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 Jaipur held that when the cash found in books are more then physically found no further addition is required to be made in the hands of the assessee. Accordingly, addition towards unexplained cash set aside.
ITAT Ahmedabad upheld ₹70.95 lakh addition under Section 69A due to unexplained cash deposits during demonetization and non-compliance by the assessee.
ITAT Delhi limits addition of unexplained cash deposits to ₹10 lakhs in Gaurangi Merchandise Pvt. Ltd. Vs ITO case, providing relief of ₹20.18 lakhs.
ITAT remands case of ₹10.95 lakh addition due to non-compliance by consultant to CIT(A) for fresh hearing in Maheshkumar Patel’s appeal.
ITAT Ahmedabad held that provisions of section 68 of the Income Tax Act doesn’t apply in the matter of non-utilisation of amounts received towards Corporate Social Responsibility (CSR) activities. Thus, appeal allowed.
ITAT Kolkata deletes Rs.52.25 lakh addition under Section 69A for unaccounted fees. Evidence proved the amount was properly accounted for in the trust’s records.
ITAT Surat held that addition towards cash deposited during demonetization restricted to 10% of total deposit since assessee fully substantiated the cash deposit showing sufficient withdrawal. Accordingly, appeal partly allowed.
ITAT Jaipur held that taxability of surrendered undisclosed income under section 115BBE of the Income Tax Act requires verification on the part of the AO. Accordingly, matter restored back to the file of AO.
CIT (A) was directed to reassess the long-term capital gain (LTCG) claim as it was found that new evidence submitted by assessee had not been considered during the earlier proceedings.
ITAT Ahmedabad held that tax rate u/s. 115BBE of the Income Tax Act increased from 30% to 60% and the same is applicable only with effect from 1st April 2017 and not prior to the same. Hence, appeal allowed to that extent.
