Income Tax on Cash Credit : Free Study Material

Here is the Free Study Material for Income Tax on Cash Credit :

Income tax Treatment of cash credit

Judgments

No Show Cause Notice is required to be issued for making addition under section 68 of Income Tax Act : HC

No Sec 68 Addition of Partners Capital Contribution in Partnership Firm : HC

No Sec 68 Addition for purchases from Unregistered person if identity proved in penalty proceedings : SC

Section 68 Addition deleted as Creditor has sufficient Funds in Bank Accounts : HC

Section 68 addition deleted as LTCG are from Genuine Transactions by habitual investor

No additions of sec. 68 if assessee proved identity of share applicants ; SC dismissed SLP

No Addition for Jewellery if declared in Revised return and purchase bills available : ITAT

No Income Tax on addition on because of frequent withdrawal and deposit of own money in Bank Account : ITAT

Bank statement is not books of accounts, sum credited cann’t be treated as an unexplained cash credit : ITAT

Occasion not necessary to receive gifts , Sec 68 addition deleted by ITAT

Cash withdrawals from bank could not be taxed when credit receipts in bank were already taxed

Additions of Peak credit in case of unexplained cash deposits recycled in saving account

Unsecured loan/ Gifts to be added in Income if paying capacity of giver is not proved : HC

Penalty justified if no reasonable cause for cash loan taken in contravention of Sec. 269SS : ITAT

Cash Credit Account Attachment can not be done by income Tax department : Calcutta High Court

Cash Credit or term loan account can’t be attached to recover taxes

No Section 68 addition on cash credited in Swiss Bank if information not supplied by Swiss Bank Authority

Taxation of Loans Gifts & Cash Credits (Finance Act 2018) Book by Taxmann