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Cash Credit

Assessee not Required to Prove Source of Source when Loan Repaid via Bank: ITAT Deletes Unsecured Loan Addition [Read Order]

The Income Tax Appellate Tribunal ( ITAT ),Ahmedabad Bench, held that the assessee, Kalptaru Cotton Industries, cannot be required to prove the...

No Interest Payable after GST Deposit in Electronic Cash Credit Ledger: Calcutta HC stays Recovery...

Sale Proceeds Recorded in Books Cannot be Recharacterized as Unexplained Cash Credit: ITAT Deletes...

S. 68 Applies to Cash Credits in Books Even under Presumptive Tax: ITAT Deletes Ad Hoc Profit...

Unexplained Cash Credit on ₹31.15 Lakh Loan Repayment: ITAT Upholds Deletion Confirming Genuine...

Question of Nature of Property as Agricultural land or not, decided by DRAT without Considering Evidence Submitted: Madras HC Remands Matter [Read Order]

The High Court of Madras remanded the challenge on nature of the property as agricultural land or not towards the Debt Recovery Appellate Tribunal, Chennai (“DRAT”) on finding that the tribunal...

Income Already Taxed cannot be Treated Again as Unexplained Cash Credit: ITAT [Read Order]

The Ahmedabad Bench of Income Tax Appellate Tribunal(ITAT)held that income already taxed cannot be treated again as unexplained cash credit. Dipakkumar Pushkarray Vyas,appellant-assessee, filed...

Service Tax Not Payable on Interest Income from Overdraft/Cash Credit Facilities: CESTAT [Read Order]

The Kolkata Bench of Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) has quashed the service tax demand on interest equivalent on overdraft or cash credit extended by cooperative banks. ...

Maximum Period for Attachment of Cash Credit Accounts u/s 83(2) of CGST Act is One Year: Delhi HC [Read Order]

In a recent decision, the Delhi High Court observed that the maximum period for attachment of cash credit accounts under Section 83(2) of the Central Goods and Services Tax Act, 2017 (CGST Act) is...

Delhi High Court - CGST - Cash Credit Accounts - tax news - Taxscan

Taxpayer submits ITRs and Bank statements for Proving Genuineness of Unsecured Loan: ITAT deletes addition u/s 68 [Read Order]

After the taxpayer presented Income Tax Returns ( ITRs ) and bank statements to demonstrate the authenticity of the unsecured loan, the Ahmedabad bench of the Income Tax Appellate Tribunal ( ITAT )...

ITAT deletes addition u/s 68 of Income Tax Act on Submission of Requisite Documents [Read Order]

In a major ruling, the Delhi bench of the Income Tax Appellate Tribunal ( ITAT ) deleted the addition under section 68 of the Income Tax Act, 1961 upon submission of requisite documents by the...

Incriminating Evidence to Prove Commission of Money Laundering Offence under PMLA Act: Delhi HC Dismisses Bail Application [Read Order]

The Delhi High Court dismissed the bail application since there was incriminating evidence to prove the commission of a money laundering offence under the Prevention of Money Laundering Act, 2002 (...