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 Raipur held that addition towards unexplained cash deposits under section 69A of the Income Tax Act is liable to be set aside in as much as the source of cash deposits duly explained. Accordingly, appeal restored to AO with direction to re-adjudicate the issue.
ITAT Bangalore remands case concerning cash deposits during demonetization, directing the AO to re-assess the addition u/s 69A after considering CBDT circulars and granting the assessee a fair hearing.
In the matter abovementioned ITAT allowed the appeal of the assessee after deleting the addition made u/s 68 after observing the fact that assessee had filed relevent details during assesssment.
ITAT Delhi sets aside search assessment in Amit Gupta & Sons HUF case, citing lack of proper approval under Section 153D of the Income Tax Act.
ITAT Raipur held that AO has passed the final assessment order u/s.143(3) r.w.s. 153B(b) of the Act without seeking a prior approval of the same by the Jt. CIT u/s. 153D of the Income Tax Act and hence the order so passed is liable to be quashed.
It is submitted on behalf of assessee that he is engaged in the business of transportation and logistics services and such business is being conducted by the assessee in his personal capacity as well as in capacity of the Proprietor of “M/s Tanvi Roadways”.
ITAT Pune remands an ex-parte order after considering the senior citizen assessee’s tech constraints, allowing fresh appeal proceedings with a fair hearing.
CIT (A) was right in its decision to delete the addition of Rs. 2.92 crore made by AO under Section 69B for alleged undervaluation of closing stock as the books of accounts was not rejected, therefore, the observation of AO that the same were not reliable.
ITAT Ahmedabad held that additions under section 68 of the Income Tax Act is not sustainable since assessee established identity, genuineness and creditworthiness of the lenders. Accordingly, addition u/s. 68 deleted.
ITAT Patna’s decision in Dharmendra Kumar vs. ITO regarding ₹1.10 crore treated as unexplained income. Appeal dismissed due to non-compliance.
