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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 […]
According to a recent ruling by the Income Tax Appellate Tribunal (ITAT) Amritsar Bench, cash deposits of agricultural income are not taxable. The assessee’s case was reopened under Section 148 of the Income Tax Act on the basis of reasons recorded after receiving joint commissioner of income tax approval, to sum up, the situation briefly. […]
The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) ruled the taxpayer had elaborated, deposits were being incurred in the way of cash withdrawals which would be functioned before for the intention of the marriage of her daughter. Bench, Saktijit Dey (Judicial Member) saw that a taxpayer who explained the case was reasonable if […]
The Income Tax Appellate Tribunal (ITAT), Delhi bench, during deleting the addition under section 69A of the income tax act 1961 held that the cash gift through the brother and sister does not be treated as “unexplained.” The taxpayer, Ms. Ritu Jain claimed that towards the poor health of her husband, the taxpayer’s sister had […]
The Amritsar bench of the Income Tax Appellate Tribunal (ITAT) ruled that the cash deposit of the company would not be added to the personal income of the partner excluding the investigation from the hands of the company. The grievance of the taxpayer Sh. Srijal Gupta was that the Id. AO added to the deposit […]
