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 Mumbai confirmed all expense disallowances and additions for unexplained share capital, premium, and warrants. The assessee failed to prove genuineness or creditworthiness, and identity alone was insufficient under section 68.
ITAT Mumbai ruled that additions under section 68 cannot stand in an unabated year without incriminating material from a search. External reports or third-party statements were insufficient, and the full addition was deleted.
The ITAT Hyderabad ruled that unexplained partner capital contributions cannot be treated as income of the firm. Only individual partners’ contributions can be assessed, overturning a Rs. 3.26 crore addition.
The Tribunal held that once the assessee provided prima facie evidence of identity, creditworthiness, and genuineness, the burden shifts to the AO to make independent inquiries. Non-compliance renders additions invalid.
The ITAT Pune remanded a case where the first appellate authority dismissed an appeal ex-parte. taxpayers must be given a fair hearing before dismissal, reinforcing the principle of natural justice.
The ITAT dismissed Revenue’s Section 68 additions, holding that the assessee proved the identity, creditworthiness, and genuineness of lenders. AO’s reliance solely on search statements was rejected.
The Tribunal held that reassessment after four years requires PCIT approval, not Additional CIT. The invalid sanction led to quashing of the Section 148 notice and dismissal of Revenue’s appeal.
The Tribunal held that suspicion or reference to unconnected investigations cannot justify denying legitimate interest expenditure. It reiterated that opening balances accepted in earlier years cannot be treated as non-genuine in a subsequent year without contrary evidence.
Madras High Court held that assessee can raise additional ground of validity of reassessment proceedings in terms of rule 27 of the ITAT Rules. Accordingly, ITAT justified in accepting the ground that reassessment was change of opinion.
Reopening Based on Incorrect LTCG Information Invalid; Long-Held Penny-Stock Shares Treated as Genuine — ITAT Mumbai Quashes Additions
