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 rules PCIT’s Section 263 invocation on interest disallowance invalid when loan addition is pending before CIT(A), citing judicial precedent.
ITAT Cochin dismisses co-operative bank’s appeal, affirming tax on unexplained cash credits under Section 68, stating they don’t automatically qualify for Section 80P deduction.
Chandigarh ITAT remands DTC Trading Co. tax appeal for fresh hearing, citing advocate’s depression and memory loss as sufficient cause for ex-parte order.
Assessee claimed that cash sales were recorded and backed by VAT invoices, and that AO had misread e cash balance figures. Audited financials, VAT returns, and confirmations were placed on record, which AO had not examined.
ITAT Delhi held that additions merely on the basis of presumption that assessee had earned undisclosed income without having concrete evidence is not sustainable in law and hence liable to be deleted. Accordingly, action of CIT(A) upheld and appeal of revenue dismissed.
ITAT Ahmedabad confirms CIT(A)’s decision, ruling Section 69A inapplicable as high-value bank transactions were explained and recorded.
CESTAT Mumbai held that there is no provision/ stipulation that prohibits temporary retention of goods in non-bonded area while remedies were under way and, that too, with permission from customs authorities. Accordingly, redemption fine and penalties set aside.
Gujarat High Court held that entire addition towards bogus purchases not justifiable accordingly, addition at the rate of 6% of the bogus purchases is fair and reasonable. Accordingly, appeal of revenue dismissed.
ITAT Delhi affirms no Section 68 addition on non-resident share premium, citing proven identity, creditworthiness, and genuineness.
Delhi ITAT rules bank passbooks are not books of account for Section 68 additions, quashing unexplained cash credit claims without assessee’s formal books.
