Income Tax : ITAT Chennai rules unaccounted customer deposits, with traceable identities and commercial substance, are liabilities, not income ...
Income Tax : Penny stocks, often associated with small, illiquid companies, have been a subject of concern due to their susceptibility to price...
Income Tax : Learn about unexplained cash credits under Section 68, tax implications, key legal cases, and compliance requirements to avoid pen...
Income Tax : Understand the applicability of Section 68 (cash credit) and Section 69 (unexplained investments) under the Income Tax Act with re...
Income Tax : The Sections by which the assessees are suffering too much due to high pitched assessments passed by NFAC are from 68 to 69D and 1...
Income Tax : Thereafter, there was change in incumbent and fresh opportunity was provided and notice u/s.142(1) was issued. But this notice was...
Income Tax : ITAT Delhi held that addition under section 68 of the Income Tax Act by treating LTCG as bogus merely on the basis of assumption a...
Income Tax : ITAT Ahmedabad held that revisionary proceedings under section 263 of the Income Tax Act not invocable as assessment made by AO af...
Income Tax : The JDA was signed between one Mr. U.K. Hasanabba and Mr. U. Ibrahim on one side as landowners and Mr. Abdul Khader K (on behalf o...
Income Tax : ITAT Jodhpur partly allows appeal in Kishana Ram vs ITO, upholding additions related to capital discrepancies and agricultural inc...
Income Tax : Assessing Officers should follow the sequence as noted below for applying provisions of section 68 of the Act: Step 1: Whether the...
While at the time of debonding, the value of raw material cleared had to be valued at the time of importation, and the rate of duty was the effective rate of duty leviable on the imported goods at the time of debonding.
Gujarat High Court dismisses appeal, upholds addition of unexplained cash credit under Section 68, citing lack of genuine transactions.
ITAT Ahmedabad upheld the deletion of ₹86 lakh addition for unsecured loans, citing sufficient evidence and loan repayment by Cloud 9 Infraspace LLP.
ITAT Ahmedabad sets aside ex-parte order in Akash Panchal case, remanding it for fresh consideration on unexplained cash deposits under Sections 68 & 69A.
Guwahati High Court held that AO can make addition of any other income which has escaped assessment but discovered during re-opening process even if the same is not specifically mentioned in re-opening order.
In Peter Vaz vs CIT, Bombay HC rules ITAT erred in barring Sec 153C challenge & refusing delay condonation. Cites Rule 27, Balakrishnan (SC). Matter remanded.
CESTAT Chennai held that refund of excess duty paid is allowable since delay in filing of bill of entry was on account of system error. Thus, appeal of revenue dismissed and refund granted by lower authority upheld.
ITAT Raipur held that vacating addition/ disallowances by CIT(A) based on additional documentary evidences filed before him without confronting AO is against the provisions of rule 46A of the Income Tax Rules, 1962. Thus, matter restored back to AO.
ITAT Pune held that additional income surrendered during the course of survey is taxable at normal rates and not at special rates as per section 115BBE of the Income Tax Act. Accordingly, appeal of revenue dismissed.
Assessee had received Rs. 13.36 crores by cheque/RTGS out of total cash deposit of Rs.24.35 crores in bank account of M/s R. S. Traders during demonetization period. During the survey, several documents and evidences were collected and impounded.
