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...
Calcutta High Court upholds Tribunal’s decision, dismissing revenue’s appeal in Mallcom VSFT Gloves case regarding Section 68 addition of Rs. 5.07 Crores.
Mumbai ITAT quashes Rs. 30.83 lakh addition under Section 68, ruling the provision inapplicable as the assessee did not maintain books of account, citing Bombay HC precedent.
Patna ITAT remands case for fresh CIT(A) hearing, finding assessee was denied proper opportunity to present case and CIT(A) failed to address merits.
ITAT Mumbai confirms Rs. 12 lakh unexplained cash addition for assessee with multiple PANs, citing insufficient evidence for deposit sources.
ITAT Delhi deletes unexplained cash credit additions for Technosys Integrated Solutions Pvt Ltd, finding investments were not credited in the relevant assessment year.
ITAT Jaipur held that addition under section 68 towards cash deposit in bank as unexplained cannot be sustained since source of cash deposited duly explained. Accordingly, addition of around Rs. 8.60 Crores deleted.
Calcutta High Court upholds ITAT’s decision, dismissing revenue’s appeal to add unexplained share capital and premium, citing lack of substantial legal questions and judicial precedents.
ITAT Delhi rules in favor of assessee, deleting Section 68 additions for unsecured loans from director and another company, citing sufficient evidence.
Delhi High Court sends Pushpa Saluja’s appeal back to ITAT, questioning Section 68 application on alleged bogus purchases and full addition.
ITAT Mumbai rules presumptive taxation under Section 44AD doesn’t bar Section 68 additions for unexplained cash credits from suspicious transactions.
