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...
In the landmark Mudhol Pattina Sahakari Sangh Niyamita vs. ACIT case, ITAT Bangalore held additions under Section 68 need examination of cash deposit source.
Read the detailed analysis of the Jharkhand High Court’s decision upholding income tax additions due to failure in proving the genuineness of creditors providing cash loans.
Uttarakhand High Court held that invocation of proceedings u/s. 129 of the Central Goods and Services Tax Act, 2017 for minor infraction i.e. for not carrying any delivery challan unjustified as there is no intention to evade tax.
Delhi ITAT rules in DCIT Vs Nishit Capinvest Pvt Ltd that meager control over penny stock companies doesn’t question the source of income’s legitimacy.
Kerala High Court remands matter for readjudication, ruling Income Tax addition invalid without notice on unsecured loans from five individuals.
ITAT Mumbai rules Sec 68 invoked only if taxpayer can’t explain credits in books, highlighting the importance of genuine transactions for AY 2011-12, 2012-13.
Mumbai ITAT rules in favor of Speco Infrastructure, maintaining deletions of tax additions by appellate authority in a reasoned order for AY 2013-14.
ITAT Bangalore rules in favor of Minority Co-op. Credit Society Ltd. on interest income deduction under section 80P(2)(d) from unlicensed co-op bank investments for AY 2017-18.
Allahabad High Court upholds the deletion of an income tax addition under Section 68 for Paswara Papers Ltd., affirming the genuineness of the transaction.
In the case of Rajesh Lakhmshi Nisar Vs ITO, Mumbai ITAT admitted additional evidence, emphasizing taxpayers shouldn’t be penalized for not submitting material evidence.
