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 held that addition towards share capital/ premium as unexplained cash credit u/s. 68 of the Income Tax Act justified since the assessee did not discharge the creditworthiness and the genuineness of the transactions. Accordingly, appeal of revenue allowed.
ITAT Nagpur remands Kiran Anil Gothi Vs ITO cash credit case back to CIT(A) for fresh adjudication after assessee failed to provide documentation at initial stages.
ITAT Ahmedabad held that once cash sales are accepted as genuine for the purpose of determining profit, the same cannot be added again as unexplained cash credit by invoking provisions of section 68 of the Income Tax Act. Accordingly, appeal of revenue dismissed.
AO taxed the said surrendered amount under the provisions of section 115BBE of the Income Tax Act. CIT(A) allowed the appeal of the assessee. Being aggrieved, revenue has preferred the present appeal.
ITAT Ahmedabad held that amount received as refund for surrender of Life Insurance Policy cannot be treated as unexplained money under section 68 of the Income Tax Act. Accordingly, appeal allowed and addition deleted.
ITAT Agra confirms ₹80.17 lakh addition as bogus LTCG from penny stock, citing lack of evidence and suspicious price jump in Yamini Investments shares.
The ITAT Kolkata rules on the Nabiul Industrial Metal case, deeming an assessment invalid due to jurisdictional issues with the faceless assessment scheme’s implementation date.
The ITAT Chennai has quashed a reassessment against Ambattur Constructions, ruling that a mere audit objection without fresh material is not a valid basis for reopening a completed assessment.
ITAT Mumbai held that addition under section 68 towards unsecured loans merely relying on retracted statement cannot be sustained. Accordingly, order of CIT(A) upheld and appeal of revenue is dismissed.
ITAT Mumbai rules that fiduciary journal transfers without cash flow cannot be taxed as unexplained cash credits under Section 68, supporting taxpayers in similar situations.
