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 sends back tax case on cash deposit addition to AO, citing need to verify if bank account belonged to dissolved firm or proprietor.
ITAT Lucknow dismisses appeal by Raghav Agarwal (HUF) challenging reassessment and additions following settlement under Vivad se Vishwas Scheme.
ITAT Ahmedabad dismisses tax addition on loans for Arvindbhai R Nanavati after AO’s remand report verified identity, genuineness, & creditworthiness of creditors.
ITAT Panaji remands appeal of Mercantile Co-op Credit Society on Rs 1.1 Cr 80P denial & Sec 68 addition for fresh hearing after ex-parte order.
ITAT Ahmedabad provides partial tax relief to Kastwel Foundries, upholding late ESIC disallowance citing SC precedent but allowing depreciation & interest claims.
The case of the assessee was selected for complete scrutiny under CASS for the reasons i.e., abnormal increase in cash deposits during demonetization period as compared to pre-demonetization period.
ITAT Delhi held that disallowance of share premium under section 56(2)(viib) of the Income Tax Act not sustainable since shares are allotted to an existing shareholder and hence creditworthiness cannot be doubted. Accordingly, appeal of revenue dismissed.
ITAT Delhi held that invocation of provisions of section 56(2)(viib) of the Income Tax Act erroneous as there is no over-valuation of shares over the fair market value of shares. Accordingly, addition made u/s. 56(2)(viib) deleted.
Understand income tax rules for cash deposits in businesses using presumptive taxation (Sec 44AD, 44AE). Learn about unexplained credits and bank statements.
ITAT Delhi dismisses Revenue’s appeal, affirms LTCG exemption on share sale in Bal Kishan Arora case citing identical precedent from Delhi High Court.
