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 reassessment initiated after three years required approval from the higher authority specified under the amended section 151. Since sanction was obtained from an incorrect authority, the entire proceeding was invalidated.
Applying Supreme Court precedent, the Tribunal held that no notice could be issued once the six-year period under the old regime had expired. The reassessment order was therefore annulled.
The Court held that notice under Section 148A(b) was valid despite search-related arguments. However, the assessment was set aside due to absence of proper reasoning on denial of Section 10(38) exemption for long-term capital gains.
The High Court held that quick repayment alone cannot establish a paper transaction when identity, creditworthiness, and genuineness are proved through records.
The ITAT ruled that ad-hoc estimation of sundry creditors as ceased liabilities is not permissible when purchases and trading results are accepted. Section 41(1) can be invoked only on proven remission or cessation, not assumptions.
The Tribunal ruled that Section 69A applies only when the assessee is found to be the owner of money or assets. Mere suspicion or digital communication cannot replace proof of possession or ownership.
The tribunal held that cash deposits during demonetisation cannot be treated as unexplained income when supported by audited books and stock records. Mere suspicion or surrounding circumstances cannot override accepted accounts.
Additions under Sections 68 and 69C were set aside after the Tribunal found the mandatory approval to be a mere formality. The ruling reinforces that Section 153D approval is not a procedural ritual.
The tribunal ruled that reassessment beyond four years is barred when reasons do not allege failure to disclose material facts. Mere suspicion of escaped income is insufficient to override the statutory limitation.
Addition under Section 68 cannot be sustained merely due to high share premium when investors are identifiable, traceable, and supported by audited financial records.
