Income Tax : Learn if cash payments over ₹10,000 for electricity bills are allowed under Section 40A(3) of Income Tax Act. Understand exempti...
Income Tax : Section 40A(3) restricts cash payments exceeding ₹10,000 in business transactions. Exceptions apply for specific cases like tran...
Income Tax : Explore the rules and regulations governing cash transactions in real estate deals to ensure tax compliance. Learn about permissib...
CA, CS, CMA : जानें जीएसटी और आयकर एक्ट में नकद संव्यवहार के नि�...
Income Tax : Dive into critical tax regulations and provisions, from related party payments to cash disallowance, and learn how they impact you...
Income Tax : It is suggested that there should be a positive provision under the I.T. Act that any transaction involving more than Rs.3,00,000/...
Income Tax : Aggrieved against the directions of CIT(A) to the AO for assessment of gross profit on unaccounted sales of unaccounted purchases ...
Income Tax : ITAT Raipur that where the income of the assessee has been computed by applying a gross profit rate, there is no need to look into...
Income Tax : The case of the assessee was selected for complete scrutiny assessment and notice u/s 143(2) of the Income Tax Act, 1961 was issue...
Income Tax : ITAT Nagpur held that addition towards unexplained expenditure u/s. 69C of the Income Tax Act not warranted since the same are alr...
Income Tax : Delhi ITAT dismisses revenue's appeal, holding cash advance for property purchase intended as investment not subject to Section 40...
ITAT Chennai held that provisions of section 69A of the Income Tax Act could not be invoked when cash is sourced out of recorded sales. Accordingly, appeal allowed and addition u/s. 69A is liable to be deleted.
A search and seizure action u/s.132 of the Act was conducted in the assessee’s case on 14.11.2019. AO observed that during the course of search action, a pen drive was found from the cabin of the Head-Cashier.
ITAT Chennai held that when the cash is sourced out of recorded sales, the provisions of section 69A of the Income Tax Act could not be invoked since sales have already been offered to tax and taxing same again u/s. 69A would amount to double taxation.
ITAT Ahmedabad affirms CIT(A)’s deletion of ₹12.92 crore tax addition under Section 40A(3), relying on past gross profit rates and valid agricultural purchases.
ITAT Jaipur held that disallowance of cash payment under section 40A(3) of the Income Tax Act deleted since genuineness of the transactions and the payment and identity of the receiver are established. Accordingly, appeal allowed.
Reassessment order was set aside and remitted back to Respondent due to insufficient details in the assessment order on employee’s cash transactions.
The assessing authority, therefore, disallowed the deduction claimed by the appellant towards the purchase of paddy from the said persons and added this to the income declared by the appellant.
Delhi High Court held that assuming jurisdiction under section 153C of the Income Tax Act impermissible unless it is satisfied that document / seized material belonged to the assessee. Thus, appeal dismissed.
ITAT Nagpur held that when a liquidation order has been passed, no suit or other legal proceedings shall be instituted by or against the corporate debtor. Thus, IBC Code will override anything inconsistent contained in any other enactment, including Income Tax Act.
ITAT Jaipur held that disallowance of contribution of EPF/ESI of employees contribution justified since amount deposited beyond the due date of respective Acts. Notably, deduction is not allowance even if contribution is deposited before filing of return u/s. 139(1).
