Income Tax : What is an ITR? Learn about the different ITR forms (SAHAJ, SUGAM), who is eligible for each, the modes of electronic and manual f...
Income Tax : Detailed overview of penalties under various sections of the Income Tax Act, covering defaults in tax payment, reporting, document...
Income Tax : Delhi ITAT deleted a 69C unexplained expenditure addition for alleged bogus purchases, ruling that when corresponding sales are ac...
Income Tax : The ITAT deleted a protective addition under Section 68 for cash deposits after finding the same income was already declared and t...
Income Tax : Interest under Section 234B cannot be levied on Section 115BBE-assessed income for resident senior citizens exempt from advance ta...
Income Tax : ITAT held that refusal to admit evidence due to factory sealing and death of the assessee was unjustified and ordered fresh assess...
Income Tax : Delhi ITAT ruled that purchases from paper companies cannot be treated as normal business expenses under Section 37(1). Fraudulent...
Income Tax : The Tribunal held that revision cannot be based on alleged lack of enquiry when detailed verification was already done. A mere cha...
Income Tax : The Revenue relied on alleged ₹4 crore unexplained investment to justify reopening beyond six years. The Tribunal ruled that eve...
Income Tax : The Revenue invoked section 115BBE on alleged unexplained cash. The Tribunal held the provision to be prospective and barred its a...
Chhattisgarh High Court rules cash-in-hand from a preceding year’s balance sheet cannot be taxed as unexplained money under Section 69A in a subsequent year.
The ITAT has remanded a tax appeal to the CIT(A) for a fresh review after the assessee’s submissions regarding excess stock were not considered in an ex-parte order.
Gujarat High Court upholds deletion of ₹11.57 crore addition, ruling that repayment of loan within the same financial year proves its genuineness.
A summary of the ITAT Kolkata ruling in the case of Laxmi Agarwal, a doctor, where the tribunal quashed a 60% tax levy on cash deposits.
The ITAT Pune ruled that excess cash found during a business survey should be taxed as normal business income, not at the higher rate under Section 115BBE.
ITAT Ranchi quashes orders applying the 60% tax rate of Section 115BBE to A.Y. 2017-18, clarifying the amendment is effective from A.Y. 2018-19.
The case of the assessee was selected for limited scrutiny to examine the source of cash deposits made during the demonetization period. During demonetization period assessee had deposited a sum of Rs.30,00,000/- in her bank account on 16.11.2016.
ITAT Delhi held that cash deposited during demonetization period cannot be added as unexplained cash deposit under section 68 of the Income Tax Act since sufficient explanation of source of cash deposit provided by the assessee. Accordingly, addition deleted and appeal allowed.
ITAT Kolkata held that addition towards unexplained money under section 69A of the Income Tax Act cannot be sustained since the cash deposit is already added while filing the return of income under the head other sources. Accordingly, addition set aside and appeal allowed.
An analysis of Section 115BBE of the Income Tax Act, which imposes a high flat tax on unexplained income, and its potential conflicts with constitutional rights related to equality, trade, and retrospective penalties.
