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 Delhi held that only the estimation profit element has to form subject matter of addition in case of bogus accommodation entries. Accordingly, CIT(A) order directing @2.5% on total bogus accommodation entry upheld.
It was held that Long-term capital gains on sale of “penny” stocks could not be treated as bogus & unexplained cash credit if the documentation was in order & there was no allegation of manipulation by SEBI or the BSE.
Supreme Court held that partners of the partnership firm can be prosecuted individually under section 138 of the Negotiable Instruments Act, 1881 [NI Act] without the partnership firm being arraigned as an accused. Accordingly, order of high court set aside.
Assessee was engaged in agro-based trading, faced reassessment for Assessment Year (AY) 2017-18 based on information from a survey under Section 133A conducted at premises linked to Shri Ashok Kumar Gupta and associates.
Delhi High Court held that in absence of transfer of title or sale of property, no incidence of tax can be invoked. Accordingly, addition u/s. 68 on account of sale not justifiable in absence of any transfer. Hence, appeal of revenue dismissed.
ITAT Mumbai held that where the entire foundation of reopening solely based on material found during the search of another person, the appropriate course of action is to proceed under Section 153C, and not under Section 147. Accordingly, reassessment proceedings u/s. 147 quashed.
ITAT Kolkata remands a best judgment assessment case against Tanveer Alam, directing fresh adjudication after the assessee presented new cash summaries, audit, and valuation documents.
ITAT Ahmedabad held that once the books of accounts stood rejected under section 145(3) of the Income Tax Act and profits estimated, there cannot be addition on account of unexplained cash credit u/s. 68. Accordingly, appeal allowed.
Ahmedabad ITAT dismisses Jigar Patel’s appeal, affirming Rs. 49.55 lakh addition as unexplained cash credit from agricultural income, citing flood impact and lack of proof.
ITAT Nagpur condones delay in filing and remands income tax appeal by Amol Kolakar back to CIT(A) for fresh hearing on merits, citing principles of natural justice.
