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 cash deposits during demonetisation cannot be treated as unexplained when backed by audited books, invoices, stock records, and VAT returns. The ruling clarifies that genuine business sales cannot trigger Section 68 merely due to acceptance of old currency notes.
The ITAT Surat held that bank transactions reflected cheque discounting business activity and could not be fully treated as unexplained cash credits under Section 68. Only estimated commission income and profit were sustained.
Tribunal ruled that reliance on statement of an alleged accommodation entry provider without furnishing statement or allowing cross-examination violated principles of natural justice.
The ITAT Surat remanded a case involving a Rs.30 lakh gift treated as unexplained cash credit under Section 68. The Tribunal allowed the assessee another opportunity to submit bank records and explain the source of the gift.
ITAT Surat restored reassessment appeals to the CIT(A) after observing that the assessee should receive one final opportunity to present evidence. The Tribunal imposed costs due to partial compliance before the appellate authority.
The courts upheld LTCG exemption under Section 10(38) after finding that the Revenue failed to produce evidence linking the assessee to alleged penny stock manipulation. Documentary records, banking transactions, and Demat evidence supported the genuineness of the share transactions.
ITAT Bangalore held that profit cannot be estimated arbitrarily when regular books of account are maintained and not rejected under the Income Tax Act. The Tribunal ruled that mere decline in net profit rate does not justify ad hoc additions without evidence of suppressed sales or inflated expenditure.
The Bangalore ITAT held that genuine business sales recorded in audited books cannot be treated as unexplained cash credits merely because payment was received in Specified Bank Notes during demonetisation. The Tribunal deleted the ₹29.27 lakh addition under Section 68.
The Tribunal observed that earlier additions were primarily based on DRI show-cause notices without independent investigation by the Assessing Officer. Fresh adjudication was ordered after admission of subsequent customs findings.
ITAT Bangalore held that NIL taxable income disclosed by an Alternative Investment Fund does not automatically negate its creditworthiness. The Tribunal recognized the statutory pass-through taxation mechanism applicable to AIF structures.
