Income Tax - Discover simplified taxation scheme under Section 44AD of Income Tax Act. Learn eligibility criteria, exemptions, and key insights into this taxpayer-friendly approach....
Income Tax - Understanding the nuances of taxation is essential for both individuals and firms. One such critical aspect is Section 68 of the Income Tax Act, 1961, which deals with unexplained cash credits. It holds significant implications for firms, individuals, and even closely-held companies. In this article, we will delve deep into Section 68, it...
Income Tax - In India’s income tax law, Sections 68 to 69D play a vital role in maintaining transparency and accountability related to unexplained finances. These sections are crucial for detecting and penalizing suspicious or unexplained money transactions, investments, and expenditures. The goal is to curb tax evasion and maintain a healthy fi...
Income Tax - Explore the implications of taxation under section 115BBE, including misuse of sections 68 to 69D, consequences of high tax rates, and relevant judicial precedents....
Income Tax - held that no income tax additions can be made when source of investment made against the share capital/ premium/ warrants, stands explained, as assessee and investor companies, have substantiated the same by furnishing evidences and proved the Identity, genuineness of transactions and creditworthiness of investor companies....
Tera Naturals Resources Pvt. Ltd. Vs ITO (ITAT Mumbai) - Read about ITAT's decision to direct Tera Naturals Resources Pvt. Ltd. to deposit Rs 25,000 in PM Relief Fund due to non-compliance behavior during appellate proceedings....
ITO Vs Natraj Mercantile Pvt Ltd (ITAT Kolkata) - Learn about the addition under Section 68 of the Income Tax Act and the importance of explaining identity, creditworthiness, and transaction genuineness in the case of ITO vs. Natraj Mercantile Pvt Ltd....
Cognizant Technology-Solutions India Pvt. Ltd. Vs ACIT (ITAT Chennai) - ITAT Chennai held that transaction of purchase of own shares by the appellant company is distribution of accumulated profits within the meaning of section 2(22) of the Income Tax Act, 1961. Accordingly, it is treated as dividend u/s. 2(22)(a)/2(22)(d) read with section 115-O of the Act....
DCIT Vs Bhanu Infrabuild Pvt Ltd (ITAT Delhi) - Read the detailed analysis of DCIT Vs Bhanu Infrabuild Pvt Ltd (ITAT Delhi) case. No income tax addition if source of cash deposits during demonetization is proven....
M P Ferrous And Non Ferrous India Pvt. Ltd. Vs DCIT (ITAT Mumbai) - ITAT Mumbai held that initiation of reassessment proceedings under section 147 of the Income Tax Act based on the information received from the investigation wing is valid and sustainable in law....
246/151/2017-A&PAC-1 - (10/01/2018) - Assessing Officers should follow the sequence as noted below for applying provisions of section 68 of the Act: Step 1: Whether there is credit of a sum during the year in the books of accounts maintained by the taxpayer. Step 2: If yes, the assessee should be asked to explain the nature and source o...
Tera Naturals Resources Pvt. Ltd. Vs ITO (ITAT Mumbai) -
ITO Vs Natraj Mercantile Pvt Ltd (ITAT Kolkata) -
Cognizant Technology-Solutions India Pvt. Ltd. Vs ACIT (ITAT Chennai) -
DCIT Vs Bhanu Infrabuild Pvt Ltd (ITAT Delhi) -
M P Ferrous And Non Ferrous India Pvt. Ltd. Vs DCIT (ITAT Mumbai) -
PCIT Vs Surya Agrotech Infrastructure Limited (Delhi High Court) -
Late Madan Mohan Sharma Vs ITO (ITAT Delhi) -
Bechtel India Private Limited Vs Commissioner of Service Tax (CESTAT Chandigarh) -
Bhaijee Commodities Pvt Ltd Vs ACIT (ITAT Delhi) -