Income Tax - As per section 68 of the Income Tax Act, any sum found credited in the books of a taxpayer, for which he does not explain the nature and source or the explanation provided by him is not satisfactory by the Assessing Officer is termed as ‘Cash Credit‘. Other provisions to be kept in mind with […]...
Read MoreIncome Tax - Comparison between section 68, section 69, section 69A, section 69B and section 69C: -So far as section 68 is concerned, the onus is wholly upon the Assessee to explain the source of the entry. But in cases falling under section 69, 69A, 69B and 69C, the words used show that before any of these sections are invoked, the condition preceden...
Read MoreIncome Tax - Background To begin with, the unexplained income simply means any income for which assessee do not have valid explanation about the nature and / or source or the assessing officer is not satisfied with the explanation provided by the assessee. Under the provisions of Income-tax Act, 1961 (the Act) broadly, the term ‘unexplained incomeâ€...
Read MoreIncome Tax - This article deals with the theory of telescoping as applied in the Income-tax Law, the manner of its application and as to how and under what circumstances the benefit of telescoping could be claimed / availed by an assessee. Though the said theory has general applicability across the taxability of a wide range of items, […]...
Read MoreIncome Tax - Sub-section (2) of said section provides that no deduction in respect of any expenditure or allowance or set-off of any loss shall be allowed to the assessee under any provision of the Act in computing his income referred to in clause (a) of sub-section (1)....
Read MoreAdilakshmi Srungavarapu Vs ITO (ITAT Visakhapatnam) - Adilakshmi Srungavarapu Vs ITO (ITAT Visakhapatnam) Admitted facts are that the husband of the assessee in order to retain the property got the property registered in the assessee’s name and has repaid the loans borrowed by him by sale of gold jewellery and personal savings of the assessee. We als...
Read MoreM/s Toffee Agricultural Farms Pvt. Ltd. Vs ITO (ITAT Delhi) - M/s Toffee Agricultural Farms Pvt. Ltd. Vs ITO (ITAT Delhi) Coming to the question regarding action of the learned CIT (Appeals) to treat the reference u/s 142 for the purpose of Section 69B, I find merit into the contention of the assessee that there is no power conferred upon the learned CIT(Appea...
Read MoreITO Vs Sandeep S. Dagaria (ITAT Mumbai) - ITO Vs Sandeep S. Dagaria (ITAT Mumbai) ITAT notices that Assessing Officer has merely proceeded to make addition of Rs.7,00,000/- unsecured loans merely because the Rajat Group of Companies involved in the transaction of bogus purchases and rejected the evidences submitted before him i.e. assessee ...
Read MoreITO Vs Rajeev Suresh Ghai (ITAT Mumbai) - ITO Vs Rajeev Suresh Ghai (ITAT Mumbai) It is always useful to bear in mind the fact that, on the first principles, the trigger for taxation of an income in a source jurisdiction is either the economic activity or the linkage of an income with that jurisdiction, and that in the absence of such a [&h...
Read MoreUnited Waterproofing Corporation Vs ITO (ITAT Mumbai) - United Waterproofing Corporation Vs ITO (ITAT Mumbai) We note that Ld. CIT(A) has enhanced the addition on account of bogus purchases to 100% of the bogus purchases as against 12.5% applied by the AO. The only reason given by the Ld. CIT(A) is that the assessee has failed to prove the genuineness of...
Read MoreAdilakshmi Srungavarapu Vs ITO (ITAT Visakhapatnam) -
M/s Toffee Agricultural Farms Pvt. Ltd. Vs ITO (ITAT Delhi) -
ITO Vs Sandeep S. Dagaria (ITAT Mumbai) -
ITO Vs Rajeev Suresh Ghai (ITAT Mumbai) -
United Waterproofing Corporation Vs ITO (ITAT Mumbai) -
ITO Vs Vaneet Mittal (ITAT Chandigarh) -
DCIT Vs KDP Infrastructure Pvt. Ltd. (ITAT Delhi) -
Jaidayal Prannath Kapur Vs CIT (Madras High Court) -
ACIT Vs. K. S. Chawla & Sons (HUF) (ITAT Delhi) -