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 Raipur set aside ex-parte order passed by CIT(A) since the reason for non-compliance by the assessee before CIT(A)/NFAC was that the hearing notices have been sent in the wrong email id by the department. Accordingly, matter of accommodation entries remanded back to CIT(A).
ITAT Raipur held that in case of bogus/ sham transactions it is the responsibility of revenue authorities to investigate and decide that whether bogus transactions fall within the category of tax planning or tax evasion. Accordingly, matter restored back to AO for fresh consideration.
ITAT Delhi held that addition under section 68 of the Income Tax Act not justified as genuineness and identity of shareholders proved. Accordingly, appeal of revenue dismissed and CIT(A) upheld.
ITAT Delhi held that addition under section 69A of the Income Tax Act towards cash deposited during demonetization cannot be sustained as source of cash deposited is cash sales and the same is already offered to tax. Accordingly, the appeal is allowed and addition is deleted.
ITAT Delhi held that addition under section 68 of the Income Tax Act cannot be sustained as assessee has proved the source of funds for purchase of land made in earlier assessment year. Accordingly, appeal allowed.
The ITAT Delhi has deleted ₹2 Crore unexplained cash credit and ₹1.55 Crore unexplained expenditure against Shagun Jewellers, citing insufficient evidence.
The ITAT Chandigarh addressed the appeal concerning additions made to the income of Lekh Raj Educational & Charitable Trust, involving unexplained corpus funds and unsecured loans.
ITAT Mumbai overturned an income addition for Leena Haresh Harde, ruling that unsecured loans were genuine, and an assessment based solely on uncorroborated third-party statements without cross-examination is invalid.
ITAT Mumbai rules in favor of assessee, deleting a Rs 10.53 lakh cash deposit addition, citing Section 68 non-applicability to bank accounts.
The ITAT Mumbai has deleted unexplained cash credit additions for the Pitkar family, ruling Section 68 inapplicable to bank passbooks and citing genuine medical expenses.
