai ITAT Deletes Addition U/s 68
7 months, 3 weeks ago
Penalty Order On Ground Of Misreporting Of Income Not Justified When SCN And Assessment Order Alleged Under-Reporting: ITAT
7 months, 3 weeks ago
Assessee's Failure To Establish Genuineness Of Transaction With Cogent And Credible Evidence, Calcutta High Court Upholds Addition
7 months, 4 weeks ago
Failure Of Dept. To Comply With ITAT's Order: Delhi High Court Directs Dept. To Remove Demands, Penalty From ITBA portal
8 months ago
ITAT Cases Weekly Round-Up: 31 March To 6 April 2024
8 months, 2 weeks ago
Assessment By AO Can't Be Termed As Prejudicial To Interest Of Revenue If It Doesn't Result In Any Loss To Revenue: Indore ITAT
8 months, 3 weeks ago
ITAT Cases Monthly Round-Up: March 2024
8 months, 3 weeks ago
No Addition U/S 69 Is Permitted Without Examining & Finding Fault In Cash Book Produced By Taxpayer: Delhi ITAT
8 months, 3 weeks ago
Taxpayer Must Substantiate Form 26AS Or Form 16 So As To Claim Credit Over TDS: Mumbai ITAT
8 months, 3 weeks ago
ITAT Cases Weekly Round-Up: 10 To 16 March 2024
9 months ago
AO Fails To Demonstrate Live Link Between Tangible Material & Reason To Believe Escaped Income: Delhi ITAT Quashes Reopening
9 months ago
Rights Held By Taxpayer As Confirming Party In Sale Deed Is Capital Asset As Per Sec 2(14) And Liable For LTCG: Ahmedabad ITAT
9 months ago
Accepting Submissions Of Assessee Cannot Be Said As Faulty If Assessment Was Made By National E-Assessment Centre: Indore ITAT Quashes Sec 263 Order
9 months ago
Penalty Imposed U/s 271A On Wrongful Consideration Of Facts Merits To Be Deleted: Jaipur ITAT
9 months, 1 week ago
Taxpayer Can't Be Penalised For Failure To Get Its Books Of Accounts Audited If There Exists Reasonable Cause For Such Failure: Jaipur ITAT
9 months, 1 week ago
Ahmedabad ITAT Quashes Reopening In Absence Of Tangible Material With AO To Form Reason To Believe Escaped Assessment
9 months, 1 week ago
Compensation Received Under Mutual Agreement For Non-Renewal Of Contract Can't Form Basis Of Addition U/s 28(Ii)(E): Delhi ITAT
9 months, 1 week ago
Explanation 3 To Sec 147 Can't Be Resorted To Make Addition On Any Other Issue Which Is Not Included In Reasons For Reopening: New Delhi ITAT
9 months, 1 week ago
Cash Deposits By Members Of Society During Demonetization Not Verified In Absence Of PAN & KYC: Bangalore ITAT Asks To Reconsider Relief U/s 80P(2)(A)
9 months, 1 week ago
AO Must Make Independent Enquiry To Verify Veracity Of Identity, Genuineness & Credit-Worthiness Of Lenders Before Making Addition U/s 68: Kolkata ITAT
9 months, 1 week ago
CIT(A) Merely Upholding AO's Action Without Considering Merits Of Case, Amounts To Non-Compliance Of Sec 250(6): Mumbai ITAT
10 months, 2 weeks ago
Sec 68 Can Be Invoked Only If Taxpayer Fails To Explain Amount Found Credited In Its Books: Mumbai ITAT
10 months, 2 weeks ago
Reassessment Proceedings Initiated On Account Of Change Of Opinion Merits To Be Quashed: Mumbai ITAT
10 months, 2 weeks ago
Discrepancies In Maintaining KYC Documentation Does Not Constitute Incriminating Material: ITAT Deletes Income Tax Addition
10 months, 2 weeks ago
Reopening Initiated On Basis Of Wrong Reasons Renders Very Assessment As Invalid: Mumbai ITAT
10 months, 2 weeks ago
CIT(A) Has No Jurisdiction To Enhance Income U/S 251(1) By Disallowing ESOP Expenses In Revised Return If AO Has Not Dealt With It: Mumbai ITAT
11 months ago
ITAT Deletes Addition On Availing Accommodation Entries In Shape Of LTCG As It Was Not Recorded In Books Of Accounts
1 year ago
Investments Made Through Banking Channels Can't Be Disbelieved, Onus On Revenue To Prove Otherwise: Allahabad HC
1 year ago
ITAT Deletes Income Tax Addition Of Rs.2.30 Crores As AO Failed To Mention Investment Outside The Books Of Accounts
1 year, 1 month ago
UPGST | For Claiming ITC, Burden On Assesee To Prove Genuineness Of Transaction Beyond Doubt: Allahabad High Court
1 year, 2 months ago
Assessment Invalid On Account Of A Mechanical Non-Speaking Approval Under Section 153D: ITAT
1 year, 3 months ago
Income Tax Act; Mere Uploading Of Notice On Assessee’s E-Portal Is Not Proper Service: ITAT
1 year, 3 months ago

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