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...
Valuation issues alone were not valid grounds for detention of goods in transit in Integrated Goods and Services Tax (IGST) movement, as such matters could not be examined at the stage of interception under Sections 129 and 130.
The judgment reiterates that additions under Section 68 cannot be based on presumptions or suspicion without supporting evidence. It held that the Assessing Officer must bring material on record before rejecting explanations.
The issue involved large unsecured loans without full supporting evidence. ITAT held that identity and creditworthiness were not properly established and sent the matter back for fresh verification.
Income without satisfactory explanation is taxed at a special high rate under Section 115BBE. The provisions place strict liability on taxpayers to justify the nature and source of funds.
The Tribunal held that the higher 60% tax rate under Section 115BBE cannot apply to transactions prior to 01.04.2017. It directed application of 30%, reinforcing that amendments apply prospectively.
ITAT Delhi held that granting of mandatory approval under section 153D of the Income Tax Act by Additional Commissioner of Income Tax in a mechanical manner and without due application of mind is an empty ritual. Thus, order held void-abinitio for want of valid approval u/s. 153D.
The dispute involved unexplained cash deposits in bank accounts. The Tribunal ruled that deposits partly belonged to the principal, reducing the addition.
The issue involved SBN deposits treated as unexplained despite being part of recorded sales. The Tribunal held that taxing the same amount again results in impermissible double taxation.
The issue involved cash deposits during demonetization treated as unexplained. The Tribunal held that deposits backed by recorded sales cannot be taxed under Section 68.
The issue involved unexplained cash deposits during demonetization. The Tribunal held that once books of account are accepted, deposits recorded therein cannot be treated as unexplained.
