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...
ITAT Jaipur held that amount of sundry debtor recorded in books of account are not any money, bullion, jewellery or other valuable article and hence doesn’t qualify as unexplained money under section 69A of the Income Tax Act.
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.
