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...
Delhi High Court dismisses Ravinder Kumar’s appeal, affirming tax addition for unexplained bank cash deposits due to lack of evidence for Kirana business sales.
ITAT Mumbai upholds Section 68 additions as assessee failed to explain cash deposits from gold sales to undisclosed buyers and purchases from dubious supplier.
ITAT Delhi quashes ₹2.2 crore tax addition on Mall Hotel Ltd., ruling assessee not obligated to prove source of source for A.Y. 2006-07.
ITAT Delhi deletes Section 68 additions on unsecured loans for Prayag Polytech, stating assessee proved identity, creditworthiness, and genuineness.
ITAT Delhi held that addition under section 68 of the Income Tax Act towards unexplained cash credit cannot be sustained as cash deposit already included in turnover declared by the assessee in return of income. Accordingly, addition is directed to be deleted.
ITAT Mumbai held that as per previous provisions of section 68 of the Income Tax Act applicable till 31st March 2013, the assessee was not required to explain the source of money provided by the creditors.
ITAT Ahmedabad held that taxing entire unaccounted cash receipts or on-money receipts not justified as only profit embedded in such receipts is taxable. Accordingly, AO directed to adopt 13% profit margin on real estate business and tax accordingly.
Delhi ITAT deletes Rs. 1.37 Cr cash deposit addition for Fine Gujaranwala Jewellers, ruling sales were genuine despite demonetization surge.
ITAT Jabalpur rules on excess stock as undisclosed income and sets tax rates for survey income and cash credits, citing Vatika Township precedent.
ITAT Mumbai dismisses Revenue’s appeal against Thirumalai Marketing & Investments Ltd., upholding the assessee’s proof of the lender’s identity and creditworthiness for a Rs. 5 crore loan.
