![Sales of Jewellery could not be treated as Unexplained Cash Credit u/s 68 of Income Tax Act: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/02/ITAT-Chennai-ITAT-Income-Tax-Act-Income-Tax-ITAT-Ruling-on-Jewellery-Sales-Unexplained-Cash-Credit-Taxscan.jpg "Sales of Jewellery could not be treated as Unexplained Cash Credit u/s 68 of Income Tax Act: ITAT [Read Order]")
Sales of Jewellery could not be treated as Unexplained Cash Credit u/s 68 of Income Tax Act: ITAT [Read Order]
In a recent decision the chennai bench of the Income Tax Appellate Tribunal ( ITAT ) observed that sales of jewellery could not be treated as...
![Rough Estimation done by Partner as On Money cannot be considered under Unexplained Cash Credit: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/05/partner-money-cash-credit-ITAT-taxscan.jpg "Rough Estimation done by Partner as On Money cannot be considered under Unexplained Cash Credit: ITAT [Read Order]")
![ITAT upholds Addition as Assessee has failed to offer any explanation with regard to Nature and Source of Credit in his Bank Account [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/01/ITAT-Explanation-Source-of-Credit-Bank-Account-Assessee-Taxscan.jpeg "ITAT upholds Addition as Assessee has failed to offer any explanation with regard to Nature and Source of Credit in his Bank Account [Read Order]")
![Assessee unable to recollect Source of Income due to Memory Loss: ITAT confirms Addition [Read Order]](https://www.taxscan.in/wp-content/uploads/2021/03/Source-of-Income-ITAT-Taxscan.jpg "Assessee unable to recollect Source of Income due to Memory Loss: ITAT confirms Addition [Read Order]")
In Accommodation Entry Business, entire Deposits can’t be assessed as Unexplained Cash Credits: Bombay HC [Read Order]
The High Court of Bombay recently ruled that in the Accommodation Entry Business, entire deposits cannot be assessed as unexplained cash credits. The Assessee, Alag Securities Pvt. Ltd is engaged in...
![In Accommodation Entry Business, entire Deposits can’t be assessed as Unexplained Cash Credits: Bombay HC [Read Order]](https://www.taxscan.in/wp-content/uploads/2020/06/cash-credits-Accommodation-Entry-Business-Deposits-Bombay-High-Court-Taxscan.jpg "In Accommodation Entry Business, entire Deposits can’t be assessed as Unexplained Cash Credits: Bombay HC [Read Order]")
Tax Authorities should consider Documentary Evidence before confirming Addition for Cash Credits: ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT) has held that though the onus is cast upon the assessee to prove the cash credits received by it, the tax authorities shall consider all the documentary...
![Tax Authorities should consider Documentary Evidence before confirming Addition for Cash Credits: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2018/07/Cash-Credits-Taxscan.jpg "Tax Authorities should consider Documentary Evidence before confirming Addition for Cash Credits: ITAT [Read Order]")
![Addition made by Dept is Invalid in view of Quashing of Penalty Proceedings: SC [Read Judgment]](https://www.taxscan.in/wp-content/uploads/2020/02/Directing-Penalty-Supreme-Court-Taxscan.jpg "Addition made by Dept is Invalid in view of Quashing of Penalty Proceedings: SC [Read Judgment]")
Mere Confirmation Letter from Partners not sufficient to prove Genuineness of Cash Credits: ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT), Cochin bench has held that mere production of the confirmation letter by the partners of the Firm is not sufficient to prove the genuineness of cash credits...
Only Partners, Not a Firm Assessable to Unexplained Cash Credits for Capital Introduced by Partner: ITAT [Read Order]
The Kolkata bench of the Income Tax Appellate Tribunal ( ITAT ) in ITO v. Bajaj Roadways, held that a Firm cannot be assessable to unexplained cash credits under Section 68 of the Income Tax Act in...