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...
ITAT Kolkata held that the CIT(A) wrongly dismissed the appeal as time-barred despite evidence showing it was filed within limitation. The matter was restored for decision on merits through a speaking order.
ITAT held that mere transfer of records cannot replace a valid transfer of jurisdiction under Section 127, rendering the assessment invalid.
ITAT Kolkata held that an assessment is invalid where the mandatory notice under Section 143(2) is not issued by the Assessing Officer having jurisdiction. The Tribunal quashed the assessment without examining the merits of the additions.
The Gujarat High Court held that the Assessing Officer relied only on information from the Maharashtra Sales Tax Department without conducting independent verification. It upheld the restriction of the addition to 5% and dismissed the Revenues appeal.
White Willow Vs ITO (ITAT Surat) The Income Tax Appellate Tribunal (ITAT), Surat allowed the assessee’s appeal against the order of the National Faceless Appeal Centre for Assessment Year 2014-15, which had upheld the addition of ₹1.50 crore under Section 68 on account of unsecured loans and the disallowance of interest expenditure of ₹7,18,581. The […]
ITAT held that low declared income alone cannot negate creditworthiness where loans were genuine, documented, received and repaid through banking channels.
ITAT remanded the matter after holding that the CIT(A) passed a non-speaking order without giving reasons or properly considering the assessee’s submissions.
The Madras High Court held that unexplained trade credits falling under Section 68 cannot qualify for deduction under Section 80-IA. The assessee failed to establish the source and identity of the creditors.
The ITAT Delhi upheld the deletion of an ₹80 lakh addition after holding that the assessee had established the identity, creditworthiness and genuineness of the lender companies. The Tribunal ruled that additions cannot rest solely on suspicion of circular transactions without corroborative evidence.
The High Court upheld the dismissal of a writ petition seeking action on an alleged tax evasion complaint, holding that no case for issuing a writ of mandamus was made out at that stage. It found no illegality or jurisdictional error in the Single Judge’s order.
