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 ITAT Kolkata held that the reassessment was invalid because the statutory notice under Section 143(2) was issued by an Assessing Officer lacking pecuniary jurisdiction. Having quashed the reassessment on jurisdictional grounds, the Tribunal did not examine the merits of the Section 68 addition.
The ITAT Delhi held that dumpers used in manufacturing and mining operations are part of plant and machinery and qualify for additional depreciation under Section 32(1)(iia). It ruled that actual use, and not merely road-going capability, determines eligibility.
The Hyderabad ITAT held that incomplete data retrieved from an inoperative computer could not prevail over audited books of account. It deleted the addition after finding no evidence of suppressed receipts or unexplained expenditure.
The ITAT Delhi held that a consolidated satisfaction note covering several assessment years without year-specific analysis failed to satisfy the mandatory requirements of Section 153C. It quashed the assessment and dismissed the Revenue’s appeal.
The ITAT Kolkata held that reassessment completed without issuing the mandatory notice under Section 143(2) was a nullity in law. Since the original assessment was invalid, the revisionary proceedings under Section 263 could not be sustained. The appeal of the assessee was allowed.
ITAT Delhi held that cash deposits arising from recorded and accepted cash sales cannot be added as unexplained cash credits under Section 68. The Tribunal found no evidence contradicting the books of account or stock records.
The ITAT Mumbai held that cash deposits during the demonetization period could not be treated as unexplained where the assessee’s books of account, stock records, and VAT returns supported the transactions. As no defects were found in the books, the addition under Sections 68/69A was deleted.
The Delhi ITAT held that cash deposits sourced from recorded cash sales cannot be treated as unexplained credits once the sales and books of account are accepted. The Tribunal deleted the Section 68 addition as it resulted in double taxation of the same income.
The Gujarat High Court upheld deletion of a Section 68 addition after finding that the lenders identity, creditworthiness and the genuineness of the loan transaction had been established.
The Tribunal relied on earlier findings that the lending entities were paper concerns engaged in providing accommodation entries. The unsecured loans were treated as unexplained cash credits.
