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 held that exercise of revisionary power under section 263 of the Income Tax Act on the basis of audit objection is not tenable in law. Accordingly, initiation of proceedings liable to be quashed.
ITAT Ahmedabad held that once the unaccounted receipts from the sale of properties are subjected to taxation as part of the capital gains computation, the related unaccounted expenditures stand explained and cannot be taxed separately as unexplained expenses.
ITAT Raipur held that adding entire bank receipts without inquiries from parties is unjustified. Case remanded for further examination under natural justice principles.
Section 115BBE imposes a high tax rate on unexplained income to prevent tax evasion. Learn about tax rates, penalties, and compliance strategies.
ITAT Bangalore held that delay in cash deposits, during demonetization, due to unforeseen circumstances like laxmi pooja and staff vacations post deepavali doesn’t imply fabricated income or an afterthought explanation. Hence, addition liable to be deleted.
ITAT Ahmedabad sets aside assessment order on demonetization cash deposits, citing natural justice violations. Case remanded for fresh adjudication.
ITAT Pune rules that taxpayers must disclose cash-in-hand, bank balances, and receivables, even under the Presumptive Taxation Scheme, for accurate tax assessment.
Section 145(3) couldn’t be invoked without identifying specific defects in the books of accounts and that mere suspicion of increased cash sales was not sufficient to make an addition under Section 68.
ITAT Bangalore held that addition under section 69A towards cash deposits during demonetization deleted since cash deposit was made out of earlier withdrawals. Accordingly, appeal allowed and addition deleted.
Bangalore ITAT remands case for reassessment of post-demonetization cash deposits by a bar & restaurant owner, directing AO to verify business income claims.
