Income Tax : Explore recent Supreme Court rulings (2023) on income tax issues. Highlights of key cases, analysis, and implications....
Income Tax : Explore sections 68 to 69D of Income Tax Act 1961, covering unexplained cash credits, investments, and more. Learn about legal pro...
Income Tax : Explore Section 68 of the Income Tax Act with our comprehensive guide on cash credits. Learn about its purpose, scope, and legal f...
Income Tax : Discover simplified taxation scheme under Section 44AD of Income Tax Act. Learn eligibility criteria, exemptions, and key insights...
Income Tax : Unlock the intricacies of Section 68 of the Income Tax Act, unraveling the nuances of unexplained cash credits. Delve into its ame...
Income Tax : ITAT Delhi held that that cash sales that is already offered as income cannot be taxed in the grab of inflation sales to cover up ...
Income Tax : Mumbai ITAT clarifies that action under section 153C can't be based solely on survey material. Detailed analysis of the case and i...
Income Tax : ITAT Mumbai overturns AO's addition of Rs. 80 Lakh against mere Rs. 50,000 share capital infusion, ruling in favor of taxpayer's p...
Goods and Services Tax : Delhi High Court held that denial of input tax credit in respect of services where GST is payable on reverse charge basis, cannot ...
Income Tax : ITAT Indore held that the peak credit theory should be adopted for determining income of assessee. Under this theory, only peak ba...
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 Kolkata held that addition based on such retracted statement of third person and that too without giving any opportunity of cross examination to the assessee deserves to be deleted.
ITAT Kolkata held that reassessing income post completion of assessment u/s 143(3) without any incriminating material found and seized during the course of search is unsustainable. Accordingly, addition thereof is liable to be deleted.
AO has no right to calculate sales on hypothetical basis ignoring the evidence submitted during the course of assessment proceedings. Once the amount is declared as turn over cannot be called concealed income and be taxed doubly on same amount. The addition U/s 68 is beyond jurisdiction of the ld. AO as the turnover is already reflected in the books of the assessee.
Section 68 cannot be invoked if Assessee not required to maintain books of account. Section 115BBE comes into operation only in case of income referred in Section 68/69/69A/69B/69C and 69D
ITAT held that the interest paid on delayed payment of TDS by the assessee u/s 201(1A) r.w.s. 206C(7) of the Act cannot be held as penal in nature and, thus, incurred out of commercial expediency and, therefore, is allowable u/s 37 of the Act.
ITAT Allahabad held that additions made based on the incriminating material (being excess stock) found during survey conducted u/s 133A of the Income Tax Act is justifiable.
Explore the tax implications of undisclosed income from Section 68 to Section 69D. Learn about tax rates, explanations, and conditions to avoid penalties. A comprehensive guide for students.
ITAT Kolkata held that addition towards undisclosed income u/s 68 of the Income Tax Act merely based on the SMS or WhatsApp messages without any corroborative evidences is unsustainable in law.
Learn why cash withdrawn and redeposit is not considered income from undisclosed sources. Explore draft submissions backed by key judgments and legal insights.
No Sec. 68 additions solely based on MOU found during search In Premises Of Third Party if assessee wasn’t even remotely connected to MOU
