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...
The ITAT held that old unsecured loan balances carried forward from earlier years cannot automatically be treated as unexplained cash credits in a subsequent year.
ITAT Indore set aside the ex parte appellate order after noting that the assessee had died and the legal heirs could not effectively pursue the proceedings. The Tribunal granted one final opportunity for fresh adjudication on merits.
The ITAT Chandigarh held that additions under Section 68 could not be sustained where the Assessing Officer failed to conduct independent inquiry or verification of creditors. The Tribunal deleted additions relating to sundry creditors and business transactions supported by documents and banking records.
The ITAT Mumbai set aside the CIT(A) order after finding that crucial survey findings and Tally data relating to accommodation entries were not properly examined. The Tribunal directed the Assessing Officer to conduct a fresh examination of the transactions and related evidence.
The tribunal held that interest cannot be disallowed where advances to related parties are made for business purposes and out of own funds, emphasizing the principle of commercial expediency.
The Tribunal held that consistent investment history and documentary proof established genuineness of share transactions. Additions under Section 68 were deleted due to lack of contrary evidence.
The Tribunal held that revisionary powers cannot be used to substitute the AO’s view with that of the Pr. CIT. It emphasized that such substitution is beyond Section 263. The decision protects independent assessment decisions.
The Tribunal held that long-term capital gains cannot be disallowed solely on investigation reports and assumptions. It found that documentary evidence and investment history supported genuineness, leading to deletion of additions under Section 68.
ITAT remands ₹33.12 lakh agricultural income claim due to lack of evidence; holds no proof means taxable u/s 68/115BBE, but grants one more chance for verification, imposing ₹2,000 cost for non-compliance.
The Tribunal held that excess stock found during survey had direct nexus with business operations. It ruled that such income should be taxed as business income, not as unexplained investment under special provisions.
