Mundra House, 822-A, Shivaju Nagar, Civil Lines, jaipur-302006 9314501680, 9314501791

B.P.Mundra

मानवता से काम करें मन के सारे काम अपने आप हो जायेंगे

इस महीने के इम्पोर्टेंट काम
  • Home
  • GST
  • Cases Income tax
  • MCA
  • Subsidy
  • TDS
  • About Us
  • contact us
  • Login
    • Admin Login
    • Staff Login
    • User Login
  • Loan
  • Apply for job
  • Click Here
  • HOW TO
  • To file ITR for AY 2020-21 kindly give details (and also evidence if yes) of following
  • Categories
    • Articles
    • Authority
    • Benami Transactions (Prohibition)
    • client
    • Constitution of India
    • Finance Act 1994
    • formalities to be completed
    • GST
    • Happiness
    • HOW TO
    • Income Tax
    • Indian Evidence Act 1872
    • Job Application
    • MCA
    • Office system
    • Papers required for filing
    • Principal of mutuality
    • rajasthan public trust
    • Smile
    • Subsidy
    • work report

Tag Archive: Section 68

B.P.Mundra > Section 68

ITAT DELHI Nov 6, 2020 held that Section 68 is applicable only when the explanation offered by him is not in the opinion of the Assessing Officer satisfactory in respect of the sum so credited / loan taken. The explanation offered by the assessee that the bank account and the capacity of the creditor who have given the loan amount was proved through ITR details of the said parties along with bank statements and confirmations which clearly shows the proper balance in their respective bank accounts and their capacity to loan the amount to any other party as well. Sum credited in the bank account of directors immediately before the issue of cheque to the appellant is not a ground to hold that sum received is unaccounted income. BMR PLYMERS (P) LTD. vs. ITO

 125 total views

 125 total views BMR PLYMERS (P) LTD. vs. INCOME TAX OFFICER   IN THE ITAT DELHI BENCH ‘A’   S. PANNU, VP & SUCHITRA KAMBLE, JM.   ITA No. 5936/DEL/2017 Nov 6, 2020 Section 68, 133(6) AY 2012-13 Decision in favour of:…
Read more

133(6), 68, AY 2012-13, Cash Credit, Delhi, Delhi Tribunal, In favour of Assessee (Partly)

November 13, 2020

KOLKATA TRIBUNAL on 8.9.2019 held that Section 68 of the Act provides that if any sum found credited in the year in respect of which the assessee fails to explain the nature and source shall be assessed as its undisclosed income. In the facts of the present case, both the nature & source of the share application received was fully explained by the assessee. The assessee had discharged its onus to prove the identity, creditworthiness and genuineness of the share applicants. The PAN details, bank account statements, audited financial statements and Income Tax acknowledgments were placed on AO’s record. Without doing so, the addition made by the AO is based on conjectures and surmises cannot be justified. In the facts and circumstances of the case, no addition was warranted under Section 68 of the Act. The amount of Rs. 31,75,000/-, as it pertains to the previous assessment year is deleted and for balance sum of Rs.2,66,00,000/- received during the year, the assessee has proved identity, genuineness and creditworthiness of the share subscribers, hence, same is deleted. (Para 38) EVERGREEN RESIDENCY PVT. LTD. vs ITO

 87 total views

 87 total views EVERGREEN RESIDENCY PVT. LTD. vs. INCOME TAX OFFICER KOLKATA TRIBUNAL A.T. VARKEY, JM. & DR. A.L. SAINI, AM. ITA No. 416/Kol/2018 Aug 9, 2019 (2019) 56 CCH 0386 KolTrib Legislation Referred to Section 68, 69, 106, 131, 133(6),…
Read more

106, 131(1), 133(6), 143(2), 143(3), 260A, 263-Revision of orders prejudicial to revenue, 271(1)(c), 68, 69, Cases Income tax, ITAT Mumbai, Section 4 of Bankers Book Evidence Act 1891

November 16, 2019

किसी से उधार लिए हुए रुपए के संबंध में उसकी creditworthiness, genuineness उसके साथ हुए एग्रीमेंट को नहीं प्रस्तुत करने पर धारा 68 में एडिशन हो जाएगा

 63 total views

 63 total views why the so-called creditors would lend such huge unsecured, interest free loans – that too without any agreement. In the absence of the same, the creditors fail the test of creditworthiness and the transactions fail the test of…
Read more

68, Cases Income tax

November 15, 2019

Categories

  • Articles (53)
  • Authority (1)
  • Benami Transactions (Prohibition) (1)
  • client (54)
  • Constitution of India (1)
  • Finance Act 1994 (0)
  • formalities to be completed (1)
  • GST (56)
  • Happiness (4)
  • HOW TO (40)
  • Income Tax (231)
  • Indian Evidence Act 1872 (1)
  • invalid notice (1)
  • Job Application (0)
  • MCA (2)
  • Notice 148 (0)
  • Office system (5)
  • Papers required for filing (6)
  • Principal of mutuality (1)
  • rajasthan public trust (2)
  • Smile (7)
  • Subsidy (5)
  • work report (2)
  • Archives

    • February 2021
    • January 2021
    • December 2020
    • November 2020
    • October 2020
    • September 2020
    • August 2020
    • July 2020
    • June 2020
    • May 2020
    • April 2020
    • March 2020
    • February 2020
    • January 2020
    • December 2019
    • November 2019

    Recent Posts

    • Section 245MA: Dispute Resolution Committee (DRC). One more step towards Faceless Compliance. Budget 2021
    • Section 194Q: TDS on Purchase of Goods
    • Demonetization . Deposit of cash into bank. Before making addition for cash deposit into bank during Demonetization period the Ld. AO has to consider on merits the opening balance for which evidence were produced for allowing credit of cash withdrawal, financials of previous years and audit report if any. Accordingly, the issues raised in this appeal are restored to the files of the Assessing Officer. ITAT- Bangalore in the case of Sri Mohan Ramachandra Basawa, … vs ITO on on 20 January, 2021. Section 68, 69A and 115BBE:
    • Section 68, 69A and 115BBE: Demonetization . Deposit of cash into bank. Where the assessee proves that regular bank deposits of cash from 01.04.2016 to 2.11.2016, as well as after demonetization and also Opening balance are commensurate with the accepted turnover then the addition was not warranted and it is directed to be deleted. ITAT- Gauhati on on 20 January, 2021 in the case of Nurul Islam, Nagaon vs Income Tax Officer, Ward-Nagaon, … A.Y. 2017-18
    • When CIT can pass order u/s 263 by holding that the order passed by the AO is erroneous and prejudicial to the interest of the Revenue? ITAT KOLKATA passed the order on 6th Jan 2021 in the case of RUNGTA MINES LTD. vs. PCIT?