Web3 hours ago · Trilok Chand Choudhary – [2024] (Delhi) No Sec. 68 additions solely based on MOU found during search In Premises Of Third Party if assessee wasn’t even remotely connected to MOU. Assessee, an individual, filed its return of income for the relevant assessment year. A search operation was carried out on the premises of the assessee. WebThe Officer treated that amount as “Cash credits” under Section 68 of the 1961 Act and added the same in declared income of the assessee (for short, ‘second addition’). The Officer then proceeded to compute the income of the assessee for the concerned assessment year. The relevant part of the computation is mentioned below:
Critical Analysis of Section 68 of Income Tax Act, 1961
WebApr 4, 2024 · Section 68 of the Income Tax Act deals with the unexplained cash credit. This section enacts that Where any sum of money is found credited in the books of the assessee, The assessee should explain to the AO (Assessing Officer) satisfactorily the nature and source of the sum so credited and establish that the sum in question is not his income. WebMar 23, 2024 · To revise the state income tax law to authorize a $500 per household "inflation relief payment" plus an extra $100 per dependent, which would be given to … dwight d eisenhower society
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WebApr 4, 2024 · In this guide, we are going to discuss one such important Section 68 of Income Tax Act, which deals with the unexplained cash credits in the books of the assessee. This … Webshares shall be deemed to be the income of the company chargeable to income-tax for the previous year in which the failure to comply with any of the said conditions has taken place. Both Section 68 and 56(2)(viib) of Act should not apply to specified venture capital funds. 1 50 ITR 1 2 80 Taxman 89 3 161 Taxman 169 4 136 Taxman 213 5 222 Taxman ... WebFeb 19, 2024 · However, Finance Bill 2024 proposes the following amendment in the section 68 w.e.f. 1-4-2024: In section 68 of the Income Tax Act, with effect from the 1st day of … dwight d. eisenhower republican or democrat