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 Sections by which the assessees are suffering too much due to high pitched assessments passed by NFAC are from 68 to 69D and 1...
Income Tax : Recent Chennai ITAT decisions address unexplained income, underreporting, and penalties under Sections 69A, 68, 270A, and 271. Key...
Income Tax : Learn about penalty provisions under the IT Act, including penalties for defaults in tax payment, income reporting, and more. Key ...
Income Tax : ITAT Bangalore reverses addition of ₹12 lakh under Section 68, accepting sales as the source of cash deposits made during demone...
Income Tax : ITAT Raipur held that penalty under section 271(1)(c) of the Income Tax Act justifiable since no plausible explanation provided fo...
Income Tax : ITAT Delhi held that when the sale consideration as per conveyance deed and circle rates are different, matter must be referred to...
Income Tax : ITAT Jaipur held that addition of the amount already recorded as cash sales cannot be treated as unexplained cash deposits under s...
Income Tax : ITAT Ahmedabad held that addition, treating share application money as unexplained income, based on surmises and conjectures witho...
Income Tax : Assessing Officers should follow the sequence as noted below for applying provisions of section 68 of the Act: Step 1: Whether the...
Chhattisgarh High Court held that addition u/s. 68 r.w.s. 69A of the Income Tax Act towards unexplained income sustained since assessee failed to substantiate the nature and source of cash deposits in bank.
ITAT Ahmedabad quashed the reassessment proceedings under section 147 of the Income Tax Act as intraday profit is less than limitation of Rs. 1,00,000/- for reopening of assessment u/s. 147 of the Act.
The assessee is in the wholesale distribution of sale of premium motorcycles manufactured by Ducati, Thailand to the dealers in India and in distribution of spare parts, accessories, clothing and merchandise imported from its Ducati group entities to the dealers in India.
Assessee explained that borrowed funds were used for investments in partnership firms, generating interest income exceeding expenses. AO accepted the claim and approved the returned income as assessed income.
ITAT Delhi remands Anil Dugal’s case back to Assessing Officer for failing to address Rs. 11 Cr unexplained credits and other issues due to Covid-19.
The ITAT Nagpur discusses capital gains tax implications in ACIT Vs KSR Transport, highlighting issues in assessment and re-assessment procedures.
Patna High Court held that assigning reasons or grounds is mandatory while preparing seizure memo. Action based on local trader’s opinion is not reliable and acceptable. Accordingly, seizure memo is liable to be set aside.
ITAT Bangalore held that addition under section 68 of the Income Tax Act towards unexplained money send back for de novo reassessment due to difference in amounts and unclear information.
ITAT Ahmedabad held that PCIT has taken divergent view from that of AO without giving the basis for invoking of provisions of section 263 of the Income Tax Act. Accordingly, order passed by PCIT u/s. 263 not justifiable.
AO proceeded to finalize the assessment based on available records, as the assessee had still not responded or provided any explanations regarding the unexplained cash deposits. AO added the unexplained cash deposits of Rs. 3,13,34,845/- to the total income.
