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 addition of sundry creditors u/s 68/69C of the Income Tax Act unsustainable as department failed to prove that the sundry creditors are bogus.
ITAT Mumbai held that addition under section 68 of the Income Tax Act unsustainable in absence of any incriminating material found during the course of search.
ITAT Hyderabad held that once additional income offered during survey was simply accepted and assessment order was passed u/s 143(3) of the Income Tax Act without invoking provisions of section 115BBE. Then, provisions of section 115BBE cannot be invoked via rectification as per section 154.
ITAT Delhi held that addition sustained as onus to prove genuineness of the transaction is not proved by the assessee.
Supreme Court held that User Development Fee (UDF) is in the form of ‘tax or cess’ collected for financing the cost of future projects and is not a consideration for services provided by the assessee to the customer, visitors, passengers, vendors etc.
ITAT Chennai held that trade payable appearing in the books of accounts duly explained. Accordingly, addition towards the same u/s 68 of the Income Tax Act is unjustified and liable to be deleted.
ITAT Raipur held that addition towards unexplained cash credits u/s 68 of the Income Tax Act sustained as assessee failed to prove the identity and creditworthiness of lenders of unsecured loans.
ITAT Kolkata held that reassessment proceeding initiated in the name of nonexistent amalgamated company is without jurisdiction, void ab initio and is liable to be annulled.
Delve into the intricacies of the case Smt. Sekar Jayalakshmi Vs ITO (ITAT Chennai), analyzing the discrepancy between Section 68 and Section 69A of the Income Tax Act.
ITAT Surat held that provision of section 115BBE of the Income Tax Act as amended vide Taxation Laws (Second Amendment) Bill 2016 which is effective from 01.04.2017 cannot be applied to search conducted prior to the effective date.
