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...
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.
