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...
The ITAT Delhi ruled that Section 68 (unexplained cash credits) cannot be invoked against journal entry adjustments where no cash or equivalent funds flowed into the assessee’s account. The ₹10.51 Cr addition was deleted.
The ITAT Delhi sets aside a Rs.1.03 Cr addition to a trader’s income, ruling that the creditor balance cannot be taxed under Section 68 when the AO accepts the substantial volume of sales and corresponding purchases.
ITAT Delhi set aside an unexplained cash addition of ₹3.5 Lakh, ruling in favor of the assessee who received a gift from her adult daughter. The court accepted the daughters creditworthiness and the genuine nature of the transaction.
The ITAT Ahmedabad upheld the deletion of a ₹1.17 Lakh addition made under Section 68 for alleged penny stock gains, ruling that the taxpayer had incurred a Short Term Capital Loss and had not claimed any exempt LTCG u/s 10(38),
Delhi ITAT rules reassessment valid due to Assessee’s HC undertaking, but deletes Rs. 8.31 Cr addition, finding Revenue failed to prove raw material purchases were bogus.
ITAT Delhi dismisses Revenue appeal, holding an investor’s LTCG from stock exchange transactions as genuine, reaffirming “suspicion is not substitute for proof.”
ITAT quashes DCIT’s 153C assessments for Piyush Bongirwar, holding that a single diary page pertaining only to AY 2013-14 cannot justify assessment for later years without specific incriminating material.
Agra ITAT confirms deletion of Rs. 6.77 Cr addition u/s 68, ruling the scrap trader’s bank credits were fully explained by GST, loans, VAT refund, and internal transfers, backed by evidence.
Delhi High Court held that addition of demonetization cash deposit under section 68 of the Income Tax Act towards unexplained cash credit rightly deleted by CIT(A) since source of deposit duly explained with documentary evidence. Accordingly, appeal of revenue dismissed.
Bangalore ITAT restored a case involving Rs.1.49 crore in unexplained cash deposits for fresh assessment, directing the AO to re-examine the source and the CIT(A)’s application of the peak credit method.
