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...
In a recent case, the ITAT Hyderabad held that the provisions of section 115BBE of the Income Tax Act are not applicable when the source of income is disclosed.
ITAT Mumbai held that addition u/s 115BBE of the Income Tax Act unsustainable as present case doesn’t involve invocation of any of the sections i.e. section 68, 69, 69A, 69B, 69C & 69D of the Income Tax Act.
The ITAT in Delhi has directed a re-adjudication in the case of Kishan Singh & Associates Vs ITO involving an addition made by AO under sections 69A and 115BBE of the Income Tax Act due to non-filing of ROI.
ITAT Raipur held that addition u/s 68 towards unsecured loan received by assessee treating the same as bogus based on mere presumptions and suspect is bad in law and liable to be set aside.
ITAT Delhi held that plausible approach adopted by AO cannot be labeled as erroneous. Hence, revisionary order under section 263 of the Income Tax Act is unsustainable in law.
ITAT Kolkata held that grants from the West Bengal State Government to cooperative societies are not income from other sources and eligible for deduction under section 80P of the Income Tax Act, 1961.
ITAT Delhi held that disallowance of genuine claim of depreciation merely because the depreciation figure is not reflected in column no. 45 of ITR is unsustainable in law. Action of lower authorities of disallowing the genuine claim of depreciation on a very flimsy reason is unjustified.
ITAT Raipur held that unexplained money u/s 69A of the Income Tax Act was received back through banking channel in the form of sale consideration of the shares. Accordingly, the same has to be brought to tax u/s 115BBE of the Income Tax Act.
ITAT Hyderabad in case of Shri Vijay Kumar Reddy Vs ACIT held that section 271AAC penalty not applicable if tax under section 115BBE of Income Tax Act is nil
ITAT Hyderabad held that once additional income offered during survey was simply accepted and assessment order was passed u/s 143(3) of the Income Tax Act without invoking provisions of section 115BBE. Then, provisions of section 115BBE cannot be invoked via rectification as per section 154.
