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 : Recent Chennai ITAT decisions address unexplained income, underreporting, and penalties under Sections 69A, 68, 270A, and 271. Key...
Income Tax : Learn about penalty provisions under the IT Act, including penalties for defaults in tax payment, income reporting, and more. Key ...
Income Tax : ITAT Bangalore reverses addition of ₹12 lakh under Section 68, accepting sales as the source of cash deposits made during demone...
Income Tax : ITAT Raipur held that penalty under section 271(1)(c) of the Income Tax Act justifiable since no plausible explanation provided fo...
Income Tax : ITAT Delhi held that when the sale consideration as per conveyance deed and circle rates are different, matter must be referred to...
Income Tax : ITAT Jaipur held that addition of the amount already recorded as cash sales cannot be treated as unexplained cash deposits under s...
Income Tax : ITAT Ahmedabad held that addition, treating share application money as unexplained income, based on surmises and conjectures witho...
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 Delhi deletes Rs. 89.7 Lakhs addition u/s 68 IT Act in ACIT vs. Daya Rani. Detailed analysis of taxpayer’s explanation for capital enhancement.
Rajendra Kumar Mishra vs. ACIT case: ITAT Kolkata directs re-evaluation as AO misinterpreted PCIT’s orders on loan payments.
Read the detailed analysis of ITAT Delhi’s order regarding capital gains earned from the sale of CCL International shares. ITAT deemed the gains genuine, deleting the addition under section 69 of the Income Tax Act.
Read detailed analysis as Kolkata ITAT removes unexplained cash credit addition in Sharda Ferro Works Pvt. Ltd. Vs DCIT case. Share capital scrutiny under section 68.
Explore the CESTAT Delhi ruling on Weldon Tours & Travels Pvt. Ltd. vs Commissioner of Service Tax, revealing no service tax liability on outbound tours. Full analysis provided.
Mumbai ITAT’s ruling in Vijay Suresh Dave Vs DCIT regarding addition of unexplained cash credit u/s 68. Detailed analysis of the case and conclusions.
Learn how issuance of a jurisdictional notice in the name of a non-existing entity led to the quashing of reassessment proceedings by the ITAT Delhi.
ITAT held that if sales are not disputed and there is no discrepancy between purchases and declared sales, addition should be restricted to bring gross profit on alleged bogus purchases in line with other genuine purchases.
Assessee had issued share application money and subsequently allotted shares which showed that the transactions were genuine and there was no material brought on record by tax authorities that the assessee had benefited from round-tripping, therefore, ITAT had deleted the addition made u/s 68.
In the case of Pukhraj Nathmal Jain Vs ITO, ITAT Mumbai deletes addition u/s 68 of Income Tax Act, as the source for deposits made during demonetisation period was substantiated.
