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...
Income Tax : ITAT Delhi held that the assessee was covered under the search proceedings even though its name did not specifically appear in the...
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 : Assessing Officers should follow the sequence as noted below for applying provisions of section 68 of the Act: Step 1: Whether the...
Gujarat High Court quashes faceless assessment order for Maa Padmavati Exports, citing tax unit’s disregard for earlier order on cross-examination.
Calcutta High Court upholds Tribunal’s decision, dismissing revenue’s appeal in Mallcom VSFT Gloves case regarding Section 68 addition of Rs. 5.07 Crores.
Mumbai ITAT quashes Rs. 30.83 lakh addition under Section 68, ruling the provision inapplicable as the assessee did not maintain books of account, citing Bombay HC precedent.
Patna ITAT remands case for fresh CIT(A) hearing, finding assessee was denied proper opportunity to present case and CIT(A) failed to address merits.
ITAT Mumbai confirms Rs. 12 lakh unexplained cash addition for assessee with multiple PANs, citing insufficient evidence for deposit sources.
ITAT Delhi deletes unexplained cash credit additions for Technosys Integrated Solutions Pvt Ltd, finding investments were not credited in the relevant assessment year.
ITAT Jaipur held that addition under section 68 towards cash deposit in bank as unexplained cannot be sustained since source of cash deposited duly explained. Accordingly, addition of around Rs. 8.60 Crores deleted.
Calcutta High Court upholds ITAT’s decision, dismissing revenue’s appeal to add unexplained share capital and premium, citing lack of substantial legal questions and judicial precedents.
ITAT Delhi rules in favor of assessee, deleting Section 68 additions for unsecured loans from director and another company, citing sufficient evidence.
Delhi High Court sends Pushpa Saluja’s appeal back to ITAT, questioning Section 68 application on alleged bogus purchases and full addition.
