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 : This guide explains how unexplained cash credits under Section 68 and related provisions can attract steep taxation under Section ...
Income Tax : The Tribunal held that cash deposits during demonetisation cannot be treated as unexplained when backed by audited books, invoices...
Income Tax : ITAT Bangalore held that profit cannot be estimated arbitrarily when regular books of account are maintained and not rejected unde...
Income Tax : A large spousal gift exemption was denied due to failure in proving genuineness, creditworthiness, and source of funds. The ruling...
Income Tax : ITAT Kolkata deleted the Section 68 addition, holding that share application money already assessed in subscribers' hands cannot b...
Income Tax : Calcutta HC dismissed the Revenue's appeal after the remand report confirmed the disputed receipt was sale proceeds of investments...
Income Tax : ITAT Delhi held Section 68 cannot apply to sale proceeds of disclosed investments already recorded in books. Revenue's appeals wer...
Income Tax : ITAT Delhi held Section 68 inapplicable where shares were disclosed in an earlier year and sale proceeds were already offered as i...
Income Tax : ITAT Agra held Section 44AD could not apply where turnover exceeded the limit, adopted past profit history, allowed telescoping an...
Income Tax : CBDT has instructed tax officers to uniformly apply Sections 68 to 69D and Section 115BBE after a C&AG audit found inconsistencies...
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 Kolkata deleted the Section 68 addition, holding that share application money already assessed in subscribers’ hands cannot be taxed again in the company’s hands.
Calcutta HC dismissed the Revenue’s appeal after the remand report confirmed the disputed receipt was sale proceeds of investments, not an unsecured loan.
ITAT Delhi held Section 68 cannot apply to sale proceeds of disclosed investments already recorded in books. Revenue’s appeals were dismissed.
ITAT Delhi held Section 68 inapplicable where shares were disclosed in an earlier year and sale proceeds were already offered as income, avoiding double taxation.
ITAT Agra held Section 44AD could not apply where turnover exceeded the limit, adopted past profit history, allowed telescoping and deleted Section 43B addition.
ITAT confirmed additions under Section 68 after relying on earlier findings that the lender companies provided accommodation entries.
ITAT deleted Section 68 additions after finding that the assessee established investor identity, creditworthiness and transaction genuineness with documentary evidence.
ITAT Delhi held that assessments under Section 153C were without jurisdiction as the satisfaction note was recorded after the Finance Act, 2021 amendment. All six assessment orders were quashed.
ITAT deleted the Section 68 addition after holding that the assessee fully established the lender, source of funds and genuineness.
ITAT ruled that genuine sale proceeds supported by books, bank records and purchaser details cannot be treated as unexplained cash credits.
