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...
This article aims at highlighting the meaning of Satisfactory Explanation to Assessing Officers with respect to Section 68 of the Income Tax Act, 1961.
The issue under consideration is whether claim to purchase of goods by the assessee could be dealt with u/s 68 of the Income Tax as a cash credit, by placing burden upon the assessee to explain that the purchase price does not represent his income from the disclosed sources?
The issue under consideration is whether the assessee is correct in stating that cognizance taken under section 153A of the Act is illegal at the end of the A.O.?
A.P. Refinery Pvt. Ltd. Vs DCIT (ITAT Chandigarh) The issue before us relates to addition made to the income of the assessee on account of cash found short with the assessee. Cash short, at the most represents expenses / outgoings out of cash available with the assessee not accounted for in the books of the […]
Merely pointing out to a source and the source admitting that it has made the payments is not, sufficient to discharge the burden placed on the assessees by Section 68 of the said Act. If this were so, then, it would be sufficient for assessees, to simply persuade some credit- less person or entity to own up having made such huge payments and thereby evade payment of property tax on the specious plea that the Revenue, can always recover the tax from such credit- less source, if possible.
Fabline Engineers Pvt. Ltd. Vs ITO (ITAT Kolkata) This appeal preferred by the assessee is directed against the order of the Ld. CIT (Appeals) – 7, Kolkata dated 28-02-2018 passed ex parte, whereby he dismissed the appeal of the assessee for non-prosecution. 2. The assessee in the present case is a company, which is engaged […]
Shri Bhuwan Goyal Vs DCIT (ITAT Chandigarh) Landmark Chandigarh ITAT order on Section 115BBE on investment made out of undisclosed business income held not to fall in Section 69 & 115BBE (AY 17-18). In the present case it is not in dispute that the assessee surrenderd the income of Rs. 3.64 Crores in the statement […]
Sanjay Sharma Vs. ACIT (ITAT Delhi) Assessing Officer has accepted not only he sales figures but has also accepted that total purchases. Under accounting principles, a liability can only be brought into account by a credit entry in the books of account in favour of the person to whom the money is payable’ Thus, there […]
PCIT Vs Shitalben Saurabh Vora (Gujarat High Court) The issue in the present case relates whether the amount deposited by the assessee in the form of cash/cheques represents the income of the assessee. Admittedly, there was huge deposit of cash/cheques in the bank account of the assessee. But on perusal of the bank statement, it […]
ITO Vs Trilokpati Exim Pvt. Ltd. (ITAT Kolkata) When assessee had allotted shares for consideration other than cash then provisions of section 68 (cash credit) does not apply FULL TEXT OF THE ITAT JUDGEMENT The captioned appeal filed by the Revenue, pertaining to assessment year 2012-13, is directed against the order passed by the Commissioner […]
