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...
Entire cash deposits made during demonetization could not be treated as unexplained credit and a reasonable addition of 20% of total cash deposit would be sufficient to avoid the possibility of revenue leakage.
ITAT Delhi held that addition under section 68 of the Income Tax Act based on presumptions and concept of human probability without bringing on record any materials linking the assessee in any of the dubious transactions relating to entry is not sustainable.
Both the revenue authorities have accepted the books of accounts, book results could not be disturbed once it is admitted that cash sales are recorded in books and forming part of turnover of the business.
ITAT Kolkata held that addition under section 68 of the Income Tax Act as unexplained cash credit not sustainable since identity, creditworthiness and genuineness of the transaction relating to the share capital sufficiently established.
ITAT rules that cash loans advanced in earlier years cannot be taxed under Section 68 in a subsequent year, overturning the AO’s protective assessment.
In a recent ruling ITAT Mumbai have held that genuineness of sale and purchase of share through stock exchange platform, can not be doubted if AO failed to establish link between assesssee and report of investigation wing.
ITAT Mumbai held that disallowance of entire expenses alleging that assessee has not started its business activity till date not justified since non-generation of income after setting up of business cannot be a ground to disallow expenses.
In a recent ruling ITAT Delhi partly allowed the appeal of the assessee and modified the order passed by the AO is modified to restrict the unaccounted income by applying 0.3% of the total credits received during the year.
Gauhati High Court held that discharge of burden by assessee under section 68 of the Income Tax Act i.e. identity, creditworthiness and genuineness of transaction is question of fact and not substantial question of law. Accordingly, appeal is not maintainable.
The Investigation Wing had carried out investigation with regard to the price manipulations and generation of bogus long term capital gains in number of stocks, classified as penny stocks.
