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...
Read the ITAT’s order on the validity of share capital additions under the pre-amendment Section 68 for AY 2012-13. The ruling confirms that the Revenue must conduct thorough inquiries beyond mere non-service of summons to creditors.
Delhi High Court upheld reassessment for Agroha Fincap, ruling that the sanction “Yes, I am convinced it is a fit case” meets Section 151 requirements, rejecting the ITAT’s finding of mechanical approval.
Learn why the ITAT quashed the deemed dividend addition. The Tribunal found the payment was a salary adjustment, not a loan, and the AO failed to disprove the source of the cash credit.
The ITAT Mumbai deleted a ₹19 lakh addition u/s 68, ruling that taxing receipts already included in a company’s sales turnover constitutes double taxation. Addition was based on insufficient evidence.
The ITAT Mumbai deleted an addition of ₹46 lakh in the Rekha Rajesh Jogani case, ruling that the Income Tax Department cannot rely solely on general ‘penny stock’ investigation reports to deny Long Term Capital Gains (LTCG).
ITAT Jabalpur upholds CIT(A)’s deletion of addition u/s 68; holds that mere reliance on Investigation Wing report without independent verification is unsustainable.
The ITAT ruled the PCIT cannot set aside an assessment u/s 263 for ‘inadequate inquiry’ without conducting an independent investigation to establish prejudice to the Revenue.
ITAT Delhi held that addition towards undisclosed source of income cannot be sustained merely because this amount is not reported in Tax Audit Report since transaction is duly recorded in books of accounts.
Delhi ITAT upholds the ₹50 Lakh bogus sale addition against a jeweller, finding no proof of bullion transport and confirming the buyer was an entry operator.
Delhi ITAT sustained a Rs.14.69 Cr unexplained loan addition under Section 68 against Alvin Reality, ruling that companies with less than Rs.2,000 in income and minimal reserves cannot be deemed creditworthy to advance multi-crore loans.
