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...
Delhi High Court decision in Abhishek Verma vs Enforcement Directorate case. Provisional Liquidator to represent the company, individual charges upheld.
CESTAT Ahmedabad rules service recipients in India not liable for service tax when the foreign service provider has a permanent establishment in India.
ITAT Hyderabad finds 90% profit from development activities highly unusual, calling for a reevaluation of contracts and use of government funds.
Bombay High Court ruled that receiving share premium, even if in violation of the Companies Act, doesn’t create taxable income. This case (Shendra Advisory Services P. Ltd. Vs DCIT) clarifies the distinction between capital receipts and income.
ITAT Ahmedabad’s verdict exempts individuals not subject to tax audit from TDS obligations, highlighting the Nilesh Patel vs DCIT case.
Read the full text of ITAT Delhi’s order in Sunil Ghorawat vs ACIT case. Analysis of no TDS on consultancy charges under Sec 194J and short term capital loss disallowance.
Read the full text of the ITAT Chennai order in ACIT vs. Prakash Ferrous Industries Pvt. Ltd. where the assessment order is rejected due to oversight and typographical error under section 143(3).
ITAT Hyderabad orders fresh examination of Bollam Sampath Kumar Jewellers’ cash deposits and sales during demonetization, highlighting the importance of documentation.
ITAT Upholds Reassessment on Accommodation Entry Info from Investigation Wings & affirms Addition u/s 68 Due to Lack of Credibility Evidence in Share Subscription
ITAT Ahmedabad dismisses appeal against revision order denying 80GGC deduction for donation to a political party, emphasizing the need for genuine receipts.
