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 : Income without satisfactory explanation is taxed at a special high rate under Section 115BBE. The provisions place strict liabilit...
Income Tax : ITAT held spousal gift taxable under Section 68 due to lack of evidence on genuineness, bank trail, and donor capacity despite Sec...
Finance : The Supreme Court upheld a Will executed in favour of the testator’s sister despite objections from his wife and children. The C...
Income Tax : Tribunal reiterated that credits brought forward from earlier financial years cannot ordinarily be taxed under Section 68 in subse...
Goods and Services Tax : Allahabad High Court ruled that while authorities could verify documents during transit, absence of an e-Tax Invoice did not confe...
Income Tax : The Tribunal observed that the assessee had repaid the unsecured loan along with interest after deducting TDS and the lender had o...
Income Tax : Tribunal ruled that future projections under DCF method cannot be tested solely against later actual financial performance. It obs...
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 Ahmedabad held that disallowance of interest expense by treating the same as unexplained expenditure under section 69C of the Income Tax Act needs re-verification. Accordingly, matter send back to the file of jurisdictional AO.
ITAT Ahmedabad directs AO to reassess Vallabh Pesticides’ loan and credit entries, emphasizing a fresh review of evidence and loan credibility under Section 68.
ITAT Mumbai held that once the issue of reopening was examined in the scrutiny assessment proceedings, the reason framed under wrong facts are not valid reason, therefore such reasons to believe cannot be sustained. Thus, reopening of assessment quashed.
ITAT Ahmedabad upholds CIT(A)’s ruling dismissing Revenue’s appeal on unexplained cash credits. Genuineness confirmed in remand report for A.Y. 2016-17.
ITAT Ahmedabad held that revisionary jurisdiction under section 263 of the Income Tax Act cannot be invoked as AO exercised a plausible and legally valid view and revisionary jurisdiction cannot be invoked merely because PCIT holds a different view.
Arbuda Builders challenges addition for cash deposits during demonetization, arguing against assumptions of unexplained income. Details on the ITAT Ahmedabad ruling.
ITAT Chennai remands case back to AO for de novo assessment in Sardar Jabasingh vs ITO over unexplained cash deposits under Section 68. Read full details.
ITAT Ahmedabad held that invocation of revisionary proceedings under section 263 of the Income Tax Act merely taking second opinion unjustified. Further, view taken by AO cannot be set aside or deferred as per provisions of section 263.
ITAT Jaipur held that provisions of 68 as such are not applicable on the sale transactions recorded in the books of accounts because the sale transaction are already part of the income which is already credited in statement of profit & loss account.
ITAT Surat held that considering the veracity of evidence, additional evidence filed by the assessee is essential and has direct bearing on all the additions/ disallowance, hence, all the additional evidence are taken on record. Accordingly, matter restored back.
