Income Tax : Learn about unexplained cash credits under Section 68, tax implications, key legal cases, and compliance requirements to avoid pen...
Income Tax : Understand the applicability of Section 68 (cash credit) and Section 69 (unexplained investments) under the Income Tax Act with re...
Income Tax : The Sections by which the assessees are suffering too much due to high pitched assessments passed by NFAC are from 68 to 69D and 1...
Income Tax : Recent Chennai ITAT decisions address unexplained income, underreporting, and penalties under Sections 69A, 68, 270A, and 271. Key...
Income Tax : Learn about penalty provisions under the IT Act, including penalties for defaults in tax payment, income reporting, and more. Key ...
Income Tax : ITAT Bangalore reverses addition of ₹12 lakh under Section 68, accepting sales as the source of cash deposits made during demone...
Income Tax : ITAT Raipur held that penalty under section 271(1)(c) of the Income Tax Act justifiable since no plausible explanation provided fo...
Income Tax : ITAT Delhi held that when the sale consideration as per conveyance deed and circle rates are different, matter must be referred to...
Income Tax : ITAT Jaipur held that addition of the amount already recorded as cash sales cannot be treated as unexplained cash deposits under s...
Income Tax : ITAT Ahmedabad held that addition, treating share application money as unexplained income, based on surmises and conjectures witho...
Income Tax : Assessing Officers should follow the sequence as noted below for applying provisions of section 68 of the Act: Step 1: Whether the...
ITAT Chennai held that once the assessee has discharged its primary onus of fulfilling the three ingredients of section 68 of the Income Tax Act, the further onus was on revenue to make further enquiry. However, since the onus lying on the revenue was not discharged, addition u/s 68 couldn’t be sustained.
ITAT Delhi held that addition under section 69 of the Income Tax Act on account of cash deposited in bank accounts sustained as the assessee failed to give any explanation regarding such cash found to be credited in the bank accounts.
ITAT Bangalore Held that not every deposit during the demonetization period would fall under category of unaccounted cash. However the burden is on the assessee to establish the genuineness of the deposit in order to fall outside the scope of unaccounted cash. Matter remanded for re-verification.
ITAT Kolkata held that addition under section 68 of the Income Tax Act unsustainable as identity of loan creditor proved along with creditworthiness of the transaction.
ITAT Pune in case of Rajendra Supadu Jadhav Vs DCIT allows section 54F deduction based on date of assignment deed for transfer of lease rights in MIDC plots.
The ITAT Kolkata has dismissed the appeal of Rohit Agarwal against the order of the Ld. CIT(A)-10, Kolkata. The appeal challenged the addition of Rs. 46,97,718/- as unexplained cash credit under section 68 of the Income Tax Act. The tribunal upheld the decision of the revenue authorities, stating that the transactions in question involved penny stocks and were held to be bogus by the Calcutta High Court.
CESTAT Chandigarh held that collection of toll by the assessee would not be considered as Business Auxiliary Service provided to NHAI as the assessee is not rendering any service which is incidental or auxiliary on behalf of NHAI and the NHAI is not undertaking any business activity.
ITAT Jaipur held that ex-parte order passed without considering and dealing with the submission of the assessee is a non-speaking order. Accordingly, matter remanded.
CESTAT Chandigarh held that sub-contractor is liable to pay service tax on ‘Erection, Commissioning and Installation service’ even if the main contractor has discharged Service Tax liability on the activity undertaken by the subcontractor.
ITAT Chennai held that addition towards amount received as income sustained as it was specified that the amount was not given as loan or advances but was given for service towards arranging the whole deal.
