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Section 69

Latest Articles


78% Tax Plus 6% Penalty for Unexplained Investments

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...

September 18, 2024 5055 Views 0 comment Print

FAQs on Penalty provisions under Income Tax Act, 1961

Income Tax : Learn about penalty provisions under the IT Act, including penalties for defaults in tax payment, income reporting, and more. Key ...

August 24, 2024 1872 Views 0 comment Print

How to Handle Surrendered Income During a Tax Survey: A Practical Guide

Income Tax : Article explains how surrendered income is treated under I.T Act, particularly focusing on applicability of Sections 68 to 69D and...

August 23, 2024 4056 Views 0 comment Print

Undisclosed Sources of Income and Tax Rate Applicable [Section 68-69D of Income Tax Act,1961]

Income Tax : Discover the tax implications and rates for undisclosed sources of income under Sections 68-69D of the Income Tax Act, 1961. Learn...

July 3, 2024 1464 Views 0 comment Print

Tax Liability on Unexplained Investment/Expenditure: Implications for Taxpayers

Income Tax : Explore the heavy tax implications on taxpayers for unexplained investments and expenditures under Income Tax Act sections 69 to 6...

January 3, 2024 2832 Views 0 comment Print


Latest Judiciary


Re-verify Section 69C interest expense disallowance: ITAT Ahmedabad

Income Tax : ITAT Ahmedabad held that disallowance of interest expense by treating the same as unexplained expenditure under section 69C of the...

October 30, 2024 231 Views 0 comment Print

ITAT Deletes ₹16.80 Lakh Addition for SBN Deposits from Liquor Sales

Income Tax : Bibekananda Pradhan appeals against CIT(A)'s order; ITAT finds cash deposits during demonetization reasonable, deletes ₹16,80,00...

October 27, 2024 204 Views 0 comment Print

ITAT sets aside Ex-Parte Addition Due to Assessee’s Illness, Husband’s Death; Remands Case to CIT(A)

Income Tax : ITAT Chandigarh sets aside ₹29.5 lakh addition against Bachan Kaur, allowing a fresh hearing due to her illness and husband's de...

October 27, 2024 162 Views 0 comment Print

Addition merely on the basis of statement without corroborating material unsustainable: ITAT Delhi

Income Tax : ITAT Delhi held that addition under section 69A r.w.s. cannot be sustained merely on the basis of the statement. There has to be s...

October 24, 2024 339 Views 0 comment Print

Provisions of 68 are not applicable on the sale transactions which is already credited in P&L: ITAT Jaipur

Income Tax : ITAT Jaipur held that provisions of 68 as such are not applicable on the sale transactions recorded in the books of accounts becau...

October 23, 2024 585 Views 0 comment Print


Sec. 263 Cannot Be Invoked When AO Follows One of Two Possible Views: Chhattisgarh HC

October 4, 2024 759 Views 0 comment Print

Chhattisgarh High Court reiterated that if the AO’s view is legally permissible, even if it results in a lower tax liability, the revisional authority cannot invoke Section 263 simply because it disagrees with the AO’s approach.

Addition u/s. 69A sustained as source of cash deposit not substantiated: ITAT Ahmedabad

October 3, 2024 411 Views 0 comment Print

AO proceeded to finalize the assessment based on available records, as the assessee had still not responded or provided any explanations regarding the unexplained cash deposits. AO added the unexplained cash deposits of Rs. 3,13,34,845/- to the total income.

Unregistered will not deemed fabricated, acceptable as registration is not mandatory: ITAT Chennai

October 2, 2024 3123 Views 0 comment Print

ITAT Chennai held that cash received under unregistered will accepted as will furnished by the assessee not established as fabricated one by the department and there is no requirement in law to get the will registered.

Suspicious Suppliers from Different States Not Grounds for Transferring Proceedings to Centre

September 26, 2024 159 Views 0 comment Print

An enquiry was initiated by Haryana State Tax Department with regard to wrongful availment of Input Tax Credit against assessee-company and also by multiple DGGI Zonal Units.

Section 50C applies only to sellers and not to buyers: ITAT Ahmedabad

September 26, 2024 5334 Views 0 comment Print

ITAT Ahmedabad rules that Section 50C applies to sellers, not buyers, and clarifies the retrospective effect of Section 56(2)(vii)(b) on property transactions.

78% Tax Plus 6% Penalty for Unexplained Investments

September 18, 2024 5055 Views 0 comment Print

Assessees face 78% tax and 6% penalty for unexplained investments or expenditures under Sections 69 to 69C of Income Tax Act if details are not satisfactorily explained.

ITAT Quashes Section 115BBE as Income was from Advertising Business Only

September 16, 2024 621 Views 1 comment Print

The ITAT Jaipur ruled in ACIT vs Naresh Jain, addressing Section 115BBE, unexplained income, and the benefit of telescoping in tax assessments.

Section 44AA provides that agriculturist is not required to maintain books of accounts: ITAT Bangalore

September 5, 2024 309 Views 0 comment Print

ITAT Bangalore held that as per provisions of section 44AA of the Income Tax Act, an agriculturist is not required to maintain books of accounts. Further, revenue has failed to establish anything contrary, accordingly, addition made on this count deleted.

No tax on amount received as ‘On-Money’ from sale of Flats u/s 68

September 3, 2024 1206 Views 0 comment Print

Since the addition pertained to the “receipt of money” from the sale of flats by the assessee and these amounts did not represent the actual receipts in the hands of the assessee, they could not be subjected to tax.

Due to short gap between three notices CIT(A) directed to give one more opportunity of being heard

September 2, 2024 153 Views 0 comment Print

ITAT Jaipur held that there was short gap between three notices issued as say the opportunities granted hence it a fit case were one more opportunity should be granted in the proceedings before CIT(A), to enable the assessee to represent his appeals.

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