Corporate Law : Assessees face 78% tax and 6% penalty for unexplained investments or expenditures under Sections 69 to 69C of Income Tax Act if de...
Income Tax : Learn about penalty provisions under the IT Act, including penalties for defaults in tax payment, income reporting, and more. Key ...
Income Tax : Article explains how surrendered income is treated under I.T Act, particularly focusing on applicability of Sections 68 to 69D and...
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 : ITAT Delhi held that protective addition in the hands of assessee deleted as substantial addition already made in the hands of the...
Income Tax : ITAT Ahmedabad held that addition u/s. 69 of the Income Tax Act towards unexplained investment unsustainable since assessee had ex...
Income Tax : ITAT Ahmedabad upheld part of the unexplained investment addition for Rs. 79.35 lakh in Bhavin V. Maniar's case, allowing time for...
Income Tax : ITAT Delhi held that addition under section 69 of the Income Tax Act on protective basis not justified since assessee established ...
Service Tax : No deduction under the Head “Provident Fund” is permissible in the above provisions and I therefore, hold that the taxable val...
ITAT Delhi held that addition towards unsecured loan under section 68 of the Income Tax Act sustained as assessee failed to discharge the primary onus and burden of proof of providing genuineness, creditworthiness and identity of creditors to the satisfaction of the A.O.
ITAT Delhi held that addition under section 69 of the Income Tax Act on account of cash deposited in bank accounts sustained as the assessee failed to give any explanation regarding such cash found to be credited in the bank accounts.
ITAT Bangalore Held that not every deposit during the demonetization period would fall under category of unaccounted cash. However the burden is on the assessee to establish the genuineness of the deposit in order to fall outside the scope of unaccounted cash. Matter remanded for re-verification.
Explore the ITAT Pune ruling on ACIT vs. Omshree Agrotech. Learn why rejection of books under section 145(3) based on gross profit rates is deemed unjustified.
ITAT Jaipur held that income surrendered during the course of search cannot be said to qualify as an undisclosed income in the context of section 271AAB read with the explanation thereto and hence penalty u/s 271AAB of Income Tax Act not leviable.
ITAT Chennai held that addition towards unexplained investment under section 69 of the Income Tax Act unsustainable as source for purchase of property duly established with necessary evidences.
Addition on account of unexplained investments under section 69 could not be made as whatever deposits were made were either out of the past savings or from the loans taken from relatives.
In a recent case, the ITAT Hyderabad held that the provisions of section 115BBE of the Income Tax Act are not applicable when the source of income is disclosed.
ITAT Mumbai held that addition u/s 69 of the Income Tax Act unsustainable as the assessee being non-resident, income has been invested in India and not arisen in India.
ITAT Mumbai held that addition u/s 115BBE of the Income Tax Act unsustainable as present case doesn’t involve invocation of any of the sections i.e. section 68, 69, 69A, 69B, 69C & 69D of the Income Tax Act.
