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 issue was whether rejection of books and enhancement of gross profit were justified due to alleged non-compliance. The Tribunal upheld partial relief, holding that GP estimation must be reasonable and supported by facts, not solely by procedural lapses.
Interest was disallowed treating the loan as bogus. Once the loan itself was held genuine, the Tribunal allowed the interest deduction. The ruling confirms that business interest cannot be denied without proof of sham transactions.
Whether cash deposited during demonetisation could be taxed in the society’s hands. Ruling & Takeaway: The Tribunal held that once cash is admitted to belong to members, no addition under section 68 can be made in the society’s assessment.
The Tribunal held that shares acquired directly from promoters through preferential allotment require strict scrutiny when linked to abnormal price rise. Failure to establish commercial rationale justified restoring the matter for fresh verification.
The Tribunal examined whether website development charges were genuine business expenses. It upheld the disallowance after finding the vendor to be a non-existent entity and services to be unproven.
The Tribunal ruled that setting aside a best-judgment assessment after admitting additional evidence and remand findings is unjustified. CIT(A) must decide the case conclusively instead of granting a fresh lease to the AO.
Mumbai ITAT held that unexplained bank credits are fully taxable under Section 68 when beneficiaries of accommodation entries are not identified. Mere claim of acting as an entry operator does not limit addition to commission income.
The Tribunal ruled that reassessment based on borrowed satisfaction, without inquiry or verification by the AO, is unsustainable. Independent application of mind is mandatory under the new regime.
Despite large additions for alleged unexplained cash deposits, the Tribunal quashed the reassessment itself. It reaffirmed that jurisdiction cannot be assumed without proper and reasoned approval.
ITAT Delhi ruled that expiry of limitation only bars recovery and does not extinguish the debt itself. Outstanding loans remain liabilities unless expressly waived by lenders.
