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...
ITAT Mumbai held In the case of ITO vs. M/s. Superline Construction P. Ltd. that the assessee had duly discharged the burden of proof, onus of proof and explained the source of share capital and advances received by established the identity
CIT Vs. Five Vision Promotors Pvt. Ltd. (Delhi High Court)- AO made addition on account of share application money u/s 68 which was confirmed by the CIT. On appeal ITAT held that assessee has proved identity, genuineness & creditworthiness of the investors.
Cama Hotels Ltd, Vs DCIT (ITAT AHEMDABAD) When the assessee had furnished the PAN of the concerned depositors, the Assessing Officer ought to have made inquiry from the jurisdictional Assessing Officers to find out the current address of the depositors.
Umacharan Shaw & Bros v. CIT: (1959) 37 ITR 271 (SC)- there was no material on which the Income-tax Officer could come to the conclusion that the firm was not genuine and further observed that the conclusion is the result of suspicion which cannot take the place of proof in these matters.
In our opinion, the Tribunal had, on merits, come to the conclusion that the gifts were genuine. This is a pure question of fact. The Tribunal has examined the evidence which was available on the record and has arrived at the aforesaid finding.
Delhi High Court held In the case of CIT vs. Sudhir Budhraja that the findings of the Tribunal are based on sufficient material and cannot be stated to be perverse. On the other hand that the AO had no material
Kerala High Court in the case of M/s Kerala Sponge Iron Ltd. vs. CIT held that once the income has been assessed u/s 68 as unexplained cash credit it cannot be treated as business income because it is not an income classifiable under any heads of income as per Sec 14.
In the case of M/s Blessing Construction vs. ITO The Ahmedabad Tribunal has held Merely because the Assessing Officer or the ITAT did not consider the evidences to be sufficient for the purpose of explaining the cash credit u/s 68, it will not automatically lead to levy of penalty u/s 271(1)(c).
ITAT Chandigarh held In the case of M/s Lotus Integrated Taxpark Ltd. vs. The DCIT that the assessee on the basis of the documentary evidence on record has been able to prove that Non Resident Company i.e. M/s Glacis Investment Limited was an existing company
Glen Villiams Vs. ACIT (ITAT Bangalore)- Assesse was a dealer of bakery products, filed its return. During assessment, it was found that assesse represented certain amount towards sundry creditors in its books.
