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 Ahmedabad held that goodwill arose from the excess of consideration over the net value of tangible assets transferred in amalgamation and was therefore a valid intangible asset eligible for depreciation under section 32(1)(ii).
Calcutta High Court stays ₹5.71 Cr service tax demand on construction firm, citing limitation period and exemption claim.
The Gujarat High Court invalidated a tax reopening notice against Hemanshu Ramniklal Shah, ruling it was based on a “change of opinion” rather than new material, after the original assessment was already scrutinized.
ITAT Allahabad held that renting out of property on day-to-day basis and providing certain facilities to those who would be taking premises on rent seems to be an organized activity of composite nature. Hence, income from the same is treated as business income.
ITAT Jodhpur held that reassessment notice under section 148 of the Income Tax Act issued by Jurisdictional Assessing Officer is bad and invalid since the same needs to be issued by National Faceless Appeal Centre. Thus, assessment order passed thereon is quashed.
ITAT Pune rules excess stock found at Kolhapur Timber during survey is business income, not unexplained, directing normal tax rates. Cites multiple precedents.
ITAT Pune rules excess stock declared during survey is business income, not unexplained income under 115BBE, if linked to regular business activities.
Calcutta High Court dismisses revenue’s appeal in PCIT vs. Hirak Vyapaar Pvt. Ltd., affirming deletion of Section 68 addition after thorough factual review by ITAT.
Calcutta High Court dismisses revenue’s appeal in PCIT vs. Sitka Mercantile, affirming ITAT’s deletion of Section 68 addition. Court finds no substantial question of law in factual findings.
Calcutta High Court dismisses revenue’s appeal against ITAT order for AY 2012-13 in PCIT vs. Maninya Comfin Pvt. Ltd., finding no substantial question of law.
