Income Tax : ITAT Mumbai held that an addition under Section 69A cannot be sustained when the assessee is denied the opportunity to cross-exami...
Income Tax : ITAT held that additions based solely on third-party search material without independent evidence or cross-examination are invalid...
Income Tax : A large spousal gift exemption was denied due to failure in proving genuineness, creditworthiness, and source of funds. The ruling...
Income Tax : ITAT held spousal gift taxable under Section 68 due to lack of evidence on genuineness, bank trail, and donor capacity despite Sec...
Income Tax : This covers how unexplained credits and investments are taxed under Sections 68 to 69D. The key takeaway is that additions require...
Income Tax : The ITAT Amritsar held that a valuation report by itself cannot justify addition under Section 69 without evidence of extra paymen...
Income Tax : The ITAT held that stamp duty valuation could not be blindly adopted where the property was affected by BBMP demolition proceeding...
Income Tax : The Tribunal held that agricultural land situated beyond notified municipal limits is not a capital asset under the Income Tax Act...
Income Tax : ITAT Ahmedabad held that no unexplained investment addition could survive where the booked property deal was cancelled and funds w...
Income Tax : ITAT Delhi held that penalty under Section 271AAC cannot survive once the underlying Section 153C assessment is quashed. The Tribu...
The Tribunal held that a claim admitted at the appellate stage must be examined on merits and cannot be denied merely due to time lapse. The case was remanded for fresh verification.
ITAT held that additions based solely on third-party search material without independent evidence or cross-examination are invalid. The burden of proof lies on the department.
Karnataka High Court rejects Revenues appeal, holds Sec 69A addition unsustainable where cash source explained with evidence; human conduct theory cannot replace proof, penalty also quashed.
The Tribunal held that an unsigned agreement without corroboration cannot be treated as incriminating material. Proceedings under section 153C were declared invalid.
The Tribunal examined whether an increase in loans was due to fresh borrowing or reclassification. It remanded the matter for verification, holding that no addition is warranted if no new funds were received.
The issue was whether purchases could be treated as bogus based on investigation reports. ITAT held that when documentary evidence and asset existence are proven, additions cannot be sustained.
The Tribunal ruled that bank deposits cannot be treated as unexplained income when linked to regular business activity. It upheld that consistent past records supported the assessee’s claim of business receipts.
A large spousal gift exemption was denied due to failure in proving genuineness, creditworthiness, and source of funds. The ruling highlights that documentation is crucial even for exempt transactions under tax law.
The Tribunal held that the Assessing Officer went beyond revisionary directions by including additional issues. It ruled that such excess additions were invalid and liable to be deleted.
The Tribunal held that the higher 60% tax rate under Section 115BBE cannot apply to transactions prior to 01.04.2017. It directed application of 30%, reinforcing that amendments apply prospectively.
