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...
Tribunal confirmed CIT(A)’s view that alleged accommodation loans were not supported by bank statements. Reopening and addition u/s 69A struck down; Revenue’s case dismissed.
The ITAT Delhi has restored an appeal by Mehinder Sharma, previously dismissed by the NFAC for non-compliance, granting a final opportunity to present his case.
ITAT Jaipur deletes additions on unsecured loans and partners’ capital for Vikas Oil Mill, citing sufficient evidence like ITRs and cash books to prove their genuineness.
ITAT Bangalore deletes a Section 68 addition on a trader’s demonetisation deposits, ruling that cash from business receipts cannot be taxed again after turnover is accepted.
It is settled proposition of law that CBDT circulars are binding on department and it has to be strictly followed by officers of department. AO cannot be permitted to travel beyond the issues for which case was selected for limited scrutiny without taking mandatory permission from concerned PCIT or Pr.CCIT.
ITAT Ahmedabad dismisses a revenue appeal, upholding the deletion of a ₹1.5 crore addition. The tribunal ruled the amount was a loan given, not a cash credit received.
Delhi High Court upholds ITAT’s decision, affirming that a taxpayer discharged the burden of proof for cash credits and that business center income is business income.
Gujarat High Court upholds deletion of ₹11.57 crore addition, ruling that repayment of loan within the same financial year proves its genuineness.
ITAT Delhi rules that cash deposits made during demonetization from recorded cash sales are not unexplained income, deleting an addition under Section 68.
The ITAT Delhi has upheld the deletion of a ₹3.51 crore addition, ruling that the assessee proved the identity, creditworthiness, and genuineness of unsecured loans.
