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 unsecured loan additions under section 68 could survive based solely on investigation reports and third-party statements. ITAT held that without independent enquiry and nexus to seized material, such additions are unsustainable.
The AO taxed entire bank credits despite accepting the assessee as an entry operator. ITAT ruled that fund rotations cannot be treated as unexplained once the nature of business is admitted.
Telangana High Court held that initiation of proceedings under section 143(3) of the Income Tax Act after 01.04.2021 without following provisions of section 144B i.e. assessment being carried out in faceless manner is not justifiable. Accordingly, orders are quashed and appeals are allowed.
ITAT Hyderabad held that trade advance given to goldsmith for making gold jewellery and excess amount paid has been received back in cash. The same cannot be added under section 68 of the Income Tax Act as unexplained cash credit. Accordingly, addition u/s. 68 is directed to be deleted.
Patna High Court held that ITAT was not justified in reversing the order of CIT(A) without demonstrating any perversity, misreading of evidence, or application of an incorrect legal standard by the appellate authority. Accordingly, deletion of addition u/s. 68 by CIT(A) justified and writ allowed.
The tribunal held that cash deposits of a petrol pump operator during demonetisation could not be fully treated as unexplained. Only a lump sum addition was sustained, recognizing the business nature of receipts.
ITAT ruled that disallowing full purchases while also taxing corresponding sales is legally unsustainable. A uniform 6% gross profit estimation on alleged non-genuine transactions was upheld as a fair and pragmatic approach.
Whether additions under sections 68 and 69C can be made without seized material. In search cases, completed assessments cannot be disturbed unless incriminating material is found during the search.
The assessee produced full details of the share subscriber, including financials and bank statements. ITAT held that after primary onus is discharged, the burden shifts to the Department, which was not met.
The AO relied on human probability, abnormal price movement and third-party material. ITAT held that without direct evidence against the assessee, LTCG cannot be branded sham.
