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 admitted a gift deed filed for the first time before it, noting that the donor was no longer alive. The ₹26.36 lakh addition was remanded for verification of the deed and surrounding circumstances.
ITAT Bangalore held that disallowing outstanding sub-contract expenses payable under section 68 of the Income Tax Act as unexplained cash credit without specific reasoning and without pointing out defects in books of accounts is not justifiable. Accordingly, appeal is allowed and disallowance is deleted.
The Tribunal held that an assessment framed without a valid notice under Section 143(2) by the jurisdictional officer is void. Jurisdictional compliance is mandatory.
The ITAT upheld deletion of a major share premium addition after finding that all investors complied with notices under Section 133(6) and furnished requisite documents. The ruling reiterates that once the three ingredients of Section 68 are satisfied, the burden shifts to the Revenue.
The issue was whether a mismatch between ledger sales and P&L sales justified a major addition. The Tribunal held that reconciliation explaining VAT, service tax, and other receipts removed the difference, making the addition unsustainable.
The ITAT held that depreciation cannot be disallowed when ownership, usage, and actual cost of assets are undisputed. Mere suspicion about the source of funds is insufficient to deny statutory depreciation.
Karnataka High Court held that demand of service tax on ocean freight on import services is liable to be quashed since the petitioner are not the recipient of service for the purpose of notification no. 3/2017-ST dated 12.01.2017.
The assessee claimed the firm had dissolved and deposits belonged to a partner. The Tribunal held that absence of documentary proof justified treating bank deposits as unexplained income.
The Supreme Court ruled that answers to leading questions in cross-examination can validly establish attestation of a will, satisfying statutory proof requirements.
SC upheld the quashing of reassessment where identical foreign investment transactions were examined and accepted in subsequent assessments.
