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...
ITAT Kolkata dismisses revenue’s appeal, ruling that repaid unsecured loans cannot be treated as unexplained cash credits under Section 68 of the IT Act.
The ITAT Ranchi deletes a ₹1.67 crore addition to a hardware merchant’s income, ruling that cash deposits during demonetisation were explained by recorded sales.
AO pointed out that the 118% gain from a single scrip in 15-16 months had no commercial justification, and Karma ISP was identified as a penny stock used to create fake exempt gains.
ITAT Amritsar ruled that a company’s loans were not unexplained cash credits, deleting a tax addition after finding transactions were squared up through banking channels.
The ITAT Delhi has dismissed a reassessment appeal, ruling that a Section 148 notice issued on March 31 but dispatched on April 20 was invalid. The delay in service rendered the assessment void as it fell under new, amended law.
The ITAT Delhi has deleted additions made by the tax department, ruling that an ad-hoc expense disallowance and additions for loans and cash deposits were invalid.
ITAT quashes reassessment against Mauritius-based FPI, ruling that sanction from correct authority under section 151 was mandatory.
Cochin ITAT remanded ₹25 lakh addition, holding CIT(A) erred by invoking Section 68 without notice. Matter sent back for fresh adjudication after hearing assessee.
The case of the assessee was selected for limited scrutiny to examine the source of cash deposits made during the demonetization period. During demonetization period assessee had deposited a sum of Rs.30,00,000/- in her bank account on 16.11.2016.
Gujarat High Court held that since petitioner has generated Part-A of the E-Way Bill covering all the transport related details, the benefit of the Circular No.64/38/2018-GST is required to be given, hence the penalty amount is reduced.
