Have a Current/Savings Bank Account? Know the Cash Deposit Limits under Income Tax Act to avoid Penalties and Notices
Adhering to cash deposit and withdrawal limits is crucial to remain compliant with the Income Tax Act in India. This article aims to elucidate the...
![Addition u/s 68 of Income Tax Act cannot be made Without Examining Source of Cash Deposit: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/02/us-68-of-Income-Tax-Act-examining-source-of-cash-deposit-ITAT-TAXSCAN.jpg "Addition u/s 68 of Income Tax Act cannot be made Without Examining Source of Cash Deposit: ITAT [Read Order]")
![No prudent man will retain a sum for long period to redeposit in account: ITAT upholds addition made u/s 69A of Income Tax Act [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/01/itat-bangalore-redeposit-in-account-income-tax-act-ITAT-ruling-on-sum-redeposit-in-account-ITAT-decision-on-long-term-sum-retention-taxscan.jpg "No prudent man will retain a sum for long period to redeposit in account: ITAT upholds addition made u/s 69A of Income Tax Act [Read Order]")
![Failure to Explain Source of Cash Deposit in Bank Account: ITAT Upholds Income Tax Addition [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/10/Failure-to-Explain-Source-Cash-Deposit-in-Bank-Account-ITAT-Income-Tax-Addition-TAXSCAN.jpg "Failure to Explain Source of Cash Deposit in Bank Account: ITAT Upholds Income Tax Addition [Read Order]")
![Lack of Reasonable Opportunity to substantiate Source of Cash Deposit: ITAT quashes Assessment [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/10/Lack-of-Reasonable-Opportunity-Source-of-Cash-Deposit-ITAT-quashes-Assessment-Cash-Deposit-Assessment-taxscan.jpg "Lack of Reasonable Opportunity to substantiate Source of Cash Deposit: ITAT quashes Assessment [Read Order]")
Cash Deposit in Bank by NRI: ITAT Deletes Addition u/s 68 of Income tax Act in absence of Source to use Cash [Read Order]
The Hyderabad bench of the Income Tax Appellate Tribunal (ITAT) held that an addition under Section 68 of the Income Tax Act, 1961 cannot be made in the absence of the source to use the cash...
![Cash Deposit in Bank by NRI: ITAT Deletes Addition u/s 68 of Income tax Act in absence of Source to use Cash [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/Cash-Deposit-Bank-NRI-ITAT-Deletes-Addition-Income-tax-Act-absence-Source-use-Cash-taxscan.jpg "Cash Deposit in Bank by NRI: ITAT Deletes Addition u/s 68 of Income tax Act in absence of Source to use Cash [Read Order]")
ITAT deletes addition made towards Cash Deposit in Bank Account without considering source of cash from PG Income [Read More]
The Income Tax Appellate Tribunal (ITAT ) Ahmedabad bench deleted the addition made towards the cash deposit in the bank account of assessee without considering the source of the cash from PG Income....
![ITAT deletes addition made towards Cash Deposit in Bank Account without considering source of cash from PG Income [Read More]](https://www.taxscan.in/wp-content/uploads/2023/09/ITAT-deletes-addition-towards-Cash-Deposit-Bank-Account-considering-source-cash-PG-Income-taxscan.jpg "ITAT deletes addition made towards Cash Deposit in Bank Account without considering source of cash from PG Income [Read More]")
Addition cannot be Deleted merely for Mentioning Section 68 Instead of Section 69 of Income Tax Act when Cash Deposit of Rs. 49,000/- Found Each Time in Bank Account: ITAT
The Delhi Bench of Income Tax Appellate Tribunal (ITAT) has held that the addition could not be deleted merely for mentioning Section 68 instead of Section 69 of the Income Tax Act , 1961 when the...
Provision of Section 69A of IT Act cannot be applied to Cash Deposits duly recorded in Books of Account: ITAT [Read Order]
The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) held that the provisions of Section 69A of the Income Tax Act cannot be applied to the cash deposits which have been duly recorded in the...
![Provision of Section 69A of IT Act cannot be applied to Cash Deposits duly recorded in Books of Account: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/IT-Act-Cash-Deposits-duly-recorded-in-Books-of-Account-ITAT-Books-of-Account-Cash-Deposits-taxscan.jpg "Provision of Section 69A of IT Act cannot be applied to Cash Deposits duly recorded in Books of Account: ITAT [Read Order]")
ITAT treats Cash Deposit during Demonetization Period u/s 69A on Failure to Produce Documentary Evidence [Read Order]
The Chennai Bench of Income Tax Appellate Tribunal (ITAT) has treated the cash deposit made during the demonetisation period under Section 69A of the Income Tax Act 1961 on failure to produce the...
![ITAT treats Cash Deposit during Demonetization Period u/s 69A on Failure to Produce Documentary Evidence [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/ITAT-treats-Cash-Deposit-during-Demonetization-Period-Demonetization-ITAT-Cash-Deposit-Produce-Documentary-Evidence-taxscan.jpg "ITAT treats Cash Deposit during Demonetization Period u/s 69A on Failure to Produce Documentary Evidence [Read Order]")
Not Enquiring Huge Cash Deposit in Demonetized Currency is Violation of Provisions Dealing in Demonetized Currency: ITAT upholds Revision Order [Read Order]
The Hyderabad Bench of Income Tax Appellate Tribunal (ITAT) has upheld the revision order holding that not enquiring huge cash deposits in demonetized currency was a violation of provisions dealing...
![Not Enquiring Huge Cash Deposit in Demonetized Currency is Violation of Provisions Dealing in Demonetized Currency: ITAT upholds Revision Order [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/Huge-Cash-Deposit-Demonetized-Currency-Violation-of-Provisions-ITAT-upholds-Revision-Order-ITAT-Revision-Order-Income-Tax-taxscan.jpg "Not Enquiring Huge Cash Deposit in Demonetized Currency is Violation of Provisions Dealing in Demonetized Currency: ITAT upholds Revision Order [Read Order]")
Cash Deposit with Substantial Proof of Source Not to be treated as Unexplained Cash Credit u/s 68 of Income Tax Act: ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT), Mumbai Bench, has held that the cash deposit made by the assessee with substantial proof of source shall not be treated as Unexplained Cash Credit under...
![Cash Deposit with Substantial Proof of Source Not to be treated as Unexplained Cash Credit u/s 68 of Income Tax Act: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/06/Cash-Deposit-with-Substantial-Proof-Unexplained-Cash-Credit-Income-Tax-Act-ITAT-TAXSCAN.jpg "Cash Deposit with Substantial Proof of Source Not to be treated as Unexplained Cash Credit u/s 68 of Income Tax Act: ITAT [Read Order]")