Income Tax : Section 115BBE imposes a high tax rate on unexplained income to prevent tax evasion. Learn about tax rates, penalties, and complia...
Income Tax : The Sections by which the assessees are suffering too much due to high pitched assessments passed by NFAC are from 68 to 69D and 1...
Income Tax : Learn about Income Tax Returns (ITR) forms for different taxpayers, filing methods, and requirements. Includes details on ITR-1, I...
Income Tax : Learn about penalty provisions under the IT Act, including penalties for defaults in tax payment, income reporting, and more. Key ...
Income Tax : Explore the intricacies of gold taxation in India, covering physical gold, paper gold, gold derivatives, inheritance tax, and comp...
Income Tax : ITAT Raipur held that addition towards cash deposited during demonization period partly set aside based on CBDT Instruction No. 03...
Income Tax : ITAT Chennai held that cash sales of liquor is the source of cash deposit during demonetization and accordingly, since the nature ...
Income Tax : ITAT Ahmedabad remands ₹77.47 crore unexplained expenditure case of Redex Enterprise due to violation of natural justice during ...
Income Tax : ITAT Pune held that additional income surrendered during the course of survey is taxable at normal rates and not at special rates ...
Income Tax : Assessee had received Rs. 13.36 crores by cheque/RTGS out of total cash deposit of Rs.24.35 crores in bank account of M/s R. S. Tr...
ITAT Raipur held that addition towards cash deposited during demonization period partly set aside based on CBDT Instruction No. 03/2017 dated 21.02.2017. Accordingly, appeal of assessee partly allowed.
ITAT Chennai held that cash sales of liquor is the source of cash deposit during demonetization and accordingly, since the nature and source of investment fully explained by the assessee, addition u/s. 69 of 69A not justifiable.
ITAT Ahmedabad remands ₹77.47 crore unexplained expenditure case of Redex Enterprise due to violation of natural justice during assessment proceedings.
ITAT Pune held that additional income surrendered during the course of survey is taxable at normal rates and not at special rates as per section 115BBE of the Income Tax Act. Accordingly, appeal of revenue dismissed.
Assessee had received Rs. 13.36 crores by cheque/RTGS out of total cash deposit of Rs.24.35 crores in bank account of M/s R. S. Traders during demonetization period. During the survey, several documents and evidences were collected and impounded.
ITAT Ahmedabad quashed addition of cash deposits during demonetization, accepting tuition income and marriage gifts as sources.
ITAT Ahmedabad addressed unexplained cash deposits during demonetization in Jaisinghani vs. ITO, focusing on Sec. 69A and 115BBE.
Bombay High Court held that order passed without granting an opportunity of being heard is passed against the principles of natural justice and accordingly, is liable to be quashed. Thus, petition is allowed and orders are quashed.
ITAT Delhi orders deletion of ₹26.35 lakh addition on cash deposits during demonetization but upholds ₹7.52 lakh addition for unreconciled purchases.
ITAT Jaipur ruling on Parshavnath Buildestate Pvt Ltd vs ACIT regarding unexplained expenditures under Section 69C and taxation under Section 115BBE of the Income Tax Act.
