Income Tax : Understand income tax rules for cash deposits in businesses using presumptive taxation (Sec 44AD, 44AE). Learn about unexplained c...
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 : ITAT Mumbai dismisses revenue appeal against Aries Agro Ltd., affirming deletion of Section 68 additions for demonetization cash d...
Income Tax : ITAT Ahmedabad held that addition on account of cash credit in the current year cannot be sustained where department had accepted ...
Income Tax : ITAT Kolkata held that the reopening of assessment cannot be allowed on the basis of vague reasons, where AO has not done anything...
Income Tax : ITAT Jaipur held that reopening under section 148 r.w.s. 148A is bad-in-law and liable to be quashed in as much as reopening was m...
Income Tax : ITAT Mumbai held that mere non-appearance of directors is no basis for invoking provisions of section 68 of the Income Tax Act. Ac...
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 Mumbai dismisses revenue appeal against Aries Agro Ltd., affirming deletion of Section 68 additions for demonetization cash deposits.
ITAT Ahmedabad held that addition on account of cash credit in the current year cannot be sustained where department had accepted the re-payment of loans in subsequent year. Accordingly, addition confirmed by CIT(A) deleted and appeal allowed.
ITAT Kolkata held that the reopening of assessment cannot be allowed on the basis of vague reasons, where AO has not done anything as there was gross non-application of mind by the Assessing Officer. Accordingly, reopening of assessment u/s. 147 is quashed.
ITAT Jaipur held that reopening under section 148 r.w.s. 148A is bad-in-law and liable to be quashed in as much as reopening was merely on the basis of change of opinion. Accordingly, appeal of assessee allowed and reopening quashed.
ITAT Mumbai held that mere non-appearance of directors is no basis for invoking provisions of section 68 of the Income Tax Act. Accordingly, addition towards share application money and share premium is liable to be deleted.
ITAT Kolkata rules addition under Section 68 for share capital invalid solely due to non-compliance with summons when evidence was furnished.
Kolkata ITAT removes Rs 1.43 crore addition on share capital, citing funds received in prior years and adequate documentation for current year’s receipts.
ITAT Mumbai held that the cash deposited is out of the gross receipts and that once gross receipts are disputed then no addition is sustainable under section 68 of the Income Tax Act. Accordingly, appeal allowed to that extent and addition deleted.
ITAT Kolkata held that the transaction cannot be treated as unexplained cash credit under section 68 of the Income Tax Act since the transaction of the shares were shown as stock in trade in assets side of the balance sheet and sale as revenue in profit & loss account.
Calcutta High Court held that addition u/s. 68 of the Income Tax Act towards bogus share capital and share premium duly deleted by CIT(A) since identity and creditworthiness of the share subscribers alongwith genuineness of transactions duly proved.
