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...
Valuation issues alone were not valid grounds for detention of goods in transit in Integrated Goods and Services Tax (IGST) movement, as such matters could not be examined at the stage of interception under Sections 129 and 130.
The judgment reiterates that additions under Section 68 cannot be based on presumptions or suspicion without supporting evidence. It held that the Assessing Officer must bring material on record before rejecting explanations.
The issue involved large unsecured loans without full supporting evidence. ITAT held that identity and creditworthiness were not properly established and sent the matter back for fresh verification.
Income without satisfactory explanation is taxed at a special high rate under Section 115BBE. The provisions place strict liability on taxpayers to justify the nature and source of funds.
The Tribunal held that the higher 60% tax rate under Section 115BBE cannot apply to transactions prior to 01.04.2017. It directed application of 30%, reinforcing that amendments apply prospectively.
ITAT Delhi held that granting of mandatory approval under section 153D of the Income Tax Act by Additional Commissioner of Income Tax in a mechanical manner and without due application of mind is an empty ritual. Thus, order held void-abinitio for want of valid approval u/s. 153D.
The dispute involved unexplained cash deposits in bank accounts. The Tribunal ruled that deposits partly belonged to the principal, reducing the addition.
The issue involved SBN deposits treated as unexplained despite being part of recorded sales. The Tribunal held that taxing the same amount again results in impermissible double taxation.
The issue involved cash deposits during demonetization treated as unexplained. The Tribunal held that deposits backed by recorded sales cannot be taxed under Section 68.
The issue involved unexplained cash deposits during demonetization. The Tribunal held that once books of account are accepted, deposits recorded therein cannot be treated as unexplained.
