Income Tax : ITAT Chennai rules unaccounted customer deposits, with traceable identities and commercial substance, are liabilities, not income ...
Income Tax : Penny stocks, often associated with small, illiquid companies, have been a subject of concern due to their susceptibility to price...
Income Tax : Learn about unexplained cash credits under Section 68, tax implications, key legal cases, and compliance requirements to avoid pen...
Income Tax : Understand the applicability of Section 68 (cash credit) and Section 69 (unexplained investments) under the Income Tax Act with re...
Income Tax : The Sections by which the assessees are suffering too much due to high pitched assessments passed by NFAC are from 68 to 69D and 1...
Income Tax : ITAT Chennai rules on Sakthi Realty case, deleting additions for unexplained deposits. Details on customer deposits, tax assessmen...
Income Tax : ITAT Delhi upheld tax addition under Section 68 as assessee failed to prove identity and creditworthiness of investors in high-pre...
Income Tax : Ahmedabad ITAT upholds deletion of ₹1 Cr addition for Radhika Diamonds, noting cash sales were duly recorded and business activi...
Income Tax : ITAT Raipur held that addition towards cash deposited during demonization period partly set aside based on CBDT Instruction No. 03...
Income Tax : ITAT Ahmedabad held that PCIT cannot exercise revisionary power u/s. 263 to restore an issue for the purpose of verification only ...
Income Tax : Assessing Officers should follow the sequence as noted below for applying provisions of section 68 of the Act: Step 1: Whether the...
ITAT Chennai rules on Sakthi Realty case, deleting additions for unexplained deposits. Details on customer deposits, tax assessment, and tribunal’s decision.
ITAT Chennai rules unaccounted customer deposits, with traceable identities and commercial substance, are liabilities, not income under Section 68.
ITAT Delhi upheld tax addition under Section 68 as assessee failed to prove identity and creditworthiness of investors in high-premium share transactions.
Ahmedabad ITAT upholds deletion of ₹1 Cr addition for Radhika Diamonds, noting cash sales were duly recorded and business activity not doubted.
ITAT Raipur held that addition towards cash deposited during demonization period partly set aside based on CBDT Instruction No. 03/2017 dated 21.02.2017. Accordingly, appeal of assessee partly allowed.
ITAT Ahmedabad held that PCIT cannot exercise revisionary power u/s. 263 to restore an issue for the purpose of verification only since restoring matter for verification means that PCIT is not sure of assessment order being erroneous causing prejudice to the revenue.
ITAT Delhi held that the approval granted u/s. 153D in the nature of a ‘technical approval’ in symbolic exercise of powers under s. 153D. Hence, the consequential assessment orders based on such repugnant approval under s. 153D is bad in law in tune with earlier years.
ITAT Ahmedabad held that employees’ contribution to PF/ESI after statutory due dates but before due date of filing income tax returns not allowable as deduction. Accordingly, appeal of the assessee dismissed.
ITAT Delhi held that once the books of accounts are rejected, it doesn’t warrant any adhoc addition. Thus, CIT(A) rightly restricted GP @ 1% instead of 1.5% as estimated by AO. Appeal dismissed, accordingly.
ITAT Indore held that addition under section 68 of the Income Tax Act, after rejection of books of accounts under section 145, by the AO is not justifiable in law. Accordingly, AO is directed to delete the addition.
