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Section 68 case laws in favour of assessee

Web15 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 … 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 …

25 Key Income-tax Case Laws of the Year 2024 Taxmann.com

Web2 days ago · 4. We note that the assessee has shown goodwill for Rs.7,02,53,750/-on which claimed depreciation @ 25% to an extent of Rs.1,75,63,438/-. The AO issued show cause notice dated 07-03-2014 requesting the assessee as to why the depreciation charged on goodwill should not be disallowed which is reproduced at page 2 of the assessment order. 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 … thomas zaffiro attorney cleveland ohio https://tfcconstruction.net

2024 (4) TMI 398 - HC - Income Tax

Web6 Mar 2024 · Section 68 of the Income Tax Act, 1961 (‘Act’ for short) provides that where any sum is found credited in the books of an assessee maintained for any previous year, and … 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 … Web24 May 2024 · No Sec. 68 additions in absence of material to establish that assessee received bogus share capital/premium: ITAT 16 Mar 2024 A mere incorrect claim made by … thomas zahlmann

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Category:Unexplained cash credits – Section 68 – Case Laws - TaxGuru

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Section 68 case laws in favour of assessee

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Web18 hours ago · Whether on facts and circumstances of the case and law, the Ld. CIT (A) erred in law while holding that there the notice u/s 143(2) of the Act was not issued within 6 months from the end of financial year in which return is furnished ignoring the fact that in the search cases, notice u/s 143(2) is issued only after filing of return in response to … WebThe appellant assessee is a firm, having three Partners and one minor admitted to the benefits of the partnership. ... He executed a power of attorney in favour of the bank giving it authority to execute a decree which he had obtained in his favour. ... Kerala State Laws 310 Madhya Pradesh State Laws 552 Maharashtra State Laws 862 Manipur State ...

Section 68 case laws in favour of assessee

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WebIncome Tax Act. 271F. If a person who is required to furnish a return of his income, as required under sub-section (1) of section 139 or by the provisos to that sub-section, fails to furnish such return before the end of the relevant assessment year, the Assessing Officer may direct that such person shall pay, by way of penalty, a sum of five ... WebProbably, 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 ...

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 ... 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: Ingredients Amendments Appeals Judgments in favour of Assessee and the Revenue Conclusion Introduction Section 68 of the Income Tax Act, 1961..!!, One of the … 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

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, …

WebS. 119 CBDT Assessee’s beneficial CBDT Circular retrospective effect It is well settled that the benefit of the circular should be extended to the assessee especially when it is a beneficial circular in favour of the assessee. The Board thought fit to issue appropriate instructions vide Circular No 6/2016 dated 29.02.2016 on account of dispute thomas zaiserWeb5 Jan 2024 · The ITAT eld that section 68 creates a legal fiction based on which an entry in the books of account is deemed to be the income of the assessee chargeable to tax in the … uk punk clothingWeb19 Apr 2024 · In our view, in the facts of case, the statutory discretion available to AO under s. 68 of the Act ought to have been exercised in favour of the assessee. The action of the … thomas zakettWeb18 Aug 2024 · The Assessing Officer placed its reliance on the decision passed by the Supreme Court in the case of Kachwala Gems v. CIT, (2007) 12 SCC 761 and held that the purchase made by the Assessee from those individuals is a bogus transaction. Therefore, the Assessing Officer estimated 10% of the bogus purchase as the undisclosed income of … thomas zachert gmbhWeb5 Jan 2024 · 1. The ld. CIT (A) erred in law and on facts in deleting the addition of Rs.19,49,700/- made by the Assessing Officer on account of un-explained cash deposit … uk purchase from eu vatWeb5 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. ukp workday loginWeb4 Jul 2024 · Undisputedly,the assessee has maintained complete books of accounts along with day to day and kilogram to kilogram stock register. These were produced before the A 0 by the assessee. The assessee also submitted stock tally sheet along with the audited accounts. The audit report of the assessee also bears ample testimony in favour of the … thomas zajc