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The government’s request to tax cash deposits made by a corporation during the demonetization era was denied by an income tax tribunal since the company had provided information about the source of the deposits. On account of cash deposited by the business in specific bank notes in its bank account between November 9 and December […]
The Income Tax Appellate Tribunal (ITAT), Delhi Bench ruled that cash deposits are not verified with business receipts or cash withdrawals and uphold addition under income tax section 68 of the Act. The taxpayer M/s. Sneh Developers Pvt. Ltd., does not file an ITR, thus the Assessing Officer gave a notice beneath section 148. In […]
For the so-called best managers (wives), The Income Tax Appellate Tribunal (ITAT), Agra bench has recently provided a big relief. The Bench consisting of the Accountant Member Dr. Mitha Lal Meena and Judicial Member Lalit Kumar has passed a ruling. The ruling is as follows: The cash deposit, which has been undertaken by the housewives […]
The addition under section 68 of the Income Tax Act for the receipts of cash has been deleted by The Chennai Bench of Income Tax Appellate Tribunal (ITAT) that was converted into the jewellery sale. There could not be any cause for the uniform sales on all the days, months, or years, The bench of […]
The Ahmedabad Bench of the Income Tax Appellate Tribunal (ITAT) has removed the additional scrutiny of cash deposits made during the demonetization period related to the sales of petrol, diesel, and other petroleum products. The panel, consisting of T.R. Senthil Kumar (Judicial Member) and Waseem Ahmed (Accountant Member), has determined that these cash deposits are […]
The income tax department has issued an E-Flyer related to cash transactions with limits. Also, we included repayment of loans, digital payments, etc.
The Orissa High Court in a recent judgement ruled that a pre-deposit under GST appeal could be incurred via Electronic Cash Ledger (ECL). The Petitioner, Kiran Motors urged to set aside the order dated 31.03.2023 passed by the Addl. Commissioner of Central Tax (CT) & Goods and Service Tax(GST) is that the appellate authority denied […]
The cash deposited via bank accounts of companies at the time of the demonetization is not unexplained cash, the Lucknow bench of the Income Tax Appellate Tribunal (ITAT) stated. Under Section 143(3) of the Income Tax Act, 1961 the taxpayer Shiva Goods Carrier Pvt. Ltd assessment order was passed in which the total income of […]
The existing notes will remain legal tender, the RBI announced on Friday, and ₹2000 notes will be removed and added. According to sources aware of the move, sudden significant deposits in numerous Jan Dhan accounts may also be examined in an effort to uncover tax evaders using third-party bank accounts to hide their income while […]
