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 Delhi held that donations received cannot be considered to be anonymous donations under section 115BBC as details i.e., name, address, PAN, amount of donations of donors provided and not proved to be wrong.
Delhi High Court held that disallowance of travel expenditure unjustified as the expenses incurred had a nexus with the business interest of the respondent/assessee and AO has not brought anything on record to prove that the expenditure were of personal nature.
ITAT Hyderabad ruling on CIT(A) requirements, reasons for deletion of additions, and appeal filed by Revenue against Bharat Auto Tech Private Limited.
Delhi High Court rules against using high premium as the correct test for addition under Section 68 of the Income Tax Act. Full text of the judgment available.
ITAT Delhi validates PCIT’s revision order under Section 263, emphasizing the importance of adequate enquiry by AO for unsecured loans, advances, and income in AY 2015-16.
Inter Publicity Pvt. Ltd. Vs DCIT (ITAT Mumbai) Introduction: The recent order from ITAT Mumbai, dated 17/10/2023, in the case of Inter Publicity Pvt. Ltd. vs. DCIT sheds light on the assessment year 2014-15. The appeal addresses concerns about additions under section 68 of the Income Tax Act related to share application money. Detailed Analysis: […]
Delhi High Court’s verdict on reassessment under Section 153A of Income Tax Act without incriminating material. Analysis and legal implications. Learn more.
ITAT Chennai upholds income tax addition due to failure in explaining the source of a significant cash deposit in a bank account. Learn more in this analysis.
Delhi High Court held that as revenue has failed to lodge the claim with the Resolution Professional, they cannot enforce the impugned orders and notices, given the binding nature of approved Resolution Plan.
CESTAT Chandigarh held that penalty u/s. 112 not imposable as goods are not held liable for confiscation. Further, penalty cannot be imposed on EOUs for failure to achieve positive NFE.
