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Income Tax : Advocate Amardeep Soni & Advocate Harsha Soni Gemplus India Pvt. Ltd. Vs ACIT (ITAT Bangalore) A Case Study of ITAT BANGALORE...
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Income Tax : ITAT Pune rules no addition under Section 69 if investment source is disclosed in the balance sheet. Partial relief granted for un...
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Income Tax : Finance Ministry specifies Power Finance Corporation Ltd.'s ten-year zero coupon bond with Rs. 49,546 discount, for Income-tax Act...
Income Tax : Learn about high-risk transaction case verification, assessment, and proceedings under Sections 148/148A on the Insight and ITBA p...
Income Tax : Learn about high-risk CRIU/VRU case verification, assessment, and proceedings under Sections 148/148A on the Insight and ITBA port...
Rupa Mahesh Gandhi Vs ITO (ITAT Ahmedabad) As transpires from the orders of the authorities below, the addition to the income of the assessee on account of unexplained investment in Bombay Stock Exchange of Rs.25,21,525/- and unexplained source of payment of credit card amounting to Rs.3,45,000/- was made in the absence of any details submitted […]
ITAT Delhi held that addition u/s 68 unsustainable as genuineness of transaction routed through banking channel cannot be doubted on the basis of surmises and conjectures based on suspicion and doubts.
From gift deed it is crystal clear that the said property was gifted by assesee to his sister out of natural love and affection and it was in this back drop that assessee claimed before CIT(A) that incidence of transfer of immovable property was not liable to tax in his hands.
SCN was issued on 27.03.2023 at 9.10.33 p.m. and petitioner was given 13 hours time to reply, which violates principles of natural justice
If no cash is involved , section 68 of the Act treating as share capital/share premium as unexplained cash credit is wrong as transaction of allotment of shares by way of book adjustment and provisions of section 68 of the Act are not attracted.
Addition made on the basis of estimation cannot provide foundation for under-reported income for the purpose of imposition of penalty u/s 270A
Babulal Hajarimalji Jain Vs ITO (ITAT Mumbai) Undisputedly the entire addition in this case has been made by the AO as well as Ld. CIT(A) on the basis of guess work and estimation on the basis of some alleged information received from Sales Tax Department of Maharashtra and from DGIT (Inv.), Mumbai that “the assessee […]
Navigate the taxation landscape of Crypto and NFTs in India. Understand the legal recognition, tax implications, including trading, gifting, and mining of Virtual Digital Assets. Stay informed to comply with the updated regulations.
Sheetala Credit & Holdings Private Limited Vs ITO (Madras High Court) High Court held that assessing authority has rightly concluded that there is no capital gains that arises from the transaction since the entire transaction was a buyout of shares by virtue of order of the Apex Court. The officer, in this regard refers to the […]
Section 148A(b) Notice is not expected to be as detailed as assessment order and it would suffice that reassessment reasons broadly outlined
