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 Surat rules cash in real estate business isn’t automatically unexplained for demonetization deposits. Reduces ₹7.54L addition, cites Supreme Court on cash balances.
ITAT Mumbai held that denial of exemption under section 11 of the Income Tax Act not justified as advances given doesn’t violate provisions of section 13(1)(d) of the Income Tax Act. Accordingly, appeal allowed and exemption granted.
ITAT Delhi held that different floors of a property cannot be construed as independent residential unit and instead had to be construed only as a single residential unit for purpose of claiming deduction u/s. 54F. Accordingly, grounds raised by revenue dismissed.
PCIT (Central)-2 Vs K.R. Pulp And Papers Ltd (Delhi High Court) Delhi High Court held that reopening of assessment under section 147 of the Income Tax Act rightly quashed by CIT(A) and ITAT since there was full and true disclosure of all the material facts on the part of the assessee. Accordingly, appeal of revenue […]
ITAT Pune directed appellant to prove genuineness of activities; details of donations received and file audited financial statements for getting approval for regular registration u/s.12A r.w.s.12AB of the Income Tax Act. Accordingly, matter remitted back.
The ITAT Delhi partially allowed the Revenue’s appeal against Rai Bahadur Narain Singh Sugar Mills Ltd, making a lump-sum addition of ₹5 lakh for unexplained cash deposits during demonetization.
ITAT Kolkata rules in favor of Cygnus Developers, accepting share application money as genuine, citing investor company tax assessments and judicial precedents.
ITAT Kolkata rules in favor of Joy Consolidated, deleting Rs. 2.7 Cr cash credit, citing sufficient evidence for share and loan transactions.
The ITAT Pune has set aside an income tax addition of Rs. 41 Lakh in demonetized notes for Dashrath Kisanrao, remanding the case to the AO for fresh verification of bank deposit certificates.
TAT Ahmedabad rules income from recorded sales, already taxed, cannot be re-added as unexplained cash credit for Dipakkumar Vyas, citing double taxation.
