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 : Additional income offered by assessee on account of cash and excess stock is liable to be taxed as business income and not unexpla...
Income Tax : ITAT Chennai rules bad debt recovery as business income, deleting Rs. 1 crore addition under Section 69A. Read full details on the...
Income Tax : ITAT Jaipur held that addition of the amount already recorded as cash sales cannot be treated as unexplained cash deposits under s...
Income Tax : ITAT Lucknow held that addition by calculating sales on hypothetical basis and completely ignoring various evidences submitted dur...
Income Tax : ITAT Chennai held that addition under section 69A of the Income Tax Act towards unexplained money not legally sustainable since na...
ITAT Delhi rules in favor of Anuj Sood in a case involving jewellery gifted during marriage, prior to a tax search action. Discover details and implications of the ruling.
ITAT allowed internet expenses and labour charges as business expenses and further held that Section 115BBE not applicable to expenses adequately explained during assessment
ITAT Chennai held that addition towards unexplained money under section 69A of the Income Tax Act sustained as cash deposited during demonetization period cannot be said to be cash gifts received during occasion of marriage in December 2015.
ITAT Mumbai held that CIT(A) has passed the order ex-parte due to the non-appearance of/on behalf of the assessee. Accordingly, de novo adjudication ordered as CIT(A) didn’t rendered any finding on merits.
ITAT Pune held that that the amount surrendered under unrecorded stock has to be brought to tax under the head “business income” and no provision u/s. 115BBE of the Income Tax Act is attracted.
ITAT Delhi held that addition towards unsecured loan under section 68 of the Income Tax Act sustained as assessee failed to discharge the primary onus and burden of proof of providing genuineness, creditworthiness and identity of creditors to the satisfaction of the A.O.
ITAT Delhi held that addition towards unexplained credits under section 68 of the Income Tax Act unsustainable as genuineness, identity and creditworthiness of the creditors proved.
ITAT Bangalore Held that not every deposit during the demonetization period would fall under category of unaccounted cash. However the burden is on the assessee to establish the genuineness of the deposit in order to fall outside the scope of unaccounted cash. Matter remanded for re-verification.
ITAT Amritsar held that transfer of REC (Renewable Energy Certificate) is capital in nature and not liable to tax under business income as the income is offshoot from environmental concern not from offshoot of business concern.
The recent ITAT Chandigarh ruling in Gurdeep Singh Ubhi Vs DCIT asserts that additional business income without unexplained sources should be taxed at normal rates, challenging the application of Section 115BBE of the Income Tax Act, 1961.
