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 Ahmedabad held that Pr.CIT’s view that entire cash deposits during demonetization is to be treated as unexplained, is contrary to the facts on record, as assessee has demonstrated the factum of huge turnover prior to and post demonetization. Accordingly, Pr.CIT’s finding of error in AO’s order is based on incorrect appreciation of facts and accordingly revisionary jurisdiction u/s 263 unsustainable.
ITAT Raipur held that addition u/s 68 towards unsecured loan received by assessee treating the same as bogus based on mere presumptions and suspect is bad in law and liable to be set aside.
ITAT Amritsar held that revisionary order under section 263 of the Income Tax Act unsustainable as AO accepted the deal of sale of agriculture land with a conscious and independent application of mind.
Delhi ITAT asserts that mere transactions through a DMAT account or selling shares on stock exchange don’t necessarily rebut Section 68 of Income Tax Act. Understand the full implications of this ruling with our comprehensive analysis.
ITAT Ahmedabad held that post amendment to section 40(a)(ia) of the Income Tax Act, as introduced vide Finance (No.2) Act, disallowance on account of non-deduction of TDS is restriction to 30% of the expenditure as against 100%.
ITAT Delhi held that sales cannot be added under section 68 of the Income Tax Act unless they are proved as bogus on the basis of some reliable evidences.
ITAT Mumbai held that addition under section 68 of the Income Tax Act towards unexplained cash credit sustained as identity and creditworthiness of the parties and genuineness of the transaction not proved.
ITAT Amritsar in Abdul Hamid Khan Vs ITO, deleted an ex parte addition made during the COVID-19 pandemic under Section 68 of Income Tax Act
CESTAT Delhi held that unless payment has been made for an independent activity of tolerating an act under an independent arrangement entered into for such activity or tolerating an act, such payment will not constitute ‘consideration’ and such activities will not constitute ‘supply’.
ITAT Ahmedabad held that addition on account of deemed dividend as per section 2(22)(e) of the Act unsustainable in the hands of non-shareholders.
