Income Tax : This FAQ guide explains the applicability of ITR forms, filing methods, due dates, penalties, and taxpayer obligations for AY 2026...
Income Tax : This guide explains when penalties can be imposed under various provisions of the Income-tax Act, 1961. It also outlines the appli...
Income Tax : ITAT Mumbai held that an addition under Section 69A cannot be sustained when the assessee is denied the opportunity to cross-exami...
Income Tax : ITAT held that additions based solely on third-party search material without independent evidence or cross-examination are invalid...
Income Tax : A large spousal gift exemption was denied due to failure in proving genuineness, creditworthiness, and source of funds. The ruling...
Income Tax : Bombay High Court held that non-compliance with Section 144B raised a jurisdictional issue requiring ITAT adjudication and set asi...
Income Tax : ITAT Allahabad held that estimating gross profit solely on the basis of the subsequent years GP rate is not justified after reject...
Income Tax : ITAT held that mere transfer of records cannot replace a valid transfer of jurisdiction under Section 127, rendering the assessmen...
Income Tax : ITAT Surat held that rural agricultural land falls outside Section 2(14), deleting capital gains and related additions....
Income Tax : ITAT remanded the matter after holding that the CIT(A) passed a non-speaking order without giving reasons or properly considering ...
Income Tax : CBDT has instructed tax officers to uniformly apply Sections 68 to 69D and Section 115BBE after a C&AG audit found inconsistencies...
The tribunal dismissed the appeal as the assessee failed to appear and substantiate claims despite multiple opportunities. It emphasized that procedural non-compliance weakens legal claims.
The issue was whether full bank deposits of a commission agent can be taxed as unexplained income. The ruling held only commission income taxable, with 8% estimation upheld as reasonable.
The Tribunal held that LTCG cannot be treated as bogus merely based on investigation reports. It ruled that documented transactions through banking and stock exchange channels prove genuineness.
The Tribunal held that updated returns filed during ongoing assessment proceedings are not valid under Section 139(8A). The key takeaway is that taxpayers cannot correct returns once scrutiny has begun, though limited relief may still be granted.
The ITAT held that the PCIT cannot invoke revisionary powers when the same issue is already pending before the appellate authority. The case involved share transaction additions treated as penny stock.
The Tribunal held that the assessee failed to substantiate the source of cash deposits during demonetization. Mere disclosure in books was insufficient without proof of genuineness and credibility.
ITAT confirmed that the amended 60% tax rate under Section 115BBE applies prospectively from April 2017 onwards. For earlier transactions, only the 30% rate applies, safeguarding taxpayers from retrospective burden.
ITAT held spousal gift taxable under Section 68 due to lack of evidence on genuineness, bank trail, and donor capacity despite Section 56 exemption.
The issue was whether share capital addition could be sustained without seized evidence. The Tribunal held that in absence of incriminating material, the addition under Section 68 is invalid.
The Tribunal held that absence of bills for agricultural sales cannot justify addition under Section 69A. Where cultivation and land ownership are undisputed, receipts cannot be treated as unexplained income.
