Income Tax : Understand income tax rules for cash deposits in businesses using presumptive taxation (Sec 44AD, 44AE). Learn about unexplained c...
Income Tax : ITAT Chennai rules unaccounted customer deposits, with traceable identities and commercial substance, are liabilities, not income ...
Income Tax : Penny stocks, often associated with small, illiquid companies, have been a subject of concern due to their susceptibility to price...
Income Tax : Learn about unexplained cash credits under Section 68, tax implications, key legal cases, and compliance requirements to avoid pen...
Income Tax : Understand the applicability of Section 68 (cash credit) and Section 69 (unexplained investments) under the Income Tax Act with re...
Income Tax : The case of the assessee was selected for complete scrutiny under CASS for the reasons i.e., abnormal increase in cash deposits du...
Income Tax : ITAT Delhi held that disallowance of share premium under section 56(2)(viib) of the Income Tax Act not sustainable since shares ar...
Income Tax : ITAT Delhi held that invocation of provisions of section 56(2)(viib) of the Income Tax Act erroneous as there is no over-valuation...
Income Tax : ITAT Delhi dismisses Revenue’s appeal, affirms LTCG exemption on share sale in Bal Kishan Arora case citing identical precedent ...
Income Tax : Delhi ITAT dismisses over Rs 1.63 crore tax addition on jeweller's demonetisation cash deposit, faulting algorithm and lack of cha...
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 Kolkata held that re-assessment proceedings initiated under section 148 of the Income Tax Act without any tangible material and without independent application of mind is not sustainable in law. Accordingly, reassessment is quashed.
CESTAT Mumbai held that service tax on construction of complex/building is exempt when there is sale of flat subsequent to date of issue of occupancy certificate from competent authority. Accordingly, appeal of revenue dismissed.
ITAT Nagpur deletes additions under Section 68 due to lack of cross-examination and sufficient documentary evidence provided by the assessee in loan and LTCG cases.
ITAT Surat held that provisions of section 115BBE of the Income Tax Act are enacted on 15.12.2016 hence taxing addition at higher rate u/s. 115BBE for prior period is not sustainable. Accordingly, AO directed to tax addition at normal rate of tax.
Since the business sales were accepted as genuine and only the purchases were routed through accommodation entries, only a part of the purchases needed adjustment to reflect possible inflation of expenses confirming the restriction of bogus purchase addition to 5% and when additions were made on an estimated basis, penalty for concealment under Section 271(1)(c) could not be imposed.
ITAT Ahmedabad held that revisionary proceedings under section 263 of the Income Tax Act is not sustainable in law since Assessing Officer examined the aspect of disallowance of bogus losses on sale of steel scrap and took plausible view.
ITAT Delhi restored the matter to the file of the Assessing Officer with the direction to pass order after affording reasonable, adequate and effective opportunity of being heard and hence the appeal of the assessee is deserves to be allowed.
Punjab & Haryana HC affirms ITAT order, treating Chandan Gupta’s share sale gain as unexplained income (Sec 68) due to bogus transactions.
Mumbai ITAT dismisses tax additions on share sale gains and purchase cost, citing assessee’s documentation and accepted source in prior assessment.
Kolkata ITAT dismisses revenue’s appeal, upholds CITA order favoring Shaleen Khemani on gifted share sale proceeds, citing lack of evidence.
