Answers On Topic: Unexplained cash credit
Assessee is NBFC registered under Co Act as well as RBI. During the period of demonetization assessee co accepts cash in old currency amounting to Rs 1410000/- from the borrowers up to 14.11.2016 and from 15.11.2016 till 31.12.2016 amounting to Rs. 2010000/-. Ao has made addition U/sec. 68 on the ground that NBFC are not permitted to accept currency in Old Notes from any one and therefore the amount is unexplained cash credit to be added U/sec. 68, eventhough assessee co has given complete details of the persons from whom amount is received towards repayment of loan taken from NBFC. …
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Assessee is private limited co, engaged in the business of manufacturing of steel plates and other allied products . Search action U/Sec. 132 was conducted in the year 2021-22 . During the search in respect of certain purchase bills the assessee was not able to provide the details of Toll receipts, and LR receipts along with the E way Bills . The investigating team has drawn the inference that all these bills are non genuine . On the basis of these defects, during the course of reassessment proceedings initiated U/Sec.148A, AO has issued show cause as to why the purchases…
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Assessee was Purchasing kirana items in cash from local market to avail benefit of cash discount. He was supplying the same to retail kirana shopkeepers in remote places & was receiving payment in his SB A/c deposited in cash at respective places of purchasers. No books of A/c maintained. No purchase & sale bills are available. Saving bank statement clearly revels that - (i) Simultaneous deposits & withdrawals in bank A/c (ii)No capital expense. (iii) Increase in bank balance about Rs8000 (iv) Peak credit about Rs.500000. During FY 10-11 on the basis of AIR information that assessee has deposited more…
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Assessee fell in a trap in one arrangement where one person gave him cash which the assessee deposited in his bank account. And on the same day of cash deposit the funds were transferred back through NEFT to that person’s bank account. Now the ITO wants to treat cash deposit as unexplained credit. That person is now co-operating and not giving his confirmation that he had instructed assessee to do so. Assessee has given affidavit that the cash which was deposited belongs to that one and also the assessee has transferred the funds back to his account. No other document…
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The assessee has filed his return of income for A.Y.2018-19 showing total income from business both as proprietor and as partner in partnership firm like earlier year and shown the complete capital assets held in proprietorship firm and partnership alongwith immovable properties held in his name in ITR of the above assessment year. However, by mistake In ITR filed for A.Y.2017-18 by mistake the capital assets of proprietorship firm is only shown in particular of ITR instead of complete capital assets of all the firm while the income from all the sources truly and properly shown and assessed and nothing…
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Sec.68 and Cash deposits in demonetisation period