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 : Income without satisfactory explanation is taxed at a special high rate under Section 115BBE. The provisions place strict liabilit...
Income Tax : ITAT held spousal gift taxable under Section 68 due to lack of evidence on genuineness, bank trail, and donor capacity despite Sec...
Finance : The Supreme Court upheld a Will executed in favour of the testator’s sister despite objections from his wife and children. The C...
Income Tax : Tribunal reiterated that credits brought forward from earlier financial years cannot ordinarily be taxed under Section 68 in subse...
Goods and Services Tax : Allahabad High Court ruled that while authorities could verify documents during transit, absence of an e-Tax Invoice did not confe...
Income Tax : The Tribunal observed that the assessee had repaid the unsecured loan along with interest after deducting TDS and the lender had o...
Income Tax : Tribunal ruled that future projections under DCF method cannot be tested solely against later actual financial performance. It obs...
Income Tax : Assessing Officers should follow the sequence as noted below for applying provisions of section 68 of the Act: Step 1: Whether the...
The Tribunal held that cash introduced into capital cannot be treated as unexplained when supported by past savings. It accepted the assessees financial history and balance sheet evidence. The ruling emphasizes practical evaluation of taxpayer capacity.
ITAT Mumbai quashed reassessment for AY 2015–16 as time-barred under amended Section 149, since escaped income was below ₹50 lakh; entire penny stock addition u/s 68 was held void without examining merits.
The Tribunal condoned delay due to reasonable cause and addressed valuation mismatch. It remanded the issue for DVO-based reassessment. The ruling balances procedural leniency with substantive justice.
ITAT Mumbai remanded ₹95.81 lakh commission disallowance, holding that non-response to Section 133(6) notices alone cannot justify addition without proper verification; ad-hoc expense disallowance reduced from 20% to 10%.
ITAT Bangalore remanded ₹49.43 lakh sundry creditor addition and ₹3.74 lakh TDS disallowance, holding that lack of proper evidence analysis and factual verification violated natural justice, requiring fresh adjudication by AO.
The Tribunal found that additions were made without examining detailed reconciliation and evidence. It remanded the case for fresh verification, emphasizing proper factual analysis.
The Tribunal held that strict correlation between withdrawals and deposits is not required under Section 69. It ruled that reasonable cash availability and explanation based on probabilities is sufficient.
Reassessment quashed by ITAT Bangalore as failure to pass a speaking order on objections violated mandatory procedure under Sections 147/148, rendering entire proceedings invalid in law.
The Tribunal held that loan repayment cannot be treated as unexplained cash credit under section 68. The addition was deleted as it was based on incorrect classification of repayment as fresh loan.
The Tribunal examined whether an increase in loans was due to fresh borrowing or reclassification. It remanded the matter for verification, holding that no addition is warranted if no new funds were received.
