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...
The Tribunal held that the assessee had furnished PAN, bank statements, confirmations, and financial details establishing the identity and source of the investor. Since the AO relied mainly on tracing further layers of transactions without adverse evidence against the assessee, the addition under section 68 was deleted.
ITAT Bangalore held that reassessment proceedings were invalid where approval under Section 151 was granted mechanically. The sanction was based on the incorrect assumption that the assessee had not filed a return.
ITAT Delhi deleted additions under Sections 68 and 69C after finding that the assessee received and repaid loans through banking channels with supporting confirmations and evidence.
ITAT ruled that addition under Section 68 requires a fresh credit in the books during the relevant year. Where loans represent opening balances from earlier years, they cannot be treated as unexplained income.
The Tribunal held that mere acceptance of demonetized currency during the demonetization period cannot justify addition under Section 68 when identity, genuineness, and source are established. Revenue’s appeal was dismissed.
The Tribunal held that once loan transactions are routed through banking channels and identity and genuineness are established, the assessee cannot be asked to prove the source of the source. The unsecured loan addition of Rs. 60 lakh was deleted.
The Tribunal held that once retail liquor sales were accepted and income estimated, cash deposits used for liquor purchases could not be treated as unexplained under Section 69A. The addition was deleted due to recorded business transactions.
ITAT held that scrap trading does not follow a fixed sales pattern and income declared under Section 44AD cannot be rejected on suspicion. Addition under Section 68 was deleted.
ITAT Mumbai deleted the Section 68 addition on LTCG from listed shares, holding that documentary evidence, STT payment, and banking trail were not disproved by the Revenue.
The Tribunal deleted the ₹60 lakh addition under Section 68 after noting that the loan was received and repaid through banking channels and the lenders identity was established.
