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 : Income without satisfactory explanation is taxed at a special high rate under Section 115BBE. The provisions place strict liabilit...
Income Tax : ITAT held spousal gift taxable under Section 68 due to lack of evidence on genuineness, bank trail, and donor capacity despite Sec...
Finance : The Supreme Court upheld a Will executed in favour of the testator’s sister despite objections from his wife and children. The C...
Income Tax : Tribunal reiterated that credits brought forward from earlier financial years cannot ordinarily be taxed under Section 68 in subse...
Goods and Services Tax : Allahabad High Court ruled that while authorities could verify documents during transit, absence of an e-Tax Invoice did not confe...
Income Tax : The Tribunal observed that the assessee had repaid the unsecured loan along with interest after deducting TDS and the lender had o...
Income Tax : Tribunal ruled that future projections under DCF method cannot be tested solely against later actual financial performance. It obs...
Income Tax : Assessing Officers should follow the sequence as noted below for applying provisions of section 68 of the Act: Step 1: Whether the...
It was found that assessee confirmed loan transactions and confirmation was on record. Revenue nowhere considered said documents and rejected claim of assessee without any basis. Rejection of claim of assessee without any basis was not justified. Issue was restored back to AO to decide it afresh after giving an opportunity of being heard to assessee.
Vishan Swaroop Gupta Vs ITO (ITAT Jaipur) Credit in the ‘bank account’ of an assessee cannot be construed as a credit in the ‘books’ of the assessee as per section 68 of Income Tax Act, 1961. We observe that credit in the ‘bank account’ of an assessee cannot be construed as a credit in the […]
Supreme Concrete & Infrastructure Pvt Ltd. Vs ACIT (ITAT Cuttack) It is admitted position that the loan from Sinclair Builders Pvt Ltd., has been obtained by account payee cheque. Confirmation, copy of account as well as the bank statement of the creditor has also been furnished. The assessee has also deducted TDS on the interest […]
Assessing Officer is not obliged to invoke Section 68/s.69 of the Act in every case where the explanation offered is found to be ‘unsatisfactory’ in the opinion of the Assessing Officer.
In the instant case, the AO had proceeded predominantly on the basis of the analysis of the financials of M/s Gold Line International Finvest Limited. His conclusion and findings against the Respondent are chiefly on the strength of the astounding 4849.2% jump in share prices of the aforesaid company within a span of two years, which is not supported by the financials.
In the absence of any link between the assessee and the alleged admissions of the directors and brokers, human probability is being used as a vague and convenient medium for the department’s conjectures. No addition can be made on the basis of surmises, suspicion and conjectures. The burden of proving a transaction to be bogus has to be strictly discharged by adducing legal evidences, which would directly prove the fact of bogusness or establish circumstance unerringly and reasonably raising an interference to that effect.
Spooner Industries P Ltd Vs ITO (ITAT Delhi) Addition made by the ld. AO and confirmed by the ld. CIT (Appeals) under Section 68 of the Act deserves to be deleted for the reason that ( 1) it was not part of reasons for limited scrutiny, ( 2) no enquiries made by the Assessing Officer […]
Dineshkumar Verma Vs ITO (ITAT Mumbai) Under the provisions of section 44AD of the Act, where the assessee is engaged in eligible business and has total turnover or gross receipts in the previous year not exceeding Rs.60,00,000/-, the assessee is eligible to file return of income on the basis of presumptive income @ 8% of […]
Capital Infra Projects Pvt Ltd Vs DCIT (ITAT Delhi) The quarrel is in respect of loan received from M/s Pabla Leasing and Finance Pvt. Ltd amounting to Rs. 3 crores in each A.Y treated by the Assessing Officer as unexplained cash credit and, accordingly, additions have been made under section 68 of the Act. The […]
DCIT Vs Bharathi Consumer Care Products Pvt. Ltd. (ITAT Visakhapatnam) In the instant case there was no evidence found in the premises of the assessee to show that the assessee is under invoicing the sales. No other material was found and seized from the premises of the assessee with regard to receipt of cash from […]
