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 Kolkata remands Germinda Pvt. Ltd.’s 2012-13 case to AO for reassessment, citing lack of opportunity for the assessee to present evidence.
ITAT Jaipur held that disallowance of cash payment under section 40A(3) of the Income Tax Act deleted since genuineness of the transactions and the payment and identity of the receiver are established. Accordingly, appeal allowed.
ITAT Kolkata held that addition under section 68 of the Income Tax Act rightly deleted by CIT(A) since assessee duly established identity and creditworthiness of the investors and genuineness of the transactions.
ITAT Ahmedabad held that addition towards unexplained cash credit under section 68 of the Income Tax Act not justified since loan transactions were done through banking channels and loans were repaid in short period. Accordingly, addition deleted.
Delhi High Court held that ITAT cannot address the ground which remained unaddressed by CIT(A). Accordingly, matter restored back to CIT(A) to decide on the grounds that were not decided.
ITAT Chennai Held that the construction of a new residential house to its existing residence with separate stair-case, kitchen, new electrical connection, water connection, etc. qualifies for deduction u/s.54F of the Act. Accordingly, deduction u/s. 54F granted.
ITAT Delhi limits addition of unexplained cash deposits to ₹10 lakhs in Gaurangi Merchandise Pvt. Ltd. Vs ITO case, providing relief of ₹20.18 lakhs.
ITAT remands the matter of unsecured loan addition to CIT(A) for fresh consideration after non-admittance of evidence in the case of Amitkumar Patel.
ITAT remands case of ₹10.95 lakh addition due to non-compliance by consultant to CIT(A) for fresh hearing in Maheshkumar Patel’s appeal.
Assessee is engaged in the business of Manufacturing and Trading of Mill Board Paper, Cone, S.S. Rolled Patta and commission agent. The assessee company filed return at income of Rs. 2,77,330/-.
