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 reassessments were initiated after four years based on section 68 but concluded under section 115BBC. The ITAT held that absence of valid jurisdiction and mismatch of sections rendered the reassessments void.
The issue was whether alleged negative stock justified profit estimation. The Tribunal held that value-based assumptions using average GP could not override item-wise quantitative stock records maintained on a daily basis.
ITAT held that section 69 cannot be invoked where purchases are duly recorded in books and paid through banking channels, making the reassessment unsustainable.
The dispute involved confirmation of unexplained cash deposits without granting a requested VC hearing. The Tribunal held that denial of virtual hearing violated natural justice. The matter was remanded for fresh adjudication.
The issue was whether unsecured loans could still be treated as unexplained after repayment. The Tribunal held that once repayment is recorded by the AO, the addition is unsustainable.
SEO Description: Explains which gifts qualify for exemption based on the statutory definition of “relative” and why not all family gifts are tax-free under Section 56(2)(x).
The ITAT held that loans and advances accepted in earlier scrutiny assessments cannot be doubted later without fresh incriminating material. Mere balance-sheet analysis or suspicion is insufficient.
The ITAT held that reassessment based purely on an Investigation Wing report, without the Assessing Officer forming an independent belief, is invalid. Copy-pasted reasons failed to establish a live link between material and escapement of income.
The ITAT held that documented share transactions through recognised exchanges cannot be treated as bogus without contrary proof. General investigation reports and suspicion were held insufficient to sustain additions.
Calcutta High Court held that reassessment proceedings initiated under section 148 of the Income Tax Act based on the same survey material which was already accepted by AO in earlier proceedings is not sustainable in law. Accordingly, reassessment proceedings cannot be sustained.
