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...
Calcutta High Court dismisses writ against ex parte service tax order, noting petitioner’s non-appearance and availability of an alternate remedy despite COVID-19 period.
ITAT Delhi confirms deletion of ₹3.07 Cr income tax addition for Tarun International Ltd., citing sufficient documentary evidence for share capital genuineness.
ITAT Mumbai overturns dismissal of appeals for Rajesh Babulal Shah, citing Supreme Court’s ‘Katiji’ ruling on condonation of delay and remanding cases.
ITAT Jaipur upholds CIT(A)’s order deleting ₹80 lakh addition under Section 68; holds share sale genuine and not accommodation entry.
Ahmedabad ITAT dismisses revenue’s appeal, deleting additions for demonetisation-era cash deposits, citing a lack of evidence for tax evasion.
The ITAT Nagpur has set aside an ex-parte income tax addition of ₹7.38 lakh against a senior citizen agriculturist, citing lack of proper notice and unproven agricultural income.
ITAT Mumbai has ruled that Section 68 additions cannot be made if assessee does not maintain books of account. Court also allowed a deduction under Section 80C.
The ITAT Delhi has set aside the CIT(A)’s deletion of a ₹2.32 crore addition made under Section 68, citing a violation of Rule 46A as new evidence was admitted without giving the Assessing Officer a chance to examine it.
Calcutta High Court held that merely because share transactions were done through stock exchanges it doesn’t make the transactions genuine. Accordingly, bogus capital loss claim rejected and appeal of revenue allowed.
ITAT Delhi remanded the matter back to the file of the Assessing Officer in the matter of addition of Rs. 30 Crores u/s. 68 since additional evidence filed under rule 29 of the ITAT Rules, 963 substantiating genuineness of business advances.
