Cash Deposits should not be assessed U/s. 68 when cheque deposits were accepted as business turnover: ITAT, Hyderabad

There is no reason cash deposits should be assessed U/s. 68 when cheque deposits were accepted as business turnover. We find the reason given by the Ld.CIT(A) in treating the entire amount as turnover is reasonable on the facts of the case. Income Tax Officer, Ward-4, … vs Shaik Zameer, Nellore on 18 May, 2018…


Deduction u/s 54 can not be denied if the amount has been utilized on or before the due date u/s 139(4): ITAT, Cuttack

ITO Puri Vs. Leelavati Paattamahadei It is held that the deduction u/s.54 of the I.T.Act, 1961 will be available to the appellant if the payments are made on or before the due date as per section 139(4) of the I.T. Act, 1961 and not as per section 139(1) as objected by the AO. In this…