Income Tax : Understand the consequences of an adverse income tax order, including high tax rates, penalties, interest, and steps to appeal or ...
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 : ITAT Rajkot held that the reassessment notice under section 148 of the Income Tax Act has been issued without obtaining the approv...
Income Tax : ITAT Ahmedabad held that weighted deduction under section 35(1)(ii) of the Income Tax Act rightly disallowed as donation is given ...
Income Tax : ITAT Delhi ruled an income tax assessment invalid, quashing the order. The assessment was completed by an officer lacking jurisdic...
Income Tax : ITAT Delhi held that in absence of original certificate, benefit of jewellery and ornaments declared in VDIS Scheme 1997 is grante...
Income Tax : ITAT Surat permits Asifiqbal Ismail Jangda's appeal, removing a ₹3.45 lakh unexplained cash addition. Agricultural income and ba...
Explore the ITAT Delhi ruling in DCIT vs. Tapesh Tyagi case, clarifying that Section 115BBE doesn’t apply to surrendered income treated under Section 69A.
The ITAT Hyderabad quashes an addition under Section 115BBE due to an elderly assessee’s inability to recall income details within the specified time, highlighting the importance of considering age-related factors.
The ITAT Kolkata has deleted the penalty in Prem Kumar Goutam vs. DCIT, ruling that the AO cannot demand a Profit and Loss Account for Section 44AD income. Get the details.
ITAT Delhi held that commission taxed @2% of the amount of accommodation entries provided by the assessee has not been made on ad hoc basis, however, the same is as per prevailing market rate. Accordingly, the addition is sustained.
ITAT Delhi rules addition u/s 69A for excess jewelry during a search operation unsustainable as the assessee belonged to a wealthy family and received jewelry on occasions
Delhi High Court’s decision in PCIT Vs Avdesh Mishra for AY 2016-17: Assessing Officer’s addition for an unsecured loan duly substantiated by the assessee was deleted.
ITAT Ahmedabad held that rejection of books of accounts merely for not providing stock details in desired format and without bringing any corroborative material on record suggesting specific defect in the books of accounts is unjustified.
ITAT Ahmedabad held that addition under section 68 of the Income Tax Act towards unexplained cash credit unjustified as source of cash deposit on account of sale of petrol, diesel and other petroleum products duly proved.
ITAT Chennai’s ruling in the case of Fathima Jewellers vs. DCIT clarifies that excess gold jewellery stock found during a survey isn’t unexplained investment under IT Act.
ITAT Delhi held that addition u/s. 69A of the Income Tax Act unsustainable as cash found during search involves cash belonging to the family members and cash belonging to company.
