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...
ITAT Hyderabad remands tax assessment case due to taxpayer’s unawareness of faceless proceedings, imposes penalty for non-compliance.
The assessee argued that the DVO’s report, submitted beyond the statutory six-month period, was invalid. The ITAT agreed, ruling that the valuation report was indeed time-barred and, therefore, the addition based on it was unsustainable.
ITAT Hyderabad sustains Section 68 additions, denies deductions for LIC premium and tuition fees, dismissing the assessee’s appeal for AYs 2011-12 & 2012-13.
ITAT Mumbai sets aside tax addition against Smt. Vimladevi Jain, ruling no income was credited to books and Section 68 was inapplicable.
Delhi High Court held that principle enunciated in the criminal jurisprudence in respect of a ‘proof beyond reasonable doubt’ was erroneously applied to section 148 of the Income Tax Act. Thus, order based on incorrect application of principle is liable to be quashed.
ITAT Delhi orders deletion of ₹26.35 lakh addition on cash deposits during demonetization but upholds ₹7.52 lakh addition for unreconciled purchases.
ITAT Pune ruled that Section 68 applies only to amounts credited in the relevant year. Addition of ₹10L as unexplained cash credit for AY 2016-17 was deleted.
Asha Viren Raj Vs ITO (ITAT Mumbai) The Asha Viren Raj Vs ITO (ITAT Mumbai) case revolves around the contentious issue of reassessment under Section 147 of the Income Tax Act, 1961, and the taxation of commodity transaction income. The original assessment for Assessment Year (AY) 2012-13 was completed under Section 143(3). However, the Income […]
Gauhati High Court held that addition merely on the basis of retracted statement without any other relied upon evidence/ material is not sustainable since retracted statement cannot be termed as incriminating material. Hence, appeal of revenue dismissed.
ITAT Surat held that addition under section 68 of the Income Tax Act treating transaction as bogus merely on the basis of suspicion, presumptions and probability is not sustainable in law. Accordingly, appeal of assessee allowed.
