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...
ITAT Delhi held that addition towards cash deposit during demonetization period is not sustainable since the same is redeposit of cash which was withdrawn for making salary payment or incurring any expenditure. Accordingly, the addition is deleted.
The reassessments were initiated after four years based on section 68 but concluded under section 115BBC. The ITAT held that absence of valid jurisdiction and mismatch of sections rendered the reassessments void.
The issue was whether alleged negative stock justified profit estimation. The Tribunal held that value-based assumptions using average GP could not override item-wise quantitative stock records maintained on a daily basis.
ITAT held that section 69 cannot be invoked where purchases are duly recorded in books and paid through banking channels, making the reassessment unsustainable.
The dispute involved confirmation of unexplained cash deposits without granting a requested VC hearing. The Tribunal held that denial of virtual hearing violated natural justice. The matter was remanded for fresh adjudication.
The issue was whether unsecured loans could still be treated as unexplained after repayment. The Tribunal held that once repayment is recorded by the AO, the addition is unsustainable.
SEO Description: Explains which gifts qualify for exemption based on the statutory definition of “relative” and why not all family gifts are tax-free under Section 56(2)(x).
The ITAT held that loans and advances accepted in earlier scrutiny assessments cannot be doubted later without fresh incriminating material. Mere balance-sheet analysis or suspicion is insufficient.
The ITAT held that reassessment based purely on an Investigation Wing report, without the Assessing Officer forming an independent belief, is invalid. Copy-pasted reasons failed to establish a live link between material and escapement of income.
The ITAT held that documented share transactions through recognised exchanges cannot be treated as bogus without contrary proof. General investigation reports and suspicion were held insufficient to sustain additions.
