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 : Income without satisfactory explanation is taxed at a special high rate under Section 115BBE. The provisions place strict liabilit...
Income Tax : ITAT held spousal gift taxable under Section 68 due to lack of evidence on genuineness, bank trail, and donor capacity despite Sec...
Finance : The Supreme Court upheld a Will executed in favour of the testator’s sister despite objections from his wife and children. The C...
Income Tax : Tribunal reiterated that credits brought forward from earlier financial years cannot ordinarily be taxed under Section 68 in subse...
Goods and Services Tax : Allahabad High Court ruled that while authorities could verify documents during transit, absence of an e-Tax Invoice did not confe...
Income Tax : The Tribunal observed that the assessee had repaid the unsecured loan along with interest after deducting TDS and the lender had o...
Income Tax : Tribunal ruled that future projections under DCF method cannot be tested solely against later actual financial performance. It obs...
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 ₹8.49 lakh credited for household expenditure from husband was deleted as non-taxable. The unexplained ₹17.80 lakh in the capital account is sent back to the AO for proper verification and opportunity to furnish evidence.
AO treated ₹13 lakh cash deposits as unexplained, but ITAT found all deposits supported by cash book and bank self-cheques. Entire addition under section 68 was deleted.
With all Section 68 additions deleted across the three years, the basis for penalties under Section 271(1)(c) disappeared. The Tribunal directed complete removal of penalties, highlighting that concealment cannot be presumed when additions themselves lack merit. The ruling reinforces the principle that penalty proceedings cannot survive defective assessments.
ITAT Kolkata struck down AO’s whimsical treatment of LTCG as bogus while simultaneously accepting STCG from the same shares. The Tribunal deleted the entire ₹53.24 lakh addition, noting both gains arose from identical transactions and evidence.
ITAT Ahmedabad held that speculative intraday trades are genuine and not accommodation entries. Additions under Section 68 totaling ₹1.25 crore and ₹1.53 lakh were deleted due to lack of foundational facts and proper inquiry.
ITAT Kolkata deleted ₹3.32 crore addition under Section 68, holding that complete documentary evidence proved the genuineness and identity of investors. Low income or meagre business activity of subscriber companies cannot justify treating share capital as unexplained.
The Tribunal held that unsecured loans cannot be treated as unexplained when identity, creditworthiness, and genuineness are fully documented. Since the AO ignored evidence and relied only on non-appearance, the addition was deleted.
ITAT held that cash deposits during demonetization were explained through duly recorded cash sales supported by VAT returns and stock records. Key takeaway: When books are accepted, cash sales cannot be treated as unexplained.
The ruling directs re-examination of three loan transactions after new evidence was produced for the first time. The loan from one creditor was accepted and the related addition deleted.
The Tribunal upheld deletion of a large cash-credit addition after the AO confirmed in remand that branch sales and cash transfers were genuine. The key takeaway is that once sales are accepted, related cash deposits cannot be taxed under Section 68.
