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 Mumbai held that Retail Sale Price Method (RPM) is the most appropriate method for benchmarking the international transaction of ‘import of men’s wear for resale’ between Celio Future Fashion Pvt. Ltd. and its associated enterprises.
ITAT Kolkata held that exemption under section 10(38) of the Income Tax Act not eligible in respect of long Term Capital Gain from sale of equity shares of penny stock companies listed with Bombay Stock Exchange (BSE).
ITAT Delhi held that addition u/s. 68 towards unexplained unsecured loan unsustainable as the onus which lays upon the assessee to explain that the entries made are real and not fictitious, has been duly discharged.
ITAT Ahmedabad held that corpus donations are capital in nature and hence cannot be added to the income of the assessee and hence not taxable.
ITAT Delhi held that addition under section 68 of the Income Tax Act treating share application money from undisclosed source unsustainable as burden duly discharged by filing confirmation, affidavit, copy of income tax return and bank statement of respective parties.
CESTAT Chennai held that amount received for land reclamation and soil stabilization in the nature of site formation service provided in the course of construction of port is exempt from service tax vide notification 17/2005-ST dated 07.06.2005.
ITAT Jodhpur held that addition under section 68 of the Income Tax Act towards unexplained credit unsustainable as genuineness of the depositors provided by filing confirmation, affidavits, bank statement, etc.
Delhi High Court held that amendment of shipping bill u/s 149 of the Customs Act, 1962 allowed based on the documentary evidences which was in existence at the time the goods were exported.
ITAT Kolkata remanded the matter back to CIT(A) as relief was granted to the assessee on the basis of various submissions which were for the first time furnished before CIT(A) and CIT(A) prior to granting relief didn’t conduct any enquiry on the same.
ITAT Chennai held that once the nature and source of credit found in the books of accounts is linked to business, then any income generated out of such business activity is assessable under the head income from business and profession alone, but not under the provisions of section 68 of the Income Tax Act.
