Income 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 MoreIncome Tax - In order to avoid unnecessary litigation, it is proposed to amend the provisions of the sub-section (2) of section 11 5BBE to expressly provide that no set off of any loss shall be allowable in respect of income under the sections 68 or section 69 or section 69A or section 69B or section 69C or section 69D....
Read MoreITO Vs Abhay Kantilal Shah (ITAT Mumbai) - ITO Vs Abhay Kantilal Shah (ITAT Mumbai) In instant case, as mentioned earlier, the assessee has filed before the AO copies of (i) bank statements for the financial year 2010Â11, evidencing the payments made to these parties; (ii) ledger account of all the parties; (iii) purchase invoices from thes...
Read MoreAshish Sumatibhai Shah Vs DCIT (ITAT Ahmadabad) - Assessing Officer is not obliged to invoke Section 68/s.69 of the Act in every case where the explanation offered is found to be ‘unsatisfactory’ in the opinion of the Assessing Officer....
Read MoreSuresh Mehta HUF Vs ITO (ITAT Mumbai) - The issue under consideration is whether the CIT(A) is correct in confirming the addition made by AO for non-genuine and bogus purchases by applying profit rate at the rate of 12.5% of the bogus purchases?...
Read MoreDirisala Bala Murali Vs ITO ( ITAT Visakhapatnam) - The issue under consideration is whether the AO is justified in making addition u/s 68 towards alleged unexplained deposit in the bank account in as much as a bank account is not a book of account maintained by the appellant?...
Read MoreBaser Ahmed Sisodia Vs ITO (Supreme Court) - The issue under consideration is whether claim to purchase of goods by the assessee could be dealt with u/s 68 of the Income Tax as a cash credit, by placing burden upon the assessee to explain that the purchase price does not represent his income from the disclosed sources?...
Read MoreITO Vs Abhay Kantilal Shah (ITAT Mumbai) -
Ashish Sumatibhai Shah Vs DCIT (ITAT Ahmadabad) -
Suresh Mehta HUF Vs ITO (ITAT Mumbai) -
Dirisala Bala Murali Vs ITO ( ITAT Visakhapatnam) -
Baser Ahmed Sisodia Vs ITO (Supreme Court) -
Kum. Kavitha R Vs. ITO (ITAT Bangalore) -
ACIT Vs Dr. Anil Kumar Verma (ITAT Agra) -
Shri Kokkarne Prabhakara Vs. ITO (ITAT Bangalore) -
Mani Square Ltd Vs ACIT (ITAT Kolkata) -
ACIT Vs Shri Sudesh Kumar Gupta (ITAT Jaipur) -