Income Tax : This FAQ guide explains the applicability of ITR forms, filing methods, due dates, penalties, and taxpayer obligations for AY 2026...
Income Tax : This guide explains when penalties can be imposed under various provisions of the Income-tax Act, 1961. It also outlines the appli...
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 : Bombay High Court held that non-compliance with Section 144B raised a jurisdictional issue requiring ITAT adjudication and set asi...
Income Tax : ITAT Allahabad held that estimating gross profit solely on the basis of the subsequent years GP rate is not justified after reject...
Income Tax : ITAT held that mere transfer of records cannot replace a valid transfer of jurisdiction under Section 127, rendering the assessmen...
Income Tax : ITAT Surat held that rural agricultural land falls outside Section 2(14), deleting capital gains and related additions....
Income Tax : ITAT remanded the matter after holding that the CIT(A) passed a non-speaking order without giving reasons or properly considering ...
Income Tax : CBDT has instructed tax officers to uniformly apply Sections 68 to 69D and Section 115BBE after a C&AG audit found inconsistencies...
ITAT Delhi held that since nature of expense i.e. purchase and source of expense not doubted and only genuineness of expense is doubted, the disallowance has to be made under section 37 of the Income Tax Act and not under section 69C. Accordingly, order of PCIT set aside.
ITAT Nagpur held that short term capital gain tax paid under section 111A @15% cannot be reclassified as taxable under section 68 read with section 115BBE of the Income Tax Act without any basis. Accordingly, appeal of revenue dismissed.
Mumbai ITAT deleted Rs.8.43 Cr addition u/s68. Assessee proved lenders’ identity, PAN, and bank transfers. Suspicion over creditworthiness cannot replace evidence.
Bangalore ITAT restricted the s.69A unexplained cash addition for non-filer Umesh Babu to the peak credit of Rs.12.25 lakhs, rejecting the Rs.ｹ57.10 lakhs addition.
The ITAT Chandigarh dismissed the appeal of Svetlana Gorodinskaia, ruling that unexplained cash of ₹4,07,000/- found during a survey operation must be taxed as “unexplained money” under Section 69A and subjected to the higher tax rates of Section 115BBE
The ITAT Jaipur dismissed the assessee’s appeal, confirming the PCIT’s revisionary order under Section 263. The Tribunal ruled that the income declared as excess stock during a survey must be taxed under Section 115BBE at a higher rate because the assessee failed to prove a direct nexus between the excess stock and suppressed regular business profits.
Delhi ITAT restores Silverton Pulp And Papers Pvt. Ltd.’s appeal to the CIT(A) to verify the applicability of Section 56(2)(x)(b) to a disputed agricultural land purchase, where the stamp valuation authority valued it as residential.
ITAT Delhi reduced a Rs.11.47 lakh demonetization cash addition to Rs.47,000/− for a senior citizen. Cites Madras HC ruling limiting S. 115BBE rate to transactions after 01.04.2017.
Delhi ITAT deleted a ₹30.65 lakh cash deposit addition made under Section 69A during demonetization. The source was proven to be a gift from the deceased grandmother’s savings of previously taxed rental income, preventing double taxation.
ITAT Ahmedabad set aside the ex parte dismissal of Kansara Popatlal Tibhovandas Metal Pvt Ltd’s appeal, ruling the CIT(A) violated natural justice by passing an order before the due date for submissions.
