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...
It was held that sale consideration from trust property, when donated to charitable institutions, cannot be taxed as income. The ruling confirms protection for genuine charitable application of capital receipts.
The Tribunal held that unexplained cash credit addition cannot survive once identity, genuineness, and creditworthiness are established through documentary evidence. The key takeaway is that mere low income of creditors is insufficient without contrary investigation.
ITAT held that a loan cannot be treated as unexplained merely on the basis of a third-party search statement. When confirmations, bank statements, and repayment evidence are on record, independent verification by the AO is mandatory.
The Tribunal ruled that suspicion based on penny stock lists is insufficient to sustain additions. Revenue must prove real purchase and sale transactions through demat and banking records.
Upholding the CIT(A)s order, the Tribunal held that settled law bars additions made without factual verification. The case reinforces strict limits on arbitrary taxation of loan transactions.
The Tribunal ruled that additions made on issues beyond limited scrutiny were without authority since proper conversion to complete scrutiny was not followed. The key takeaway is that violating CBDT instructions renders the entire assessment void.
The Tribunal held that additions under Section 68 could not be sustained where no incriminating material was found during search. Documentary evidence proving the loan’s genuineness was accepted.
The Tribunal found a prima facie mismatch between stock and cash sales during demonetisation. The issue was remanded for fresh verification by the Assessing Officer.
The issue was whether sale proceeds of inherited jewellery could be taxed as unexplained cash credits. The Tribunal held that valuation reports, affidavits, and banking records sufficiently explained the source, leading to deletion of the Section 68 addition.
The issue was whether cash deposited during demonetisation could be treated as unexplained. The Tribunal held that when sales are supported by available stock and recorded books, cash receipts from such sales cannot be added under Section 68.
