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 Tribunal held that the entire unaccounted turnover from alleged on-money receipts cannot be treated as taxable income. It ruled that reasonable hidden expenditure must be considered while estimating profits.
The ITAT Ahmedabad held that confirmations and banking documents alone were insufficient to establish genuine unsecured loans. The addition under Section 68 and related interest disallowance were upheld.
The Supreme Court dismissed the Special Leave Petition after the Gujarat High Court held that the Tribunal’s findings on the non-genuineness of unsecured loan transactions were based on appreciation of evidence and disclosed no perversity.
The Gujarat High Court upheld the Section 68 addition after holding that the Tribunal had properly examined the evidence and concluded that the unsecured loan transactions were not genuine.
ITAT Bangalore sustained a ₹47.07 lakh addition under Section 68 after the assessee failed to substantiate cash deposits with documentary evidence. The absence of cash books, sales records, and supporting documents proved fatal to the claim.
The Tribunal upheld the denial of deduction under Section 80GGC after finding that the political donation formed part of an alleged accommodation entry arrangement. The ruling emphasised that deductions may be denied where investigative findings indicate a lack of genuineness and remain unrebutted by the taxpayer.
The Mumbai ITAT held that an addition under Section 68 cannot be made solely on the basis of a retracted statement alleging accommodation loans when documentary evidence proves identity, creditworthiness, and genuineness.
ITAT Kolkata upheld the deletion of disallowance relating to brought forward losses of an amalgamating company after finding that the amalgamated entity had continued the business and retained the prescribed fixed assets. The Tribunal held that there was no evidence showing non-compliance with Section 72A(2).
The ITAT Ahmedabad held that isolated WhatsApp messages and electronic communications cannot, by themselves, support additions in search assessments. The Tribunal deleted several additions because no corroborative evidence established actual cash transactions. The ruling underscores that suspicion cannot replace proof in tax proceedings.
The ITAT Bangalore held that additions under Section 68 could not be sustained without proper examination of bank statements, PAN details, confirmations, and other supporting evidence. The matter was remanded for fresh consideration.
