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...
The Tribunal held that penalty cannot survive where sales were already offered to tax and later added again under section 68. The key takeaway is that double taxation cannot result in penalty when no tax was sought to be evaded.
The issue was whether reassessment could be reopened on matters already examined in scrutiny. The Tribunal held that without fresh tangible material, reopening amounts to change of opinion and is invalid.
The Tribunal ruled that completion of assessment after search, despite statutory abatement, is impermissible. Jurisdiction shifts exclusively to Section 153A proceedings.
The case examined penalty levied on estimated additions and statutory disallowance. The Tribunal held that neither category amounts to concealment or inaccurate particulars.
The tribunal held that suspicion, abnormal price rise, or third-party reports are insufficient to deny LTCG exemption. Revenue must establish direct involvement of the taxpayer in price rigging.
The Tribunal held that once the assessee proves identity, genuineness, and source through documents and bank records, the burden shifts to the Revenue. Without rebuttal of evidence, addition under Section 68 cannot survive.
The issue was whether personal capital could be compared with partnership capital to infer unexplained credits. The Tribunal held the comparison flawed and upheld deletion of the Section 68 addition.
ITAT ruled that principal amounts in accommodation share entries do not constitute income of a conduit entity. Taxability is restricted to the commission earned for facilitating such transactions.
Once the cash credit addition failed, the special tax under Section 115BBE could not survive. The Tribunal deleted the entire addition, reaffirming that consequential provisions fall with the primary addition.
This case involved reassessment completed without serving the mandatory scrutiny notice. The Tribunal ruled that such omission is not a curable defect and invalidates the proceedings. The decision reinforces strict adherence to statutory safeguards.
