Income Tax : Discover the tax implications and rates for undisclosed sources of income under Sections 68-69D of the Income Tax Act, 1961. Learn...
Income Tax : Explore the heavy tax implications on taxpayers for unexplained investments and expenditures under Income Tax Act sections 69 to 6...
Income Tax : Explore sections 68 to 69D of Income Tax Act 1961, covering unexplained cash credits, investments, and more. Learn about legal pro...
Company Law : Unlock the procedural intricacies of share buybacks in private/unlisted companies under the Companies Act, 2013. Explore the signi...
Income Tax : Explore the differences between income tax Sections 68, 69, 69A, 69B, 69C in India, their taxability, and implications. Understand...
Income Tax : Karnataka High Court held that settlement commission, accepting additional income offered as reasonable and giving immunity from p...
Income Tax : ITAT Kolkata held that CIT has not applied his mind analytically while assuming jurisdiction for taking cognizance under section 2...
Income Tax : Punjab & Haryana HC upholds Principal Commissioner’s revision under Section 263. Assessing Officer’s wrong Section 44ADA asses...
Income Tax : Certain expenses related to cost of improvement of land put forward by assessee were disallowed noting lack of proper and sufficie...
Income Tax : Notice under section 148 was issued upon assessee by AO for reassessing the cash deposit as undisclosed income, following approval...
Dealers of metals/stones must streamline inventory valuation & records to avoid implications under undisclosed income scheme. Learn about recent tax amendments.
Batuk Vithalabhai Donga Vs ITO (ITAT Rajkot) If addition under section 80U is not made under section 68 or 69, then tax cannot be imposed under section 115BBE Assessee has not challenged the additions made by the AO under section 80U and 80G of the Act, but has only challenged the computation of tax liability […]
ITAT Ahmedabad held that addition u/s 69 of the Income Tax Act as unexplained investment unsustainable as the investment is out of the NRI Repatriation funds came outside India and which is not taxable in India.
Smt. Sonal Kumari Vs ITO (ITAT Chennai) The only issue in this appeal of assessee is as regards to the order of CIT(A) confirming the action of AO in adding the cash deposited during demonetization period in assessee’s savings bank account maintained with Punjab National Bank between 15.11.2016 to 05.12.2016 amounting to Rs.7.68 lakhs. The […]
ITAT Mumbai held that addition under section 69 of the Income Tax Act based on tally data having various inherent discrepancy is unsustainable as AO failed to verify or ask the assessee to reconcile the same from actual books of accounts or physical stocks.
Merely because building was used by assessee-trust without consideration that cannot be said to be, in any way, any unexplained investment by assessee-trust justifying addition under section 69
Dashrathbhai Shivabhai Chaudhary Vs ITO (ITAT Ahmedabad) The assessee is engaged in farming and trading of milk and seeds. As per the information made available, the assessee made cash deposit of Rs. 21,95,000/- with Saving Bank Account. Being agricultural and the agricultural income is exempt the assessee did not file any return of income under […]
Understand the implications of unexplained investments and expenditures under sections 69 to 69C of the Income Tax Act, 1961, with a focus on the 84% tax rate. Ensure meticulous documentation to avoid deemed income and penalties.
Merely, because the assessee’s PAN number was mentioned as he was the Director of one of the company, the purchase cannot be said to be made by him when the purchase has been shown in the P&L account by the said company itself as well as part of the closing stock of the said company, namely, Iscon Procon Pvt. Ltd.
ITAT Delhi held that addition of unexplained investment under section 69 of the Income Tax Act merely on the basis of loose sheet alone without any other corroborative evidence is unsustainable in law.
