When assessee has failed to prove the creditworthiness of the cash deposits (Capital) in the partnership firm, same is liable to be treated as unexplained capital u/s 68.
Directing the AO to decide the issue afresh i.e., for making rowing enquiry is not permissible u/s.263
Interesting case wherein it is held that “CIT(A) decided the case against the assessee based on its own personal opinion without any material available on record thus the finding rendered by the CIT(A) is perverse”
Another Representation for Date Extension of ITR & Tax Audit Reports from 30.09.2019 to 15.11.2019 by District Taxation Bar Association (Direct Taxes), Ludhiana
Apt representationby Karnataka State Chartered Accountants Association (KSCA): Taxability of services provided by an office of anorganisation in one State to the office of that organisation in another Stateto Smt. Nirmala Sitharaman, Hon. Union Minister of Finance.
Disallowance made by AO without bringing anything on record to demonstrate that the expenses were not incurred for the purpose of business is not sustainable.
Addition u/s 68 is justified where the assessee fails to furnish any evidence regarding identity and source of cash credits
CIT (A) & Tribunal can allow deduction towards additional claim even if assessee fails to claim deduction in its return
Educational society not eligible for the benefit u/s 10(23C)(iiiad) when the income generated from running schools flows directly into a commercial entity on the basis of a profit sharing arrangement
