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 Patna’s decision in Dharmendra Kumar vs. ITO regarding ₹1.10 crore treated as unexplained income. Appeal dismissed due to non-compliance.
ITAT Ahmedabad remands Vinodchandra Dahyabhai Darji’s tax case for fresh adjudication after finding denial of a hearing in a faceless appeal process.
The Sections by which the assessees are suffering too much due to high pitched assessments passed by NFAC are from 68 to 69D and 115 BBE. Many orders are struck down by the High Courts through writs and majority of the orders are appealed against and are cancelled by the Commissioner of Income Tax (Appeals)/Income Tax Appellate Tribunal. The brief contents of the relevant sections are given below:
ITAT Mumbai held that addition towards section 68 of the Income Tax Act deleted as assessee discharged initial onus by proving identity, creditworthiness and genuineness of transaction. Accordingly, appeal allowed.
Assessment was completed at income of Rs.1,23,18,612/- against the returned income of Rs.3,76,740/- on account of unexplained cash deposited in the bank accounts amounting to Rs.1,19,41,872/-.
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.
