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 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...
Income Tax : ITAT Ahmedabad held that claim of assessee that income declared under Pradhan Mantri Garib Kalyan Yojana [PMGKY] and hence the sam...
Income Tax : ITAT Surat held that provisions of section 115BBE of the Income Tax Act are enacted on 15.12.2016 hence taxing addition at higher ...
Income Tax : Tribunal also took note of the fact that AO had merely reproduced identical reasons for multiple years without verifying facts or ...
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.
ITAT Jaipur held that assessee just needs to establish that the amount has come from the bank account of the cash-creditors. Assessee is not required to prove the source of the amount in the bank accounts of the cash creditors. Thus, addition u/s. 68 deleted since genuineness of transaction proved.
ITAT Jaipur held that invocation of revisionary proceedings u/s. 263 of the Income Tax Act not sustainable since AO duly verified investment and payment of ESI/PF.
Held that the invoices issued by the assessee contained a barcode. A barcode on a tax invoice serves as a verification mechanism, ensuring that the sale is recorded in the system and adds a layer of authenticity.
Additional income offered by assessee on account of cash and excess stock is liable to be taxed as business income and not unexplained investment under section 69A at special rates of 115BBE.
ITAT Chennai rules bad debt recovery as business income, deleting Rs. 1 crore addition under Section 69A. Read full details on the tribunal’s decision.
ITAT Jaipur held that addition of the amount already recorded as cash sales cannot be treated as unexplained cash deposits under section 68 of the Income Tax Act. Accordingly, addition is deleted and appeal is allowed.
ITAT Lucknow held that addition by calculating sales on hypothetical basis and completely ignoring various evidences submitted during course of assessment proceedings is unjustifiable. Accordingly, appeal allowed and addition is deleted.
ITAT Chennai held that addition under section 69A of the Income Tax Act towards unexplained money not legally sustainable since nature and source of cash deposits duly explained. Accordingly, addition is liable to be deleted.
ITAT Jaipur held that amount of sundry debtor recorded in books of account are not any money, bullion, jewellery or other valuable article and hence doesn’t qualify as unexplained money under section 69A of the Income Tax Act.
